Daily Brief Singapore: Mandarin Oriental International, Frasers Logistics & Commercial Trust, Rubber Future SGX TSR20 and more

• Mandarin Oriental is no longer a “normal” listed equity.
• With the privatization scheme announced and shareholder-approved, it should be analyzed as a capped-upside, time-bound deal instrument until delisting, not as a multi-year compounding story.
• The report therefore uses the offer value as the primary reference point and focuses on the few items that can still move outcomes before completion: conditions, timing, cash leakage, and any operational downside that could change sentiment or process risk. 

• S-REITs achieved 14.4% total returns in 2025, driven by improved fundamentals and lower interest rates.
• Retail investors contributed S$961 million net inflows into S-REITs, contrasting with S$1.3 billion institutional net outflows.
• Top S-REITs by retail inflows include Mapletree Industrial Trust and Keppel DC REIT, focusing on industrial and data centre segments.

Highlights

• October posts a sharp 20% YoY fall in export volume

• China dominates yet declines; secondary markets turn volatile

• Vietnam exports 1.47 million tons of rubber in first 10 months

• The October contraction underscored how demand-side hesitation intensified in the latter part of the year. Buyers delayed purchases amid uncertain downstream tyre demand, fluctuating currency conditions, and cautious inventory strategies.