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>In terms of net fund flows over the month, retail investors net bought S$8.2 million of S-Reits while institutional investors net sold S$86.4 million in the sector.</li><li>However, there were 10 S-Reits and property trusts which recorded net institutional inflows in the month of July.</li><li>They were Keppel DC Reit, CapitaLand Integrated Commercial Trust (CICT), CapitaLand India Trust (Clint), ESR-Logos Reit, Far East Hospitality Trust, Digital Core Reit, Paragon Reit, Sasseur Reit, First Reit, and BHG Retail Reit.</li></ul>

In terms of net fund flows over the month, retail investors net bought S$8.2 million of S-Reits while institutional investors net sold S$86.4 million in the sector.However, there were 10 S-Reits and property trusts which recorded net institutional inflows in the month of July.They were Keppel DC Reit, CapitaLand Integrated Commercial Trust (CICT), CapitaLand India Trust (Clint), ESR-Logos Reit, Far East Hospitality Trust, Digital Core Reit, Paragon Reit, Sasseur Reit, First Reit, and BHG Retail Reit.

REIT Watch - Institutional investors net buyers of these 10 S-Reits in July

First Real Estate Investment Trust / Equity Bottom-Up

First Real Estate Investment Trust (FIRT SP)

<ul><li>The global Healthcare sector has expanded at a rapid pace over the recent years, driven by significant medical advances, accelerated drug approval processes for high unmet needs and overall increased access to healthcare.</li><li>The iEdge SG All Healthcare Index, which tracks the performance of the listed healthcare segment in Singapore, generated a 5% decline (in total return terms) in the first 2 months of 2023, with the top 10 constituents by weightage, averaging 0.8% gain in total returns.</li><li>Q & M Dental Group, reported a 12% decline in full year total FY22 revenue as Covid-19 testing revenue significantly decreased.</li></ul>

The global Healthcare sector has expanded at a rapid pace over the recent years, driven by significant medical advances, accelerated drug approval processes for high unmet needs and overall increased access to healthcare.The iEdge SG All Healthcare Index, which tracks the performance of the listed healthcare segment in Singapore, generated a 5% decline (in total return terms) in the first 2 months of 2023, with the top 10 constituents by weightage, averaging 0.8% gain in total returns.Q & M Dental Group, reported a 12% decline in full year total FY22 revenue as Covid-19 testing revenue significantly decreased.

Bright Spots in Singapore's Healthcare sector

<ul><li>Solid fundamentals in S-Reits despite challenging 2022 The year 2022 was a challenging one for the global Reits sector, with a rising interest rate environment and declining global growth.</li><li>Despite headwinds over the past year, S-Reits reported solid and resilient fundamentals alongside the continued reopening of economies and the return of global travel.</li></ul>

Solid fundamentals in S-Reits despite challenging 2022 The year 2022 was a challenging one for the global Reits sector, with a rising interest rate environment and declining global growth.Despite headwinds over the past year, S-Reits reported solid and resilient fundamentals alongside the continued reopening of economies and the return of global travel.

REIT Watch - Solid fundamentals in S-Reits despite challenging 2022

<ul><li>Healthcare S-REITs capture Japan opportunities with expanding footprint Both ParkwayLife Reit (37.1 per cent of its asset value) and First Reit (22.8 per cent of its assets under management) have significant exposure to Japan nursing homes and healthcare-related properties through recent acquisitions.</li><li>First Reit now has 14 out of its 32 Asian healthcare assets in Japan nursing homes which are operated by five independent and experienced nursing home operators.</li></ul>

Healthcare S-REITs capture Japan opportunities with expanding footprint Both ParkwayLife Reit (37.1 per cent of its asset value) and First Reit (22.8 per cent of its assets under management) have significant exposure to Japan nursing homes and healthcare-related properties through recent acquisitions.First Reit now has 14 out of its 32 Asian healthcare assets in Japan nursing homes which are operated by five independent and experienced nursing home operators.

REIT Watch - Healthcare S-Reits capture Japan opportunities with expanding footprint

<ul><li>REIT Watch - Maiden acquisitions made by S-Reits in September The month of September also saw maiden acquisitions from Digital Core Reit and Daiwa House Logistics Trust since their respective initial public offerings (IPOs) in 2021.</li><li>Aside from these two, there were also several Japan acquisitions made by healthcare S-Reits last month, including ParkwayLife Reit and First Reit.</li></ul>

REIT Watch - Maiden acquisitions made by S-Reits in September The month of September also saw maiden acquisitions from Digital Core Reit and Daiwa House Logistics Trust since their respective initial public offerings (IPOs) in 2021.Aside from these two, there were also several Japan acquisitions made by healthcare S-Reits last month, including ParkwayLife Reit and First Reit.

REIT Watch - Maiden acquisitions made by S-Reits in September

Singapore

First Real Estate Investment Trust is a Singapore-based healthcare real estate investment trust. It invests in a diversified portfolio of income-producing real estate and related assets in Asia, primarily used for healthcare and healthcare-related purposes, including hospitals and nursing homes. The Trust was listed on the SGX-ST in December 2006 and is headquartered in Singapore.

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First Real Estate Investment Trust (FIRT SP)

REIT Watch - Institutional investors net buyers of these 10 S-Reits in July

In terms of net fund flows over the month, retail investors net bought S$8.2 million of S-Reits while institutional investors net sold S$86.4...

Singapore Exchange Ltd (SGX)

Bright Spots in Singapore's Healthcare sector

The global Healthcare sector has expanded at a rapid pace over the recent years, driven by significant medical advances, accelerated drug approval...

Singapore Exchange Ltd (SGX)

REIT Watch - Solid fundamentals in S-Reits despite challenging 2022

Solid fundamentals in S-Reits despite challenging 2022 The year 2022 was a challenging one for the global Reits sector, with a rising interest...

Singapore Exchange Ltd (SGX)

REIT Watch - Healthcare S-Reits capture Japan opportunities with expanding footprint

Healthcare S-REITs capture Japan opportunities with expanding footprint Both ParkwayLife Reit (37.1 per cent of its asset value) and First Reit...

Singapore Exchange Ltd (SGX)

REIT Watch - Maiden acquisitions made by S-Reits in September

REIT Watch - Maiden acquisitions made by S-Reits in September The month of September also saw maiden acquisitions from Digital Core Reit and Daiwa...

Singapore Exchange Ltd (SGX)

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