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>Elite UK REIT's FY2024 revenue and NPI decreased, but DPU rose 5.0% to 2.87 pence due to savings.</li><li>IREIT Global's FY2024 revenue and NPI increased, with DPU rising 1.6% to 1.90 euro cents, driven by portfolio performance.</li><li>Stoneweg European REIT's FY24 revenue and NPI declined, DPU dropped 10.1% to 14.106 euro cents, impacted by asset sales.</li></ul>

Elite UK REIT's FY2024 revenue and NPI decreased, but DPU rose 5.0% to 2.87 pence due to savings.IREIT Global's FY2024 revenue and NPI increased, with DPU rising 1.6% to 1.90 euro cents, driven by portfolio performance.Stoneweg European REIT's FY24 revenue and NPI declined, DPU dropped 10.1% to 14.106 euro cents, impacted by asset sales.

REIT Watch - Stoneweg European REIT eyes growth with a new Sponsor as European property rebounds in 2024

<ul><li>Top 5 best performing S-REITs in 2024 Name Stock Code Market Cap S$M 2024 Insti Net Inflow S$M Dividend Yield % PB Ratio The five best performing S-REITs in 2024 in SGD terms were Frasers Hospitality Trust (+24.3 per cent total returns), Keppel DC REIT (+20.6 per cent), Stoneweg European REIT (+20.2 per cent), Elite UK REIT (+19.0 per cent), and Manulife US REIT (+15.3 per cent).</li></ul>

Top 5 best performing S-REITs in 2024 Name Stock Code Market Cap S$M 2024 Insti Net Inflow S$M Dividend Yield % PB Ratio  The five best performing S-REITs in 2024 in SGD terms were Frasers Hospitality Trust (+24.3 per cent total returns), Keppel DC REIT (+20.6 per cent), Stoneweg European REIT (+20.2 per cent), Elite UK REIT (+19.0 per cent), and Manulife US REIT (+15.3 per cent).

REIT Watch - S-REITs navigate a challenging 2024 with mixed returns

External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Occupancy rate growth. In the face of evolving market dynamics, Elite UK REIT’s occupancy rate has risen to 93.9%, bolstered by the strategic divestment of Sidlaw House in Dundee for £1.3mn.</li><li>This improvement reflects growing investor demand for well-located properties in the UK.</li><li>In addition, the REIT has successfully completed a lease renewal for Theatre Buildings in Billingham, achieving a positive rent reversion of 5.3%. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Occupancy rate growth. In the face of evolving market dynamics, Elite UK REIT’s occupancy rate has risen to 93.9%, bolstered by the strategic divestment of Sidlaw House in Dundee for £1.3mn.This improvement reflects growing investor demand for well-located properties in the UK.In addition, the REIT has successfully completed a lease renewal for Theatre Buildings in Billingham, achieving a positive rent reversion of 5.3%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Elite UK REIT (ELITE SP/MXNU.SI): High Yielding with Government-Backed Cashflow.

<ul><li>REIT Watch - S-Reits score lower in transparency overall but five see marked improvement In this year’s Singapore Governance and Transparency Index (SGTI) 2024 rankings, the overall scores for Singapore real estate investment trusts (S-Reits) and business trusts declined to 86.6 points from 89.3 last year.</li><li>The five S-Reits with the greatest yoy improvement in overall scores: Frasers Centrepoint Trust (+21.9 points), Elite UK Reit (+16.7 points), CDLHT (+16.6 points), Keppel Reit (+10.4 points) and Prime US Reit (+9.8 points).</li></ul>

REIT Watch - S-Reits score lower in transparency overall but five see marked improvement In this year’s Singapore Governance and Transparency Index (SGTI) 2024 rankings, the overall scores for Singapore real estate investment trusts (S-Reits) and business trusts declined to 86.6 points from 89.3 last year.The five S-Reits with the greatest yoy improvement in overall scores: Frasers Centrepoint Trust (+21.9 points), Elite UK Reit (+16.7 points), CDLHT (+16.6 points), Keppel Reit (+10.4 points) and Prime US Reit (+9.8 points).

REIT Watch - S-Reits score lower in transparency overall but five see marked improvement

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

<ul>
<li>In <a href="https://smartkarma.zoom.us/rec/share/ZSIIerobIyaQ6QGwXJY--aDaK7ETIJ722eHMT8_JI3Wp7qwUUmL3jjh9IqdvBgFd.vssbLwLV2N7G5PuX" target="_blank" data-smartkarma-citation="insights:136624" rel="noopener">Smartkarma Corporate Webinar | Elite Commercial REIT: Essential Assets at an Attractive Yield</a> we conducted a fireside chat with Elite Commercial REIT.</li>
<li>Elite Commercial REIT is a Singapore real estate investment trust established with the investment strategy of principally investing, directly or indirectly, in commercial real-estate related assets in the United Kingdom.</li>
<li>The company has recently expanded its strategy to look at other commercial assets in the UK, beyond its existing portfolio of assets rented by the UK government.</li>
</ul>
This Insight is part of the Smartkarma Corporate Webinar series, supported by SGX through the Investor Education Fund.


In Smartkarma Corporate Webinar | Elite Commercial REIT: Essential Assets at an Attractive Yield we conducted a fireside chat with Elite Commercial REIT.
Elite Commercial REIT is a Singapore real estate investment trust established with the investment strategy of principally investing, directly or indirectly, in commercial real-estate related assets in the United Kingdom.
The company has recently expanded its strategy to look at other commercial assets in the UK, beyond its existing portfolio of assets rented by the UK government.

This Insight is part of the Smartkarma Corporate Webinar series, supported by SGX through the Investor Education Fund.

Elite Commercial REIT: Essential Assets at an Attractive Yield

Singapore

Elite UK REIT is a Singapore real estate investment trust that primarily invests in real estate and real estate-related assets in the United Kingdom. Its portfolio includes predominantly freehold commercial buildings, many leased to the UK Government, and it is expanding into the living sector. The company was founded in 2020 and is headquartered in Singapore.

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Elite UK REIT (ELITE SP)

REIT Watch - S-REITs navigate a challenging 2024 with mixed returns

Top 5 best performing S-REITs in 2024 Name Stock Code Market Cap S$M 2024 Insti Net Inflow S$M Dividend Yield % PB Ratio The five best performing...

Singapore Exchange Ltd (SGX)