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Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

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Cross Asset Strategy

<ul><li>Corruption / Cover Story: China’s sports corruption dragnet casts pall ahead of Paris Olympics</li><li>Euro Cup / Chinese brands intend to triumph at Euro Cup 2024</li><li>Cyberbully / China rolls out new rules for online sites to curb cyberbullying</li></ul>

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CX Daily: China’s Sports Corruption Dragnet Casts Pall Ahead of Paris Olympics 

<ul><li>Trust / In Depth: China intensifies efforts to curb risk in troubled trust sector</li><li>Personnel /China’s ousted foreign minister removed from top legislature</li><li>Ant Group /Ant Group outbids Citadel Securities for Credit Suisse’s China JV</li></ul>

Trust / In Depth: China intensifies efforts to curb risk in troubled trust sectorPersonnel /China’s ousted foreign minister removed from top legislatureAnt Group /Ant Group outbids Citadel Securities for Credit Suisse’s China JV

CX Daily: China Intensifies Efforts to Curb Risk in Troubled Trust Sector 

<ul><li>Analysis: Why China’s 2023 fiscal policy may be less expansionary than it seems</li><li>Xi, Putin call for ‘responsible dialogue’ to end Ukraine crisis</li><li>Beijing’s deaths outrun births for first time in two decades</li></ul>

Analysis: Why China’s 2023 fiscal policy may be less expansionary than it seemsXi, Putin call for ‘responsible dialogue’ to end Ukraine crisisBeijing’s deaths outrun births for first time in two decades

CX Daily: Why China’s 2023 Fiscal Policy May Be Less Expansionary Than It Seems

<ul><li>Four things to know about China’s plan to go ‘all-out’ on infrastructure</li><li>Did Henan authorities abuse virus controls to stymie swindled bank depositors?</li><li>Chart of the Day: China’s record high youth unemployment rate</li></ul>

Four things to know about China’s plan to go ‘all-out’ on infrastructureDid Henan authorities abuse virus controls to stymie swindled bank depositors?Chart of the Day: China’s record high youth unemployment rate

CX Daily: Four Things to Know About China’s Plan to Go ‘All-Out’ on Infrastructure

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

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 <img src='https://api2.sgx.com/sites/default/files/2021-11/Capture_27.PNG' alt='Daiwa house logistics' />
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 <div class='content-caption'>Daiwa house logistics</div>
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Daiwa House Logistics Trust (DHLT), which has an initial portfolio (IPO Portfolio) of 14 logistics properties in Japan with an aggregate appraised value of approximately ¥80,570.0 million (S$952.9 million), made its debut on the Singapore Exchange last Friday (Nov 26). 
The initial public offer (IPO) attracted strong support from institutional, corporate, and retail investors.

The placement tranche was 4.9 times subscribed while the public tranche was 9.5 times subscribed. 
In addition, cornerstone investors, including Bangkok Life Assurance Public Co, Credit Suisse, DBS, DWS Investments Australia, Kuang Ming Investments, Nomura Singapore, Hazelview Securities, and Metro ARC Investments, have subscribed for an aggregate of 336 million units, which represents 49.8 per cent of the total number of outstanding units at the IPO.

Despite having an IPO portfolio of pure Japan assets, DHLT is established with the investment strategy of principally investing in a portfolio of income-producing logistics and industrial real estate assets located across Asia.

The Reit believes that there is strong growth potential for logistics and industrial assets throughout South-east Asia, where its sponsor, Daiwa House Industry, has completed 9 logistics assets across the region and has 5 logistics facility projects under development across Vietnam, Indonesia and Malaysia as at Sep 30, 2021. 
DHLT offers a diversified initial IPO portfolio of 14 assets which are spread across various regions in prime industrial locations in Japan.

The Reit manager believes that this diversified portfolio will minimise concentration risk and allow it to take advantage of markets which have traditionally been overlooked by existing Japanese-listed and private Reits.

The 14 properties are closely interlinked with transportation and shipping networks, which is attractive for DHLT's large third-party logistics (3PL) and e-commerce tenant base.

The Reit manager has strong commitment to environment, social and governance (ESG) principles, and noted that approximately 95.7 per cent of the IPO portfolio by NLA is certified green by the Development Bank of Japan (DBJ) Green Building Certification Programme, a rating system in Japan which evaluates and measures the environmental and social awareness characteristics of real estate properties.

As at Oct 1, 2021, the IPO portfolio's occupancy rate is 96.3 per cent with 26 tenants.

All of the properties are fully occupied, apart from DPL Sapparo Higashi Kariki and DPL Koriyama.

The aggregate weighted average lease expiry (WALE) for the IPO portfolio by occupied net lettable area (NLA) is 7.2 years as at Jun 30, 2021.

According to the IPO prospectus, the forecasted annualised distribution yield for the period between Oct 1, 2021 and Dec 31, 2021 is 6.3 per cent while the projected distribution yield for financial year 2022 is 6.5 per cent, representing respective spreads of 625 bps and 645 bps compared to the 10-year Japan government bond yield of 0.05 per cent as at Oct 1, 2021.

Following the listing of DHLT, the Singapore Reit and property trust sector now consists of 43 listed trusts of which 9 are industrial Reits (including DHLT).

The average distribution yield of the 9 industrial Reits is 6.1 per cent, including DHLT's forecasted annualised yield of 6.3 per cent for 2021. REIT Watch is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/logistics-s-reit-with-pure-japan-assets-lists-on-sgx"> read </a>the original version.
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    Daiwa house logistics


Daiwa House Logistics Trust (DHLT), which has an initial portfolio (IPO Portfolio) of 14 logistics properties in Japan with an aggregate appraised value of approximately ¥80,570.0 million (S$952.9 million), made its debut on the Singapore Exchange last Friday (Nov 26).  
The initial public offer (IPO) attracted strong support from institutional, corporate, and retail investors.

The placement tranche was 4.9 times subscribed while the public tranche was 9.5 times subscribed.  
In addition, cornerstone investors, including Bangkok Life Assurance Public Co, Credit Suisse, DBS, DWS Investments Australia, Kuang Ming Investments, Nomura Singapore, Hazelview Securities, and Metro ARC Investments, have subscribed for an aggregate of 336 million units, which represents 49.8 per cent of the total number of outstanding units at the IPO.

Despite having an IPO portfolio of pure Japan assets, DHLT is established with the investment strategy of principally investing in a portfolio of income-producing logistics and industrial real estate assets located across Asia.

The Reit believes that there is strong growth potential for logistics and industrial assets throughout South-east Asia, where its sponsor, Daiwa House Industry, has completed 9 logistics assets across the region and has 5 logistics facility projects under development across Vietnam, Indonesia and Malaysia as at Sep 30, 2021.  
DHLT offers a diversified initial IPO portfolio of 14 assets which are spread across various regions in prime industrial locations in Japan.

The Reit manager believes that this diversified portfolio will minimise concentration risk and allow it to take advantage of markets which have traditionally been overlooked by existing Japanese-listed and private Reits.

The 14 properties are closely interlinked with transportation and shipping networks, which is attractive for DHLT's large third-party logistics (3PL) and e-commerce tenant base.

The Reit manager has strong commitment to environment, social and governance (ESG) principles, and noted that approximately 95.7 per cent of the IPO portfolio by NLA is certified green by the Development Bank of Japan (DBJ) Green Building Certification Programme, a rating system in Japan which evaluates and measures the environmental and social awareness characteristics of real estate properties.

As at Oct 1, 2021, the IPO portfolio's occupancy rate is 96.3 per cent with 26 tenants.

All of the properties are fully occupied, apart from DPL Sapparo Higashi Kariki and DPL Koriyama.

The aggregate weighted average lease expiry (WALE) for the IPO portfolio by occupied net lettable area (NLA) is 7.2 years as at Jun 30, 2021.

According to the IPO prospectus, the forecasted annualised distribution yield for the period between Oct 1, 2021 and Dec 31, 2021 is 6.3 per cent while the projected distribution yield for financial year 2022 is 6.5 per cent, representing respective spreads of 625 bps and 645 bps compared to the 10-year Japan government bond yield of 0.05 per cent as at Oct 1, 2021.

Following the listing of DHLT, the Singapore Reit and property trust sector now consists of 43 listed trusts of which 9 are industrial Reits (including DHLT).

The average distribution yield of the 9 industrial Reits is 6.1 per cent, including DHLT's forecasted annualised yield of 6.3 per cent for 2021.  REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - Logistics S-Reit with pure Japan assets lists on SGX

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REIT Watch - Logistics S-Reit with pure Japan assets lists on SGX

Daiwa House Logistics Trust (DHLT), which has an initial portfolio (IPO Portfolio) of 14 logistics properties in Japan with an...

Singapore Exchange Ltd (SGX)

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