Singapore REITs - DBS Research 2026-06-04: Priced for Pain, Positioned for Recovery

Priced for Pain, Positioned for Recovery

• Macro road-bumps but S-REITs are in a stronger position to ride out stronger

• Quality earnings and resilience are traits that define outperformance.

• Interest costs remain at an inflection point with close to 85% of the managers, expecting a decline/stable rates in 2026 after a ~30 ppt drop y-o-y.

Prefer Office > Industrial > Retail > Hotel

• - Read this at SGinvestors.io -

Focus on sectors with stronger earnings visibility.

• - Read this at SGinvestors.io -

Interest rates still trending favourably for most.

• Read more at SGinvestors.io.

Dale LAI DBS Group Research | Tabitha FOO DBS Group Research | Geraldine WONG DBS Group Research | https://www.dbs.com/insightsdirect/ 2026-06-04

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