Download the full report: https://bit.ly/3eRPVjl Colliers Singapore recently held a webinar discussing the resilience and rebound ranking of core sectors, and the implications for real estate sectors, hearing from both the investors' and occupiers' sides, featuring panelists from Netflix, PGIM Real Estate and Alcon. View the recorded webinar here: https://bit.ly/2XvWYbW Download the full report here: https://bit.ly/3eRPVjl #ColliersSG #ColliersInsights

1. SINK OR SWIM;
A SECTOR-SPECIFIC FOCUS
Singapore’s Resilience & Rebound Ranking of Core
Industries & Implications for Real Estate Sectors
RICK
THOMAS
Head of Occupier
Services
Colliers International
JEROME
WRIGHT
Sr. Director, Capital Markets
Colliers International
HARJONO
SUTANTO
Regional Head, Project Mgt &
Real Estate
Alcon
PHILLIP
DUNN
Director, Workplace
APAC Netflix
FRANK TZE
WEI NG
Exec. Director, Transactions
Southeast Asia | PGIM Real
Estate
WEI LENG
TANG
Managing Director
Colliers International
TRICIA
SONG
Head of Research
Colliers International
MODERATOR: RESEARCH BY: PANELLISTS:
LIVE WEBINAR 29 MAY // Q+A

2. We rank seven core trade sectors based on three metrics:
1 - GDP growth
2 - Stock index returns
3 - Earnings outlook
SINK OR SWIM: A SECTOR SPECIFIC
FOCUS
Source: Colliers International, Bloomberg, Singstat
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
16%
-60%
-40%
-20%
0%
20%
40%
60%
80%
FTSE APAC ex JP Index returns (LHS) GDP growth (RHS)
YOYYOY
FTSE APAC ex-Japan index returns lead GDP growth by up to one year
(1) and (2) over three previous crises: AFC in
1997-1998, SARS in 2002-2003, and GFC
in 2008-2009

3. Earnings growth ROE
Technology 24.3% 9.3%
Manufacturing 19.0% 10.1%
Hospitality 16.8% 9.1%
Real Estate1 11.4% 8.5%
Construction 10.4% 4.6%
Financial Services 8.1% 8.5%
Retail 2.9% 7.4%
Average annual earnings growth and ROE for next three years
Source: Source: Colliers International, Simply Wall St. Forecasts as of 30 April 2020.
1 Proxy for professional services
SINK OR SWIM: A SECTOR SPECIFIC FOCUS

4. Source: Colliers International Singapore Research, Singstat, S&P, Simply Wall St
1. Manufacturing
2. Technology
3. Hospitality
4. Retail
5. Construction
6. Financials
7. Professional Services
SINK OR SWIM: A SECTOR SPECIFIC FOCUS

5. Source: Colliers International Singapore Research, Singstat, S&P, Simply Wall St
1. Manufacturing
- Contract in near term due to supply chain disruption, strong
rebound to benefit business parks, hi-specs industrial
properties
2. Technology
- Fastest earnings growth over the next three years
- Main driver for office demand, logistics warehouses, data
centres
3. Hospitality
- Large impact today with sharp rebound forecast
- Strong tourism to boost hotels and hospitality
THREE SWIMMING SECTORS TO WATCH

6. SINK OR SWIM;
A SECTOR-SPECIFIC FOCUS
Singapore’s Resilience & Rebound Ranking of Core
Industries & Implications for Real Estate Sectors
RICK
THOMAS
Head of Occupier
Services
Colliers International
JEROME
WRIGHT
Sr. Director, Capital Markets
Colliers International
HARJONO
SUTANTO
Regional Head, Project Mgt &
Real Estate
Alcon
PHILLIP
DUNN
Director, Workplace
APAC Netflix
FRANK TZE
WEI NG
Exec. Director, Transactions
Southeast Asia | PGIM Real
Estate
WEI LENG
TANG
Managing Director
Colliers International
TRICIA
SONG
Head of Research
Colliers International
MODERATOR: RESEARCH BY: PANELLISTS:
LIVE WEBINAR 29 MAY // Q+A