SG Property Intelligence

Research evidence excerpt

SG Property Intelligence

J P M O R G A N Asia Pacific Equity Research

16 June 2026

CIT: Does the recent land bid signal greater family

support?

Singapore/ASEAN Property and

REITs

City Developments: Does the recent land bid signal greater family support? AC Terence M Khi

Since the appointment of Mr Kwek Leng Peck as Vice Chairman (link), CIT has

(65) 6882-1518

rallied 10.1% versus the STI’s 1.6% gain, reflecting what we view as a game-changing terence.ml.khi@jpmorgan.com

development. Mr Kwek Leng Peck’s return signals strong Kwek family support for AC Mervin Song, CFA

CEO Mr Sherman Kwek and management’s plans to execute CIT’s strategic review (65) 6882-7829

while improving operating performance and capital allocation. The Vice Chairman is mervin.song@jpmorgan.com

the cousin of Executive Chairman Mr Kwek Leng Beng and uncle of CEO Mr J.P. Morgan Securities Singapore Private Limited/

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Sherman Kwek, and had resigned in 2020 following disagreements over CIT’s Morgan Broking (Hong Kong) Limited

investment in Sincere Property Group and concerns over the management of M&C

(link). Link (Source: J.P. Morgan)

ASEAN Equity Strategy – Breathing a sigh of relief. ASEAN equities posted their

best day in more than a year with the PSEi (+6%) and JCI (+4%) jumping after the US

and Iran governments announced a deal to end the conflict and reopen the Strait of

Hormuz. Brent oil prices retreating to ~$80/bbl levels would alleviate a lot of concerns

on ASEAN macro environments. At the sector level, we believe this would benefit

Airlines, Industrials, Real Estate, and Banks, while Defense, Energy, Materials, and

Utilities might pull back after a period of outperformance. As sentiment recovers