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

CapitaLand Integrated Commercial Trust / Equity Bottom-Up

CapitaLand Integrated Commercial Trust (CICT SP)

<ul><li>S-REITs recorded net institutional inflows of S$42 million, reversing nearly seven weeks of net outflows.</li><li>CapitaLand Integrated Commercial Trust's FY24 AUM grew 6%, with NPI up 3.4% and rental reversion increases.</li><li>The US Federal Reserve maintained interest rates at 4.25-4.5%, lowered 2025 growth forecast, and raised inflation projection.</li></ul>

S-REITs recorded net institutional inflows of S$42 million, reversing nearly seven weeks of net outflows.CapitaLand Integrated Commercial Trust's FY24 AUM grew 6%, with NPI up 3.4% and rental reversion increases.The US Federal Reserve maintained interest rates at 4.25-4.5%, lowered 2025 growth forecast, and raised inflation projection.

REIT Watch - S-REITs surge as banks decline; see beginnings of a rebound

<ul><li>CapitaLand Ascott Trust's H2 2024 gross profit rose 8% to S$198.0 million, with revenue up 6% to S$432.2 million.</li><li>Far East Hospitality Trust's H2 2024 gross revenue and net property income both increased 0.2% to S$54.9 million and S$49.9 million.</li><li>CDL Hospitality Trusts' DPS declined 11.9% in H2 2024, despite growth in RevPar for most portfolio markets.</li></ul>

CapitaLand Ascott Trust's H2 2024 gross profit rose 8% to S$198.0 million, with revenue up 6% to S$432.2 million.Far East Hospitality Trust's H2 2024 gross revenue and net property income both increased 0.2% to S$54.9 million and S$49.9 million.CDL Hospitality Trusts' DPS declined 11.9% in H2 2024, despite growth in RevPar for most portfolio markets.

REIT Watch - Hospitality S-REITs focus on active portfolio management to drive growth

<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

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

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

Singapore

Frasers Hospitality Trust is a global hotel and serviced residence trust that invests in income-producing real estate assets primarily used for hospitality purposes. Its portfolio includes hotels and serviced residences located in prime cities across Asia, Australia, and Europe. The trust was established in Singapore in 2014.

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Frasers Hospitality (FHT SP)

REIT Watch - S-REITs surge as banks decline; see beginnings of a rebound

S-REITs recorded net institutional inflows of S$42 million, reversing nearly seven weeks of net outflows. CapitaLand Integrated Commercial Trust's...

Singapore Exchange Ltd (SGX)

REIT Watch - Hospitality S-REITs focus on active portfolio management to drive growth

CapitaLand Ascott Trust's H2 2024 gross profit rose 8% to S$198.0 million, with revenue up 6% to S$432.2 million. Far East Hospitality Trust's H2...

Singapore Exchange Ltd (SGX)

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)

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 - 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)

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