SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>Over five sessions, directors reported six acquisitions, substantial shareholders recorded six acquisitions and four disposals, with seven companies conducting buybacks totaling S$26.2 million.</li><li>Singtel repurchased 195.3 million shares for S$893.0 million under its S$2 billion buyback program, increasing EPS by approximately 3%.</li><li>Amova Asset Management increased its stake in Frencken Group to 7.19% and UI Boustead REIT to 7.02%, supporting growth initiatives.</li></ul>

Over five sessions, directors reported six acquisitions, substantial shareholders recorded six acquisitions and four disposals, with seven companies conducting buybacks totaling S$26.2 million.Singtel repurchased 195.3 million shares for S$893.0 million under its S$2 billion buyback program, increasing EPS by approximately 3%.Amova Asset Management increased its stake in Frencken Group to 7.19% and UI Boustead REIT to 7.02%, supporting growth initiatives.

Amova Adds to Frencken & UI Boustead REIT Positions

<ul><li>Institutional investors recorded a net outflow of S$336 million across Singapore-listed stocks from 31 August to 25 September.</li><li>Yangzijiang Shipbuilding saw the largest reversal with S$73.78 million net buying from 14–25 September after prior net selling.</li><li>UI Boustead REIT and CapitaLand Ascott Trust reversed outflows with recent net buying of S$17.23 million and S$6.70 million, respectively.</li></ul>

Institutional investors recorded a net outflow of S$336 million across Singapore-listed stocks from 31 August to 25 September.Yangzijiang Shipbuilding saw the largest reversal with S$73.78 million net buying from 14–25 September after prior net selling.UI Boustead REIT and CapitaLand Ascott Trust reversed outflows with recent net buying of S$17.23 million and S$6.70 million, respectively.

Net Institutional Inflow Reversals into Late September

<ul><li>S-REITs raised over S$4.5 billion in 2026 YTD, surpassing 2025's strong fundraising, with UI Boustead REIT's IPO leading.</li><li>Keppel REIT's S$886 million preferential offering increased its portfolio value to S$11.2 billion, enhancing Singapore exposure.</li><li>CapitaLand Ascendas REIT raised S$903.5 million for acquisitions, including logistics properties and data centers in multiple countries.</li></ul>

S-REITs raised over S$4.5 billion in 2026 YTD, surpassing 2025's strong fundraising, with UI Boustead REIT's IPO leading.Keppel REIT's S$886 million preferential offering increased its portfolio value to S$11.2 billion, enhancing Singapore exposure.CapitaLand Ascendas REIT raised S$903.5 million for acquisitions, including logistics properties and data centers in multiple countries.

REIT Watch – S-REITs extend fundraising momentum in 2026

<ul><li>Singapore Telecommunications led buybacks with 27.1 million shares at S$4.26, part of a S$2 billion programme.</li><li>Embracing Future Holdings' Chen Lu increased stake to 9.17% with 83 million shares for S$3.9 million.</li><li>Amova Asset Management Asia raised Frencken stake to 6.03%, coinciding with FY26 revenue and profit expectations.</li></ul>

Singapore Telecommunications led buybacks with 27.1 million shares at S$4.26, part of a S$2 billion programme.Embracing Future Holdings' Chen Lu increased stake to 9.17% with 83 million shares for S$3.9 million.Amova Asset Management Asia raised Frencken stake to 6.03%, coinciding with FY26 revenue and profit expectations.

Buyback Momentum Continues, Director Acquisitions Broaden

<ul><li>Industrial S-REITs in Singapore show resilient performance with positive rental reversions and proactive leasing and capital management.</li><li>CLAR reported S$1.6 billion in acquisitions, including a Japan data centre, with portfolio occupancy at 90.5%.</li><li>MLT and MINT focus on portfolio rejuvenation through divestments and acquisitions, targeting modern assets and data centres.</li></ul>

Industrial S-REITs in Singapore show resilient performance with positive rental reversions and proactive leasing and capital management.CLAR reported S$1.6 billion in acquisitions, including a Japan data centre, with portfolio occupancy at 90.5%.MLT and MINT focus on portfolio rejuvenation through divestments and acquisitions, targeting modern assets and data centres.

REIT Watch – Industrial S-REITs maintain operational resilience while undertaking portfolio rejuvenation

Singapore

UI Boustead REIT is a Singapore-listed real estate investment trust that invests in logistics, industrial, high-specifications industrial, and business space assets across the Asia Pacific, with an initial focus on Singapore and Japan. Its initial portfolio comprises 23 properties with approximately 5.9 million square feet of gross floor area. The company was constituted on July 3, 2025, and is headquartered in Singapore.

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UI Boustead (UIBREIT SP)

Amova Adds to Frencken & UI Boustead REIT Positions

Over five sessions, directors reported six acquisitions, substantial shareholders recorded six acquisitions and four disposals, with seven...

Singapore Exchange Ltd (SGX)

Net Institutional Inflow Reversals into Late September

Institutional investors recorded a net outflow of S$336 million across Singapore-listed stocks from 31 August to 25 September. Yangzijiang...

Singapore Exchange Ltd (SGX)

REIT Watch – S-REITs extend fundraising momentum in 2026

S-REITs raised over S$4.5 billion in 2026 YTD, surpassing 2025's strong fundraising, with UI Boustead REIT's IPO leading. Keppel REIT's S$886...

Singapore Exchange Ltd (SGX)

Buyback Momentum Continues, Director Acquisitions Broaden

Singapore Telecommunications led buybacks with 27.1 million shares at S$4.26, part of a S$2 billion programme. Embracing Future Holdings' Chen Lu...

Singapore Exchange Ltd (SGX)

REIT Watch – Industrial S-REITs maintain operational resilience while undertaking portfolio rejuvenation

Industrial S-REITs in Singapore show resilient performance with positive rental reversions and proactive leasing and capital management. CLAR...

Singapore Exchange Ltd (SGX)

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