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

CapitaLand Integrated Commercial Trust / Equity Bottom-Up

CapitaLand Integrated Commercial Trust (CICT SP)

<ul><li>The STI booked a 7% total return in Nov, with Singapore’s 100 most traded stocks in the 2022 YTD paralleling the monthly return.</li><li>Singapore’s 100 most actively traded stocks booked S$712 million of net fund inflow in November, with Banks, Consumer Cyclicals and the Telecommunication Sectors leading the net fund inflow, while the REIT, Energy and Healthcare Sectors booked the most net fund outflows.</li><li>The 100 stocks also booked S$712 million of net fund inflow in November, bringing the net fund inflow for the 100 stocks over the past 11 months to S$1.18 billion.</li></ul>

The STI booked a 7% total return in Nov, with Singapore’s 100 most traded stocks in the 2022 YTD paralleling the monthly return.Singapore’s 100 most actively traded stocks booked S$712 million of net fund inflow in November, with Banks, Consumer Cyclicals and the Telecommunication Sectors leading the net fund inflow, while the REIT, Energy and Healthcare Sectors booked the most net fund outflows.The 100 stocks also booked S$712 million of net fund inflow in November, bringing the net fund inflow for the 100 stocks over the past 11 months to S$1.18 billion.

Most Actives Average 7% Total Return in Nov, on S$700M of Net Fund Inflow

<ul><li>With global inflation set to outpace global growth by 5% in 2022, the FTSE ST REIT Index has generated a 10% decline in total return this year, with the FTSE EPRA/NAREIT Developed Index declining 22%.</li><li>This has brought the 5-year total return of the FTSE ST REIT Index to 15%, compared to 8% for the FTSE EPRA/NAREIT Developed Index.</li><li>The partial rebound of the S-REIT Sector over the past month has also pared the FTSE ST REIT Index decline in total return for the 2022 year to 18 Nov to 10%, compared to the FTSE EPRA/NAREIT Developed Index declining 22%.</li></ul>

With global inflation set to outpace global growth by 5% in 2022, the FTSE ST REIT Index has generated a 10% decline in total return this year, with the FTSE EPRA/NAREIT Developed Index declining 22%.This has brought the 5-year total return of the FTSE ST REIT Index to 15%, compared to 8% for the FTSE EPRA/NAREIT Developed Index.The partial rebound of the S-REIT Sector over the past month has also pared the FTSE ST REIT Index decline in total return for the 2022 year to 18 Nov to 10%, compared to the FTSE EPRA/NAREIT Developed Index declining 22%.

S-REITs Narrow Discount to Book Value on Global Rate Outlook

CapitaLand India Trust / Equity Bottom-Up

<ul><li>REIT Watch - CapitaLand Reits see operational growth in Q3 CLI’s funds business comprises five real estate investment trusts (Reits) and business trusts listed on the Singapore Exchange (SGX).</li><li>Ascendas Reit is now known as CapitaLand Ascendas Reit; Ascott Residence Trust is now known as CapitaLand Ascott Trust; while Ascendas India Trust is changed to CapitaLand India Trust.</li></ul>

REIT Watch - CapitaLand Reits see operational growth in Q3 CLI’s funds business comprises five real estate investment trusts (Reits) and business trusts listed on the Singapore Exchange (SGX).Ascendas Reit is now known as CapitaLand Ascendas Reit; Ascott Residence Trust is now known as CapitaLand Ascott Trust; while Ascendas India Trust is changed to CapitaLand India Trust.

REIT Watch - CapitaLand Reits see operational growth in Q3

<ul><li>For the quarter, Singapore’s Reits and Property Trusts (S-Reits) sector declined 7 per cent in total returns, slightly outperforming the 10 per cent decline of the broader FTSE EPRA Nareit Developed Index.</li><li>Across the sub-sectors, industrial S-Reits saw the least declines, averaging -3 per cent total returns during the quarter, while office S-Reits saw the most declines, averaging -16 per cent total returns.</li><li>Digital Core Reit received net inflows of S$0.2 million from institutional investors and S million from retail investors.</li></ul>

For the quarter, Singapore’s Reits and Property Trusts (S-Reits) sector declined 7 per cent in total returns, slightly outperforming the 10 per cent decline of the broader FTSE EPRA Nareit Developed Index.Across the sub-sectors, industrial S-Reits saw the least declines, averaging -3 per cent total returns during the quarter, while office S-Reits saw the most declines, averaging -16 per cent total returns.Digital Core Reit received net inflows of S$0.2 million from institutional investors and S million from retail investors.

REIT Watch - 5 S-Reits with net institutional and retail inflows in Q3 2022

<ul><li>REIT Watch - Logistics S-Reits to ride on e-commerce growth With accelerated digital transformation, shifts in consumer trends and a greater focus on supply-chain resilience, the global logistics industry remains central to the rapid growth of e-commerce.</li><li>MLT expects that the acceleration of e-commerce will continue to drive demand growth for logistics space, particularly modern logistics properties in prime locations.</li></ul>

REIT Watch - Logistics S-Reits to ride on e-commerce growth With accelerated digital transformation, shifts in consumer trends and a greater focus on supply-chain resilience, the global logistics industry remains central to the rapid growth of e-commerce.MLT expects that the acceleration of e-commerce will continue to drive demand growth for logistics space, particularly modern logistics properties in prime locations.

REIT Watch - Logistics S-Reits to ride on e-commerce growth

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)

Most Actives Average 7% Total Return in Nov, on S$700M of Net Fund Inflow

The STI booked a 7% total return in Nov, with Singapore’s 100 most traded stocks in the 2022 YTD paralleling the monthly return. Singapore’s 100...

Singapore Exchange Ltd (SGX)

S-REITs Narrow Discount to Book Value on Global Rate Outlook

With global inflation set to outpace global growth by 5% in 2022, the FTSE ST REIT Index has generated a 10% decline in total return this year,...

Singapore Exchange Ltd (SGX)

REIT Watch - CapitaLand Reits see operational growth in Q3

REIT Watch - CapitaLand Reits see operational growth in Q3 CLI’s funds business comprises five real estate investment trusts (Reits) and business...

Singapore Exchange Ltd (SGX)

REIT Watch - 5 S-Reits with net institutional and retail inflows in Q3 2022

For the quarter, Singapore’s Reits and Property Trusts (S-Reits) sector declined 7 per cent in total returns, slightly outperforming the 10 per...

Singapore Exchange Ltd (SGX)

REIT Watch - Logistics S-Reits to ride on e-commerce growth

REIT Watch - Logistics S-Reits to ride on e-commerce growth With accelerated digital transformation, shifts in consumer trends and a greater focus...

Singapore Exchange Ltd (SGX)

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