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

Far East Hospitality Trust / Equity Bottom-Up

<ul><li>REIT Watch - Hospitality S-Reits ride on pent-up travel demand and the return of events in Q3 2022 All hospitality trusts with Singapore assets observed significant improvements in occupancy and RevPAR (revenue per available room) in the last quarter, driven by the return of large-scale events and the Mice (meetings, incentives, conventions and exhibitions) industry, alongside pent-up demand for overseas travels.</li><li>Far East Hospitality Trust recorded that its Q3 2022 gross revenue increased 2.0 per cent yoy, led by growth from the hotel segment which increased 4.7 per cent.</li><li>Income available for distribution grew 12.0 per cent yoy from higher NPI and interest income.</li></ul>

REIT Watch - Hospitality S-Reits ride on pent-up travel demand and the return of events in Q3 2022 All hospitality trusts with Singapore assets observed significant improvements in occupancy and RevPAR (revenue per available room) in the last quarter, driven by the return of large-scale events and the Mice (meetings, incentives, conventions and exhibitions) industry, alongside pent-up demand for overseas travels.Far East Hospitality Trust recorded that its Q3 2022 gross revenue increased 2.0 per cent yoy, led by growth from the hotel segment which increased 4.7 per cent.Income available for distribution grew 12.0 per cent yoy from higher NPI and interest income.

REIT Watch - Hospitality S-REITs ride on pent-up travel demand and the return of events in 3Q22 

REIT Watch - Industrial S-Reits see resilience despite macro challenges

<ul><li>REIT Watch - S-Reits with Malaysia assets record stronger operating results Singapore lists 6 S-Reits with exposure to Malaysia assets – Ascott Residence Trust, Frasers Hospitality Trust, Keppel DC Reit, Mapletree Logistics Trust, ParkwayLife Reit, and Starhill Global Reit.</li><li>According to Retail Group Malaysia (RGM), Malaysia retail sales rose 62.5 per cent yoy to new record levels in Q2 2022, following an 18.3 per cent yoy growth seen in Q1 2022.</li></ul>

REIT Watch - S-Reits with Malaysia assets record stronger operating results Singapore lists 6 S-Reits with exposure to Malaysia assets – Ascott Residence Trust, Frasers Hospitality Trust, Keppel DC Reit, Mapletree Logistics Trust, ParkwayLife Reit, and Starhill Global Reit.According to Retail Group Malaysia (RGM), Malaysia retail sales rose 62.5 per cent yoy to new record levels in Q2 2022, following an 18.3 per cent yoy growth seen in Q1 2022.

REIT Watch - S-Reits with Malaysia assets record stronger operating results

<ul><li>REIT Watch - SGTI 2022 shows more S-Reits reporting non-financial metrics S-Reits and business trusts see an improvement in their Singapore Governance and Transparency Index (SGTI) 2022 scores, increasing marginally to 85.3 points from 85.0 last year.</li><li>Overall, the mean score of the Reits and business trust category increased by 0.3 points year on year and the mean bonus points for good disclosure practices increased by 0.7 points to 19.2 points.</li></ul>

REIT Watch - SGTI 2022 shows more S-Reits reporting non-financial metrics S-Reits and business trusts see an improvement in their Singapore Governance and Transparency Index (SGTI) 2022 scores, increasing marginally to 85.3 points from 85.0 last year.Overall, the mean score of the Reits and business trust category increased by 0.3 points year on year and the mean bonus points for good disclosure practices increased by 0.7 points to 19.2 points.

REIT Watch - SGTI 2022 shows more S-Reits reporting non-financial metrics

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 – 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 - Hospitality S-REITs ride on pent-up travel demand and the return of events in 3Q22

REIT Watch - Hospitality S-Reits ride on pent-up travel demand and the return of events in Q3 2022 All hospitality trusts with Singapore assets...

Singapore Exchange Ltd (SGX)

REIT Watch - Industrial S-Reits see resilience despite macro challenges

REIT Watch - Hospitality S-Reits ride on pent-up travel demand and the return of events in Q3 2022 All hospitality trusts with Singapore assets...

Singapore Exchange Ltd (SGX)

REIT Watch - S-Reits with Malaysia assets record stronger operating results

REIT Watch - S-Reits with Malaysia assets record stronger operating results Singapore lists 6 S-Reits with exposure to Malaysia assets – Ascott...

Singapore Exchange Ltd (SGX)

REIT Watch - SGTI 2022 shows more S-Reits reporting non-financial metrics

REIT Watch - SGTI 2022 shows more S-Reits reporting non-financial metrics S-Reits and business trusts see an improvement in their Singapore...

Singapore Exchange Ltd (SGX)

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