Lumpsum

Lumpsum

If you are new to investment, it’s not surprising if you are unsure about the term lumpsum. It’s your investment, and you don’t want to make the wrong choice. Lumpsum in mutual fund investments refers to a single large amount of money invested all at once instead of making weekly or monthly payments. 

 Lumpsum investments have their own benefits and importance that other investments can’t provide you. That’s why many people prefer to invest in lumpsum. Here’s everything you need to know about lumpsum investments. 

What is lumpsum? 

The word lumpsum generally means a large amount of money. When it comes to investments, it means investing a large amount of money at once instead of dividing the amount into smaller instalments. In lumpsum investments, you will only pay once. Lumpsum investments are for those who have a substantial sum of money at hand or in their bank accounts and are comfortable with investing such a large sum at once. 

Understanding lumpsum 

Lumpsum refers to investment money in bulk in a single payment. It refers to investing in a one-time mutual fund, hence the term lumpsum. It’s a popular form of mutual fund investment as it relieves investors of all the calculations of making small payments at regular intervals. Also, with lumpsum investment, the amount of money you invest will be locked in until the investment period is over. So, make sure you are comfortable with investing a large sum of money, also known as lumpsum for a significant period. 

Benefits of lumpsum 

The benefits of lumpsum investments are what make this investment option so popular among first-time investors. It provides investors with an edge over other investment options, including higher return on investment, long-run benefits, convenience, etc. Here are all the benefits of lumpsum investments in detail. 

  • Single payment 

In a lumpsum investment, you only need to pay once. You will pay the one-time payment at the beginning of the investment, and that’s it. You don’t need to pay a single penny after that, so there are no weekly payments, monthly payments, or any other form of hidden charge. 

  • Long-term benefits 

If you are planning to invest your money for a longer period, you will receive several long-term benefits, including higher ROI, higher growth phase, etc. Now, if you combine a long-term investment period with a larger sum of money during investment, it will lead to an even higher ROI. 

  • Bulk investment 

In lumpsum investment, you make a payment in a single bulk amount. This bulk amount will then have the chance to grow exponentially with changes to the market valuation. The higher the lumpsum amount, the higher the return on investment. 

  • Convenience 

Any investment options that require monthly or weekly payment modes, will ask you to make payments within a specified date. If you fail to pay within that stipulated date, there could be some sort of penalty. So, you will have to pay the penalty at the next payment cycle. Not to mention, you will have to remember to keep the cash for the next payment prepared before the next payment date arrives, which can be very inconvenient. 

  • Higher return on investment 

Lumpsum investment will always lead to higher ROI as compared to investments that require recurring payments. But remember that the actual returns heavily depend on how the market behaves. So keep a close eye on the market fluctuations. 

Importance of lumpsum 

Lumpsum investments can be very important to first-time investors, thanks to the way it is designed and the benefits it provides. Here are some of the factors that contribute to the importance of lumpsum investments. 

  • Simplicity 

Lumsum investments are simpler. You only need to make a one-time payment at the beginning of the investment and nothing more. This is a stark contrast to other investment options where you need to make payments in regular intervals. 

  • Appreciation of total capital 

Lumpsum investments are oriented toward long-term investments and market changes. So, no matter how large your capital is, you will benefit from every growth in the market. The larger the capital, the higher the benefits. 

  • Minimal extra charges 

Unlike other investment options, lumpsum investments only require you to pay once, so there’s minimal chance of incurring any extra charges. In lumpsum investment, you don’t need to pay any penalty or missed payments as there are no recurring payments. 

Examples of lumpsum 

You invested an amount of US$700 in a mutual fund investment for 10 years with an average return of 15% per annum. Since this interest is compounded annually, the estimated ROI would be approximately US$2,832 at the end of the investment. That is around 4 times the sum of money that was initially invested. 

Frequently Asked Questions

Lumsum investments refer to investment options where you make payments in the form of one lump sum payment. Lumpsum payments, on the other hand, refer to the mode of payment, that is, a single payment, as opposed to recurring payment modes. 

Lumpsum investment and SIP investments are the complete opposite of each other. They differ in terms of potential investors, mode of payment, and investment period. 

  • Potential investors 

Lumpsum investment is for those who have a lot of cash in hand. But SIPs are for those who can’t make one large payment and prefer to pay in smaller amounts. 

  • Mode of payment 

In lumpsum investment, you make only one large payment, and that’s it, while SIP investments require you to make small payments every week or every month. 

  • Investment period 

In lumpsum investments, the benefits truly shine when you invest for a larger period. But, SIPs are for those who prefer to play safe by investing for smaller periods. 

There’s no straight answer. In theory, lumpsum investment should provide a better ROI, but the reality can be quite different. This is due to the fact that both lumpsum and SIP investments are a form of mutual fund. Hence, they are dependent on the changes in the market value. If the market value increases, lumpsum will provide a better ROI, but if the market value decreases, SIP may provide a better ROI. 

Here are some of the factors that you should consider before doing lumpsum investment. 

  • Market valuation 
  • Return of investment 
  • Liquidity expectations 
  • Your patience level 

Lumpsum refers to the amount of money that is deposited during the one-time payment of a mutual fund investment. 

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    A Guide to the Swiss, Spanish, and Italian Exchanges

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Country Exchange DST (Singapore Time) Non-DST (Singapore Time) Switzerland SIX Swiss Exchange 03:00pm – 11:30pm 04:00pm – 12:30pm Spain Bolsa de Madrid 03:00pm – 11:30pm 04:00pm – 12:30pm Italy Borsa Italiana 03:00pm – 11:30pm 04:00pm – 12:30pm Source: POEMSLast Updated: 14 May, 2026 Clients may contact their respective Trading Representatives or our Central Night Dealing Desk at 65311225 for assistance with placing orders in the Swiss, Spanish, and Italian markets.   In Case You Missed It: Previous Market Journals As we continue to navigate an increasingly complex global landscape, our past market journals have explored key themes shaping investor behaviour and market dynamics. These pieces provide valuable context and lay the foundation for our current outlook on Europe’s resilience. 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Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. 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    Elite UK REIT Shows Strong Capital Management and Portfolio Growth, BUY Rating with S$0.41 Target

    Published on May 19, 2026 126 

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Investment Outlook and Recommendation Phillip Securities Research maintains a BUY recommendation with an unchanged dividend discount model-based target price of S$0.41. The REIT trades at an attractive 9.0% FY26 dividend yield and 0.87x price-to-NAV ratio. With approximately 20% of remaining DWP leases expected to be regeared and potential repositioning or divestment of other assets, Elite UK Reit appears well-positioned for continued value creation. Frequently Asked Questions [market_journal_faq]   This article has been auto-generated using PhillipGPT. It is based on a report by a Phillip Securities Research analyst.    Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. 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    Frasers Centrepoint Trust Maintains Defensive Edge Amid Macro Uncertainty with BUY Rating and S$2.70 Target Price

    Published on May 19, 2026 49 

    Strong First Half Performance Drives Confidence Frasers Centrepoint Trust (FCT) has demonstrated resilience in challenging market conditions, delivering a solid first half performance that reinforces its position as a defensive suburban retail specialist. The trust reported a 1.4% year-on-year increase in distribution per unit to 6.14 Singapore cents for 1H26, meeting expectations and representing 49% of the full-year forecast. Net property income surged 20.2% to S$160.8 million, primarily driven by the acquisition of Northpoint City South Wing and higher passing rents, though this was partially offset by the divestment of Yishun 10 Retail Podium and asset enhancement initiative disruptions at Hougang Mall. The Positives: Operational Excellence and Financial Stability FCT's operational metrics showcase the strength of its defensive suburban mall portfolio. 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With 66% of borrowings hedged to fixed rates and aggregate leverage improving slightly to 40%, FCT has positioned itself well for continued stability. Having successfully refinanced all maturities due in the current financial year, the trust expects its all-in cost of debt to remain around 3.3% for the full year. Investment Outlook Phillip Securities Research maintains a BUY recommendation with a revised target price of S$2.70, down from S$2.74, reflecting a 1% trim to the distribution forecast to account for partial downtime from the NEX asset enhancement initiative. The trust remains the top pick in the retail sub-sector, supported by expectations of healthy rental reversions of 5% and limited new retail supply. Trading at a forward yield of 5.4%, FCT offers attractive income potential whilst benefiting from organic growth through successful asset enhancement completions. Frequently Asked Questions [market_journal_faq]   This article has been auto-generated using PhillipGPT. It is based on a report by a Phillip Securities Research analyst.    Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSPL be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. The companies and their employees mentioned in these commentaries cannot be held liable for any errors, inaccuracies and/or omissions howsoever caused. Any opinion or advice herein is made on a general basis and is subject to change without notice. The information provided in these commentaries may contain optimistic statements regarding future events or future financial performance of countries, markets or companies. You must make your own financial assessment of the relevance, accuracy and adequacy of the information provided in these commentaries. Views and any strategies described in these commentaries may not be suitable for all investors. Opinions expressed herein may differ from the opinions expressed by other units of PSPL or its connected persons and associates. Any reference to or discussion of investment products or commodities in these commentaries is purely for illustrative purposes only and must not be construed as a recommendation, an offer or solicitation for the subscription, purchase or sale of the investment products or commodities mentioned. This advertisement has not been reviewed by the Monetary Authority of Singapore.

    Keppel Ltd Shows Resilient Asset Growth Amid Middle East Conflict Benefits, Maintains BUY with S$13.80 Target

    Published on May 19, 2026 48 

    Company Overview Keppel Ltd operates as a diversified conglomerate with significant exposure to asset management, infrastructure, and energy sectors. The company has positioned itself as a key player in Asian infrastructure investment, managing substantial assets across digital infrastructure, energy, and offshore rig operations. Financial Performance and Asset Management Growth Keppel's recent financial performance reflects a mixed picture with strategic positioning for future growth. The company reported slightly lower net profit year-on-year for its New Keppel operations, primarily attributed to reduced real estate contributions. Overall net profit declined due to the absence of fair value gains and lower asset monetisation gains compared to the previous period. However, the asset management division demonstrated robust growth, with fees increasing 13% year-on-year in the first quarter to S$108 million. This growth trajectory builds on the previous full year's impressive 14.5% increase. The company successfully finalised S$2 billion in commitments, with particular strength in digital infrastructure investments. Notably, fundraising activities remained unaffected by the Middle East conflict, whilst Asian dedicated infrastructure funds continue attracting significant investor interest. Middle East Conflict Creates Opportunities The ongoing Middle East conflict has unexpectedly benefited Keppel's operations through improved electricity spreads. Previously declining blended spark spreads of around S$10 year-on-year have reversed dramatically, climbing to over S$20 following the conflict's onset. This development has enhanced the attractiveness of longer-dated electricity contracts, with customers expected to pay premiums for extended-term security. The conflict has also strengthened prospects for Keppel's S$4.3 billion AssetCo rig portfolio. Rising long-dated oil curves have generated strong inquiries for the company's jackups and rigs, with day rates increasing 10-15% upon renewal. Of the 13 vessels in AssetCo, six jackups are completed with seven others at various completion stages. Challenges and Outlook Despite these positives, Keppel faces minor disruptions to its gas supply due to force majeure declarations on LNG supply. However, the impact remains minimal, affecting only a small percentage of the company's gas requirements. Replacement gas sourcing from GasCo at spot JKM pricing, rather than typical Brent-indexed rates, has normalised blended costs. Looking ahead, second-half earnings will be supported by the 600MW Keppel Sakra commencement, increased funds under management, Bifrost cable sales, and DSS project completions. The company targets S$2-3 billion in asset monetisation for the financial year, supporting potential special dividends. Phillip Securities Research maintains its BUY recommendation with a sum-of-the-parts derived target price of S$13.80, reflecting confidence in Keppel's strategic positioning and growth prospects. Frequently Asked Questions [market_journal_faq]   This article has been auto-generated using PhillipGPT. It is based on a report by a Phillip Securities Research analyst.    Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSPL be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. The companies and their employees mentioned in these commentaries cannot be held liable for any errors, inaccuracies and/or omissions howsoever caused. Any opinion or advice herein is made on a general basis and is subject to change without notice. The information provided in these commentaries may contain optimistic statements regarding future events or future financial performance of countries, markets or companies. You must make your own financial assessment of the relevance, accuracy and adequacy of the information provided in these commentaries. Views and any strategies described in these commentaries may not be suitable for all investors. Opinions expressed herein may differ from the opinions expressed by other units of PSPL or its connected persons and associates. Any reference to or discussion of investment products or commodities in these commentaries is purely for illustrative purposes only and must not be construed as a recommendation, an offer or solicitation for the subscription, purchase or sale of the investment products or commodities mentioned. This advertisement has not been reviewed by the Monetary Authority of Singapore.

    OUE REIT Delivers Strong Performance Amid Lower Financing Costs, Maintains BUY Rating with S$0.45 Target

    Published on May 19, 2026 8 

    Company Overview OUE REIT is a Singapore-listed real estate investment trust with a diversified portfolio spanning hospitality and office segments. The REIT owns premium properties including hotels and commercial office buildings, positioning itself as a key player in Singapore's property investment landscape. Strong Q1 Performance Driven by Hospitality Recovery OUE REIT delivered robust first-quarter results, with gross revenue rising 6.7% year-on-year to S$70.5 million and net property income increasing 8.4% to S$57.6 million. These figures represent 26% of full-year forecasts, indicating solid momentum. The performance was underpinned by exceptional growth in the hospitality segment and declining financing costs due to reduced interest rates and strategic loan repayments. Hospitality Segment Powers Growth The hospitality division emerged as the standout performer, with revenue surging 15.1% year-on-year to S$26.8 million and net property income climbing 16.8% to S$24.3 million. Revenue per available room (RevPAR) increased 11.7% to S$277, driven by strong meetings, incentives, conferences and exhibitions pipeline activity and strategic focus on corporate travellers with flexible pricing strategies. Hilton Orchard achieved 11.2% RevPAR growth to S$277 through improved business traveller segment performance, whilst Crowne Plaza recorded 11.7% RevPAR growth to S$276, benefiting from resilient transient demand and hosting Disney Cruise crew members. Tourist recovery was led by visitors from the United States, Australia and China, though Indonesian demand faced headwinds due to rupiah weakness. Office Portfolio Maintains Momentum The Singapore office portfolio sustained 95.2% committed occupancy with 6.0% rental reversion, supported by flight-to-quality trends. With 26.8% of office gross rental income expiring in 2026 at average passing rent of S$9.77 per square foot against market rent of S$12.40 per square foot, mid-to-high single-digit reversion is expected to continue. Key opportunities include Deloitte's 150,000 square foot lease at OUE Downtown expiring end-2026, currently contributing approximately 5% of portfolio revenue at sub-S$8 per square foot rent. Additionally, OUE Bayfront received planning approval to convert their level 17 into 22,600 square feet of prime office space, representing an estimated 6% net lettable area increase and potential S$4.3 million annual gross revenue uplift. Financing Costs Decline Significantly Interest expenses fell 17.7% to S$17.2 million, with cost of debt dropping 50 basis points year-on-year to 3.7%. This improvement resulted from repaying a S$100 million highest-cost loan and replacing it with lower-cost facilities maturing in 2029. Further relief is anticipated from refinancing the S$150 million medium-term note due in 2026 with facilities of at least five years maturity. Investment Recommendation Phillip Securities Research maintains a BUY rating with an unchanged dividend discount model-based target price of S$0.45. The REIT trades at a forward dividend yield of 6.2% and price-to-net asset value of 0.65 times. Upside catalysts include OUE Bayfront chiller space conversion, Deloitte rent reversion to at least S$9 per square foot upon contract renewal, and potential capital redeployment from One Raffles Place divestment to acquire additional stake in Salesforce Tower Sydney. Frequently Asked Questions [market_journal_faq]   This article has been auto-generated using PhillipGPT. It is based on a report by a Phillip Securities Research analyst.    Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSPL be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. The companies and their employees mentioned in these commentaries cannot be held liable for any errors, inaccuracies and/or omissions howsoever caused. Any opinion or advice herein is made on a general basis and is subject to change without notice. The information provided in these commentaries may contain optimistic statements regarding future events or future financial performance of countries, markets or companies. You must make your own financial assessment of the relevance, accuracy and adequacy of the information provided in these commentaries. Views and any strategies described in these commentaries may not be suitable for all investors. Opinions expressed herein may differ from the opinions expressed by other units of PSPL or its connected persons and associates. Any reference to or discussion of investment products or commodities in these commentaries is purely for illustrative purposes only and must not be construed as a recommendation, an offer or solicitation for the subscription, purchase or sale of the investment products or commodities mentioned. This advertisement has not been reviewed by the Monetary Authority of Singapore.

    Phillip SGX APAC Dividend Leaders REIT ETF Maintains Strong Dividend Appeal Despite Target Price Reduction

    Published on May 19, 2026 16 

    Company Overview The Phillip SGX APAC Dividend Leaders REIT ETF (PAREITS) stands as Singapore's highest dividend-yielding REIT exchange-traded fund, distinguished by its dividend-weighted construction methodology and strategic Asia-Pacific exposure. The ETF provides investors with diversified access to dividend-focused real estate investment trusts across the APAC region. Valuation and Recommendation Phillip Securities Research has maintained its ACCUMULATE recommendation for PAREITS whilst adjusting the target price downward to S$1.14 from the previous S$1.29. The revised valuation employs a dual methodology approach, combining historical dividend yield spread analysis and price-to-book ratios. The dividend yield spread method yields a price target of S$1.23, whilst the price-to-book ratio approach suggests S$1.05. By applying equal weighting to both valuation techniques, analysts arrived at the updated S$1.14 target price. Portfolio Composition and Holdings PAREITS demonstrates robust diversification across five distinct real estate sectors, with retail properties commanding the largest allocation at 39.0% of the portfolio. The diversified sector represents the second-largest exposure at 34.3%, followed by industrial properties at 8.8%, office properties at 8.3%, and other sectors comprising 2.2%. The ETF's top three holdings have remained consistent, though there has been notable repositioning within the leadership ranks. Link REIT has advanced from second position to become the fund's largest holding, reflecting the dynamic nature of the dividend-weighted construction methodology that drives the ETF's composition. Outlook and Growth Drivers The investment outlook for PAREITS appears favourable, supported by anticipated monetary policy developments through 2026. Phillip Securities Research expects potential interest rate cuts during this period, which should create a supportive environment for the ETF's underlying holdings. Lower financing costs are projected to benefit REIT operations by reducing borrowing expenses, thereby supporting distribution per unit growth across the portfolio. The ETF's dividend-weighted construction methodology, combined with its APAC regional focus, positions it as the premier high-yield option among Singapore's REIT ETF offerings. This structural advantage, coupled with the improving interest rate environment, underpins the research house's continued positive stance on the investment opportunity. Frequently Asked Questions [market_journal_faq]   This article has been auto-generated using PhillipGPT. It is based on a report by a Phillip Securities Research analyst.    Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSPL be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. The companies and their employees mentioned in these commentaries cannot be held liable for any errors, inaccuracies and/or omissions howsoever caused. Any opinion or advice herein is made on a general basis and is subject to change without notice. The information provided in these commentaries may contain optimistic statements regarding future events or future financial performance of countries, markets or companies. You must make your own financial assessment of the relevance, accuracy and adequacy of the information provided in these commentaries. Views and any strategies described in these commentaries may not be suitable for all investors. Opinions expressed herein may differ from the opinions expressed by other units of PSPL or its connected persons and associates. Any reference to or discussion of investment products or commodities in these commentaries is purely for illustrative purposes only and must not be construed as a recommendation, an offer or solicitation for the subscription, purchase or sale of the investment products or commodities mentioned. This advertisement has not been reviewed by the Monetary Authority of Singapore.

    Singapore REITs Monthly: Negatives Largely Priced In with Selective Overweight Stance

    Published on May 19, 2026 18 

    Market Performance and Sector Overview Singapore REITs (S-REITs) faced continued headwinds in March 2026, with the S-REITs Index declining 6.9% following a 1.9% drop in February. Despite the broader market weakness, Suntec REIT emerged as the sole positive performer, gaining 2.8% after completing the acquisition of its REIT manager by Acrophyte Asset Management. At the other end of the spectrum, KORE US REIT suffered the steepest decline of 17.7% as it resumed dividends in the second half of 2025 with approximately 10% payout. Sector performance varied significantly, with healthcare REITs demonstrating relative resilience by declining only 0.7%, whilst overseas commercial properties bore the brunt of selling pressure, falling 12.9%. The S-REITs Index now trades at a forward dividend yield spread of approximately 3.8% and a price-to-net asset value of 0.9x, representing -1.1 standard deviations below the mean. Valuation Assessment and Market Outlook Current valuations appear to have largely incorporated downside risks stemming from Middle East conflicts, which have contributed to more hawkish interest rate expectations. However, the impact of higher utility costs has been broadly contained, as most expenses are either hedged or passed through to tenants, providing some operational stability. Phillip Securities Research maintains an OVERWEIGHT recommendation on S-REITs whilst adopting a more selective approach. The firm expects approximately 3% distribution per unit growth on average for covered S-REITs in FY26e, supported by higher rents from contractual escalations and positive rental reversions, alongside lower financing costs. This outlook is underpinned by continued SORA rate declines, with 3-month SORA at approximately 1.05%, representing a 150 basis points year-on-year decrease. Investment Strategy and Top Picks The research house favours REITs with strong balance sheets, earnings resilience, and potential for distribution growth. Within sub-sectors, retail properties are preferred, where rental reversions are expected to remain robust in the high single-digits during 2026. Top picks include high-yielding S-REITs above 8.5% with resilient portfolios: Stoneweg Europe Stapled Trust (BUY, target price €1.89), Elite UK REIT (BUY, target price £0.41), and United Hampshire US REIT (BUY, target price US$0.69). Prime US REIT (BUY, target price US$0.32) is also favoured for its attractive valuation at 0.34x price-to-net asset value and cash flow visibility. Frequently Asked Questions [market_journal_faq]   This article has been auto-generated using PhillipGPT. It is based on a report by a Phillip Securities Research analyst.    Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSPL be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. The companies and their employees mentioned in these commentaries cannot be held liable for any errors, inaccuracies and/or omissions howsoever caused. Any opinion or advice herein is made on a general basis and is subject to change without notice. The information provided in these commentaries may contain optimistic statements regarding future events or future financial performance of countries, markets or companies. You must make your own financial assessment of the relevance, accuracy and adequacy of the information provided in these commentaries. Views and any strategies described in these commentaries may not be suitable for all investors. Opinions expressed herein may differ from the opinions expressed by other units of PSPL or its connected persons and associates. Any reference to or discussion of investment products or commodities in these commentaries is purely for illustrative purposes only and must not be construed as a recommendation, an offer or solicitation for the subscription, purchase or sale of the investment products or commodities mentioned. This advertisement has not been reviewed by the Monetary Authority of Singapore.

    Suntec REIT Delivers Strong Performance with Singapore Assets Leading Growth, ACCUMULATE Rating and S$1.63 Target Price

    Published on May 19, 2026 8 

    Company Overview Suntec REIT is a real estate investment trust with a diversified portfolio spanning Singapore, Australia, and the United Kingdom. The REIT's core strength lies in its Singapore assets, which include premium office properties such as MBFC Towers and ORQ, alongside retail assets including Suntec City Mall. The trust also maintains overseas holdings in Australia and the UK, though these markets present different challenges and opportunities. Strong Quarterly Performance Driven by Singapore Operations Suntec REIT reported impressive first-quarter results for FY26, with distribution per unit (DPU) reaching 1.936 Singapore cents, representing a substantial 23.9% year-on-year increase. This performance aligned with analyst expectations and constituted 25.5% of the full-year forecast. The growth was primarily attributed to a S$5.8 million reduction in finance costs, enhanced performance from Singapore office and retail segments, and a S$2 million decrease in withholding tax provision following the retention of Australia Managed Investment Trust status. The Positives: Singapore Portfolio Demonstrates Resilience Singapore operations remained the standout performer, with office occupancy rising 0.6 percentage points quarter-on-quarter to reach an impressive 98.8%. Rental reversions maintained strength at 9.5%, with particularly strong performances from ORQ and MBFC Towers 1 & 2, which achieved 13.2% rental reversions. The outlook for office properties remains positive, with expected rental reversions of 5% in FY26, supported by limited core CBD supply and tight market vacancies. The retail segment also demonstrated robust fundamentals, with occupancy remaining healthy at 99% despite a slight 0.5 percentage point quarterly decline. Rental reversions stayed strong at 14.3%, led by Suntec City Mall's impressive 15.0% achievement. The retail outlook appears promising with expected 10% rental reversions in FY26, underpinned by resilient tenant sales growth of 5% year-on-year and improved shopper traffic increasing 2% year-on-year. The Negatives: Overseas Portfolio Challenges Persist The overseas portfolio continues to present challenges, though conditions remained stable quarter-on-quarter. In Australia, occupancy improved marginally by 0.1 percentage points to 90.7%, but remains constrained by underperforming assets including 55 Currie Street at 66% occupancy and Southgate Complex at 86.8%. However, stability is expected from fully occupied premium assets 177 Pacific Highway and 477 Collins Street. The UK portfolio shows mixed performance, with Nova Properties maintaining full occupancy whilst The Minster Building faces ongoing vacancy pressures, with occupancy unchanged at 85.4%. Investment Outlook and Recommendation Phillip Securities Research maintains an ACCUMULATE recommendation with an unchanged dividend discount model-based target price of S$1.63. The REIT currently trades at an attractive FY26 dividend yield of 5.2% and price-to-net asset value of 0.72 times. Interest costs decreased to 3.56% but are expected to rise slightly to 3.7% in FY26 as low-cost Australian dollar interest rate swaps expire. The company plans to undertake a strategic portfolio review once its board finalisation is complete. Frequently Asked Questions [market_journal_faq]   This article has been auto-generated using PhillipGPT. It is based on a report by a Phillip Securities Research analyst.      Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSPL be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. The companies and their employees mentioned in these commentaries cannot be held liable for any errors, inaccuracies and/or omissions howsoever caused. Any opinion or advice herein is made on a general basis and is subject to change without notice. The information provided in these commentaries may contain optimistic statements regarding future events or future financial performance of countries, markets or companies. You must make your own financial assessment of the relevance, accuracy and adequacy of the information provided in these commentaries. Views and any strategies described in these commentaries may not be suitable for all investors. Opinions expressed herein may differ from the opinions expressed by other units of PSPL or its connected persons and associates. Any reference to or discussion of investment products or commodities in these commentaries is purely for illustrative purposes only and must not be construed as a recommendation, an offer or solicitation for the subscription, purchase or sale of the investment products or commodities mentioned. This advertisement has not been reviewed by the Monetary Authority of Singapore.

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    IMPORTANT INFORMATION

    This material is provided by Phillip Capital Management (S) Ltd (“PCM”) for general information only and does not constitute a recommendation, an offer to sell, or a solicitation of any offer to invest in any of the exchange-traded fund (“ETF”) or the unit trust (“Products”) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. You should read the Prospectus and the accompanying Product Highlights Sheet (“PHS”) for key features, key risks and other important information of the Products and obtain advice from a financial adviser (“FA“) pursuant to a separate engagement before making a commitment to invest in the Products. In the event that you choose not to obtain advice from a FA, you should assess whether the Products are suitable for you before proceeding to invest. A copy of the Prospectus and PHS are available from PCM, any of its Participating Dealers (“PDs“) for the ETF, or any of its authorised distributors for the unit trust managed by PCM.  

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