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>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>The month of May saw the iEdge S-Reit Index decline 3.0 per cent in total return on the back of persistent inflation and growing expectations of a June rate hike, reversing its 0.6 per cent gains in April.</li><li>By sub-segments, retail S-Reits, which averaged total returns of 0.9 per cent in May, is the only S-Reits sub-segment which averaged positive total returns.</li><li>On the other hand, office S-Reits underperformed for the month, averaging 9.9 per cent declines in total returns.</li></ul>

The month of May saw the iEdge S-Reit Index decline 3.0 per cent in total return on the back of persistent inflation and growing expectations of a June rate hike, reversing its 0.6 per cent gains in April.By sub-segments, retail S-Reits, which averaged total returns of 0.9 per cent in May, is the only S-Reits sub-segment which averaged positive total returns.On the other hand, office S-Reits underperformed for the month, averaging 9.9 per cent declines in total returns.

REIT Watch – Retail S-REITs among top performers in May

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Nippon Prologis Reit / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-prologis-reit-inc" target="_blank" data-smartkarma-citation="entities:15683:1" rel="noopener">Nippon Prologis Reit (3283 JP)</a> is looking to raise US$184m in its primary follow-on offering to acquire one property, namely Prologis Park Soka. </li>
<li>The deal is a somewhat large one to digest, at 14 days of three month ADV but only 3% dilution. </li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Nippon Prologis Reit (3283 JP) is looking to raise US$184m in its primary follow-on offering to acquire one property, namely Prologis Park Soka. 
The deal is a somewhat large one to digest, at 14 days of three month ADV but only 3% dilution. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Nippon Prologis REIT Placement - Well-Flagged and past Deals Have Performed Decently

Mapletree Logistics Trust / Equity Bottom-Up

<ul><li>Listed in Singapore, the UOB Apac Green Reit ETF (stock codes: GRN and GRE) is a Reit ETF that provides portfolio exposure into higher-yielding Reits in Asia-Pacific with a focus on environmental performance based on the Global Real Estate Sustainability Benchmark’s (GRESB’s) assessment.</li><li>Since inception, the ETF has recorded a net inflow of S$87 million with S$18 million shares traded.</li><li>The Reit ETF tracks the iEdge-UOB Apac Yield Focus Green Reit Index which comprises 50 constituents that meet certain environment factors across indicators such as energy and water consumptions, greenhouse gas (GHG) emissions, and green building certifications, while also maintaining a highly competitive dividend yield.</li></ul>

Listed in Singapore, the UOB Apac Green Reit ETF (stock codes: GRN and GRE) is a Reit ETF that provides portfolio exposure into higher-yielding Reits in Asia-Pacific with a focus on environmental performance based on the Global Real Estate Sustainability Benchmark’s (GRESB’s) assessment.Since inception, the ETF has recorded a net inflow of S$87 million with S$18 million shares traded.The Reit ETF tracks the iEdge-UOB Apac Yield Focus Green Reit Index which comprises 50 constituents that meet certain environment factors across indicators such as energy and water consumptions, greenhouse gas (GHG) emissions, and green building certifications, while also maintaining a highly competitive dividend yield.

REIT Watch - Three more S-Reits added to iEdge-UOB Apac Yield Focus Green Reit Index

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for Singapore's ST index ("STI") between now and the September 2023 index review.</li>
<li>With roughly 4 more months left for the base date, <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a> seems to be an ADD but it is close to the border.</li>
<li>Since the ranking system used for this index in based on prices as at a single point in time, the rankings could change significantly and our expectations could change too.</li>
</ul>


In this insight, we take a look at the potential index changes for Singapore's ST index ("STI") between now and the September 2023 index review.
With roughly 4 more months left for the base date, Sembcorp Marine (SMM SP) seems to be an ADD but it is close to the border.
Since the ranking system used for this index in based on prices as at a single point in time, the rankings could change significantly and our expectations could change too.


Quiddity Leaderboard Singapore’s STI Sep 23: KDCREIT Facing Risk of Deletion

Singapore

Keppel DC REIT is Asia's first pure-play data centre REIT listed on the Singapore Exchange. Keppel DC REIT's investment strategy is to principally invest, directly or indirectly, in a diversified portfolio of income-producing real estate assets which are used primarily for data centre purposes, as well as real estate related assets.

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Keppel DC REIT (KDCREIT SP)

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 – Retail S-REITs among top performers in May

The month of May saw the iEdge S-Reit Index decline 3.0 per cent in total return on the back of persistent inflation and growing expectations of a...

Singapore Exchange Ltd (SGX)

Nippon Prologis REIT Placement - Well-Flagged and past Deals Have Performed Decently

Nippon Prologis Reit (3283 JP) is looking to raise US$184m in its primary follow-on offering to acquire one property, namely Prologis Park Soka.

Ethan Aw

REIT Watch - Three more S-Reits added to iEdge-UOB Apac Yield Focus Green Reit Index

Listed in Singapore, the UOB Apac Green Reit ETF (stock codes: GRN and GRE) is a Reit ETF that provides portfolio exposure into higher-yielding...

Singapore Exchange Ltd (SGX)

Quiddity Leaderboard Singapore’s STI Sep 23: KDCREIT Facing Risk of Deletion

As things stand, there could be one day of volume to buy in Sembcorp Marine and two days of volume to sell in KDCREIT but if share prices fluctuate...

Janaghan Jeyakumar, CFA

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