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>Top 10 S-Reits & property trusts that gained during the week of FOMC June 2023 meeting Key news last week was the US Federal Reserve’s decision to put a pause on interest rates, keeping them unchanged as announced during this month’s Federal Open Market Committee (FOMC) meeting.</li><li>The top 5 gainers among S-REITs & Property Trusts during the week until Thursday’s close were: Keppel REIT (5.9 per cent), Mapletree Pan Asia Commercial Trust (5.6 per cent), Mapletree Logistics Trust (5.5 per cent), CapitaLand India Trust (4.7 per cent), and CapitaLand Ascendas REIT (3.8 per cent).</li></ul>

Top 10 S-Reits & property trusts that gained during the week of FOMC June 2023 meeting Key news last week was the US Federal Reserve’s decision to put a pause on interest rates, keeping them unchanged as announced during this month’s Federal Open Market Committee (FOMC) meeting.The top 5 gainers among S-REITs & Property Trusts during the week until Thursday’s close were: Keppel REIT (5.9 per cent), Mapletree Pan Asia Commercial Trust (5.6 per cent), Mapletree Logistics Trust (5.5 per cent), CapitaLand India Trust (4.7 per cent), and CapitaLand Ascendas REIT (3.8 per cent).

REIT Watch – S-REITs rally on sigh of relief post June FOMC pause

<ul><li>The month of May saw the iEdge S-Reit Index decline 3.0 per cent in total return on the back of persistent inflation and growing expectations of a June rate hike, reversing its 0.6 per cent gains in April.</li><li>By sub-segments, retail S-Reits, which averaged total returns of 0.9 per cent in May, is the only S-Reits sub-segment which averaged positive total returns.</li><li>On the other hand, office S-Reits underperformed for the month, averaging 9.9 per cent declines in total returns.</li></ul>

The month of May saw the iEdge S-Reit Index decline 3.0 per cent in total return on the back of persistent inflation and growing expectations of a June rate hike, reversing its 0.6 per cent gains in April.By sub-segments, retail S-Reits, which averaged total returns of 0.9 per cent in May, is the only S-Reits sub-segment which averaged positive total returns.On the other hand, office S-Reits underperformed for the month, averaging 9.9 per cent declines in total returns.

REIT Watch – Retail S-REITs among top performers in May

<ul><li>S-Reit acquisitions continue with Clar’s S$218 million buy Earlier last week, CapitaLand Ascendas Reit (Clar) announced the proposed acquisition of an integrated high-specification research and development (R&D) facility and business park property from Seagate Singapore International Headquarters for a purchase consideration of S$218.2 million.</li><li>In April, MLT announced the acquisition of six logistics assets located in Japan, and one logistics property in Sydney, Australia.</li></ul>

S-Reit acquisitions continue with Clar’s S$218 million buy Earlier last week, CapitaLand Ascendas Reit (Clar) announced the proposed acquisition of an integrated high-specification research and development (R&D) facility and business park property from Seagate Singapore International Headquarters for a purchase consideration of S$218.2 million.In April, MLT announced the acquisition of six logistics assets located in Japan, and one logistics property in Sydney, Australia.

REIT Watch - S-Reit acquisitions continue with Clar’s S$218 million buy

CapitaLand Integrated Commercial Trust / Equity Bottom-Up

CapitaLand Integrated Commercial Trust (CICT SP)

<ul><li>Capitaland Investment (CLI), one of Singapore’s largest global real estate investment managers, oversees S$133 billion in real estate asset under management (RE AUM) and S$89 billion in fund under management (FUM) as of Mar 31, 2023.</li><li>CLI’s fund management business includes 36 private funds and six listed real estate investment trusts (Reits) and business trusts, of which five are listed in Singapore.</li><li>CapitaLand Ascott Trust (CLAS) saw Q1 2023 gross profit increase by 59 per cent year on year due to stronger operating performance and contributions from new properties.</li></ul>

Capitaland Investment (CLI), one of Singapore’s largest global real estate investment managers, oversees S$133 billion in real estate asset under management (RE AUM) and S$89 billion in fund under management (FUM) as of Mar 31, 2023.CLI’s fund management business includes 36 private funds and six listed real estate investment trusts (Reits) and business trusts, of which five are listed in Singapore.CapitaLand Ascott Trust (CLAS) saw Q1 2023 gross profit increase by 59 per cent year on year due to stronger operating performance and contributions from new properties.

REIT Watch - CapitaLand Reits average 39% gearing; see operational growth

Frasers Logistics & Commercial Trust / Equity Bottom-Up

Frasers Logistics & Commercial Trust (FLT SP)

<ul><li>Three S-Reits poised to benefit from tailwinds in Europe’s logistics sector ACCORDING to a Savills report on the European logistics sector outlook published in mid-March, the region’s logistics market is faced with a mixed economic outlook and slowdown, but tailwinds are expected to return soon.</li><li>Listed in Singapore are three Reits with significant exposure to European logistics real estate properties – Cromwell European Reit, Frasers Logistics & Commercial Trust , and CapitaLand Ascendas Reit.</li></ul>

Three S-Reits poised to benefit from tailwinds in Europe’s logistics sector ACCORDING to a Savills report on the European logistics sector outlook published in mid-March, the region’s logistics market is faced with a mixed economic outlook and slowdown, but tailwinds are expected to return soon.Listed in Singapore are three Reits with significant exposure to European logistics real estate properties – Cromwell European Reit, Frasers Logistics & Commercial Trust , and CapitaLand Ascendas Reit.

REIT Watch – Three S-Reits poised to benefit from tailwinds in Europe’s logistics sector

Singapore

CapitaLand Ascendas REIT is Singapore's first and largest listed business space and industrial real estate investment trust. It focuses on a diversified portfolio of business and industrial properties, including business and science parks, high-specification industrial properties, data centers, light industrial properties, and logistics and distribution centers across Singapore, Australia, Europe, and the US. Headquartered in Singapore, the company was established in 2002.

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CapitaLand Ascendas (CLAR SP)

REIT Watch – S-REITs rally on sigh of relief post June FOMC pause

Top 10 S-Reits & property trusts that gained during the week of FOMC June 2023 meeting Key news last week was the US Federal Reserve’s...

Singapore Exchange Ltd (SGX)

REIT Watch – Retail S-REITs among top performers in May

The month of May saw the iEdge S-Reit Index decline 3.0 per cent in total return on the back of persistent inflation and growing expectations of a...

Singapore Exchange Ltd (SGX)

REIT Watch - S-Reit acquisitions continue with Clar’s S$218 million buy

S-Reit acquisitions continue with Clar’s S$218 million buy Earlier last week, CapitaLand Ascendas Reit (Clar) announced the proposed acquisition...

Singapore Exchange Ltd (SGX)

REIT Watch - CapitaLand Reits average 39% gearing; see operational growth

Capitaland Investment (CLI), one of Singapore’s largest global real estate investment managers, oversees S$133 billion in real estate asset under...

Singapore Exchange Ltd (SGX)

REIT Watch – Three S-Reits poised to benefit from tailwinds in Europe’s logistics sector

Three S-Reits poised to benefit from tailwinds in Europe’s logistics sector ACCORDING to a Savills report on the European logistics sector outlook...

Singapore Exchange Ltd (SGX)

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