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

Frasers Centrepoint Trust / Equity Bottom-Up

<ul><li>S-Reit acquisitions continue with Clar’s S$218 million buy Earlier last week, CapitaLand Ascendas Reit (Clar) announced the proposed acquisition of an integrated high-specification research and development (R&D) facility and business park property from Seagate Singapore International Headquarters for a purchase consideration of S$218.2 million.</li><li>In April, MLT announced the acquisition of six logistics assets located in Japan, and one logistics property in Sydney, Australia.</li></ul>

S-Reit acquisitions continue with Clar’s S$218 million buy Earlier last week, CapitaLand Ascendas Reit (Clar) announced the proposed acquisition of an integrated high-specification research and development (R&D) facility and business park property from Seagate Singapore International Headquarters for a purchase consideration of S$218.2 million.In April, MLT announced the acquisition of six logistics assets located in Japan, and one logistics property in Sydney, Australia.

REIT Watch - S-Reit acquisitions continue with Clar’s S$218 million buy

Sabana Industrial REIT / Equity Bottom-Up

<ul><li>Schedule of S-REITs & Property Trusts’ Earnings or Business Updates Mapletree Logistics Trust 25-Jul 26-Jul  This coming week, another 17 S-Reits and property trusts will be releasing their earnings or business updates for the period ended Jun 30, 2023.</li></ul>

Schedule of S-REITs & Property Trusts’ Earnings or Business Updates Mapletree Logistics Trust 25-Jul 26-Jul  This coming week, another 17 S-Reits and property trusts will be releasing their earnings or business updates for the period ended Jun 30, 2023.

REIT Watch - 17 S-Reits reporting earnings during the week

<ul><li>SINGAPORE-LISTED real estate investment trusts (S-Reits) continue to hold up despite decelerating global growth, with the iEdge S-Reit Index generating 2.1 per cent in total returns in the first half of 2023, outperforming the Straits Times Index’s 1.2 per cent and the FTSE EPRA Nareit Asia ex Japan Index’s -1.7 per cent.</li><li>The 10 S-Reits were Keppel DC Reit, Cromwell European Reit (Cromwell E-Reit), Frasers Logistics & Commercial Trust, Frasers Hospitality Trust, Paragon Reit, Frasers Centrepoint Trust, Aims Apac Reit, ParkwayLife Reit, CapitaLand India Trust, and CapitaLand Ascott Trust.</li><li>Outperformance was driven across specialised, healthcare and hospitality sub-sectors at 7.5 per cent, 5.2 per cent, and 4.1 per cent total returns respectively.</li></ul>

SINGAPORE-LISTED real estate investment trusts (S-Reits) continue to hold up despite decelerating global growth, with the iEdge S-Reit Index generating 2.1 per cent in total returns in the first half of 2023, outperforming the Straits Times Index’s 1.2 per cent and the FTSE EPRA Nareit Asia ex Japan Index’s -1.7 per cent.The 10 S-Reits were Keppel DC Reit, Cromwell European Reit (Cromwell E-Reit), Frasers Logistics & Commercial Trust, Frasers Hospitality Trust, Paragon Reit, Frasers Centrepoint Trust, Aims Apac Reit, ParkwayLife Reit, CapitaLand India Trust, and CapitaLand Ascott Trust.Outperformance was driven across specialised, healthcare and hospitality sub-sectors at 7.5 per cent, 5.2 per cent, and 4.1 per cent total returns respectively.

REIT Watch - 10 S-Reits which outperformed in H1

<ul><li>REIT Watch – S-Reits in STI and its reserve list gain 4% this year The Straits Times Index (STI) gained 0.6 per cent in total returns for the year to date till Jun 8, slightly underperforming the iEdge S-Reit Index which gained 0.8 per cent.</li><li>Aside from Keppel DC Reit, STI constituents – Mapletree Industrial Trust and CapitaLand Ascendas Reit also have exposure to Singapore data centres.</li></ul>

REIT Watch – S-Reits in STI and its reserve list gain 4% this year The Straits Times Index (STI) gained 0.6 per cent in total returns for the year to date till Jun 8, slightly underperforming the iEdge S-Reit Index which gained 0.8 per cent.Aside from Keppel DC Reit, STI constituents – Mapletree Industrial Trust and CapitaLand Ascendas Reit also have exposure to Singapore data centres.

REIT Watch – S-Reits in STI and its reserve list gain 4% this year

<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

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.

Frasers Centrepoint Trust (FCT SP)

REIT Watch - S-Reit acquisitions continue with Clar’s S$218 million buy

S-Reit acquisitions continue with Clar’s S$218 million buy Earlier last week, CapitaLand Ascendas Reit (Clar) announced the proposed acquisition...

Singapore Exchange Ltd (SGX)

REIT Watch - 17 S-Reits reporting earnings during the week

Schedule of S-REITs & Property Trusts’ Earnings or Business Updates Mapletree Logistics Trust 25-Jul 26-Jul This coming week, another 17...

Singapore Exchange Ltd (SGX)

REIT Watch - 10 S-Reits which outperformed in H1

SINGAPORE-LISTED real estate investment trusts (S-Reits) continue to hold up despite decelerating global growth, with the iEdge S-Reit Index...

Singapore Exchange Ltd (SGX)

REIT Watch – S-Reits in STI and its reserve list gain 4% this year

REIT Watch – S-Reits in STI and its reserve list gain 4% this year The Straits Times Index (STI) gained 0.6 per cent in total returns for the year...

Singapore Exchange Ltd (SGX)

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)