SG Property Intelligence Singapore REITs: 2Q26 preview – Bifurcation widening

研报英文原文证据摘录

SG Property Intelligence Singapore REITs: 2Q26 preview – Bifurcation widening

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

16 July 2026

SG Property Intelligence

Singapore REITs: 2Q26 preview – Bifurcation widening

2Q26 preview – Bifurcation widening. The upcoming reporting season should Singapore/ASEAN Property and

show further evidence of the widening gap between S-REITs that can deliver REITs

consistent DPU growth (CICT and KDCREIT), those on a recovery path (FLT, Terence M Khi AC

MPACT and MLT), and REITs where DPU remains under pressure (MINT). We (65) 6882-1518

expect guidance on expected interest cost savings to moderate for S-REITs with terence.ml.khi@jpmorgan.com

more overseas assets/debt given more hawkish central banks outside Singapore. Mervin Song, CFA AC

Valuations remain supportive, with yield spreads wide at 367bps versus the 328bps (65) 6882-7829

average since 2019, which helps mitigate some investors’ concerns over higher mervin.song@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited/

inflation/rates ahead. With investors fluctuating between inflation fears and relief J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

from moderating oil prices, we believe the best way to navigate a volatile Morgan Broking (Hong Kong) Limited

environment is by positioning in growth exposures, with top pick CICT, trade-

exposed names such as FLT and MLT as growth fears ease, and "fallen

angel" MPACT. Link (Source: J.P. Morgan)

CLAR is divesting Kim Chuan Telecoms Complex for S$200.4m, at a

32.0/32.5% premium to the valuation of S$151.8/151.2m as at Jun-2026/Dec-

2025. Net proceeds after divestment costs are expected to be S$180.0m, and may

be utilized for investments, debt reduction, working capital or making

distributions.