Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>For the better part of two decades, Singaporean real estate investment trusts (REITs) have provided an efficient and popular exposure to quality large-scale commercial properties. </li>
<li>Yet as global central banks hike interest rates to address inflationary pressures, can REITs retain their attractiveness?</li>
<li>SREITs have corrected as Singaporean interest rates have increased. The question is whether higher interest rates are baked in, and which SREITs will hold up; and which ones will not?</li>
</ul>


For the better part of two decades, Singaporean real estate investment trusts (REITs) have provided an efficient and popular exposure to quality large-scale commercial properties. 
Yet as global central banks hike interest rates to address inflationary pressures, can REITs retain their attractiveness?
SREITs have corrected as Singaporean interest rates have increased. The question is whether higher interest rates are baked in, and which SREITs will hold up; and which ones will not?


S-REITs: Investing In An Inflationary Environment

Invest, Trade and Save in Singapore, Syfe

Syfe

Invest, Trade and Save in Singapore

Syfe is an investment platform offering Managed Portfolios, Brokerage services, and Cash Management solutions to help people build wealth for a better future.

Thematic (Sector/Industry)

<ul>
<li>Singapore’s retail REITs have proven to be among the more resilient segments within the broader S-REIT universe.</li>
<li>By early 2025, high shopper footfall, recovering tenant sales, and positive rental reversions are now the norm across well-managed portfolios. Suburban malls, anchored in necessity trades like groceries, healthcare, and Food and Beverage (F&amp;B), led the recovery, with some even exceeding pre-Covid revenue metrics.</li>
<li>Prime malls have also regained momentum, buoyed by international tourism and luxury brand expansion. Occupancy rates are now typically north of 96%, and mall operators are again achieving mid- to high-single-digit rent uplifts on lease renewals, clear signs of restored landlord pricing power.</li>
</ul>


Singapore’s retail REITs have proven to be among the more resilient segments within the broader S-REIT universe.
By early 2025, high shopper footfall, recovering tenant sales, and positive rental reversions are now the norm across well-managed portfolios. Suburban malls, anchored in necessity trades like groceries, healthcare, and Food and Beverage (F&amp;B), led the recovery, with some even exceeding pre-Covid revenue metrics.
Prime malls have also regained momentum, buoyed by international tourism and luxury brand expansion. Occupancy rates are now typically north of 96%, and mall operators are again achieving mid- to high-single-digit rent uplifts on lease renewals, clear signs of restored landlord pricing power.


Singapore Retail REITs: Show Resilience And Relevance

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Mapletree North Asia Commercial Trust / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106:1" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> has introduced a new cash-only consideration of S$1.1949 per MNACT unit. The scheme meeting is at the end-May with an effective date of end-August. </li>
<li>
<a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a>/MNACT will continue to be able to pay permitted distributions – consensus 2HFY21/22 DPU of 3.57 cents to be paid in June.</li>
<li>Quarz Capital now supports the merger. Including potential permitted 2H MNACT DPU and at last close, the gross spread to the cash-only consideration is 0.9%. </li>
</ul>



Mapletree Commercial Trust (MCT SP) has introduced a new cash-only consideration of S$1.1949 per MNACT unit. The scheme meeting is at the end-May with an effective date of end-August. 

Mapletree North Asia Commercial Trust (MAGIC SP)/MNACT will continue to be able to pay permitted distributions – consensus 2HFY21/22 DPU of 3.57 cents to be paid in June.
Quarz Capital now supports the merger. Including potential permitted 2H MNACT DPU and at last close, the gross spread to the cash-only consideration is 0.9%. 


MCT and MNACT’s New Cash-Only Scheme Option Gets Quarz Onside

Equity Capital Markets

CapitaLand China Trust / Equity Capital Markets

<p>On Thursday, <a href="https://www.smartkarma.com/entities/capitaretail-china-trust" target="_blank" data-smartkarma-citation="entities:8859:1" rel="noopener">Capitaretail China Trust (CRCT SP)</a> unveiled plans to raise gross proceeds between S$273.4 million to S$279.4 million through a private placement and preferential placing of new units.</p><div class="content-highlight"><p>The proceeds from the placement will be used to partially fund the previously announced acquisition of three multi-tenanted malls in China. The agreed property purchase price for this portfolio is RMB2,960m (S$589.2m). Overall, we believe that proposed acquisitions have a strong strategic rationale, and we would participate at the low-end of the private placement price range.</p></div>

On Thursday, Capitaretail China Trust (CRCT SP) unveiled plans to raise gross proceeds between S$273.4 million to S$279.4 million through a private placement and preferential placing of new units.The proceeds from the placement will be used to partially fund the previously announced acquisition of three multi-tenanted malls in China. The agreed property purchase price for this portfolio is RMB2,960m (S$589.2m). Overall, we believe that proposed acquisitions have a strong strategic rationale, and we would participate at the low-end of the private placement price range.

CapitaLand Retail China Trust Placement: Reasonable at the Low-End

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Lippo Malls Indonesia Retail Trust / Equity Bottom-Up

<p>Since the announcement of the 10% service charge withholding tax, <a href="https://www.smartkarma.com/entities/10946" target="_blank" data-smartkarma-citation="entities:10946:1">Lippo Malls Indonesia Retail Trust (LMRT SP)</a> has come off 15.8% in 10 days which caused dividend yield to spike to 10.5%. On a 3-year basis, LMRT current share price at 0.34 is still 13% higher than its low at 0.3. </p><p>On a phone conversation with the CEO, Ms. Chan Lie Ling, she explained that for many years the service charge and utility recovery withholding tax have always been there but an unclear explanation led to a non-existent…</p>

Since the announcement of the 10% service charge withholding tax, Lippo Malls Indonesia Retail Trust (LMRT SP) has come off 15.8% in 10 days which caused dividend yield to spike to 10.5%. On a 3-year basis, LMRT current share price at 0.34 is still 13% higher than its low at 0.3. On a phone conversation with the CEO, Ms. Chan Lie Ling, she explained that for many years the service charge and utility recovery withholding tax have always been there but an unclear explanation led to a non-existent…

Singapore

Dasin Retail Trust invests in, owns, and develops land and income-producing real estates. The Company operates in Singapore.

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Dasin Retail Trust (DASIN SP)

S-REITs: Investing In An Inflationary Environment

Suntec, with one of the highest gearings in the office subsector, may need to go to the market cap in hand. That or divest some assets - in what is...

David Blennerhassett

Singapore Retail REITs: Show Resilience And Relevance

Singapore’s retail REITs have proven to be among the more resilient segments within the broader S-REIT universe. By early 2025, high shopper...

Syfe

MCT and MNACT’s New Cash-Only Scheme Option Gets Quarz Onside

MCT has introduced a new cash-only consideration of S$1.1949 per MNACT unit, which Quarz considers fair. Including potential permitted 2H DPU, the...

Arun George

CapitaLand Retail China Trust Placement: Reasonable at the Low-End

On Thursday, Capitaretail China Trust (CRCT SP) unveiled plans to raise gross proceeds between S$273.4 million to S$279.4 million through a private...

Arun George

Lippo Mall REIT: Downside Priced-In

Since the announcement of the 10% service charge withholding tax, Lippo Malls Indonesia Retail Trust (LMRT SP) has come off 15.8% in 10 days which...

Henry Soediarko

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