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>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

CapitaLand India Trust / Equity Bottom-Up

<ul><li>S-REITs have seen S$925 million in net retail buying in 2026, double the pace of 2025.  </li><li>UI Boustead REIT increased occupancy to 92.2% and co-invested in Japan's UIB Konan Phase 3 logistics.  </li><li>CapitaLand India Trust and CapitaLand Ascendas REIT drive income through leasing momentum and diversified industrial portfolios.</li></ul>

S-REITs have seen S$925 million in net retail buying in 2026, double the pace of 2025.  UI Boustead REIT increased occupancy to 92.2% and co-invested in Japan's UIB Konan Phase 3 logistics.  CapitaLand India Trust and CapitaLand Ascendas REIT drive income through leasing momentum and diversified industrial portfolios.

<ul><li>Retail investors net bought S$638 million in Singapore stocks by March 24, focusing on Financial Services, REITs, and Consumer Cyclicals.</li><li>CapitaLand Ascendas REIT raised S$903.5 million via oversubscribed placement and preferential offering for acquisitions in logistics, business parks, and data centres.</li><li>Retail investors demonstrated contrarian behavior, buying laggards with 8.9% average decline, while selling leaders with 4.7% returns.</li></ul>

Retail investors net bought S$638 million in Singapore stocks by March 24, focusing on Financial Services, REITs, and Consumer Cyclicals.CapitaLand Ascendas REIT raised S$903.5 million via oversubscribed placement and preferential offering for acquisitions in logistics, business parks, and data centres.Retail investors demonstrated contrarian behavior, buying laggards with 8.9% average decline, while selling leaders with 4.7% returns.

Retail Investors Chalk Up ~S$640M Net Buying in March

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)

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)

REIT Watch - S REIT Retail Flows in 2026

S-REITs have seen S$925 million in net retail buying in 2026, double the pace of 2025. UI Boustead REIT increased occupancy to 92.2% and...

Singapore Exchange Ltd (SGX)

Retail Investors Chalk Up ~S$640M Net Buying in March

Retail investors net bought S$638 million in Singapore stocks by March 24, focusing on Financial Services, REITs, and Consumer...

Singapore Exchange Ltd (SGX)

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