Report Summary

• The final report of the MAS Equity Market Review Group recommends reforms to the Singapore equity market, which are expected to increase retail and institutional participation, broaden sector offerings, and raise valuations for Singapore public equities. Beneficiaries include SGX, OCBC, UOB, DBS, iFAST, CSE, Food Empire, Marco Polo, ComfortDelGro.
• Singapore REITs showed resilient performance in the September quarter, with stable operating metrics and distribution, positive rent reversions (though moderating), steady occupancy, and lower financing expenses. Upgrades were given to AAREIT, EREIT, OUEREIT, and SUN due to valuation and gearing improvements.
• Key market news includes CDL Hospitality Trusts securing a new lease for Grand Millennium Auckland, Lum Chang Creations winning major contracts extending revenue visibility to 2028, Marco Polo Marine expecting significantly higher NPAT due to extraordinary gains, and Attika Group being awarded three substantial projects in Singapore.
• Keppel signed an MOU with JTC Corporation to advance low-carbon energy infrastructure on Jurong Island, focusing on district energy, smart microgrids, AI-enabled digital energy layers, and new energy models.
• The report contains extensive disclaimers, legal disclosures, and definitions of research ratings (Buy, Hold, Sell), emphasizing that recommendations are for informational purposes and not personal investment advice.