Mark to Market

DBS, OCBC and UOB have soared this year while the real estate investment trusts have struggled. Will rising bond yields reinforce this divergence? Or, are the banks getting too expensive? Why are bond yields rising in the first place? BT senior correspondent Ben Paul explains what’s happening. Highlights of the podcast: 00:55 Big trends driving long term bond yields 04:51 Struggling Reits may continue struggling 09:55 Why the banks have soared year-to-date 16:05 Bank valuations stretched, risks are rising --- Send your questions, thoughts, story ideas, and feedback to btpodcasts@sph.com.sg.  --- Written and hosted by: Ben Paul (benpaul@sph.com.sg) Edited by: Nicole Teo & Claressa Monteiro Produced by: Ben Paul, Nicole Teo & Chai Pei Chieh A podcast by BT Podcasts, The Business Times, SPH Media Follow BT Correspondents: Channel: bt.sg/btcobt Amazon: bt.sg/btcoam Apple Podcasts: bt.sg/btcoap Spotify: bt.sg/btcosp YouTube Music: bt.sg/btcoyt Website: bt.sg/btcorresp Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party’s products and services. Please consult professional advisors for independent advice. --- Discover more BT podcast series: BT Money Hacks: bt.sg/btmoneyhacks BT Podcasts: bt.sg/pcOM BT Market Focus: bt.sg/btmktfocus BT Lens On: bt.sg/btlensonSee omnystudio.com/listener for privacy information.

Frasers Property Ltd (FPL) is working with its controlling shareholder to lighten its balance sheet after taking its hospitality Reit private. Its chief financial officer (CFO) Loo Choo Leong talks to BT’s Ben Paul about the deal, the group’s capital recycling strategy, and its plans to lift its ROE and share price. Highlights of the podcast: 03:26 Should investors support the revamp? 07:09 Capital recycling amid higher rates 09:29 Waning excitement, sagging ROEs 14:52 Shares at “unjustifiably” low valuation? --- Send your questions, thoughts, story ideas, and feedback to btpodcasts@sph.com.sg.  --- Written and hosted by: Ben Paul (benpaul@sph.com.sg) With Loo Choo Leong, chief financial officer, Frasers Property Ltd Edited by: Nicole Teo & Claressa Monteiro Produced by: Ben Paul, Nicole Teo & Chai Pei Chieh A podcast by BT Podcasts, The Business Times, SPH Media Follow BT Correspondents: Channel: bt.sg/btcobt Amazon: bt.sg/btcoam Apple Podcasts: bt.sg/btcoap Spotify: bt.sg/btcosp YouTube Music: bt.sg/btcoyt Website: bt.sg/btcorresp Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party’s products and services. Please consult professional advisors for independent advice. --- Discover more BT podcast series: BT Money Hacks: bt.sg/btmoneyhacks BT Podcasts: bt.sg/pcOM BT Market Focus: bt.sg/btmktfocus BT Lens On: bt.sg/btlensonSee omnystudio.com/listener for privacy information.

With a focus on macro fundamentals and careful asset allocation, Maybank chief investment officer (CIO) Eddy Loh is helping investors navigate uncertain markets. He talks to BT’s Ben Paul about the next leg of the AI theme, what geopolitical tensions mean for markets, the role of gold as a risk mitigator, and why he is optimistic about Singapore and Malaysia. Highlights of the podcast: 05:37 AI theme: Looking beyond the chip boom 07:53 Geopolitics: Energy, defence and China 15:22 Mitigating risk: Gold versus US Treasuries 21:20 Asean: Betting on Singapore and Malaysia --- Send your questions, thoughts, story ideas, and feedback to btpodcasts@sph.com.sg.  --- Written and hosted by: Ben Paul (benpaul@sph.com.sg) With Eddy Loh, chief investment officer for Group Wealth Management, Maybank Edited by: Howie Lim & Claressa Monteiro Produced by: Ben Paul, Howie Lim & Chai Pei Chieh A podcast by BT Podcasts, The Business Times, SPH Media Follow BT Correspondents: Channel: bt.sg/btcobt Amazon: bt.sg/btcoam Apple Podcasts: bt.sg/btcoap Spotify: bt.sg/btcosp YouTube Music: bt.sg/btcoyt Website: bt.sg/btcorresp Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party’s products and services. Please consult professional advisors for independent advice. --- Discover more BT podcast series: BT Money Hacks: bt.sg/btmoneyhacks BT Podcasts: bt.sg/pcOM BT Market Focus: bt.sg/btmktfocus BT Lens On: bt.sg/btlensonSee omnystudio.com/listener for privacy information.

Marco Polo Marine has the wind in its sails as investor attention in the Singapore market turns to smaller cap stocks. Its CEO Sean Lee answers questions from BT’s Ben Paul about how he is steering the group into North Asia, why separate listings for its wind energy platform and shipyard have been proposed, and what the group will look like in 10 years. Highlights of the podcast: 03:23 New market, new platform, new vessels 08:05 Wind energy unit, shipyard to be listed 13:09 How the offshore energy sector changed 17:47 Shareholder value through fast growth --- Send your questions, thoughts, story ideas, and feedback to btpodcasts@sph.com.sg.  --- Written and hosted by: Ben Paul (benpaul@sph.com.sg) With Sean Lee, CEO, Marco Polo Marine Edited by: Howie Lim & Claressa Monteiro Produced by: Ben Paul, Howie Lim & Chai Pei Chieh A podcast by BT Podcasts, The Business Times, SPH Media Follow BT Correspondents: Channel: bt.sg/btcobt Amazon: bt.sg/btcoam Apple Podcasts: bt.sg/btcoap Spotify: bt.sg/btcosp YouTube Music: bt.sg/btcoyt Website: bt.sg/btcorresp Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party’s products and services. Please consult professional advisors for independent advice. --- Discover more BT podcast series: BT Money Hacks: bt.sg/btmoneyhacks BT Podcasts: bt.sg/pcOM BT Market Focus: bt.sg/btmktfocus BT Lens On: bt.sg/btlensonSee omnystudio.com/listener for privacy information.

CICT’s acquisition of Paragon demonstrates the strength of the Reit sector, while Addvalue Tech’s value unlocking plan highlights the local market’s weakness in the growth space. Senior correspondent Ben Paul looks at how the Singapore market could be strengthened as a hub for both yield and growth. Highlights of the podcast: 03:30 Big Singapore Reits drive sector liquidity 05:43 Local growth stocks still drawn to Nasdaq 09:02 Mergers would strengthen the Reit sector 13:34 Will SGX-Nasdaq tie-up lift growth stocks? --- Send your questions, thoughts, story ideas, and feedback to btpodcasts@sph.com.sg.  --- Written and hosted by: Ben Paul (benpaul@sph.com.sg) Edited by: Howie Lim & Claressa Monteiro Produced by: Ben Paul, Howie Lim & Chai Pei Chieh A podcast by BT Podcasts, The Business Times, SPH Media Follow BT Correspondents: Channel: bt.sg/btcobt Amazon: bt.sg/btcoam Apple Podcasts: bt.sg/btcoap Spotify: bt.sg/btcosp YouTube Music: bt.sg/btcoyt Website: bt.sg/btcorresp Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party’s products and services. Please consult professional advisors for independent advice. --- Discover more BT podcast series: BT Money Hacks: bt.sg/btmoneyhacks BT Podcasts: bt.sg/pcOM BT Market Focus: bt.sg/btmktfocus BT Lens On: bt.sg/btlensonSee omnystudio.com/listener for privacy information.

The likelihood of higher interest rates weighing on Reits has risen with the Iran war. As investors become more selective in this once popular segment of the market, sponsor groups may have to adjust their strategies, suggests BT senior correspondent Ben Paul. Highlights of the podcast: 00:47 Bad timing trips up two small Reits 04:39 A big Reit undeterred by the Iran war 08:49 Reits no longer offer the best returns 11:35 Time for sponsors, investors to adjust --- Send your questions, thoughts, story ideas, and feedback to btpodcasts@sph.com.sg.  --- Written and hosted by: Ben Paul (benpaul@sph.com.sg) Edited by: Howie Lim & Claressa Monteiro Produced by: Ben Paul, Howie Lim & Chai Pei Chieh A podcast by BT Podcasts, The Business Times, SPH Media Follow BT Correspondents: Channel: bt.sg/btcobt Amazon: bt.sg/btcoam Apple Podcasts: bt.sg/btcoap Spotify: bt.sg/btcosp YouTube Music: bt.sg/btcoyt Website: bt.sg/btcorresp Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party’s products and services. Please consult professional advisors for independent advice. --- Discover more BT podcast series: BT Money Hacks: bt.sg/btmoneyhacks BT Podcasts: bt.sg/pcOM BT Market Focus: bt.sg/btmktfocus BT Lens On: bt.sg/btlensonSee omnystudio.com/listener for privacy information.

The recently launched Value Unlock scheme could be as significant as the S$5 billion Equity Market Development Programme in boosting local stocks. SGX’s Chan Kum Kong explains to BT senior correspondent Ben Paul how this latest initiative will work and why companies should seize the opportunity. Highlights of the podcast: 07:35 How magic can happen in the local market 11:25 Grants disbursed after results are delivered 14:10 Market rebound is an opportunity for issuers 18:20 Carrot and stick approach right for local market --- Send your questions, thoughts, story ideas, and feedback to btpodcasts@sph.com.sg.  --- Written and hosted by: Ben Paul (benpaul@sph.com.sg) With Chan Kum Kong, head of capital market development, SGX Edited by: Howie Lim & Claressa Monteiro Produced by: Ben Paul, Howie Lim & Chai Pei Chieh A podcast by BT Podcasts, The Business Times, SPH Media Follow BT Correspondents: Channel: bt.sg/btcobt Amazon: bt.sg/btcoam Apple Podcasts: bt.sg/btcoap Spotify: bt.sg/btcosp YouTube Music: bt.sg/btcoyt Website: bt.sg/btcorresp Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party’s products and services. Please consult professional advisors for independent advice. --- Discover more BT podcast series: BT Money Hacks: bt.sg/btmoneyhacks BT Podcasts: bt.sg/pcOM BT Market Focus: bt.sg/btmktfocus BT Lens On: bt.sg/btlensonSee omnystudio.com/listener for privacy information.

The government has said GIC and Temasek have performed reasonably and within expectations given their mandates. Yet, their returns have trailed some of their global peers. Senior correspondent Ben Paul delves into dissonance, and offers some suggestions. Highlights of the podcast: 00:43 Trailing returns raised in Parliament 04:17 Mandates, portfolios and performance 08:47 US mega-caps now dominate indices 09:41 Was GIC wrong to tamp down risk? 12:17 Temasek’s big exposure to Singapore --- Send your questions, thoughts, story ideas, and feedback to btpodcasts@sph.com.sg.  --- Written and hosted by: Ben Paul (benpaul@sph.com.sg) Edited by: Howie Lim & Claressa Monteiro Produced by: Ben Paul, Howie Lim & Chai Pei Chieh A podcast by BT Podcasts, The Business Times, SPH Media Follow BT Correspondents: Channel: bt.sg/btcobt Amazon: bt.sg/btcoam Apple Podcasts: bt.sg/btcoap Spotify: bt.sg/btcosp YouTube Music: bt.sg/btcoyt Website: bt.sg/btcorresp Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party’s products and services. Please consult professional advisors for independent advice. --- Discover more BT podcast series: BT Money Hacks: bt.sg/btmoneyhacks BT Podcasts: bt.sg/pcOM BT Market Focus: bt.sg/btmktfocus BT Lens On: bt.sg/btlensonSee omnystudio.com/listener for privacy information.

Several initiatives over the years to draw quality listings to Singapore have not worked. Will the SGX-Nasdaq dual-listing bridge be any different? Why are many recent IPOs underwater? Senior correspondent Ben Paul delves into the matter. Highlights of the podcast: 02:53 Singapore's long battle for quality listings 07:00 SGX-Nasdaq link may be a game changer  10:11 New listings upstaged by hot STI stocks? 16:55 Delivering results key to drawing investors --- Send your questions, thoughts, story ideas, and feedback to btpodcasts@sph.com.sg.  --- Written and hosted by: Ben Paul (benpaul@sph.com.sg) Edited by: Emily Liu & Claressa Monteiro Produced by: Ben Paul, Emily Liu & Chai Pei Chieh A podcast by BT Podcasts, The Business Times, SPH Media Follow BT Correspondents: Channel: bt.sg/btcobt Amazon: bt.sg/btcoam Apple Podcasts: bt.sg/btcoap Spotify: bt.sg/btcosp YouTube Music: bt.sg/btcoyt Website: bt.sg/btcorresp Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party’s products and services. Please consult professional advisors for independent advice. --- Discover more BT podcast series: BT Money Hacks: bt.sg/btmoneyhacks BT Podcasts: bt.sg/pcOM BT Market Focus: bt.sg/btmktfocus BT Lens On: bt.sg/btlensonSee omnystudio.com/listener for privacy information.

The surge in provisions that crushed UOB’s third quarter earnings might not be the lender’s only problem. Along with DBS and OCBC, it is also grappling with normalising net interest margins and soft net interest income. Meanwhile, non-interest income can be volatile and hard to forecast. BT’s Ben Paul offers his views on the outlook for the three Singapore banks. Highlights of the podcast: 00:24 Banks’ performance now cooling, diverging 05:21 Surging net interest margins are normalising 08:31 Did UOB’s big provisions spook the market? 14:19 How to position the banks in your portfolios --- Send your questions, thoughts, story ideas, and feedback to btpodcasts@sph.com.sg.  --- Written and hosted by: Ben Paul (benpaul@sph.com.sg) Edited by: Howie Lim & Claressa Monteiro Produced by: Ben Paul, Howie Lim & Emily Liu A podcast by BT Podcasts, The Business Times, SPH Media Follow BT Mark To Market: Channel: bt.sg/btmark2mkt Apple Podcasts: bt.sg/4DJp Spotify: bt.sg/4DJN Website: bt.sg/mark2mkt    Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party’s products and services. Please consult professional advisors for independent advice.   --- Discover more BT podcast series: BT Money Hacks: bt.sg/btmoneyhacks WealthBT: bt.sg/btwealthbt PropertyBT: bt.sg/btpropertybt BT Podcasts: bt.sg/pcOM BT Market Focus: bt.sg/btmktfocus BT Branded Podcasts: bt.sg/brpod BT Lens On: bt.sg/btlensonSee omnystudio.com/listener for privacy information.