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

CDL Hospitality Trusts / Equity Bottom-Up

<ul><li>CapitaLand Ascott Trust's H2 2024 gross profit rose 8% to S$198.0 million, with revenue up 6% to S$432.2 million.</li><li>Far East Hospitality Trust's H2 2024 gross revenue and net property income both increased 0.2% to S$54.9 million and S$49.9 million.</li><li>CDL Hospitality Trusts' DPS declined 11.9% in H2 2024, despite growth in RevPar for most portfolio markets.</li></ul>

CapitaLand Ascott Trust's H2 2024 gross profit rose 8% to S$198.0 million, with revenue up 6% to S$432.2 million.Far East Hospitality Trust's H2 2024 gross revenue and net property income both increased 0.2% to S$54.9 million and S$49.9 million.CDL Hospitality Trusts' DPS declined 11.9% in H2 2024, despite growth in RevPar for most portfolio markets.

REIT Watch - Hospitality S-REITs focus on active portfolio management to drive growth

<ul><li>REIT Watch - S-Reits score lower in transparency overall but five see marked improvement In this year’s Singapore Governance and Transparency Index (SGTI) 2024 rankings, the overall scores for Singapore real estate investment trusts (S-Reits) and business trusts declined to 86.6 points from 89.3 last year.</li><li>The five S-Reits with the greatest yoy improvement in overall scores: Frasers Centrepoint Trust (+21.9 points), Elite UK Reit (+16.7 points), CDLHT (+16.6 points), Keppel Reit (+10.4 points) and Prime US Reit (+9.8 points).</li></ul>

REIT Watch - S-Reits score lower in transparency overall but five see marked improvement In this year’s Singapore Governance and Transparency Index (SGTI) 2024 rankings, the overall scores for Singapore real estate investment trusts (S-Reits) and business trusts declined to 86.6 points from 89.3 last year.The five S-Reits with the greatest yoy improvement in overall scores: Frasers Centrepoint Trust (+21.9 points), Elite UK Reit (+16.7 points), CDLHT (+16.6 points), Keppel Reit (+10.4 points) and Prime US Reit (+9.8 points).

REIT Watch - S-Reits score lower in transparency overall but five see marked improvement

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>400+ days ago, the TCC Group bid for <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a> at just over 1.05x NAV failed on a combination of vocal minority opposition and minority apathy.</li>
<li>FHT has dramatically outperformed plummeting peers over the last few months on hope TCC might re-up that bid, but weaker peers and CRE markets suggest financing could be tougher.</li>
<li>Nothing is impossible, but it might make more sense for TCC to up its stake by stealth here rather than brute force. Earnings are 7 November.</li>
</ul>


400+ days ago, the TCC Group bid for Frasers Hospitality Trust (FHT SP) at just over 1.05x NAV failed on a combination of vocal minority opposition and minority apathy.
FHT has dramatically outperformed plummeting peers over the last few months on hope TCC might re-up that bid, but weaker peers and CRE markets suggest financing could be tougher.
Nothing is impossible, but it might make more sense for TCC to up its stake by stealth here rather than brute force. Earnings are 7 November.


Frasers Hospitality - Will TCC Renew Its Takeover Offer? Market Prices Bet Yes Ahead of Earnings

Mapletree Pan Asia Commercial Trust / Equity Bottom-Up

<ul><li>Institutional investors rotated into S-REITs with S$26 million net inflows on April 3 amid market volatility.</li><li>S-REITs ended Q1 2025 with 2.8% total returns, driven by a 5.0% price gain in March.</li><li>Franklin Resources acquired 5.06% interest in Digital Core REIT, buying 969,800 units at US$0.577 each.</li></ul>

Institutional investors rotated into S-REITs with S$26 million net inflows on April 3 amid market volatility.S-REITs ended Q1 2025 with 2.8% total returns, driven by a 5.0% price gain in March.Franklin Resources acquired 5.06% interest in Digital Core REIT, buying 969,800 units at US$0.577 each.

REIT Watch - S-REITs record net institutional inflows in March as sector snaps 5-month losing streak

Capitaland Integrated Commercial Trust / Equity Bottom-Up

<ul><li>S-REITs recorded net institutional inflows of S$42 million, reversing nearly seven weeks of net outflows.</li><li>CapitaLand Integrated Commercial Trust's FY24 AUM grew 6%, with NPI up 3.4% and rental reversion increases.</li><li>The US Federal Reserve maintained interest rates at 4.25-4.5%, lowered 2025 growth forecast, and raised inflation projection.</li></ul>

S-REITs recorded net institutional inflows of S$42 million, reversing nearly seven weeks of net outflows.CapitaLand Integrated Commercial Trust's FY24 AUM grew 6%, with NPI up 3.4% and rental reversion increases.The US Federal Reserve maintained interest rates at 4.25-4.5%, lowered 2025 growth forecast, and raised inflation projection.

REIT Watch - S-REITs surge as banks decline; see beginnings of a rebound

Singapore

CDL Hospitality Trusts is a stapled group compromising H-REIT and HBT. H-REIT is a real estate investment trust that invest in a portfolio of income-producing properties and HBT is a business trust.

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CDL Hospitality Trusts (CDREIT SP)

REIT Watch - Hospitality S-REITs focus on active portfolio management to drive growth

CapitaLand Ascott Trust's H2 2024 gross profit rose 8% to S$198.0 million, with revenue up 6% to S$432.2 million. Far East Hospitality Trust's H2...

Singapore Exchange Ltd (SGX)

REIT Watch - S-Reits score lower in transparency overall but five see marked improvement

REIT Watch - S-Reits score lower in transparency overall but five see marked improvement In this year’s Singapore Governance and Transparency...

Singapore Exchange Ltd (SGX)

Frasers Hospitality - Will TCC Renew Its Takeover Offer? Market Prices Bet Yes Ahead of Earnings

Frasers Hospitality Trust is trading as if TCC might make another offer. But peers in Singapore/Asia are getting crushed, and globally CRE is in...

Travis Lundy

REIT Watch - S-REITs record net institutional inflows in March as sector snaps 5-month losing streak

Institutional investors rotated into S-REITs with S$26 million net inflows on April 3 amid market volatility. S-REITs ended Q1 2025 with 2.8%...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REITs surge as banks decline; see beginnings of a rebound

S-REITs recorded net institutional inflows of S$42 million, reversing nearly seven weeks of net outflows. CapitaLand Integrated Commercial Trust's...

Singapore Exchange Ltd (SGX)

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