• The S-REITs Index fell 0.8% in November 2025, following October’s 2.1% gain, bringing YTD returns to 10.6%. The top performer for the month was Centurion Accommodation REIT (CAREIT SP, non-rated), which rose 8.5% and is up 29.5% since its IPO. The worst performer was Acrophyte Hospitality Trust (ARAUS SP, non-rated), which declined 3.7% amid an ongoing strategic review with no material updates. Among the sub-sectors, overseas commercial was the strongest, rising 2.5% on early signs of recovery in the US office market, while Singapore retail was the weakest, falling 2.2%.
• The sector now trades at a forward dividend yield spread of c.3.6% (-0.4x s.d.) and P/NAV of 0.99x (-0.1x s.d.), which we deem attractive entry levels, given the potential for DPU growth in FY25-26 from lower interest rates amid further rate cuts. As of 3Q25, more than 70% of S-REITs saw YoY declines in interest rates.
• We reiterate our OVERWEIGHT recommendation on S-REITs, favouring those with strong sponsors, robust balance sheets, and improving operating metrics. Within sub-sectors, we prefer retail, particularly suburban malls, which we believe have the greatest potential to continue delivering high single-digit positive rental reversions in 2026. We also favour overseas S-REITs offering high yields with resilient fundamentals, such as Stoneweg Europe Stapled Trust (SERT SP, BUY, TP €1.86) and Elite UK REIT (ELITE SP, BUY, TP: £0.39).

Investment Summary First Half Profit of HK$3.65 Billion, Essentially Flat According to Cathay Pacific Airways(CX) FY2025 interim results, it recorded revenue of HK$54.309 billion (HKD, the same below), a yoy increase of 9.5% for the first half of the year. However, profit growth was weak, primarily due to pressure on passenger yield and the expanded losses of its low-cost subsidiary. Net profit amounted to HK$3.651 billion, with a yoy increase of just 1.1%. Basic earnings per share (EPS) for ordinary...
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Overview The 361° brand was founded in 2003, with its brand positioning centered on "Professional + Youthful." It focuses on mid-price range product lines within the mass consumer market, covering multiple segments such as running, basketball, comprehensive training, children's products, and outdoor sports. The company consistently advances its "Single Focus, Multi Brand, Globalization" strategy. With the main brand 361° at its core, it is complemented by sub-brands including 361° Kids, 361° International Line, forming a multi-layered product matrix. Currently, 361°...
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