SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

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S-REITs in a Rising Interest Rate Environment

Real Estate, General Equities

Will Tan

Equity Bottom-Up

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/035/990/original/Screen%20Shot%202017-10-18%20at%208.41.19%20PM.png?1508330599" class="editor-image img-responsive" data-smartkarma-image-id="35990"></figure>3Q17 results affected by continued weakness in the industrial sector. <a href="https://www.smartkarma.com/entities/10934" target="_blank" data-smartkarma-citation="entities:10934:1">ESR-REIT (EREIT SP)</a> (ESR REIT) announced 3Q17 DPU of 0.964 cents, -2.3% YOY mainly attributed to NPI -1.6% YoY. Of note, portfolio occupancy fell from 95.4% to 91.1% QoQ due to the inclusion of 120 Pioneer Road into portfolio occupancy data post-AEI completion and non-renewal of CWT lease at Pioneer Sector 3. The portfolio suffered negative rental reversion of -18.8% YoY in 9M17, again mainly attributed to the CWT lease…

3Q17 results affected by continued weakness in the industrial sector. ESR-REIT (EREIT SP) (ESR REIT) announced 3Q17 DPU of 0.964 cents, -2.3% YOY mainly attributed to NPI -1.6% YoY. Of note, portfolio occupancy fell from 95.4% to 91.1% QoQ due to the inclusion of 120 Pioneer Road into portfolio occupancy data post-AEI completion and non-renewal of CWT lease at Pioneer Sector 3. The portfolio suffered negative rental reversion of -18.8% YoY in 9M17, again mainly attributed to the CWT lease…

ESR REIT: Look past Near-Term Results, the Story Is on Inorganic Growth Trajectory

September Quarter Earnings Schedule for S-REITs

Thematic (Sector/Industry)

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S-REIT sector correction leading up to first rate hike.
</h2>Travelling back in time to 2015, with expectations of rate hikes by the US Federal Reserve the interest rate sensitive S-REIT sector suffered a correction of -11% (peak to trough of -19%) in the FTSE ST S-REIT Index (S-REIT Index) in 2015. This is during the period leading up to the first rate hike in Dec 2015 when the market was pricing in potentially three rate hikes. However, as we progressed into 2016, after a "double bottom" the REIT…


S-REIT sector correction leading up to first rate hike.
Travelling back in time to 2015, with expectations of rate hikes by the US Federal Reserve the interest rate sensitive S-REIT sector suffered a correction of -11% (peak to trough of -19%) in the FTSE ST S-REIT Index (S-REIT Index) in 2015. This is during the period leading up to the first rate hike in Dec 2015 when the market was pricing in potentially three rate hikes. However, as we progressed into 2016, after a "double bottom" the REIT…

S-REITs: Cautionary Short Term in View of the Interest Rate Front

Trio of REITs with Growing Portfolios Headline the FTSE ST Small Cap Index

Singapore

ESR-LOGOS Real Estate Investment Trust (“ESR-LOGOS REIT”) is a leading New Economy and future-ready Asia Pacific S-REIT. Listed on the Singapore Exchange Securities Trading Limited since 25 July 2006, ESR-LOGOS REIT invests in quality income-producing industrial properties in key gateway markets.

As at 28 April 2022, ESR-LOGOS REIT holds interests in a diversified portfolio of logistics properties, high-specifications industrial properties, business parks and general industrial properties with total assets of approximately S$5.5 billion. Its portfolio comprises 84 properties located across the developed markets of Singapore (63 assets) and Australia (21 assets), with a total gross floor area of approximately 2.4 million sqm, as well as investments in three property funds in Australia. ESR-LOGOS REIT is also a constituent of the FTSE EPRA Nareit Global Real Estate Index. 

ESR-LOGOS REIT is managed by ESR-LOGOS Funds Management (S) Limited (the “Manager”) and sponsored by the ESR Group (“ESR”). The Manager is owned by ESR (67.3%), Shanghai Summit Pte. Ltd. (25.0%), and Mitsui & Co., Ltd (7.7%), respectively.

For further information on ESR-LOGOS REIT, please visit www.esr-logosreit.com.sg.

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ESR-LOGOS REIT (EREIT SP)

S-REITs in a Rising Interest Rate Environment

Singapore Exchange Ltd (SGX)

ESR REIT: Look past Near-Term Results, the Story Is on Inorganic Growth Trajectory

3Q17 results affected by continued weakness in the industrial sector. ESR-REIT (EREIT SP) (ESR REIT) announced 3Q17 DPU of 0.964 cents, -2.3% YOY...

Will Tan

September Quarter Earnings Schedule for S-REITs

Singapore Exchange Ltd (SGX)

S-REITs: Cautionary Short Term in View of the Interest Rate Front

S-REIT sector correction leading up to first rate hike. Travelling back in time to 2015, with expectations of rate hikes by the US Federal Reserve...

Will Tan

Trio of REITs with Growing Portfolios Headline the FTSE ST Small Cap Index

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)