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>For the first 12 weeks of 2023 the iEdge S-REIT Index generated a 3% total return, with the FTSE EPRA/NAREIT Global REITs Index declining 4%.</li><li>Within the S-REIT Sector, Industrial S-REITs averaged the highest median total returns over the past 12 weeks at 4%, while Office REITs booked the highest median decline in total return at -8%.</li><li>The 27 trusts of the Sector that booked net institutional outflow over the past 12 weeks represent 52% of the combined S-REIT Sector market value.</li></ul>

For the first 12 weeks of 2023 the iEdge S-REIT Index generated a 3% total return, with the FTSE EPRA/NAREIT Global REITs Index declining 4%.Within the S-REIT Sector, Industrial S-REITs averaged the highest median total returns over the past 12 weeks at 4%, while Office REITs booked the highest median decline in total return at -8%.The 27 trusts of the Sector that booked net institutional outflow over the past 12 weeks represent 52% of the combined S-REIT Sector market value.

<ul><li>S-Reits see resilience in diversification As Singapore Reits and property trusts continue to diversify in terms of asset mix, diversified S-Reits now make up the largest sub-segment of the sector.</li><li>Today, there are nine diversified S-Reits, making up almost a quarter of the total number of S-Reits.</li></ul>

S-Reits see resilience in diversification As Singapore Reits and property trusts continue to diversify in terms of asset mix, diversified S-Reits now make up the largest sub-segment of the sector.Today, there are nine diversified S-Reits, making up almost a quarter of the total number of S-Reits.

REIT Watch - S-Reits see resilience in diversification

APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

Nexus Select Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nexus-select-trust" target="_blank" data-smartkarma-citation="entities:36566:1" rel="noopener">Nexus Select Trust (NST IN)</a> is looking to raise up to US$500m in its upcoming India IPO. </li>
<li>The bookrunners on the deal are Axis, BofA, Citi, HSBC, IIFL, JM Fin, JPM, Kotak, MS and SBI Cap.</li>
<li>Nexus Select Trust (NST) is a REIT with a portfolio of 17 Grade A urban consumption centers.</li>
</ul>



Nexus Select Trust (NST IN) is looking to raise up to US$500m in its upcoming India IPO. 
The bookrunners on the deal are Axis, BofA, Citi, HSBC, IIFL, JM Fin, JPM, Kotak, MS and SBI Cap.
Nexus Select Trust (NST) is a REIT with a portfolio of 17 Grade A urban consumption centers.


<ul><li>REIT Watch - Singapore-based office S-Reits see growth in occupancy and rent reversions S-Reits with Singapore based office assets reported growth in rental reversions and improvements in occupancy rates.</li><li>Its Singapore offices recorded a 7.9 per cent growth in rent reversion in 9M 2022 while portfolio occupancy increased from 92.9 per cent in Q2 2022 to the current 96 per cent.</li></ul>

REIT Watch - Singapore-based office S-Reits see growth in occupancy and rent reversions S-Reits with Singapore based office assets reported growth in rental reversions and improvements in occupancy rates.Its Singapore offices recorded a 7.9 per cent growth in rent reversion in 9M 2022 while portfolio occupancy increased from 92.9 per cent in Q2 2022 to the current 96 per cent.

REIT Watch - Singapore-based office S-Reits see growth in occupancy and rent reversions

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/oue-commercial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:912" rel="noopener">OUE Commercial REIT (OUECT SP)</a> completed S$978m unsecured sustainability-linked loan refinancing</li><li>Telok Blangah House relaunched at a lower guided price of S$1,744psf</li><li>Shunwei Capital’s co-founder looks to acquire 999-year leasehold property in Bali Lane for S$23m; Samsung Hub strata office transacts at S$4,050psf</li></ul>

OUE Commercial REIT (OUECT SP) completed S$978m unsecured sustainability-linked loan refinancingTelok Blangah House relaunched at a lower guided price of S$1,744psfShunwei Capital’s co-founder looks to acquire 999-year leasehold property in Bali Lane for S$23m; Samsung Hub strata office transacts at S$4,050psf

ASEAN Builder's Scoop (18Aug22) - OUECT Secured Largest Sustainability-Linked Loan in SREIT to Date

Singapore

OUE Real Estate Investment Trust (“OUE REIT”) is one of the largest diversified Singapore REITs (“S-REITs”) with total assets of S$6.0 billion as at 31 December 2022. With seven properties across the commercial and hospitality segments in Singapore and Shanghai, the property portfolio comprises more than 2.1 million square feet of prime office and retail space, and 1,643 upper upscale hotel rooms.

OUE REIT invests in income-producing real estate used primarily for commercial purposes (including real estate used primarily for office and/or retail purposes) in financial and business hubs, hospitality and/or hospitality-related purposes, as well as real estate-related assets.

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OUE REIT (OUECT SP)

S-REIT Flows and Performances in 1Q23

For the first 12 weeks of 2023 the iEdge S-REIT Index generated a 3% total return, with the FTSE EPRA/NAREIT Global REITs Index declining...

Singapore Exchange Ltd (SGX)

REIT Watch - S-Reits see resilience in diversification

S-Reits see resilience in diversification As Singapore Reits and property trusts continue to diversify in terms of asset mix, diversified S-Reits...

Singapore Exchange Ltd (SGX)

Nexus Select Trust Pre-IPO Tearsheet

Nexus Select Trust (NST IN) is looking to raise up to US$500m in its upcoming India IPO. The bookrunners on the deal are Axis, BofA, Citi, HSBC,...

Clarence Chu

REIT Watch - Singapore-based office S-Reits see growth in occupancy and rent reversions

REIT Watch - Singapore-based office S-Reits see growth in occupancy and rent reversions S-Reits with Singapore based office assets reported growth...

Singapore Exchange Ltd (SGX)

ASEAN Builder's Scoop (18Aug22) - OUECT Secured Largest Sustainability-Linked Loan in SREIT to Date

Telok Blangah House on market for S$92m; AME REIT to list on 20Sep22, ample gearing for acquisitions; Phils BSP hints further rate hikes

SCCM Asia Research

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