Corporate Connect Webinar Presentation & Dialogue

Hi, good evening, everyone. My name is Gerald, and I'll be your moderator for tonight's Corporate Connect webinar. So we are very pleased to have with us Lenny Suite at tonight's Corporate Connect, as well as the audience from MoomooLife. This Corporate Connect webinar is organized by CRS and supported by the SJX group. So many of us are probably not unfamiliar with Lenny Suite. We probably visit a lot of the assets that they hold in the portfolio, assets such as gem, chuanchui at Somerset. And what we can also tell is that about 90% of the portfolio of Lenny Suite is actually in Singapore. So tonight, we will have a sharing

from the management of Lenny Suite, where we'll get an update from them about some of their latest developments. And we also welcome questions from the participants. So if you have any questions that you would like to ask the management of Lenny Suite, we welcome them, and you can share some of these questions in the Q&A box. But before we welcome the management of Lenny Suite, what I will do is to provide a very quick market update in terms of some of the developments that we see for the Singapore market, as well as the Singapore REITs market. So what I wanted to do is to first and foremost

look at how the Singapore market has done. If I were to look at the performance over the past week, we are now back to above the 4,200 level mark, once again for the benchmark trades times index. So this is actually quite near the all-time high of 4,300 points that was just reached a few weeks ago. And what we have seen in the global markets as well is that the S&P 500 is also close to its all-time high, just below the 6,400 mark. And for the TechHavy NestTech index, with a 3.9% gain in the past week, we are actually at record highs. So generally, there is positive sentiment for global stocks.

And we will also dive deeper to understand what is driving this positive sentiment. So this is the chart for the benchmark trades times index in Singapore. I took a longer time series here to observe the trend in the Singapore market. And what we see here is that after the brief deep in April this year with the Liberation Day Terrace, the Singapore market has recovered very strongly. Part of it is driven by the easing of concerns around the global trade tariffs as some of the negotiations between the different countries and the US have led to a succession in trade deals being announced. But at the same time, the global economy

has been more resilient than what some investors have feared. So at this point in time, we have exceeded the previous highs that was achieved in 2007 of about 3,800 points. And I think what investors are at this point looking out for would be whether we see the US Federal Reserve continuing to cut interest rates and also whether there are any country-specific factors that will help to drive the STI higher. I think when I look at country-specific factors, apart from the easing of trade concerns, we have also seen measures being announced to support the Singapore market. So just a few weeks ago, we saw the MES coming out

with an announcement for more measures to be supporting the Singapore stock market. So what you're probably seeing in the newspapers will be the $5 billion equity market development program to strengthen the local fund management ecosystem. And the news that came out would be $1.1 billion of funds that were allocated to three fund managers. And these fund managers would invest in the Singapore stock market. So these measures are meant to drive demand towards the Singapore stocks. And together with other measures, including on the supply side, measures to enhance connectivity and trading. All of it is meant to drive interest towards the Singapore market and enhance the entire ecosystem.

So we'll continue to look out for more of these measures to be able to drive more interest towards the Singapore market. At the same time, for the $5 billion fund, only $1.1 billion of funds have been announced in terms of how they'll be allocated. We'll continue to keep a lookout for how the remaining $3.9 billion will be allocated between the different fund managers. I think the other factor to keep a lookout for within the Singapore market would be this very short fall in government bond yields. So while we have seen the bond yields in the US remain fairly elevated, the 10-year Singapore government bond yield has come down fairly sharply

since the start of this year. If you apply for the Singapore savings bond, if you apply for the Singapore T-bill, that's probably something that you would have realized as well, where the bond yields have come down since the start of this year. So currently, the 10-year government bond yield is actually close to the 2% mark, having come down fairly sharply from just about 3% at the start of this year. So with the Singapore market at all-time highs, we often get questions around which are some of the sectors. They are still trading at fairly depressed valuations, of which I think if I look at the Singapore wheat sector,

it will be one of them. So this is actually the Lyon-Philip S-Weet ETF, which tracks an index of wheat. And that would effectively provide diversified exposure towards various reeds in the Singapore market. And what we see here is that at this point in time, it has recovered from the April lows, but it is still below the levels where it was at in 2021 and 2022. If I were to look at some of the recent trends across the different wheat subsectors, we have the URA data that came out a few weeks ago. I think the retail sector is actually one of the more resilient sectors, despite some of the news flow around tenant issues,