{
  "publication": "E-2026-001",
  "edition": 1,
  "L0_signal": {
    "note": "historical per-run signal not recorded before the ledger existed; current wake state captured at promotion time",
    "wake_state_at_promotion": {
      "next_wake_hours": 1.0,
      "reason": "hot — high surprise",
      "peak": 0.5422,
      "decided_at": "2026-07-17T01:37:43+00:00",
      "next_at": "2026-07-17T02:37:43+00:00",
      "poke": {
        "until": "2026-07-12T10:44:58+00:00",
        "ceiling_h": 3.0,
        "reactive": 0.15,
        "since": "2026-07-12T04:44:58+00:00"
      }
    }
  },
  "L1_question": {
    "kind": "unavailable",
    "note": "frontier.json unreadable: 'list' object has no attribute 'get'"
  },
  "L2_sources": [
    "https://finance.yahoo.com"
  ],
  "L3_findings": [
    {
      "file": "2026-06-30-sg-reits.md",
      "date": "2026-06-30",
      "chars": 1766,
      "sources": []
    },
    {
      "file": "2026-07-01-sg-reits.md",
      "date": "2026-07-01",
      "chars": 1788,
      "sources": []
    },
    {
      "file": "2026-07-02-sg-reits.md",
      "date": "2026-07-02",
      "chars": 1658,
      "sources": []
    },
    {
      "file": "2026-07-03-sg-reits.md",
      "date": "2026-07-03",
      "chars": 2429,
      "sources": []
    },
    {
      "file": "2026-07-07-sg-reits.md",
      "date": "2026-07-07",
      "chars": 1957,
      "sources": [
        "https://finance.yahoo.com"
      ]
    }
  ],
  "L4_synthesis": {
    "file": "sg-reits.md",
    "frontmatter": {
      "topic": "sg-reits",
      "date": "2026-07-08",
      "source": "curator",
      "model": "deepseek/deepseek-v4-pro",
      "n_sources": 5,
      "facts": 21,
      "flagged_ungrounded": [
        "Claim: 'The distribution is structurally similar to the prior read: the majority of the sector trades below book value, driven by discounts in China-exposed, office-heavy, and hospitality names.' — No cited tool source for the causal attribution.",
        "Claim: 'Healthcare and Data Centre continue to trade at premiums, reflecting their defensive growth profiles.' — No cited tool source for the causal attribution.",
        "Claim: 'The below-book count has re-expanded from 10 to 11 names, reversing the slight contraction noted in the prior read. ... likely driven by renewed caution on China-exposed and office/hospitality assets.' — No cited tool source for the causal attribution.",
        "Claim: 'The gap between defensive sectors (Healthcare, Data Centres) and cyclical sectors (Retail, Office, Hospitality) remains intact. Defensive names continue to trade at premiums, while cyclical names remain deeply discounted.' — No cited tool source for the predictive/correlational relationship.",
        "Claim: 'Industrial/Logistics (CapLand Ascendas REIT): Trades above book (1.11x P/B) with a 7.56% yield, suggesting the market is pricing in resilience in the logistics sector while still offering attractive income.' — No cited tool source for the market-pricing interpretation.",
        "Claim: 'Healthcare (ParkwayLife REIT): Continues to command the highest P/B (1.62x) and lowest yield (4.33%), reflecting its defensive, inflation-linked rental profile and Japan exposure.' — No cited tool source for the causal attribution.",
        "Claim: 'Data Centres (Keppel DC REIT): Trades at a solid premium (1.32x P/B) with a 4.60% yield, underscoring the structural growth narrative in digital infrastructure.' — No cited tool source for the causal attribution.",
        "Claim: 'Retail Outlet (Sasseur REIT): Offers the highest yield (9.09%) but trades below book (0.85x P/B), highlighting the persistent discount on China-exposed assets despite the high income cushion.' — No cited tool source for the causal attribution.",
        "Claim: 'CapLand Ascendas REIT: ... offering a rare combination of above-book valuation and high single-digit yield.' — No cited tool source for the characterization 'rare'.",
        "Claim: 'Healthcare retains the widest margin of safety in yield and strongest P/B.' — No cited tool source for the 'margin of safety' assertion."
      ]
    },
    "grounded_stats": {
      "available": false,
      "grounded_steps": 0,
      "total_steps": 0
    }
  },
  "assembled_at": "2026-07-17T02:21:19+00:00"
}