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>Sabana Industrial REIT reported a 26.5% year-on-year growth in 1Q25 DPU, with NPI and gross revenue increasing by 22.0% and 4.6% respectively.</li><li>Keppel DC REIT achieved a 14.2% year-on-year growth in DPU, driven by acquisitions and contract renewals, with NPI and gross revenue growing 24.1% and 22.6% respectively.</li><li>Keppel Pacific Oak US REIT experienced a 19.3% year-on-year decline in income available for distribution due to lower rental income.</li></ul>

Sabana Industrial REIT reported a 26.5% year-on-year growth in 1Q25 DPU, with NPI and gross revenue increasing by 22.0% and 4.6% respectively.Keppel DC REIT achieved a 14.2% year-on-year growth in DPU, driven by acquisitions and contract renewals, with NPI and gross revenue growing 24.1% and 22.6% respectively.Keppel Pacific Oak US REIT experienced a 19.3% year-on-year decline in income available for distribution due to lower rental income.

S-REITs kick off earnings season; Sabana REIT and Keppel DC REIT report double-digit jump in DPU so far

<ul><li>Over the five trading sessions from Nov 1 to 7, institutions were net sellers of Singapore stocks, resulting in a net institutional outflow of S$141 million.</li><li>Stocks that led the net institutional outflow over those five sessions were OCBC, Capitaland Ascendas Reit, CapitaLand Integrated Commercial Trust, Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust, UOB, Frasers Centrepoint Trust, Suntec Reit, Frasers Logistics & Commercial Trust and Keppel.</li><li>Notably, in the November 2024 rebalance, Singapore stands out as the only Asia developed market with a net increase in MSCI Standard Index constituents.</li></ul>

Over the five trading sessions from Nov 1 to 7, institutions were net sellers of Singapore stocks, resulting in a net institutional outflow of S$141 million.Stocks that led the net institutional outflow over those five sessions were OCBC, Capitaland Ascendas Reit, CapitaLand Integrated Commercial Trust, Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust, UOB, Frasers Centrepoint Trust, Suntec Reit, Frasers Logistics & Commercial Trust and Keppel.Notably, in the November 2024 rebalance, Singapore stands out as the only Asia developed market with a net increase in MSCI Standard Index constituents.

SIA Engineering resumes buybacks after reporting H1 FY2025 results

<ul><li>Over the past 4 weeks, the iEdge S-REIT Index declined 2.1% after a rally anticipating the 50 bps rate cut on Sep 18, with a total 3Q24 gain of 17.5%.</li><li>The S-REIT Sector is now among the top four Singapore stock sectors for net institutional inflows since June 30.</li><li>Mapletree Logistics Trust has seen the fifth highest net institutional inflow within the Sector, while Suntec REIT, Keppel DC REIT and Acrophyte Hospitality Trust make up the five trusts with the highest 2H24 to Oct 15 net institutional inflow.</li></ul>

Over the past 4 weeks, the iEdge S-REIT Index declined 2.1% after a rally anticipating the 50 bps rate cut on Sep 18, with a total 3Q24 gain of 17.5%.The S-REIT Sector is now among the top four Singapore stock sectors for net institutional inflows since June 30.Mapletree Logistics Trust has seen the fifth highest net institutional inflow within the Sector, while Suntec REIT, Keppel DC REIT and Acrophyte Hospitality Trust make up the five trusts with the highest 2H24 to Oct 15 net institutional inflow.

S-REIT Ebb & Flow: From Q3 Gains to Recent Declines

<ul><li>During the past 9 sessions, the broader Singapore stock market booked S$763 million of net institutional inflow, reversing over 50% of the net outflow for the year up to Aug 29.</li><li>Actively traded stocks that booked the highest net institutional inflow proportionate to market cap over the 9 sessions included Seatrium, Sembcorp Industries, SGX, Suntec REIT & ComfortDelGro.</li><li>Actively Traded Stocks with Highest NIF/ Mkt Cap ratio since Aug 29 Code Mkt Cap S$M 9 Session Px Chg % 9 Session NIF S$M 9 Session NIF/ Mkt Cap YTD ADT S$M YTD NIF S$M Sector.</li></ul>

During the past 9 sessions, the broader Singapore stock market booked S$763 million of net institutional inflow, reversing over 50% of the net outflow for the year up to Aug 29.Actively traded stocks that booked the highest net institutional inflow proportionate to market cap over the 9 sessions included Seatrium, Sembcorp Industries, SGX, Suntec REIT & ComfortDelGro.Actively Traded Stocks with Highest NIF/ Mkt Cap ratio since Aug 29 Code Mkt Cap S$M 9 Session Px Chg % 9 Session NIF S$M 9 Session NIF/ Mkt Cap YTD ADT S$M YTD NIF S$M Sector.

STI Return Above 3,400 Sees Stocks Draw S$760M Net Institutional Inflow

<ul><li>Global focus on key economic indicators for a smooth US landing has led to four stable STI sessions with a 40-point range and 8% gain, as markets look to the US August unemployment report on 6 Sep and potential Fed Funds Rate cut on 18 Sep.</li><li>Institutions have also been net buyers over the 4 sessions, with S$171 million of net inflow, led by Financials, REITs, and SATS.</li><li>Beyond STI constituents, stocks that contributed to the net 4-session institutional inflow included Lendlease Global REIT, NetLink NBN Trust, iFAST Corp, Keppel DC REIT, CLINT, Suntec REIT & Nam Cheong.</li></ul>

Global focus on key economic indicators for a smooth US landing has led to four stable STI sessions with a 40-point range and 8% gain, as markets look to the US August unemployment report on 6 Sep and potential Fed Funds Rate cut on 18 Sep.Institutions have also been net buyers over the 4 sessions, with S$171 million of net inflow, led by Financials, REITs, and SATS.Beyond STI constituents, stocks that contributed to the net 4-session institutional inflow included Lendlease Global REIT, NetLink NBN Trust, iFAST Corp, Keppel DC REIT, CLINT, Suntec REIT & Nam Cheong.

Steady STI Trading Reflects Smooth Economic Landing Focus 

Singapore

Suntec Real Estate Investment Trust is a commercial real estate investment trust. The Trust invests in income-producing real estate that is primarily used for retail and/or office purposes.

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Suntec REIT (SUN SP)

S-REITs kick off earnings season; Sabana REIT and Keppel DC REIT report double-digit jump in DPU so far

Sabana Industrial REIT reported a 26.5% year-on-year growth in 1Q25 DPU, with NPI and gross revenue increasing by 22.0% and 4.6%...

Singapore Exchange Ltd (SGX)

SIA Engineering resumes buybacks after reporting H1 FY2025 results

Over the five trading sessions from Nov 1 to 7, institutions were net sellers of Singapore stocks, resulting in a net institutional outflow of...

Singapore Exchange Ltd (SGX)

S-REIT Ebb & Flow: From Q3 Gains to Recent Declines

Over the past 4 weeks, the iEdge S-REIT Index declined 2.1% after a rally anticipating the 50 bps rate cut on Sep 18, with a total 3Q24 gain of...

Singapore Exchange Ltd (SGX)

STI Return Above 3,400 Sees Stocks Draw S$760M Net Institutional Inflow

During the past 9 sessions, the broader Singapore stock market booked S$763 million of net institutional inflow, reversing over 50% of the net...

Singapore Exchange Ltd (SGX)

Steady STI Trading Reflects Smooth Economic Landing Focus

Global focus on key economic indicators for a smooth US landing has led to four stable STI sessions with a 40-point range and 8% gain, as markets...

Singapore Exchange Ltd (SGX)

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