SGX:CRPU.SI:Sasseur REIT
Sasseur REIT stood out with a low gearing ratio of 25.9% in Q1 2025. Despite a 0.2% year-on-year dip in entrusted management agreement rental income due to weaker forex and lower variable fees, it posted a 1.6% increase in RMB terms. Portfolio occupancy rose to 98.9%, with strong contributions from Chongqing Bishan and Kunming outlets. The trust holds rights of first refusal on assets in Xi’an and Guiyang, while its sponsor Sasseur Group manages 18 malls in total.
SGX:C2PU.SI:Parkway Life REIT
The top five best-performing S-REITs delivered double-digit returns in H1 2025. Leading was Frasers Hospitality Trust with a 21.5% total return, followed by CapitaLand Integrated Commercial Trust (14.3%), Frasers Centrepoint Trust (11.4%), CapitaLand Ascendas REIT (10.1%) and Parkway Life REIT (10%).
The 10 S-REITs with the healthiest balance sheets posted an average gearing of 33.5%, significantly below the 50% regulatory threshold. These include Aims Apac REIT, Keppel DC REIT, Far East Hospitality Trust, Frasers Logistics & Commercial Trust, Starhill Global REIT, IReit Global, and Mapletree Pan Asia Commercial Trust.
SGX:S27.SI:S&P 500
Amid expectations for a potential 75 bps rate cut by the US Federal Reserve by end-2025, the iEdge S-REIT Index climbed 4.2% in H1 and delivered a 10.5% total return over the past 12 months. It ended June at 1,021 and recently tested 1,030. Analysts forecast a target of 1,159 over the next year.
UOB Kay Hian noted a 98 bps drop in the Singapore Overnight Rate Average (SORA) to 2.09% in H1, yet S-REITs have yet to see a re-rating. Analysts remain cautiously optimistic, but warn that geopolitical tensions and trade risks could weigh on H2 sentiment.
SGX:T82U.SI:Suntec REIT
As retail rents rise in Singapore, analysts say S-REITs like CapitaLand Integrated Commercial Trust (CICT), Lendlease Global Commercial REIT, Frasers Centrepoint Trust, and Suntec REIT are less aggressive than private landlords due to their focus on tenant viability, foot traffic, and long-term stability.
Unlike private landlords offering short-term leases with fluctuating rates, S-REITs favour 3-year terms and monitor tenants’ occupancy costs. For example, CICT maintains tenant occupancy cost below 19%, and works closely with tenants on leasing. Similarly, Lendlease supports tenants with marketing help and aims for vibrant retail offerings. Frasers and Suntec REIT also curate tenant mixes to keep pace with consumer trends and improve mall experience.
Despite concerns, retail rent increases in malls managed by S-REITs remain measured compared to the dramatic spikes seen in shophouses and strata-titled spaces, such as the 60% rent hike that led to Flor Patisserie’s planned closure in April 2025.
SGX:G07.SI:Great Eastern
Great Eastern stated it did not breach takeover rules by sharing an indicative valuation range with OCBC, its parent and offeror, during exit offer discussions. The insurer clarified that confidentiality was maintained and that the final S$30.15 per share offer was an improvement over initial talks. The range was based on Ernst & Young Corporate Finance’s valuation of S$30.10–S$37.63.
The embedded value used in the valuation was as of end-2024, with 1Q2025 updates not factored in as they were unaudited. While some shareholders questioned transparency and fairness, GEH emphasized the offer met the SGX listing manual’s “fair and reasonable” requirement. The company also addressed capital adequacy concerns, noting a selective capital reduction at the offer price would cut common equity Tier 1 capital by nearly S$900 million.
SGX:D03.SI:Del Monte Pacific
Del Monte Pacific warned of a capital deficit due to expected impairments following its US subsidiary Del Monte Foods’ bankruptcy filing. The company had US$579 million invested in DMF and US$169 million in net receivables. It clarified that it has not guaranteed any loans for the US unit, which will now be deconsolidated from its accounts after debtors replaced its board.
Despite DMF contributing over 70% of group sales, the Singapore-listed parent says the impact will be limited outside the US. Full impairment details will be released by July 31.
SGX:CRPU.SI:Sasseur REIT
Sasseur REIT maintained one of the sector’s lowest gearing ratios at 25.9% in Q1 2025. While its entrusted management agreement (EMA) rental income dipped 0.2% year-on-year due to forex impact, it rose 1.6% in RMB terms. Occupancy improved to 98.9%, and the trust continues to explore acquisitions with right-of-first-refusal assets in Xi’an and Guiyang.
SGX:N2IU.SI:Mapletree Pan Asia Commercial Trust
The 10 S-Reits with the lowest gearing ratios averaged 33.5%, significantly below the 50% regulatory cap. These include Aims Apac REIT, Keppel DC REIT, Far East Hospitality Trust, Frasers Logistics & Commercial Trust, Starhill Global REIT, IReit Global, and Mapletree Pan Asia Commercial Trust, demonstrating robust balance sheets amid rate volatility.
SGX:S27.SI:S&P 500
Despite the US Federal Reserve holding rates steady, market analysts now forecast a 75 basis-point rate cut by end-2025. The easing of Singapore’s SORA by 98 bps to 2.09% in H1 has yet to trigger a sector re-rating. However, analysts expect broader liquidity recovery and potential Fed action to support further gains in S-Reits in H2, even as geopolitical risks and tariffs remain watchpoints.
SGX:C38U.SI:CapitaLand Integrated Commercial Trust
JP Morgan named CapitaLand Integrated Commercial Trust (CICT) its top S-REIT pick for July, highlighting the resilience of Singapore’s suburban retail scene and limited new CBD office supply. JP Morgan suggests CICT divest Bukit Panjang Plaza and acquire the remaining 55% of CapitaSpring using its debt headroom, which could boost its DPU forecast by 1%. JP Morgan’s FY2025-2027 DPU estimates are already 1-3% above consensus, reflecting its positive debt cost outlook.
SGX:HMN.SI:CapitaLand Ascott Trust
JP Morgan maintained a neutral stance on CapitaLand Ascott Trust and Far East Hospitality Trust, citing flat DPU outlooks. It holds an underweight view on CDL Hospitality Trusts, pointing to supply challenges in New Zealand and the Maldives. Hospitality REITs saw May RevPAR drop 0.8% y-o-y, with weak ADR and occupancy figures weighing on revenue.
SGX:A31.SI:Addvalue Technologies
Addvalue Technologies secured new orders worth US$2.1 million for its InterSatellite Data Relay System (IDRS) terminals from two leading space technology firms—one a new customer. This comes days after a US$1.46 million order on July 3. Addvalue’s total order book has now reached US$17.9 million. The new contracts are expected to positively impact FY2025. Shares closed at 1.5 cents on July 4, up 50% year-to-date despite a daily drop of 11.76%.
HK:1810.HK:Xiaomi
Lei Jun, chairman of Xiaomi, took a swipe at Apple, referencing its scrapped EV ambitions as Xiaomi’s second EV, the YU7 SUV, garnered 289,000 orders within an hour. The SU7 sedan’s success has made Xiaomi a disruptor in both the tech and auto sectors. Lei’s recruitment of talent from Geely, BMW, SAIC, and Magna Steyr, alongside investments in over 100 supply chain firms, has helped Xiaomi vertically integrate its EV business.
Xiaomi’s EVs, priced from ~US$30,000, remain niche versus mass-market giants like BYD or Toyota, but the company expects to deliver 350,000 units in 2025. Despite a fatal SU7 crash in March and design controversy over similarities to Porsche, Xiaomi’s brand loyalty keeps demand strong. Xiaomi is eyeing international markets by 2027, including Europe, despite global tariffs on Chinese EVs.
SGX:MZH.SI:Nanofilm Technologies International
Nanofilm Technologies will acquire Temasek Holdings’ 35% stake in hydrogen JV Sydrogen Energy for US$15 million in two tranches. The move gives Nanofilm full ownership, reinforcing its long-term hydrogen commitment. The deal aims to enhance strategic control and accelerate innovation, especially in markets like China and Singapore’s maritime sector. Sydrogen posted 158% y-o-y revenue growth in 1QFY2025, contributing 1% of Nanofilm’s total revenue.
HK:0388.HK:HKEX
Paul Chan, Hong Kong’s Financial Secretary, announced that HKEX topped global IPO fundraising in the first half of 2025, raising over HKD107 billion, securing the city’s leading position globally.
Taobao (Alibaba Group)
Taobao’s instant commerce platform saw a surge with over 200 million daily active users and more than 80 million daily orders, reinforcing its dominance in China’s e-commerce space.
US:USDGT:Dow Jones Industrial Average
The US government officially informed trading partners that new tariff rates will take effect starting August 1. Details of the affected goods or sectors remain undisclosed.
HK:00005.HK:HSBC HOLDINGS
HSBC HOLDINGS repurchased over 600,000 shares last Friday, totaling HKD56.94 million, continuing its shareholder return strategy via buybacks.
CATL
CATL and GEELY AUTO signed a wide-ranging strategic partnership for electrification, boosting China’s EV ecosystem through shared R&D and infrastructure synergies.
HK:0700.HK:TENCENT
TENCENT repurchased 1.007 million shares on July 4, involving approximately HKD500 million, signaling confidence in its valuation amid market volatility.
HK:0960.HK:MEITUAN-W
MEITUAN-W ramped up customer incentives with heavy distribution of food delivery coupons. Its instant retail arm saw over 120 million daily orders, reflecting strong user engagement.
HK:0388.HK:HKEX
HKEX teamed up with the Shenzhen Stock Exchange (SZSE) to launch a new order transmission function on the Hong Kong fund platform, strengthening cross-border trading efficiency.
HK:1810.HK:XIAOMI
Lei Jun, founder of XIAOMI, confirmed the first delivery of its YU7 EV model to initial customers, marking a milestone in the company’s automotive ambitions.
HK:3883.HK:CHINA AOYUAN
CHINA AOYUAN reported RMB4.02 billion in contracted property sales for the first half of 2025. The company also secured an extension on RMB1.014 billion in onshore borrowings.
HK:0688.HK:CHINA OVERSEAS
CHINA OVERSEAS saw its June contracted sales fall 36.3% year-over-year, highlighting continued pressure in the real estate sector.
HK:0813.HK:CH OVS G OCEANS
CH OVS G OCEANS recorded RMB4.04 billion in June contracted sales, down about 1% year-over-year, reflecting a relatively more stable decline in contrast to peers.
CN: Baidu
Baidu launched its video generation model MuseSteamer, which attracted over 100 applications per minute on its debut, marking an impressive start in AI-driven content creation.
HK:00241.HK:ALI HEALTH
Goldman Sachs maintains a neutral rating on ALI HEALTH despite volatility following Alibaba’s issuance of HKD12 billion zero-coupon exchangeable bonds, convertible to ALI HEALTH shares at a 37.8% premium (HKD6.23/share).
HK:03993.HK:CMOC
CCBI raised CMOC’s target price from HKD7.5 to HKD10.15 after its Q1 net profit beat expectations. The profit rise was due to higher prices for copper and cobalt and cost-cutting through greater mineral production.
HK:01024.HK:KUAISHOU-W
UBS identified several Asian companies likely to beat Q2 market expectations, including FUYAO GLASS, KUAISHOU-W, TSMC, and New Oriental Education.
HK:01519.HK:J&T EXPRESS-W
Morgan Stanley anticipates J&T EXPRESS-W’s upcoming operational data may drive share price growth. The stock has outperformed the HK:3115.HK:Hangseng Index recently due to strong Southeast Asia logistics momentum.
US:USDGT:Dow Jones Industrial Average
Former President Donald Trump warned of a 10% tariff on countries supporting BRICS’ “anti-US” stance, though no further policy details were disclosed. Markets await clarity.
HK:00241.HK:ALI HEALTH
Citi cautioned that ALI HEALTH may face short-term stock pressure, following the Alibaba bond issuance.
HK:2338.HK:WEICHAI POWER
HSBC Global Research raised target prices for SINOTRUK and WEICHAI POWER, citing government subsidies and a low sales base that drove June sales gains.
TW:2330.TW:TSMC
BofA Securities reaffirmed a bullish stance on TSMC, raising the target price to USD260. It noted the New Taiwan dollar’s appreciation will not derail long-term growth.
HK:01448.HK:FU SHOU YUAN
Morgan Stanley downgraded FU SHOU YUAN, cutting its target price to HKD4 with an “Equalweight” rating.
HK:06186.HK:CHINA FEIHE
CLSA downgraded CHINA FEIHE to “Outperform”, lowering the target price to HKD6 after a profit warning. UBS also expects a negative market reaction as the firm’s interim results miss forecasts.
HK:01112.HK:H&H INTL HLDG
CLSA raised H&H INTL HLDG’s target price to HKD13.5. However, the stock plunged over 9% following a profit warning predicting a 45–65% interim net profit drop.
HK:0027.HK:GALAXY ENT
HSBC Research raised its 2025 Macau GGR growth forecast to 6%, favoring GALAXY ENT and MGM CHINA among casino operators.
HK:0123.HK:YUEXIU PROPERTY
A subsidiary of YUEXIU PROPERTY has applied to the CSRC and SSE to issue RMB9.6 billion in corporate bonds publicly.
HK:1299.HK:AIA
KIA reduced its stake in AIA by 3.7%, cashing out approximately USD26.8 billion.
HK:01828.HK:FWD
FWD opened flat at HKD38 on its debut trading day. Richard Li called the listing a significant milestone.
HK:3613.HK:Beijing Tong Ren Tang Healthcare
Beijing Tong Ren Tang Healthcare resubmitted its listing application to the HKEX.
HK:3115.HK:Hangseng Index
The Hangseng Index opened 87 points lower, with weakness in tech stocks, though chipmakers saw gains.
