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.

Equity Bottom-Up

<ul><li>REIT Watch - Three S-Reits’ full-year results Among them, three reported full year financials – Keppel DC Reit (KDCReit), Sabana Industrial Reit (Sabana Reit) and Suntec Reit.</li><li>Sabana Reit, KDCReit and Suntec Reit saw year-on-year declines in DI at 7.7 per cent, 9.3 per cent and per cent respectively.</li></ul>

REIT Watch - Three S-Reits’ full-year results Among them, three reported full year financials – Keppel DC Reit (KDCReit), Sabana Industrial Reit (Sabana Reit) and Suntec Reit.Sabana Reit, KDCReit and Suntec Reit saw year-on-year declines in DI at 7.7 per cent, 9.3 per cent and per cent respectively.

REIT Watch - A sneak peek into S-Reits’ FY23 earnings

<ul><li>Schedule of S-Reits earnings or business update Lendlease Global Commercial REIT 1-Feb  Frasers Centrepoint Trust (FCT) will kick off the current financial reporting season for S-Reits with the release of its first quarter (ended Dec 31, 2023) business update after the close of trading on Jan 22, 2024.</li></ul>

Schedule of S-Reits earnings or business update Lendlease Global Commercial REIT 1-Feb  Frasers Centrepoint Trust (FCT) will kick off the current financial reporting season for S-Reits with the release of its first quarter (ended Dec 31, 2023) business update after the close of trading on Jan 22, 2024.

REIT Watch - 26 S-Reits confirm schedule for upcoming earnings season

Mapletree Industrial Trust / Equity Bottom-Up

<ul><li>While the iEdge S-Reit Index (benchmark for the S-Reits cluster) returned flat in the year to date, the top 10 performing S-Reits within the benchmark averaged 11.1 per cent total returns.</li><li>Of these, four were industrial Reits – AIMS Apac Reit (11.2 per cent in total returns), Mapletree Logistics Trust (9.3 per cent), Mapletree Industrial Trust (7.7 per cent), and CapitaLand Ascendas Reit (7.3 per cent).</li><li>The four industrial Reits averaged 9 per cent in total returns in the year to date and recorded combined net institutional fund inflows of S$18.9 million.</li></ul>

While the iEdge S-Reit Index (benchmark for the S-Reits cluster) returned flat in the year to date, the top 10 performing S-Reits within the benchmark averaged 11.1 per cent total returns.Of these, four were industrial Reits – AIMS Apac Reit (11.2 per cent in total returns), Mapletree Logistics Trust (9.3 per cent), Mapletree Industrial Trust (7.7 per cent), and CapitaLand Ascendas Reit (7.3 per cent).The four industrial Reits averaged 9 per cent in total returns in the year to date and recorded combined net institutional fund inflows of S$18.9 million.

REIT Watch - Four industrial S-Reits among best performing in the year to date

<ul><li>Retail investors continued to be a key driver in S-REITs fund flow activities in H1 2023, accumulating net retail inflows of S$389 million, while institutional investors saw net outflows of S$485 million.</li><li>A similar trend was seen a year ago during H1 2022 when the sector booked S$443 million of net retail inflows and S$360 million net institutional outflows.</li><li>By sub-segments, data centre S-REITs received the most institutional net inflows and retail net outflows in H1 2023, at S$26 million and S$43 million respectively.</li></ul>

Retail investors continued to be a key driver in S-REITs fund flow activities in H1 2023, accumulating net retail inflows of S$389 million, while institutional investors saw net outflows of S$485 million.A similar trend was seen a year ago during H1 2022 when the sector booked S$443 million of net retail inflows and S$360 million net institutional outflows.By sub-segments, data centre S-REITs received the most institutional net inflows and retail net outflows in H1 2023, at S$26 million and S$43 million respectively.

REIT Watch - Retail investors net bought S$390m of S-REITs in 1H2023

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

CapitaLand Ascendas REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/capitaland-ascendas-reit" target="_blank" data-smartkarma-citation="entities:39:1" rel="noopener">CapitaLand Ascendas REIT (CLAR SP)</a> is looking to raise up to S$459m (US$344m) in its primary placement. The proceeds will be used for acquisition, redevelopment and debt repayment purposes. </li>
<li>The deal will be a large one to digest at 15.8 days of three month ADV and 3.9% dilution.  </li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



CapitaLand Ascendas REIT (CLAR SP) is looking to raise up to S$459m (US$344m) in its primary placement. The proceeds will be used for acquisition, redevelopment and debt repayment purposes. 
The deal will be a large one to digest at 15.8 days of three month ADV and 3.9% dilution.  
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


Capitaland Ascendas REIT Placement - Good Track Record and Most Deals Have Performed Well

Singapore

Sabana Industrial Real Estate Investment Trust is a real estate investment trust. The Trust focuses on investments in income-producing real estate used for industrial purposes in Asia, as well as real estate-related assets, in line with Sabana investment principles.

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Sabana Industrial REIT (SSREIT SP)

REIT Watch - A sneak peek into S-Reits’ FY23 earnings

REIT Watch - Three S-Reits’ full-year results Among them, three reported full year financials – Keppel DC Reit (KDCReit), Sabana Industrial Reit...

Singapore Exchange Ltd (SGX)

REIT Watch - 26 S-Reits confirm schedule for upcoming earnings season

Schedule of S-Reits earnings or business update Lendlease Global Commercial REIT 1-Feb Frasers Centrepoint Trust (FCT) will kick off the current...

Singapore Exchange Ltd (SGX)

REIT Watch - Four industrial S-Reits among best performing in the year to date

While the iEdge S-Reit Index (benchmark for the S-Reits cluster) returned flat in the year to date, the top 10 performing S-Reits within the...

Singapore Exchange Ltd (SGX)

REIT Watch - Retail investors net bought S$390m of S-REITs in 1H2023

Retail investors continued to be a key driver in S-REITs fund flow activities in H1 2023, accumulating net retail inflows of S$389 million, while...

Singapore Exchange Ltd (SGX)

Capitaland Ascendas REIT Placement - Good Track Record and Most Deals Have Performed Well

CapitaLand Ascendas REIT (CLAR SP) is looking to raise up to S$459m (US$344m) in its primary placement. In this note, we'll run the deal through...

Ethan Aw

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