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

Far East Hospitality Trust / Equity Bottom-Up

<ul><li>REIT Watch - Hospitality S-Reits’ RevPAR mostly resilient as tourism activity normalises Singapore real estate investment trusts (S-REITs) with hospitality assets have reported mostly stable operating performance in the third quarter even as tourism activity normalises following the post-pandemic travel boom.</li><li>Meanwhile CDL Hospitality Trusts saw mixed RevPAR performance across its portfolio, with around half the markets – including Australia, Japan and Germany – experiencing growth in the third quarter.</li></ul>

REIT Watch - Hospitality S-Reits’ RevPAR mostly resilient as tourism activity normalises Singapore real estate investment trusts (S-REITs) with hospitality assets have reported mostly stable operating performance in the third quarter even as tourism activity normalises following the post-pandemic travel boom.Meanwhile CDL Hospitality Trusts saw mixed RevPAR performance across its portfolio, with around half the markets – including Australia, Japan and Germany – experiencing growth in the third quarter.

REIT Watch - Hospitality S-REITs’ RevPAR mostly resilient as tourism activity normalises

<ul><li>With almost full certainty that the Federal Reserve will cut interest rates this September (based on CME Fed Watch Tool showing a 100 per cent probability as of Jul 26, 2024), interest rates continue to remain in the spotlight for REITs.</li><li>The Monetary Authority of Singapore (MAS) announced last week a proposal to simplify the leverage requirements for all Singapore REITs (S-REITs) – it proposes for a single aggregate leverage limit of 50 per cent and a minimum interest coverage ratio (ICR) of 5 times to be applied for all S-REITs.</li><li>Five S-REITs that maintain the lowest gearing ratios are Sasseur REIT (25.2 per cent), Paragon REIT (29.9 per cent), Far East Hospitality Trust (31.5 per cent), AIMS APAC REIT (32.6 per cent), and Frasers Logistics & Commercial Trust (32.7 per cent).</li></ul>

With almost full certainty that the Federal Reserve will cut interest rates this September (based on CME Fed Watch Tool showing a 100 per cent probability as of Jul 26, 2024), interest rates continue to remain in the spotlight for REITs.The Monetary Authority of Singapore (MAS) announced last week a proposal to simplify the leverage requirements for all Singapore REITs (S-REITs) – it proposes for a single aggregate leverage limit of 50 per cent and a minimum interest coverage ratio (ICR) of 5 times to be applied for all S-REITs.Five S-REITs that maintain the lowest gearing ratios are Sasseur REIT (25.2 per cent), Paragon REIT (29.9 per cent), Far East Hospitality Trust (31.5 per cent), AIMS APAC REIT (32.6 per cent), and Frasers Logistics & Commercial Trust (32.7 per cent).

REIT Watch - Maintaining balance sheet strengths as S-REITs average 39% gearing

Acrophyte Hospitality Trust / Equity Bottom-Up

<ul><li>Demand boosts hospitality S-Reits’ hotel RevPAR Among the seven S-Reit sub-sectors, hospitality S-Reits are the fourth largest in terms of combined market capitalisation.</li><li>The five, in terms of market capitalisation, are: CapitaLand Ascott Trust, Far East Hospitality Trust, CDL Hospitality Trusts, Frasers Hospitality Trust, and ARA US Hospitality Trust.</li></ul>

Demand boosts hospitality S-Reits’ hotel RevPAR Among the seven S-Reit sub-sectors, hospitality S-Reits are the fourth largest in terms of combined market capitalisation.The five, in terms of market capitalisation, are: CapitaLand Ascott Trust, Far East Hospitality Trust, CDL Hospitality Trusts, Frasers Hospitality Trust, and ARA US Hospitality Trust.

REIT Watch - Demand boosts hospitality S-Reits’ hotel RevPAR

<ul><li>10 Top performing S-REITs and Trusts for Mar 18-22 MANULIFE US REAL ESTATE INV  The top five gainers among S-REITs and property trusts in the week ahead of the Friday afternoon session were: Manulife US REIT, Keppel Pacific Oak US REIT, ARA US Hospitality Trust, First REIT, and Far East Hospitality Trust.</li></ul>

10 Top performing S-REITs and Trusts for Mar 18-22 MANULIFE US REAL ESTATE INV  The top five gainers among S-REITs and property trusts in the week ahead of the Friday afternoon session were: Manulife US REIT, Keppel Pacific Oak US REIT, ARA US Hospitality Trust, First REIT, and Far East Hospitality Trust.

REIT Watch - S-REITs gain on Fed chair Powell reaffirming three rate cuts to come this year

<ul><li>REIT Watch - Frasers Centrepoint Trust to join STI from Mar 18 At a market capitalisation of S$3.9 billion, FCT will join the STI with an approximate weight of 0.8 per cent.</li><li>FCT is also the second Frasers Property-sponsored Reit to join the benchmark after Frasers Logistics & Commercial Trust.</li><li>The STI reserve list, which consists of the five highest ranking non-constituents of the STI, will be: CapitaLand Ascott Trust, ComfortDelGro, Keppel DC Reit, Keppel Reit, and Suntec Reit.</li></ul>

REIT Watch - Frasers Centrepoint Trust to join STI from Mar 18 At a market capitalisation of S$3.9 billion, FCT will join the STI with an approximate weight of 0.8 per cent.FCT is also the second Frasers Property-sponsored Reit to join the benchmark after Frasers Logistics & Commercial Trust.The STI reserve list, which consists of the five highest ranking non-constituents of the STI, will be: CapitaLand Ascott Trust, ComfortDelGro, Keppel DC Reit, Keppel Reit, and Suntec Reit.

REIT Watch - Frasers Centrepoint Trust to join STI from Mar 18

Singapore

Far East Hospitality Trust is a Singapore-based stapled group that invests in a diversified portfolio of income-producing hospitality, hospitality-related, and other accommodation and lodging real estate. Its portfolio primarily comprises hotels and serviced residences located in Singapore and Japan. The Trust was listed on the Singapore Exchange on August 27, 2012, and is headquartered in Singapore.

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Far East Hospitality Trust (FEHT SP)

REIT Watch - Hospitality S-REITs’ RevPAR mostly resilient as tourism activity normalises

REIT Watch - Hospitality S-Reits’ RevPAR mostly resilient as tourism activity normalises Singapore real estate investment trusts (S-REITs) with...

Singapore Exchange Ltd (SGX)

REIT Watch - Maintaining balance sheet strengths as S-REITs average 39% gearing

With almost full certainty that the Federal Reserve will cut interest rates this September (based on CME Fed Watch Tool showing a 100 per cent...

Singapore Exchange Ltd (SGX)

REIT Watch - Demand boosts hospitality S-Reits’ hotel RevPAR

Demand boosts hospitality S-Reits’ hotel RevPAR Among the seven S-Reit sub-sectors, hospitality S-Reits are the fourth largest in terms of...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REITs gain on Fed chair Powell reaffirming three rate cuts to come this year

10 Top performing S-REITs and Trusts for Mar 18-22 MANULIFE US REAL ESTATE INV The top five gainers among S-REITs and property trusts in the week...

Singapore Exchange Ltd (SGX)

REIT Watch - Frasers Centrepoint Trust to join STI from Mar 18

REIT Watch - Frasers Centrepoint Trust to join STI from Mar 18 At a market capitalisation of S$3.9 billion, FCT will join the STI with an...

Singapore Exchange Ltd (SGX)

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