Singapore FY25-26F to see 3.4% DPU growth rebound due to gradual rate cut as rates and refinancing costs are peaking; Following market volatility arising from Trump’s tariff war, it supports of defensive and resilient S-REIT exposures Retail – Rebound in retail sales by 10-15% beyond pre-Covid levels – Lack of supply will be a driver Office – Limited new supply in CBD/fringe – Limited demand for expansion – Grade A offices see firms relocating there Industrials – Factory...
【SRT】 Last week, SRT gained amidst the revived risk sentiment, though uncertainties linger. Gains were led by industrial, office and retail by subsector and MLT, FLT and MINT by individual REITs. UBS notes Singapore’s recession risks have eased. UBS favors defensive S-REITs with stable leases and long-term rental income visibility, which buffer economic ...
【SRT】 Last week, SRT fell amid market risk-off sentiment following Trump’s escalating trade war. The decline was led by industrial, office and retail by subsectors and MLT, FLT, and MPACT by individual REITs. Nevertheless, DBS notes that oversold S-REITs (~6.5% yields; ~4.0% yield spreads) has hit support levels. Trump’s 90-day pause on most tariffs could spur an S-REIT rebound a...
【SRT】 Last week, SRT gained slightly. Gains were led by industrial, retail and office by subsectors and CICT, FCT and CLAR by individual REITs. Even though last week’s announcement of Trump’s reciprocal, “Liberation Day” tariffs (set at 10% on all US-bound exports) triggered stagflation fears, SRT gained as investors rush to defensive assets (gold, cash, government bonds, and REITs). The rise...
Weekly Performance Checkpoint 【SRT】 Last week, SRT traded relatively flat. Gains were led by data centre, industrial and office by subsectors and CICT, KDCREIT and MPACT by individual REITs. Losses were led by hotel by subsectors and FCT, DCREIT and FLT by individual REITs. According to Business Times, S-REITs outperformed as banking stocks weakened, signalling a potential sector rotation and S-REITs attracted institutional buying after...
Takeaway § Chinese equities are enjoying the best start of the year in history, even in the haze of tariff war. The continuing southbound funds and AI-related revaluation made HK stocks stand out, but a catch-up rally in A-shares is still possible. § Uncertainties in US tariff policies remain one of the largest threats to the global risk appetite, making the safe-haven assets like gold, US Treasury bonds, and JPY in good demand....
Weekly Performance Checkpoint 【SRT】 Last week, SRT traded relatively flat. Losses were mainly attributable to retail, data centre and hotel by subsectors, as well as CICT, Suntec REIT and FCT by individual REITs. Despite that, according to CNBC, Singapore, while costlier than regional peers, is drawing tourists with premium attractions, conferences, and live events. Singapore tourism board backs interactive experi...
Weekly Performance Checkpoint 【SRT】 SRT’s gains last week was led by industrial, retail and hotel by subsectors, as well as MLT, CICT and FLT by individual REITs. CICT gained amidst news that Singapore retail sales excluding vehicles gained 4.8% y/y in January, the highest growth since February 2024. This could lead to higher turnover rents and might lift 1Q revenue for mall landlords including CICT. $CSOP S-REITs INDEX ETF (SRT.SG)$2025 YTD...
Weekly Performance Checkpoint 【SRT】 SRT’s decline last week was led by data centre and multi asset class by subsectors and KDCREIT, DCREIT, and CLINT by individual REITs. KDCREIT fell after issuing 5.8mn new units at average price of S$2.1487 each to pay management and acquisition fees. $CSOP S-REITs INDEX ETF (SRT.SG)$$ SRT 2025 YTD Total Return: -2.56% 【MMF】 Last week, US treasury curve bull flattened sharply with 1...
Weekly Performance Checkpoint 【SRT】 Last week, SRT’s decline can be attributable to retail, office and industrial by subsectors, and Suntec REIT, CICT and MINT by individual REITs. Suntec REIT fell amidst its subsidiaries refinancing by signing AU$399mn loan agreements. Despite Suntec REIT and CICT’s decline this week, they alongside with other mall landlords, are expected to benefit from Singapore’s 2025 ...
Buffett's holdings are the latest portfolio from Berkshire Hathaway. Regarded as a top investor, his trades often signal the market and influence the industry. Buffett's holdings are the latest portfolio from Berkshire Hathaway. Regarded as a top investor, his trades often signal the market and influence the industry.
Retail
– Rebound in retail sales by 10-15% beyond pre-Covid levels
– Lack of supply will be a driver
Office
– Limited new supply in CBD/fringe
– Limited demand for expansion
– Grade A offices see firms relocating there
Industrials
– Factory...
Last week, SRT gained amidst the revived risk sentiment, though uncertainties linger. Gains were led by industrial, office and retail by subsector and MLT, FLT and MINT by individual REITs. UBS notes Singapore’s recession risks have eased. UBS favors defensive S-REITs with stable leases and long-term rental income visibility, which buffer economic ...
Last week, SRT fell amid market risk-off sentiment following Trump’s escalating trade war. The decline was led by industrial, office and retail by subsectors and MLT, FLT, and MPACT by individual REITs.
Nevertheless, DBS notes that oversold S-REITs (~6.5% yields; ~4.0% yield spreads) has hit support levels. Trump’s 90-day pause on most tariffs could spur an S-REIT rebound a...
Last week, SRT gained slightly. Gains were led by industrial, retail and office by subsectors and CICT, FCT and CLAR by individual REITs.
Even though last week’s announcement of Trump’s reciprocal, “Liberation Day” tariffs (set at 10% on all US-bound exports) triggered stagflation fears, SRT gained as investors rush to defensive assets (gold, cash, government bonds, and REITs). The rise...
【SRT】
Last week, SRT traded relatively flat. Gains were led by data centre, industrial and office by subsectors and CICT, KDCREIT and MPACT by individual REITs. Losses were led by hotel by subsectors and FCT, DCREIT and FLT by individual REITs.
According to Business Times, S-REITs outperformed as banking stocks weakened, signalling a potential sector rotation and S-REITs attracted institutional buying after...
§ Chinese equities are enjoying the best start of the year in history, even in the haze of tariff war. The continuing southbound funds and AI-related revaluation made HK stocks stand out, but a catch-up rally in A-shares is still possible.
§ Uncertainties in US tariff policies remain one of the largest threats to the global risk appetite, making the safe-haven assets like gold, US Treasury bonds, and JPY in good demand....
【SRT】
Last week, SRT traded relatively flat. Losses were mainly attributable to retail, data centre and hotel by subsectors, as well as CICT, Suntec REIT and FCT by individual REITs. Despite that, according to CNBC, Singapore, while costlier than regional peers, is drawing tourists with premium attractions, conferences, and live events. Singapore tourism board backs interactive experi...
【SRT】
SRT’s gains last week was led by industrial, retail and hotel by subsectors, as well as MLT, CICT and FLT by individual REITs. CICT gained amidst news that Singapore retail sales excluding vehicles gained 4.8% y/y in January, the highest growth since February 2024. This could lead to higher turnover rents and might lift 1Q revenue for mall landlords including CICT.
$CSOP S-REITs INDEX ETF (SRT.SG)$ 2025 YTD...
【SRT】
SRT’s decline last week was led by data centre and multi asset class by subsectors and KDCREIT, DCREIT, and CLINT by individual REITs. KDCREIT fell after issuing 5.8mn new units at average price of S$2.1487 each to pay management and acquisition fees.
$CSOP S-REITs INDEX ETF (SRT.SG)$ $ SRT 2025 YTD Total Return: -2.56%
【MMF】
Last week, US treasury curve bull flattened sharply with 1...
【SRT】
Last week, SRT’s decline can be attributable to retail, office and industrial by subsectors, and Suntec REIT, CICT and MINT by individual REITs. Suntec REIT fell amidst its subsidiaries refinancing by signing AU$399mn loan agreements. Despite Suntec REIT and CICT’s decline this week, they alongside with other mall landlords, are expected to benefit from Singapore’s 2025 ...
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