NTT DC REIT in focus: Weekly Review with SIAS
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By Gerald Wong, CFA • 14 Jul 2025
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We share about NTT DC REIT in the latest Weekly Market Review.

What happened?
In this week's Weekly Market Review in partnership with Securities Investors Association Singapore (SIAS), we discuss key developments in the global equity market alongside NTT DC REIT.
Watch the video to learn more about what we are looking out for this week.
Weekly Market Review
1:37 - Macro Update
- The STI reached close to 4100 points last week, marking a new all-time high with a 1.6 percent weekly gain
- US President Trump announced new tariffs of 25 percent on imports from South Korea, Japan, and Malaysia, and threatened additional tariffs on Mexico and the EU
- The US 10-year bond yield rose to around 4.2 percent, reflecting expectations that the Fed may delay rate cuts due to stronger economic data
- Singapore 10-year government bond yield also rose slightly to around 2.2 percent
- The Singapore market is attracting investors as a safe haven with dividend yields still higher than bond yields
- Top performers included Singtel up 5.7 percent, ST Engineering and Samcom Industries both up 3.6 percent, and Singapore Airlines up 3.1 percent while REITs saw slight pullbacks due to rising bond yields
STI Top performers:
STI worst performers:
- Frasers Centrepoint Trust
- Mapletree Pan Asia Commercial Trust
- Frasers Logistics & Commercial Trust
- Mapletree Logistics Trust
- Mapletree Industrial Trust
5:50 - NTT DC REIT
- NTT DC REIT is set to be the largest REIT IPO in Singapore in a decade.
- The REIT owns six data centre assets across the US, Europe, and Asia-Pacific, with an appraised value of US$1.6 billion and 94.3 percent occupancy as of end 2024.
- Most of its properties are freehold. The top 10 tenants contributing 63 percent of revenue.
- The sponsor, NTT Ltd, is the third-largest global data centre provider (excluding China) with over 2,200 MW in capacity across operating and under-construction facilities
- NTT DC REIT is launching with 35 percent leverage, leaving it with around US$450 million debt headroom for future acquisitions based on the MAS leverage limit of 50%.
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13:00 - Technical Analysis
Straits Times Index
- The STI hit a new high of 4,108 points and is currently in overbought territory based on technical indicators
- The index is nearing its upper Bollinger Band resistance at 4,122 points, suggesting possible short-term pullbacks
- Key support levels are at 4,005 (previous high) and 3,982 (20-day moving average), with 4,000 being a strong accumulation zone
- Despite short-term volatility, the mid to long-term outlook remains positive due to strong GDP and active capital markets
- Singapore’s position as a safe haven could cushion it from global macro headwinds and offer buying opportunities on dips
Dow Jones Industrial Average
- The Dow Jones is approaching its all-time high of 45,073 points, with current levels around 44,371
- Upcoming US bank earnings will set the tone for the season and serve as a gauge of broader economic health amid minimal observed impact from new tariffs
- Market sentiment appears less reactive to tariffs now, with investors focusing more on corporate earnings
- The index has headroom to rise toward the upper Bollinger Band at around 45,400 points if earnings are strong
- First support level sits at 43,500, the 20-day moving average
- Technical indicators show some caution: MACD is converging and RSI peaked in overbought territory on 3 July before easing to 63, indicating possible consolidation ahead
S&P 500
- The S&P 500 is trading near its all-time high at 6,290 points
- MACD is elevated and RSI is near overbought, suggesting that markets have priced in strong earnings
- Any earnings disappointments could trigger a pullback from current high levels
- The 20-day moving average at 6,133 points is seen as a potential accumulation level
- Stronger support levels include the Bollinger Band at 5,912 and the 50-day moving average at 5,009
- Technical indicators suggest limited short-term upside unless earnings surprise positively
Nasdaq Composite Index
- The NASDAQ is nearing its all-time high of 20,655 points, with strong resistance at the upper Bollinger Band near 20,920 or the 21,000 level
- Technical indicators like MACD and RSI suggest the recent rally may be peaking, with RSI at 68 nearing the overbought threshold
- Valuations appear fully priced in, leaving little margin for earnings season disappointments
- Key support levels include the 20-day moving average at 20,073 and a stronger support zone around 19,200 to 19,300, where the 50-day moving average and lower Bollinger Band converge
- A pullback driven by volatility or tariff-related news could present a buying opportunity
- Markets are bracing for heightened movement with upcoming US earnings reports and CPI data this week
What to look out for this week
- Monday, 14 July : NTT DC REIT expected listing date
- Tuesday, 15 July: US CPI data, JPMorgan, Citigroup earnings
- Wednesday, 16 July: Morgan Stanley, Goldman Sachs, Bank of America Earnings
- Thursday, 17 July: 6-Month Singapore T-bill auction, TSMC, Netflix earnings
- Friday, 18 July: University of Michgan Inflation data
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