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>10 S-Reits with lowest gearing ratios A key metric for Reits is the gearing ratio, also known as aggregated leverage, which is a metric closely monitored by investors and often used to access a Reit’s financial leverage.</li><li>As of end-February this year, the 40 actively traded S-Reits and Property Trusts had an average gearing ratio of 37.7 per cent, below the regulatory limit of 50 per cent if the minimum interest coverage ratio (ICR) is at least 2.5 times, imposed by the Monetary Authority of Singapore (MAS).</li></ul>

10 S-Reits with lowest gearing ratios A key metric for Reits is the gearing ratio, also known as aggregated leverage, which is a metric closely monitored by investors and often used to access a Reit’s financial leverage.As of end-February this year, the 40 actively traded S-Reits and Property Trusts had an average gearing ratio of 37.7 per cent, below the regulatory limit of 50 per cent if the minimum interest coverage ratio (ICR) is at least 2.5 times, imposed by the Monetary Authority of Singapore (MAS).

REIT Watch – 10 S-REITs with lowest gearing ratios average 32% gearing

<ul><li>Retail S-REITs’ metrics surpass pre-Covid; poised to benefit from tourism boost The Singapore Tourism Board expects the nation to receive up to 14 million international visitors this year, more than double the 6.3 million recorded in 2022.</li><li>Mapletree Pan Asia Commercial Trust’s VivoCity Mall reported that its Q3 FY22/23 sales continued to exceed pre-pandemic levels, with shopper traffic and tenant sales growing 50.5 per cent and 38.5 per cent yoy, respectively.</li></ul>

Retail S-REITs’ metrics surpass pre-Covid; poised to benefit from tourism boost The Singapore Tourism Board expects the nation to receive up to 14 million international visitors this year, more than double the 6.3 million recorded in 2022.Mapletree Pan Asia Commercial Trust’s VivoCity Mall reported that its Q3 FY22/23 sales continued to exceed pre-pandemic levels, with shopper traffic and tenant sales growing 50.5 per cent and 38.5 per cent yoy, respectively.

REIT Watch – Retail S-REITs’ metrics surpass pre-Covid; poised to benefit from tourism boost

<ul><li>REIT Watch – Retail S-REITs’ metrics surpass pre-Covid; poised to benefit from tourism boost The Singapore Tourism Board expects the nation to receive up to 14 million international visitors this year, more than double the 6.3 million recorded in 2022.</li><li>Frasers Centrepoint Trust reported that shopper traffic and tenant sales in Q1 FY23 remained robust and grew 38.3 per cent and 13.4 per cent yoy, respectively.</li></ul>

REIT Watch – Retail S-REITs’ metrics surpass pre-Covid; poised to benefit from tourism boost The Singapore Tourism Board expects the nation to receive up to 14 million international visitors this year, more than double the 6.3 million recorded in 2022.Frasers Centrepoint Trust reported that shopper traffic and tenant sales in Q1 FY23 remained robust and grew 38.3 per cent and 13.4 per cent yoy, respectively.

Lendlease Global Commercial REIT / Equity Bottom-Up

<ul><li>October’s retail sales increased 10.4 per cent year on year (yoy), extending September’s 11.3 per cent growth and marking its seventh consecutive month of double-digit yoy growth.</li><li>The estimated total retail sales value in October was S$4.0 billion, of which online retail sales made up an estimated 13.0 per cent, compared to the 13.9 per cent recorded in September.</li><li>CapitaLand Integrated Commercial Trust reported 21.3 per cent y-o-y growth in tenant sales and 21.9 per cent y-o-y growth in shopper traffic for 9M 2022.</li></ul>

October’s retail sales increased 10.4 per cent year on year (yoy), extending September’s 11.3 per cent growth and marking its seventh consecutive month of double-digit yoy growth.The estimated total retail sales value in October was S$4.0 billion, of which online retail sales made up an estimated 13.0 per cent, compared to the 13.9 per cent recorded in September.CapitaLand Integrated Commercial Trust reported 21.3 per cent y-o-y growth in tenant sales and 21.9 per cent y-o-y growth in shopper traffic for 9M 2022.

REIT Watch - Recovery continues for S-Reits with Singapore retail assets

Frasers Centrepoint Trust / Equity Bottom-Up

10 in 10 with Frasers Centrepoint Trust - Capturing the suburban wave

Singapore

Frasers Centrepoint Trust is a retail real estate investment trust focused on growing unitholder value through asset management, financial management and strategic investments.  The trust invests in retail properties in Singapore and overseas.

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Frasers Centrepoint Trust (FCT SP)

REIT Watch – 10 S-REITs with lowest gearing ratios average 32% gearing

10 S-Reits with lowest gearing ratios A key metric for Reits is the gearing ratio, also known as aggregated leverage, which is a metric closely...

Singapore Exchange Ltd (SGX)

REIT Watch – Retail S-REITs’ metrics surpass pre-Covid; poised to benefit from tourism boost

Retail S-REITs’ metrics surpass pre-Covid; poised to benefit from tourism boost The Singapore Tourism Board expects the nation to receive up to 14...

Singapore Exchange Ltd (SGX)

REIT Watch – Retail S-REITs’ metrics surpass pre-Covid; poised to benefit from tourism boost

REIT Watch – Retail S-REITs’ metrics surpass pre-Covid; poised to benefit from tourism boost The Singapore Tourism Board expects the nation to...

Singapore Exchange Ltd (SGX)

REIT Watch - Recovery continues for S-Reits with Singapore retail assets

October’s retail sales increased 10.4 per cent year on year (yoy), extending September’s 11.3 per cent growth and marking its seventh consecutive...

Singapore Exchange Ltd (SGX)

10 in 10 with Frasers Centrepoint Trust - Capturing the suburban wave

10 in 10 with Frasers Centrepoint Trust - Capturing the suburban wave

Singapore Exchange Ltd (SGX)

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