Broker Name: OCBC Group Research

Date of Report: 26 January 2026

Excerpt from OCBC Group Research report.

Report Summary

• Frasers Centrepoint Trust (FCT) maintained high committed occupancy and expects a further rise post-quarter end; however, its fair value estimate was lowered due to higher cost of equity assumptions and gearing, though the BUY rating is maintained.
• Suntec REIT’s FY25 distribution per unit (DPU) grew by 13.6% YoY, surpassing expectations, leading to raised forward DPU forecasts and a higher fair value estimate.
• Recent developments include SGREIT’s legal win over Myer, Keppel REIT’s full deployment of preferential offering proceeds, S&P’s rating affirmation for SERT, and Mapletree/MPACT’s partnership with SP Group for a new district cooling system at HarbourFront Precinct.
• The FTSE ST REIT Index saw a marginal decline (-0.2%) compared to a rise in the STI (+0.9%) for the week.
• The report provides a comprehensive peer comparison across office, retail, industrial, hospitality, healthcare, data centre REITs, and business trusts, with details on distribution yields, debt ratios, and portfolio geography.
• Sector-wise, office REITs outperformed, while data centre and retail REITs underperformed during the week.
• Geographical breakdowns and sector allocation analyses are included, highlighting Singapore’s dominance in several REIT sectors.
• The report covers significant corporate actions, upcoming releases, and overall market sentiment and performance for S-REITs as of late January 2026.

Above is an excerpt from a report by OCBC Group Research. Clients of OCBC Group Research can be the first to access the full report from the OCBC Group Research website: https://www.ocbc.com/group/research