Singapore REITs - DBS Research 2026-02-25: Unlocking Alpha Within The Mid-Cap S-REITs

• Cohort of S-REITs in iEdge Next50 Index offer close to 2.5x the growth profiles vs large caps; with more meaningful uplifts from steady operational outlook and conducive interest rates environment

Ripe ingredients to surprise.

• - Read this at SGinvestors.io -
• Beyond the headline index gains, the programme has helped refocus investor attention on under-owned segments of the market, particularly mid-cap names with defensible fundamentals and attractive income profiles. In tandem, SGX’s introduction of the iEdge Next50 Index, which spotlights the next 50 largest listed companies by market capitalisation, provides a useful framework for investors seeking exposure beyond the traditional large-cap universe.

Mid-cap S-REITs emerging as a fertile hunting ground for alpha.

• - Read this at SGinvestors.io -
• Importantly, this is not a purely yield story. On average, these S-REITs are expected to deliver a 2-year earnings and DPU growth CAGR of ~4.2%, with a wide dispersion ranging from marginal contraction to double-digit growth, creating scope for differentiated total return outcomes.

We see scope for alpha generation through selective stock picking within this cohort.

• Read more at SGinvestors.io.

Derek TAN DBS Group Research | Dale LAI DBS Group Research | Geraldine WONG DBS Group Research | https://www.dbs.com/insightsdirect/ 2026-02-25

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