Singapore REITs - OCBC Investment Research 2025-11-26: Three Key Themes For 2026

• We believe overall valuations of the S-REITs remain undemanding, but S-REITs share price performance in 2026 is likely to depend heavily on the interest rates trajectory and macroeconomic landscape.

S-REITs underperformed in 2025 year-to-date

• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -
• Furthermore, the 10Y Singapore government bond yield has already declined 90bps year-to-date (as at 25 Nov 2025), and we see little room for it to compress further. In fact, consensus expectations are for the 10Y Singapore government bond yield to end 2026 at a slightly higher level compared to current spot rate. That said, valuations from a distribution yield spread perspective remain undemanding.
• For 2026, we see three key themes for the S-REITs sector:
  1. inflection point for DPU growth remains intact, but expect divergent outcomes;
  2. capital recycling in motion; and
  3. defensive tilt amid macroeconomic uncertainties.

Theme 1: Inflection point for DPU growth remains intact, but expect divergent outcomes

• Read more at SGinvestors.io.

Above is an excerpt from a report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Read More Analysis On Singapore REITs (S-REITs):
Analyst Reports on Singapore REIT Sector

Check Out Also The Summary Of:
S-REIT Share Price Performance
S-REIT Target Prices & Ratings