Singapore real-estate investment trusts are unlikely to outperform the broader equities market despite seemingly reasonable valuations, says OCBC Group Research's Andy Wong in a media briefing. Singapore REITs' distribution yield spread versus local government bond yields still seems attractive at almost 420 bps, which is around half a standard deviation above the 10-year average, the senior equity analyst says. However, this isn't likely to be enough to a support a meaningful rerating, as investors are also interested in growth, he says. REITs' earnings are likely to see limited gains this year amid a higher-for-longer interest rate environment, he says. OCBC recommends staying selective on Singapore REITs, preferring those with strong balance sheets and exposure to Singapore's "healthy" benchmark interest rate such as CapitaLand Ascendas REIT and CapitaLand Integrated Commercial Trust. (megan.cheah@wsj.com)