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)

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Equity Bottom-Up

CapitaLand Ascendas REIT / Equity Bottom-Up





Keppel DC REIT, Mapletree Logistics Trust &amp; Parkway Life REIT have generated gains in the 2020 YTD, leading the overall S-REIT Sector which has averaged a 22% decline over the period, with an average 38% decline to 23 March, and an average 28% gain from 23 March to 27 April.  
	 
	
Keppel DC REIT, Mapletree Logistics Trust &amp; Parkway Life REIT are also amongst the 22 S-REITs that report more than a third of their revenue to Singapore. Of the 22 S-REITs, 14 have been listed for the past 10 years with average annualised total returns of 7%.   
	 
	
In line with its capital recycling strategy and in order to realise profits that can be redeployed to capture new opportunities, Keppel T&amp;T has entered into a Sale and Purchase Agreement with a placement agent for the sale of 38 million units in Keppel DC REIT at S$2.42 per Sale Unit. 


 

With a combined market value of S$90 billion, S-REITs make up 11% of the market capitalisation of all stocks in Singapore. Growing investor participation in recent years has seen REITs contributing 29% of daily turnover in the 2020 year to 27 April.

The majority of the S-REIT market capitalisation and S$425 million in average daily turnover in the 2020 year to 27 April is made up of the 22 REITs or Stapled Trusts that report at least one-third of their revenue to Singapore.



      
    
    Revenue Exposure

There has been less distinction in the 2020 year-to-date total returns, with the 22 S-REITs that report more than a third of their revenue to Singapore seeing similar swings as the S-REITs that report less than a third to none of their revenue to Singapore. As illustrated below, the two genres of S-REITs saw similar declines in the 2020 year through to 23 March, and similar partial recoveries from 23 March to 27 April.


      
    
    Reits Revenue


For a more detailed breakdown of the S-REIT Sector, investors can refer to the SREIT &amp; Property Trusts Chartbook - April 2020 here.  

Trio of REITs that have Lodged Gains in 2020 YTD

The 22 S-REITs that report more than a third of their revenue to Singapore included the three strongest S-REITs in the 2020 year through to 27 April that bucked the global trend of declines.

Keppel DC REIT generated a 22.2% total return in the 2020 year through to 27 April, with Mapletree Logistics Trust (“MLT”) gaining 4.2% and Parkway Life REIT (“PLIFE REIT”) gaining 0.9%. Both Keppel DC REIT and MLT were amongst the three S-REITs that saw the highest net institutional inflows over the 17 weeks.

Keppel T&amp;T Realising Profits in Keppel DC REIT

In its 1QFY20 Key Business and Operational Update (click here), Keppel DC REIT reported its 1QFY20 (ended 31 Mar)  gross revenue rose 25.5% from 1QFY19.

Prior to the 28 April session, Keppel Corporation announced that Keppel Telecommunications &amp; Transportation (“Keppel T&amp;T”), through its indirect wholly-owned subsidiary, Keppel DC Investment Holdings had on 27 April 2020 entered into a sale and purchase agreement with Credit Suisse (Singapore) Limited as the placement agent for the sale of 38 million units in Keppel DC REIT.

These sales units represent approximately 2.33% of the total issued units in Keppel DC REIT, with a consideration of S$2.42 per sale unit. In line with the Group’s capital recycling strategy, the sale allows Keppel T&amp;T to realise profits that can be redeployed to capture new opportunities. As maintained in the announcement (click here) Keppel T&amp;T continues to be the single largest unitholder of Keppel DC REIT with a unitholding of 20.58%

Mapletree Logisitics Trust Performance Underpinned by Stable Operations &amp; Accretive Acquisition

On 23 April, MLT reported its FY19/20 (ended 31 Mar) DPU rose 2.5% from FY18/19 to 8.142 cents. The Managers of MLT maintained that currently most of its tenants across its eight markets are operational: In MLT’s top three core markets, for Hong Kong SAR ;and Japan, all tenants remain fully operational, while for Singapore about 5% of its tenant base is impacted.  The Managers added that there are strict government measures in certain markets, its tenants’ operations have remained largely intact:


Overall, tenants from the retail, hospitality and travel industries, which account for about 10% of MLT’s revenue, are the hardest hit by COVID-19; while
	Tenants who serve essential daily needs, such as food and beverage products, consumer staples and healthcare, continue to see healthy levels of activity, especially for the ecommerce operators. These sectors account for over 30% of MLT’s revenue.

For more details click here.

PLife REIT Reported Stable Performance Amidst COVID-19 Outbreak in 1Q20 

On 22 April, PLife REIT reported its DPU in 1QFY20 (ended 31 Mar) grew by 1.4% to 3.32 Singapore cents, from 3.28 Singapore cents in 1QFY19. Gross revenue rose 5.2% year-on-year (“Y-O-Y”) to S$29.9 million in 1Q 2020. Growth was largely attributed to additional revenue contribution from the three Japan properties acquired in 4QFY19, upward revision of the minimum guaranteed rent for Singapore hospitals by 1.61% as well as the appreciation of Japanese Yen (“JPY”). The Group also noted it is setting aside S$1.7 million to provide targeted assistance and support measures for affected tenants as needed. As part of PLife REIT’s ongoing efforts to strengthen its balance sheet through proactive debt management, the Group successfully secured a six-year up to S$82.0 million committed loan facility during the quarter. For more details click here. 
 

Singapore Focused S-REITs Average 10 year Annualised Total Returns of 7.4%

The 22 REITs that report more than a third of their revenue to Singapore are tabled below. While the 22 trusts have averaged a 20.8% decline in the 2020 year-to-date, the 14 trusts that have been listed for the full duration of 10 years have averaged annualised total returns of 7.4% for those 10 years. The 22 stocks have also been recipient of S$161 million in net institutional inflow in the 2020 year to 27 April, while overall, S-REITs have seen a combined  S$26 million in net institutional outflow over the period.




			REIT &amp; Stapled Trust with 1/3 revenue in Singapore
			
			
			Code
			
			
			Mkt Cap S$M
			
			
			Net Insti Inflow YTD (S$M)
			
			
			Total Return YTD %
			
			
			Total Return 31 Dec 19 - 23 Mar 20
			
			
			Total Return 23 Mar 20 - 27 Apr 20
			
			
			10 Year Annualised Total Return 

			%
			
		


			KEPPEL DC REIT
			
			
			AJBU
			
			
			4,115
			
			
			67
			
			
			22.2
			
			
			-4.0
			
			
			27.3
			
			
			N/A
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			6,840
			
			
			68
			
			
			4.2
			
			
			-28.2
			
			
			45.2
			
			
			14.5
			
		


			PARKWAYLIFE REAL ESTATE
			
			
			C2PU
			
			
			2,009
			
			
			0
			
			
			0.9
			
			
			-16.4
			
			
			20.7
			
			
			15.2
			
		


			ASCENDAS REAL ESTATE INV TRT
			
			
			A17U
			
			
			10,203
			
			
			227
			
			
			-4.0
			
			
			-22.1
			
			
			23.1
			
			
			10.5
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			5,370
			
			
			63
			
			
			-5.0
			
			
			-25.6
			
			
			27.7
			
			
			N/A
			
		


			KEPPEL REIT
			
			
			K71U
			
			
			3,650
			
			
			30
			
			
			-11.9
			
			
			-33.9
			
			
			33.3
			
			
			6.1
			
		


			AIMS APAC REIT
			
			
			O5RU
			
			
			820
			
			
			6
			
			
			-17.5
			
			
			-33.8
			
			
			24.7
			
			
			9.9
			
		


			FRASERS COMMERCIAL TRUST
			
			
			ND8U
			
			
			1,189
			
			
			12
			
			
			-20.5
			
			
			-41.3
			
			
			35.4
			
			
			13.1
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			N2IU
			
			
			5,987
			
			
			-41
			
			
			-23.7
			
			
			-31.7
			
			
			11.7
			
			
			N/A
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			C61U
			
			
			5,716
			
			
			30
			
			
			-24.2
			
			
			-29.4
			
			
			7.2
			
			
			8.2
			
		


			CACHE LOGISTICS TRUST
			
			
			K2LU
			
			
			558
			
			
			-4
			
			
			-26.6
			
			
			-48.7
			
			
			43.1
			
			
			1.7
			
		


			SPH REIT
			
			
			SK6U
			
			
			2,151
			
			
			-18
			
			
			-26.8
			
			
			-33.2
			
			
			9.5
			
			
			N/A
			
		


			SOILBUILD BUSINESS SPACE REIT
			
			
			SV3U
			
			
			461
			
			
			3
			
			
			-26.9
			
			
			-53.0
			
			
			55.6
			
			
			N/A
			
		


			FRASERS CENTREPOINT TRUST
			
			
			J69U
			
			
			2,239
			
			
			-2
			
			
			-28.1
			
			
			-34.6
			
			
			9.9
			
			
			9.7
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			6,347
			
			
			-94
			
			
			-29.2
			
			
			-33.7
			
			
			6.8
			
			
			4.1
			
		


			SUNTEC REIT
			
			
			T82U
			
			
			3,605
			
			
			-42
			
			
			-29.5
			
			
			-38.9
			
			
			15.3
			
			
			5.3
			
		


			SABANA SHARIAH COMP IND REIT
			
			
			M1GU
			
			
			332
			
			
			1
			
			
			-30.4
			
			
			-48.1
			
			
			34.0
			
			
			N/A
			
		


			OUE COMMERCIAL REIT
			
			
			TS0U
			
			
			2,076
			
			
			-14
			
			
			-30.4
			
			
			-46.7
			
			
			30.5
			
			
			N/A
			
		


			FAR EAST HOSPITALITY TRUST*
			
			
			Q5T
			
			
			953
			
			
			-14
			
			
			-32.8
			
			
			-47.9
			
			
			28.9
			
			
			N/A
			
		


			STARHILL GLOBAL REIT
			
			
			P40U
			
			
			1,028
			
			
			-20
			
			
			-34.1
			
			
			-45.4
			
			
			20.5
			
			
			3.5
			
		


			ESR-REIT
			
			
			J91U
			
			
			1,104
			
			
			-21
			
			
			-39.6
			
			
			-54.0
			
			
			31.3
			
			
			3.0
			
		


			CDL HOSPITALITY TRUSTS*
			
			
			J85
			
			
			1,092
			
			
			-75
			
			
			-42.7
			
			
			-56.4
			
			
			31.4
			
			
			-0.9
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			-20.8
			
			
			-36.7
			
			
			26.1
			
			
			7.4
			
		

Source: SGX StockFacts, Bloomberg, Thomson Reuters (Data as of 27 April 2020). Note this is based on revenue segmented to Singapore in the last FY.

 
The broader S-REIT performances are tabled below, with the table sort by the S-REITs with the highest average daily turnover in the 2020 year to 27 April.  




			All S-REITs (incl. REITs, Stapled Trusts* and Business Trusts**)
			
			
			Code
			
			
			Mkt Cap S$M
			
			
			Net Insti Inflow YTD (S$M)
			
			
			Total Return YTD %
			
			
			Total Return 31 Dec 19 - 23 Mar 20 %
			
			
			Total Return 23 Mar 20 - 27 Apr 20

			%
			
			
			10 Year Annualised Total Return 

			%
			
		


			ASCENDAS REAL ESTATE INV TRT
			
			
			A17U
			
			
			10,203
			
			
			227
			
			
			-4.0
			
			
			-22.1
			
			
			23.1
			
			
			10
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			6,347
			
			
			-94
			
			
			-29.2
			
			
			-33.7
			
			
			6.8
			
			
			4
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			N2IU
			
			
			5,987
			
			
			-41
			
			
			-23.7
			
			
			-31.7
			
			
			11.7
			
			
			N/A
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			6,840
			
			
			68
			
			
			4.2
			
			
			-28.2
			
			
			45.2
			
			
			15
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			C61U
			
			
			5,716
			
			
			30
			
			
			-24.2
			
			
			-29.4
			
			
			7.2
			
			
			8
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			5,370
			
			
			63
			
			
			-5.0
			
			
			-25.6
			
			
			27.7
			
			
			N/A
			
		


			SUNTEC REIT
			
			
			T82U
			
			
			3,605
			
			
			-42
			
			
			-29.5
			
			
			-38.9
			
			
			15.3
			
			
			5
			
		


			KEPPEL DC REIT
			
			
			AJBU
			
			
			4,115
			
			
			67
			
			
			22.2
			
			
			-4.0
			
			
			27.3
			
			
			N/A
			
		


			MAPLETREE NORTH ASIA COM TRUST
			
			
			RW0U
			
			
			2,827
			
			
			-9
			
			
			-22.8
			
			
			-38.7
			
			
			25.9
			
			
			N/A
			
		


			FRASERS LOGISTICS &amp; INDUSTRIAL
			
			
			BUOU
			
			
			2,228
			
			
			28
			
			
			-20.6
			
			
			-46.4
			
			
			48.1
			
			
			N/A
			
		


			KEPPEL REIT
			
			
			K71U
			
			
			3,650
			
			
			30
			
			
			-11.9
			
			
			-33.9
			
			
			33.3
			
			
			6
			
		


			ASCOTT RESIDENCE TRUST*
			
			
			HMN
			
			
			2,565
			
			
			-35
			
			
			-35.6
			
			
			-46.8
			
			
			21.2
			
			
			4
			
		


			FRASERS CENTREPOINT TRUST
			
			
			J69U
			
			
			2,239
			
			
			-2
			
			
			-28.1
			
			
			-34.6
			
			
			9.9
			
			
			10
			
		


			ESR-REIT
			
			
			J91U
			
			
			1,104
			
			
			-21
			
			
			-39.6
			
			
			-54.0
			
			
			31.3
			
			
			3
			
		


			CDL HOSPITALITY TRUSTS*
			
			
			J85
			
			
			1,092
			
			
			-75
			
			
			-42.7
			
			
			-56.4
			
			
			31.4
			
			
			-1
			
		


			MANULIFE US REIT
			
			
			BTOU
			
			
			1,561
			
			
			-3
			
			
			-25.0
			
			
			-39.0
			
			
			22.8
			
			
			N/A
			
		


			CAPITALAND RETAIL CHINA TRUST
			
			
			AU8U
			
			
			1,626
			
			
			-38
			
			
			-15.4
			
			
			-37.4
			
			
			35.0
			
			
			8
			
		


			CROMWELL EUROPEAN REIT
			
			
			CNNU
			
			
			1,472
			
			
			1
			
			
			-26.7
			
			
			-42.1
			
			
			26.8
			
			
			N/A
			
		


			LENDLEASE GLOBAL COMMERCIAL
			
			
			JYEU
			
			
			643
			
			
			-50
			
			
			-40.0
			
			
			-41.6
			
			
			2.8
			
			
			N/A
			
		


			FRASERS COMMERCIAL TRUST
			
			
			ND8U
			
			
			1,189
			
			
			12
			
			
			-20.5
			
			
			-41.3
			
			
			35.4
			
			
			13
			
		


			SPH REIT
			
			
			SK6U
			
			
			2,151
			
			
			-18
			
			
			-26.8
			
			
			-33.2
			
			
			9.5
			
			
			N/A
			
		


			SASSEUR REIT
			
			
			CRPU
			
			
			851
			
			
			-22
			
			
			-18.1
			
			
			-35.4
			
			
			26.8
			
			
			N/A
			
		


			PARKWAYLIFE REIT
			
			
			C2PU
			
			
			2,009
			
			
			0
			
			
			0.9
			
			
			-16.4
			
			
			20.7
			
			
			15
			
		


			ASCENDAS INDIA TRUST**
			
			
			CY6U
			
			
			1,398
			
			
			6
			
			
			-21.0
			
			
			-35.3
			
			
			22.0
			
			
			9
			
		


			KEPPEL PACIFIC OAK US REIT
			
			
			CMOU
			
			
			764
			
			
			-13
			
			
			-21.1
			
			
			-38.7
			
			
			28.7
			
			
			N/A
			
		


			AIMS APAC REIT
			
			
			O5RU
			
			
			820
			
			
			6
			
			
			-17.5
			
			
			-33.8
			
			
			24.7
			
			
			10
			
		


			PRIME US REIT
			
			
			OXMU
			
			
			1,015
			
			
			-3
			
			
			-22.7
			
			
			-38.7
			
			
			26.2
			
			
			N/A
			
		


			FIRST REAL ESTATE INVT TRUST
			
			
			AW9U
			
			
			624
			
			
			-18
			
			
			-19.9
			
			
			-41.0
			
			
			35.7
			
			
			9
			
		


			FAR EAST HOSPITALITY TRUST*
			
			
			Q5T
			
			
			953
			
			
			-14
			
			
			-32.8
			
			
			-47.9
			
			
			28.9
			
			
			N/A
			
		


			STARHILL GLOBAL REIT
			
			
			P40U
			
			
			1,028
			
			
			-20
			
			
			-34.1
			
			
			-45.4
			
			
			20.5
			
			
			4
			
		


			IREIT GLOBAL
			
			
			UD1U
			
			
			415
			
			
			-4
			
			
			-17.2
			
			
			-47.2
			
			
			56.6
			
			
			N/A
			
		


			OUE COMMERCIAL REIT
			
			
			TS0U
			
			
			2,076
			
			
			-14
			
			
			-30.4
			
			
			-46.7
			
			
			30.5
			
			
			N/A
			
		


			CACHE LOGISTICS TRUST
			
			
			K2LU
			
			
			558
			
			
			-4
			
			
			-26.6
			
			
			-48.7
			
			
			43.1
			
			
			2
			
		


			EAGLE HOSPITALITY TRUST*
			
			
			LIW
			
			
			170
			
			
			-9
			
			
			-73.5
			
			
			-72.7
			
			
			-2.6
			
			
			N/A
			
		


			LIPPO MALLS INDONESIA RETAIL
			
			
			D5IU
			
			
			416
			
			
			-9
			
			
			-35.4
			
			
			-51.7
			
			
			34.0
			
			
			-2
			
		


			EC WORLD REIT
			
			
			BWCU
			
			
			522
			
			
			-12
			
			
			-10.6
			
			
			-39.5
			
			
			47.7
			
			
			N/A
			
		


			ELITE COMMERCIAL REIT
			
			
			MXNU
			
			
			389
			
			
			3
			
			
			0.0
			
			
			0.0
			
			
			28.7
			
			
			N/A
			
		


			SOILBUILD BUSINESS SPACE REIT
			
			
			SV3U
			
			
			461
			
			
			3
			
			
			-26.9
			
			
			-53.0
			
			
			55.6
			
			
			N/A
			
		


			FRASERS HOSPITALITY TRUST*
			
			
			ACV
			
			
			907
			
			
			-5
			
			
			-33.1
			
			
			-50.7
			
			
			35.7
			
			
			N/A
			
		


			SABANA SHARIAH COMP IND REIT
			
			
			M1GU
			
			
			332
			
			
			1
			
			
			-30.4
			
			
			-48.1
			
			
			34.0
			
			
			N/A
			
		


			UNITED HAMPSHIRE US REIT
			
			
			ODBU
			
			
			437
			
			
			-2
			
			
			0.0
			
			
			0.0
			
			
			29.5
			
			
			N/A
			
		


			ARA US HOSPITALITY TRUST*
			
			
			XZL
			
			
			342
			
			
			5
			
			
			-45.7
			
			
			-58.0
			
			
			29.4
			
			
			N/A
			
		


			DASIN RETAIL TRUST**
			
			
			CEDU
			
			
			519
			
			
			1
			
			
			-1.7
			
			
			-2.4
			
			
			0.6
			
			
			N/A
			
		


			BHG RETAIL REIT
			
			
			BMGU
			
			
			311
			
			
			0
			
			
			-8.2
			
			
			-33.8
			
			
			38.6
			
			
			N/A
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			-22.1
			
			
			-37.4
			
			
			27.1
			
			
			6.9
			
		

 Source: SGX StockFacts, Bloomberg, Thomson Reuters (Data as of 27 April 2020)



Keppel DC REIT, MLT & PLife REIT Lodge Gains in 2020 YTD

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
SGX lists a total of 45 REITs and trusts with a combined market cap of over S$100 billion. Two REITs - United Hampshire US REIT and Elite Commercial REIT - listed on SGX earlier this year. 
	 </li>
	<li>
SPH REIT kicked off the current financial reporting season for Singapore REITs on 1 April with the release of its fiscal 2Q ended 29 February 2020 earnings. 
	 </li>
	<li>Another six REITs – Soilbuild Business Space REIT, ParkwayLife REIT, Frasers Centrepoint Trust, Mapletree Industrial Trust, Mapletree North Asia Commercial Trust, and Lendlease Global Commercial REIT – have confirmed they will unveil results for the quarter ended 31 March 2020 over the next three weeks.</li>
</ul>
 

 

SGX lists a total of 45 REITs and trusts with a combined market capitalisation of over S$100 billion. Two REITs that listed on SGX so far this year were United Hampshire US REIT – Asia’s first US grocery-anchored shopping centre and self-storage REIT, and Elite Commercial REIT, SGX’s first UK-focused REIT.

SPH REIT kicked off the current financial reporting season for Singapore REITs on 1 April with the release of its fiscal 2Q ended 29 February 2020 <a href="https://links.sgx.com/FileOpen/SPH%20REIT%20-%20Press%20Release%20Q2FY20.ashx?App=Announcement&amp;FileID=603461">earnings</a>. Another six REITs have confirmed that they will unveil results for the quarter ended 31 March 2020 on the following dates:

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			Date
			</td>
		</tr>
<tr>
<td>
			Soilbuild Business Space REIT
			</td>
			<td>
			16-Apr-20
			</td>
		</tr>
<tr>
<td>
			ParkwayLife REIT                                                           
			</td>
			<td>
			22-Apr-20
			</td>
		</tr>
<tr>
<td>
			 Frasers Centrepoint Trust                                     
			</td>
			<td>
			23-Apr-20
			</td>
		</tr>
<tr>
<td>
			Mapletree Industrial Trust                                          
			</td>
			<td>
			27-Apr-20
			</td>
		</tr>
<tr>
<td>
			Mapletree North Asia Commercial Trust                
			</td>
			<td>
			29-Apr-20
			</td>
		</tr>
<tr>
<td>
			 Lendlease Global Commercial REIT                          
			</td>
			<td>
			5-May-20
			</td>
		</tr>
</tbody></table>
 

For updated earnings releases by other REITs, check out the weekly <a href="https://www.sgxacademy.com/economiccalendar/">Economic Calendar</a>.

The table below details released, confirmed and estimated dates of earnings reports of the REITs and trusts listed on SGX, sorted by date.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			Market Cap (S$)
			</td>
			<td>
			Date
			</td>
			<td>
			Date Type
			</td>
		</tr>
<tr>
<td>
			SPH REIT
			</td>
			<td>
			1,930,503,296
			</td>
			<td>
			1-Apr-20
			</td>
			<td>
			Released
			</td>
		</tr>
<tr>
<td>
			FIRST REIT
			</td>
			<td>
			551,995,136
			</td>
			<td>
			10-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			SOILBUILD BUSINESS SPACE REIT
			</td>
			<td>
			398,129,504
			</td>
			<td>
			16-Apr-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			KEPPEL REIT
			</td>
			<td>
			3,160,128,512
			</td>
			<td>
			17-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			KEPPEL PACIFIC OAK US REIT
			</td>
			<td>
			444,553,344
			</td>
			<td>
			20-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			SABANA SHARIAH COMP IND REIT
			</td>
			<td>
			279,067,136
			</td>
			<td>
			20-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			KEPPEL DC REIT
			</td>
			<td>
			3,837,041,920
			</td>
			<td>
			21-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			MAPLETREE COMMERCIAL TRUST
			</td>
			<td>
			5,225,866,752
			</td>
			<td>
			22-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			PARKWAYLIFE REIT
			</td>
			<td>
			1,857,357,312
			</td>
			<td>
			22-Apr-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			LIPPO MALLS INDONESIA RETAIL TRUST
			</td>
			<td>
			307,313,472
			</td>
			<td>
			22-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			FRASERS CENTREPOINT TRUST
			</td>
			<td>
			1,981,422,976
			</td>
			<td>
			23-Apr-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			FRASERS COMMERCIAL TRUST
			</td>
			<td>
			1,033,832,640
			</td>
			<td>
			23-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			CAPITALAND MALL TRUST
			</td>
			<td>
			5,978,050,560
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			MAPLETREE LOGISTICS TRUST
			</td>
			<td>
			5,890,423,808
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			CAPITALAND COMMERCIAL TRUST
			</td>
			<td>
			5,406,626,816
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			SUNTEC REIT
			</td>
			<td>
			3,317,148,672
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			CAPITALAND RETAIL CHINA TRUST
			</td>
			<td>
			1,381,844,992
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			ESR-REIT
			</td>
			<td>
			858,982,528
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			STARHILL GLOBAL REIT
			</td>
			<td>
			831,022,272
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			AIMS APAC REIT
			</td>
			<td>
			720,795,840
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			CACHE LOGISTICS TRUST
			</td>
			<td>
			509,525,984
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			ASCENDAS INDIA TRUST
			</td>
			<td>
			1,282,978,688
			</td>
			<td>
			25-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			MANULIFE US REIT
			</td>
			<td>
			1,045,450,560
			</td>
			<td>
			25-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			FAR EAST HOSPITALITY TRUST
			</td>
			<td>
			788,035,584
			</td>
			<td>
			25-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			MAPLETREE INDUSTRIAL TRUST
			</td>
			<td>
			4,886,224,896
			</td>
			<td>
			27-Apr-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			ASCENDAS REIT
			</td>
			<td>
			9,660,561,408
			</td>
			<td>
			29-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			MAPLETREE NORTH ASIA COMMERCIAL TRUST
			</td>
			<td>
			2,510,982,400
			</td>
			<td>
			29-Apr-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			ASCOTT RESIDENCE TRUST
			</td>
			<td>
			2,394,727,168
			</td>
			<td>
			30-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			FRASERS LOGISTICS &amp; INDUSTRIAL TRUST
			</td>
			<td>
			1,866,202,752
			</td>
			<td>
			30-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			CDL HOSPITALITY TRUSTS
			</td>
			<td>
			904,039,232
			</td>
			<td>
			30-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			FRASERS HOSPITALITY TRUST
			</td>
			<td>
			706,573,504
			</td>
			<td>
			30-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			LENDLEASE GLOBAL COMMERCIAL REIT
			</td>
			<td>
			543,808,384
			</td>
			<td>
			5-May-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			OUE COMMERCIAL REIT
			</td>
			<td>
			1,806,473,856
			</td>
			<td>
			8-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			EC WORLD REIT
			</td>
			<td>
			441,592,608
			</td>
			<td>
			8-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			BHG RETAIL REIT
			</td>
			<td>
			259,839,936
			</td>
			<td>
			8-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			DASIN RETAIL TRUST
			</td>
			<td>
			531,875,200
			</td>
			<td>
			11-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			CROMWELL EUROPEAN REIT
			</td>
			<td>
			869,067,392
			</td>
			<td>
			13-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			SASSEUR REIT
			</td>
			<td>
			671,260,032
			</td>
			<td>
			13-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			IREIT GLOBAL
			</td>
			<td>
			331,949,568
			</td>
			<td>
			15-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			ARA US HOSPITALITY TRUST
			</td>
			<td>
			181,549,872
			</td>
			<td>
			15-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			PRIME US REIT
			</td>
			<td>
			631,062,336
			</td>
			<td>
			31-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			UNITED HAMPSHIRE US REIT
			</td>
			<td>
			239,239,344
			</td>
			<td>
			Unknown
			</td>
			<td>
			Listed 12 March 2020
			</td>
		</tr>
<tr>
<td>
			ELITE COMMERCIAL REIT
			</td>
			<td>
			197,670,896
			</td>
			<td>
			Unknown
			</td>
			<td>
			Listed 6 Feb 2020
			</td>
		</tr>
</tbody></table>
 Source: Bloomberg &amp; SGX (data as of 8 Apr 20)

Note: Manulife US REIT is traded in USD, IREIT Global is traded in EUR, with their SGD equivalents shown in the table

Note: Excluded from the list are RHT Health Trust, a pure cash trust that has been suspended since 28 Nov 19, and Eagle Hospitality Trust, which requested for an indefinite trading suspension from 24 Mar 20
</body></html>





SGX lists a total of 45 REITs and trusts with a combined market cap of over S$100 billion. Two REITs - United Hampshire US REIT and Elite Commercial REIT - listed on SGX earlier this year. 
	 
	
SPH REIT kicked off the current financial reporting season for Singapore REITs on 1 April with the release of its fiscal 2Q ended 29 February 2020 earnings. 
	 
	Another six REITs – Soilbuild Business Space REIT, ParkwayLife REIT, Frasers Centrepoint Trust, Mapletree Industrial Trust, Mapletree North Asia Commercial Trust, and Lendlease Global Commercial REIT – have confirmed they will unveil results for the quarter ended 31 March 2020 over the next three weeks.

 

 

SGX lists a total of 45 REITs and trusts with a combined market capitalisation of over S$100 billion. Two REITs that listed on SGX so far this year were United Hampshire US REIT – Asia’s first US grocery-anchored shopping centre and self-storage REIT, and Elite Commercial REIT, SGX’s first UK-focused REIT.

SPH REIT kicked off the current financial reporting season for Singapore REITs on 1 April with the release of its fiscal 2Q ended 29 February 2020 earnings. Another six REITs have confirmed that they will unveil results for the quarter ended 31 March 2020 on the following dates:




			Name
			
			
			Date
			
		


			Soilbuild Business Space REIT
			
			
			16-Apr-20
			
		


			ParkwayLife REIT                                                           
			
			
			22-Apr-20
			
		


			 Frasers Centrepoint Trust                                     
			
			
			23-Apr-20
			
		


			Mapletree Industrial Trust                                          
			
			
			27-Apr-20
			
		


			Mapletree North Asia Commercial Trust                
			
			
			29-Apr-20
			
		


			 Lendlease Global Commercial REIT                          
			
			
			5-May-20
			
		

 

For updated earnings releases by other REITs, check out the weekly Economic Calendar.

The table below details released, confirmed and estimated dates of earnings reports of the REITs and trusts listed on SGX, sorted by date.




			Name
			
			
			Market Cap (S$)
			
			
			Date
			
			
			Date Type
			
		


			SPH REIT
			
			
			1,930,503,296
			
			
			1-Apr-20
			
			
			Released
			
		


			FIRST REIT
			
			
			551,995,136
			
			
			10-Apr-20
			
			
			Estimated
			
		


			SOILBUILD BUSINESS SPACE REIT
			
			
			398,129,504
			
			
			16-Apr-20
			
			
			Confirmed
			
		


			KEPPEL REIT
			
			
			3,160,128,512
			
			
			17-Apr-20
			
			
			Estimated
			
		


			KEPPEL PACIFIC OAK US REIT
			
			
			444,553,344
			
			
			20-Apr-20
			
			
			Estimated
			
		


			SABANA SHARIAH COMP IND REIT
			
			
			279,067,136
			
			
			20-Apr-20
			
			
			Estimated
			
		


			KEPPEL DC REIT
			
			
			3,837,041,920
			
			
			21-Apr-20
			
			
			Estimated
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			5,225,866,752
			
			
			22-Apr-20
			
			
			Estimated
			
		


			PARKWAYLIFE REIT
			
			
			1,857,357,312
			
			
			22-Apr-20
			
			
			Confirmed
			
		


			LIPPO MALLS INDONESIA RETAIL TRUST
			
			
			307,313,472
			
			
			22-Apr-20
			
			
			Estimated
			
		


			FRASERS CENTREPOINT TRUST
			
			
			1,981,422,976
			
			
			23-Apr-20
			
			
			Confirmed
			
		


			FRASERS COMMERCIAL TRUST
			
			
			1,033,832,640
			
			
			23-Apr-20
			
			
			Estimated
			
		


			CAPITALAND MALL TRUST
			
			
			5,978,050,560
			
			
			24-Apr-20
			
			
			Estimated
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			5,890,423,808
			
			
			24-Apr-20
			
			
			Estimated
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			5,406,626,816
			
			
			24-Apr-20
			
			
			Estimated
			
		


			SUNTEC REIT
			
			
			3,317,148,672
			
			
			24-Apr-20
			
			
			Estimated
			
		


			CAPITALAND RETAIL CHINA TRUST
			
			
			1,381,844,992
			
			
			24-Apr-20
			
			
			Estimated
			
		


			ESR-REIT
			
			
			858,982,528
			
			
			24-Apr-20
			
			
			Estimated
			
		


			STARHILL GLOBAL REIT
			
			
			831,022,272
			
			
			24-Apr-20
			
			
			Estimated
			
		


			AIMS APAC REIT
			
			
			720,795,840
			
			
			24-Apr-20
			
			
			Estimated
			
		


			CACHE LOGISTICS TRUST
			
			
			509,525,984
			
			
			24-Apr-20
			
			
			Estimated
			
		


			ASCENDAS INDIA TRUST
			
			
			1,282,978,688
			
			
			25-Apr-20
			
			
			Estimated
			
		


			MANULIFE US REIT
			
			
			1,045,450,560
			
			
			25-Apr-20
			
			
			Estimated
			
		


			FAR EAST HOSPITALITY TRUST
			
			
			788,035,584
			
			
			25-Apr-20
			
			
			Estimated
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			4,886,224,896
			
			
			27-Apr-20
			
			
			Confirmed
			
		


			ASCENDAS REIT
			
			
			9,660,561,408
			
			
			29-Apr-20
			
			
			Estimated
			
		


			MAPLETREE NORTH ASIA COMMERCIAL TRUST
			
			
			2,510,982,400
			
			
			29-Apr-20
			
			
			Confirmed
			
		


			ASCOTT RESIDENCE TRUST
			
			
			2,394,727,168
			
			
			30-Apr-20
			
			
			Estimated
			
		


			FRASERS LOGISTICS &amp; INDUSTRIAL TRUST
			
			
			1,866,202,752
			
			
			30-Apr-20
			
			
			Estimated
			
		


			CDL HOSPITALITY TRUSTS
			
			
			904,039,232
			
			
			30-Apr-20
			
			
			Estimated
			
		


			FRASERS HOSPITALITY TRUST
			
			
			706,573,504
			
			
			30-Apr-20
			
			
			Estimated
			
		


			LENDLEASE GLOBAL COMMERCIAL REIT
			
			
			543,808,384
			
			
			5-May-20
			
			
			Confirmed
			
		


			OUE COMMERCIAL REIT
			
			
			1,806,473,856
			
			
			8-May-20
			
			
			Estimated
			
		


			EC WORLD REIT
			
			
			441,592,608
			
			
			8-May-20
			
			
			Estimated
			
		


			BHG RETAIL REIT
			
			
			259,839,936
			
			
			8-May-20
			
			
			Estimated
			
		


			DASIN RETAIL TRUST
			
			
			531,875,200
			
			
			11-May-20
			
			
			Estimated
			
		


			CROMWELL EUROPEAN REIT
			
			
			869,067,392
			
			
			13-May-20
			
			
			Estimated
			
		


			SASSEUR REIT
			
			
			671,260,032
			
			
			13-May-20
			
			
			Estimated
			
		


			IREIT GLOBAL
			
			
			331,949,568
			
			
			15-May-20
			
			
			Estimated
			
		


			ARA US HOSPITALITY TRUST
			
			
			181,549,872
			
			
			15-May-20
			
			
			Estimated
			
		


			PRIME US REIT
			
			
			631,062,336
			
			
			31-May-20
			
			
			Estimated
			
		


			UNITED HAMPSHIRE US REIT
			
			
			239,239,344
			
			
			Unknown
			
			
			Listed 12 March 2020
			
		


			ELITE COMMERCIAL REIT
			
			
			197,670,896
			
			
			Unknown
			
			
			Listed 6 Feb 2020
			
		

 Source: Bloomberg &amp; SGX (data as of 8 Apr 20)

Note: Manulife US REIT is traded in USD, IREIT Global is traded in EUR, with their SGD equivalents shown in the table

Note: Excluded from the list are RHT Health Trust, a pure cash trust that has been suspended since 28 Nov 19, and Eagle Hospitality Trust, which requested for an indefinite trading suspension from 24 Mar 20



<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
Global Hardware, Semiconductor and Hi-Tech Manufacturers declined 26% in the 2020 YTD, bringing their median 5 year total returns to a 5% decline. Semiconductor stocks have led declines over past 11 weeks, while also maintaining the strongest 5 years gains. 
	 </li>
	<li>
In Singapore, hi-tech manufacturers, two REITs investing in Data Centres, a Business Trust investing in India IT parks, have maintained median 17% annualised total returns over the past five years, ranging from 10% for Valuetronics and A-iTrust to 87% for AEM Holdings. 
	 </li>
	<li>Also amongst Singapore’s 100 most active traded stocks, Sheng Siong has also defended an 11% annualised total return over the past five years, with a 15% decline in 2020 YTD, making the stock one of Singapore’s most defensive in recent years. </li>
</ul>
 

Of Singapore’s 100 most traded stocks in the 2020 year-through to March 18, 11 stocks have maintained double-digit annualised gains over the past five years. The majority of these stocks are involved in hi-tech manufacturing. Supermarket chain Sheng Siong Group is also amongst the 11 stocks, as is Mapletree Industrial Trust, which has been gradually expanding the number of Data Centres in its portfolio in recent years. Ascendas India Trust is also amongst the 11 stocks, and the Business Trust invests in IT parks in India. 

All 11 stocks have declined in-line with the STI in the 2020 year through to 18 March, with six of the 11 stocks declining more than the STI.  As many as 10 of the 11 stocks are related to hi-tech manufacturing or investment in technology-related property. Sort by turnover rankings in the 2020 year through to this week, the 11 stocks are tabled below. 

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			Code
			</td>
			<td>
			Mkt Cap S$M
			</td>
			<td>
			YTD Total Return
			</td>
			<td>
			Annualised 5 Year Total Return
			</td>
			<td>
			Approx. Turnover Rank in 2020 YTD
			</td>
		</tr>
<tr>
<td>
			VENTURE CORP
			</td>
			<td>
			V03
			</td>
			<td>
			$4,064
			</td>
			<td>
			-13%
			</td>
			<td>
			16%
			</td>
			<td>
			14
			</td>
		</tr>
<tr>
<td>
			MAPLETREE INDUSTRIAL TRUST
			</td>
			<td>
			ME8U
			</td>
			<td>
			$4,688
			</td>
			<td>
			-17%
			</td>
			<td>
			14%
			</td>
			<td>
			18
			</td>
		</tr>
<tr>
<td>
			AEM HOLDINGS
			</td>
			<td>
			AWX
			</td>
			<td>
			$404
			</td>
			<td>
			-26%
			</td>
			<td>
			87%
			</td>
			<td>
			25
			</td>
		</tr>
<tr>
<td>
			KEPPEL DC REIT
			</td>
			<td>
			AJBU
			</td>
			<td>
			$3,037
			</td>
			<td>
			-10%
			</td>
			<td>
			20%
			</td>
			<td>
			27
			</td>
		</tr>
<tr>
<td>
			UMS HOLDINGS
			</td>
			<td>
			558
			</td>
			<td>
			$338
			</td>
			<td>
			-39%
			</td>
			<td>
			17%
			</td>
			<td>
			48
			</td>
		</tr>
<tr>
<td>
			HI-P INTERNATIONAL
			</td>
			<td>
			H17
			</td>
			<td>
			$600
			</td>
			<td>
			-51%
			</td>
			<td>
			15%
			</td>
			<td>
			52
			</td>
		</tr>
<tr>
<td>
			SHENG SIONG GROUP
			</td>
			<td>
			OV8
			</td>
			<td>
			$1,594
			</td>
			<td>
			-15%
			</td>
			<td>
			11%
			</td>
			<td>
			60
			</td>
		</tr>
<tr>
<td>
			ASCENDAS INDIA TRUST
			</td>
			<td>
			CY6U
			</td>
			<td>
			$1,283
			</td>
			<td>
			-27%
			</td>
			<td>
			10%
			</td>
			<td>
			61
			</td>
		</tr>
<tr>
<td>
			VALUETRONICS HOLDINGS
			</td>
			<td>
			BN2
			</td>
			<td>
			$204
			</td>
			<td>
			-43%
			</td>
			<td>
			10%
			</td>
			<td>
			75
			</td>
		</tr>
<tr>
<td>
			FRENCKEN GROUP
			</td>
			<td>
			E28
			</td>
			<td>
			$238
			</td>
			<td>
			-39%
			</td>
			<td>
			26%
			</td>
			<td>
			87
			</td>
		</tr>
<tr>
<td>
			FU YU CORP
			</td>
			<td>
			F13
			</td>
			<td>
			$149
			</td>
			<td>
			-22%
			</td>
			<td>
			21%
			</td>
			<td>
			98
			</td>
		</tr>
<tr>
<td>
			Median 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			-26%
			</td>
			<td>
			16%
			</td>
			<td>
			 
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			-28%
			</td>
			<td>
			22%
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
 Source: Thomson Reuters, Bloomberg, Company Financial Reports (Data as of 18 March 2020).

Amongst the 11 stocks, there are a mix of stocks that maintain high beta relative to the STI, and lower beta over the past three declines and recoveries of the STI. Beta is a historical measure of the relative volatility of a stock relative to the broader market. Hence assuming a portfolio replicates the relevant benchmark index that represents the broader market, beta provides past indications of whether the stock added or reduced portfolio risk. To that end, it is not a forward looking indicator.

These three declines span the Europe Debt concerns weighing the STI decline 23% (from the preceding peak) to the 2529 low on 5 October 2011, the so-called taper tantrum which saw the STI fall 29% (from the preceding peak) to the 2533 low on 21 January 2016 and the trade war concerns which saw the STI fall 18% (from the preceding peak) to the 2966 low on 30 October 2018. 

Of the 11 stocks, Hi-P International has maintained the highest beta coefficients across the aforesaid declines and recoveries. In all three instances, the Hi-P International underperformed the STI in the decline phase, and outperformed the STI in the recovery phase.

<table class="table table-striped"><tbody>
<tr>
<td>
			Stock
			</td>
			<td colspan="2">
			6 Jan 11 -  5 Oct 11
			</td>
			<td colspan="2">
			5 Oct 11 - 22 May 13
			</td>
			<td colspan="2">
			15 Apr 15 - 21 Jan 16
			</td>
			<td colspan="2">
			21 Jan 16 - 2 May 18
			</td>
			<td colspan="2">
			2 May 18 - 30 Oct 18
			</td>
			<td colspan="2">
			30 Oct 18 - 29 Apr 19
			</td>
		</tr>
<tr>
<td>
			 
			</td>
			<td>
			Beta
			</td>
			<td>
			Total Return 
			</td>
			<td>
			Beta
			</td>
			<td>
			Total Return 
			</td>
			<td>
			Beta
			</td>
			<td>
			Total Return 
			</td>
			<td>
			Beta
			</td>
			<td>
			Total Return 
			</td>
			<td>
			Beta
			</td>
			<td>
			Total Return 
			</td>
			<td>
			Beta
			</td>
			<td>
			Total Return 
			</td>
		</tr>
<tr>
<td>
			VENTURE CORPORATION
			</td>
			<td>
			0.77
			</td>
			<td>
			-28%
			</td>
			<td>
			0.69
			</td>
			<td>
			29%
			</td>
			<td>
			0.50
			</td>
			<td>
			-3%
			</td>
			<td>
			0.68
			</td>
			<td>
			173%
			</td>
			<td>
			1.27
			</td>
			<td>
			-21%
			</td>
			<td>
			1.60
			</td>
			<td>
			20%
			</td>
		</tr>
<tr>
<td>
			MAPLETREE IND TRUST
			</td>
			<td>
			0.72
			</td>
			<td>
			5%
			</td>
			<td>
			0.48
			</td>
			<td>
			65%
			</td>
			<td>
			0.63
			</td>
			<td>
			-2%
			</td>
			<td>
			0.53
			</td>
			<td>
			58%
			</td>
			<td>
			0.49
			</td>
			<td>
			-4%
			</td>
			<td>
			0.40
			</td>
			<td>
			15%
			</td>
		</tr>
<tr>
<td>
			AEM HOLDINGS
			</td>
			<td>
			0.66
			</td>
			<td>
			-7%
			</td>
			<td>
			0.85
			</td>
			<td>
			131%
			</td>
			<td>
			0.90
			</td>
			<td>
			-37%
			</td>
			<td>
			0.86
			</td>
			<td>
			3011%
			</td>
			<td>
			1.29
			</td>
			<td>
			-44%
			</td>
			<td>
			1.40
			</td>
			<td>
			54%
			</td>
		</tr>
<tr>
<td>
			KEPPEL DC REIT
			</td>
			<td>
			N/A
			</td>
			<td>
			N/A
			</td>
			<td>
			N/A
			</td>
			<td>
			N/A
			</td>
			<td>
			0.64
			</td>
			<td>
			1%
			</td>
			<td>
			0.57
			</td>
			<td>
			66%
			</td>
			<td>
			0.54
			</td>
			<td>
			-4%
			</td>
			<td>
			0.43
			</td>
			<td>
			16%
			</td>
		</tr>
<tr>
<td>
			UMS HOLDINGS
			</td>
			<td>
			1.42
			</td>
			<td>
			-50%
			</td>
			<td>
			1.14
			</td>
			<td>
			139%
			</td>
			<td>
			0.67
			</td>
			<td>
			-3%
			</td>
			<td>
			0.87
			</td>
			<td>
			230%
			</td>
			<td>
			1.09
			</td>
			<td>
			-38%
			</td>
			<td>
			1.47
			</td>
			<td>
			16%
			</td>
		</tr>
<tr>
<td>
			HI-P INTERNATIONAL 
			</td>
			<td>
			1.10
			</td>
			<td>
			-51%
			</td>
			<td>
			0.94
			</td>
			<td>
			77%
			</td>
			<td>
			1.12
			</td>
			<td>
			-33%
			</td>
			<td>
			0.84
			</td>
			<td>
			387%
			</td>
			<td>
			1.73
			</td>
			<td>
			-56%
			</td>
			<td>
			2.11
			</td>
			<td>
			107%
			</td>
		</tr>
<tr>
<td>
			SHENG SIONG GROUP
			</td>
			<td>
			N/A
			</td>
			<td>
			N/A
			</td>
			<td>
			0.94
			</td>
			<td>
			97%
			</td>
			<td>
			0.77
			</td>
			<td>
			7%
			</td>
			<td>
			0.51
			</td>
			<td>
			36%
			</td>
			<td>
			0.68
			</td>
			<td>
			8%
			</td>
			<td>
			0.31
			</td>
			<td>
			-4%
			</td>
		</tr>
<tr>
<td>
			ASCENDAS INDIA TRUST
			</td>
			<td>
			0.80
			</td>
			<td>
			-23%
			</td>
			<td>
			0.72
			</td>
			<td>
			29%
			</td>
			<td>
			0.68
			</td>
			<td>
			-18%
			</td>
			<td>
			0.46
			</td>
			<td>
			70%
			</td>
			<td>
			0.48
			</td>
			<td>
			4%
			</td>
			<td>
			0.69
			</td>
			<td>
			23%
			</td>
		</tr>
<tr>
<td>
			VALUETRONICS HOLDINGS 
			</td>
			<td>
			1.04
			</td>
			<td>
			-12%
			</td>
			<td>
			0.76
			</td>
			<td>
			19%
			</td>
			<td>
			1.14
			</td>
			<td>
			-15%
			</td>
			<td>
			0.98
			</td>
			<td>
			158%
			</td>
			<td>
			1.30
			</td>
			<td>
			-18%
			</td>
			<td>
			1.03
			</td>
			<td>
			15%
			</td>
		</tr>
<tr>
<td>
			FRENCKEN GROUP
			</td>
			<td>
			0.86
			</td>
			<td>
			-4%
			</td>
			<td>
			0.63
			</td>
			<td>
			-17%
			</td>
			<td>
			0.50
			</td>
			<td>
			-13%
			</td>
			<td>
			0.66
			</td>
			<td>
			213%
			</td>
			<td>
			0.86
			</td>
			<td>
			-34%
			</td>
			<td>
			0.73
			</td>
			<td>
			81%
			</td>
		</tr>
<tr>
<td>
			FU YU CORP
			</td>
			<td>
			1.21
			</td>
			<td>
			-48%
			</td>
			<td>
			0.65
			</td>
			<td>
			-5%
			</td>
			<td>
			1.08
			</td>
			<td>
			10%
			</td>
			<td>
			0.71
			</td>
			<td>
			44%
			</td>
			<td>
			0.55
			</td>
			<td>
			-6%
			</td>
			<td>
			0.84
			</td>
			<td>
			33%
			</td>
		</tr>
<tr>
<td>
			Median
			</td>
			<td>
			0.86
			</td>
			<td>
			-23%
			</td>
			<td>
			0.74
			</td>
			<td>
			47%
			</td>
			<td>
			0.68
			</td>
			<td>
			-3%
			</td>
			<td>
			0.68
			</td>
			<td>
			158%
			</td>
			<td>
			0.86
			</td>
			<td>
			-18%
			</td>
			<td>
			0.84
			</td>
			<td>
			20%
			</td>
		</tr>
<tr>
<td>
			STI (price + dividends)
			</td>
			<td>
			 
			</td>
			<td>
			-21%
			</td>
			<td>
			 
			</td>
			<td>
			16%
			</td>
			<td>
			 
			</td>
			<td>
			-26%
			</td>
			<td>
			 
			</td>
			<td>
			54%
			</td>
			<td>
			 
			</td>
			<td>
			-16%
			</td>
			<td>
			 
			</td>
			<td>
			16%
			</td>
		</tr>
</tbody></table>
 Source: Thomson Reuters, Bloomberg, Company Financial Reports (Data as of 18 March 2020).

Of the 11 stocks, since its listing in November 2014, Keppel DC REIT maintained the lowest beta coefficient for the taper tantrum and trade war concerns, followed by Sheng Siong Group and Mapletree Industrial Trust.  Note amidst the taper tantrum and trade war concerns, Sheng Siong Group outperformed the STI during the declining phases, but underperformed in the recovery phases.
</body></html>





Global Hardware, Semiconductor and Hi-Tech Manufacturers declined 26% in the 2020 YTD, bringing their median 5 year total returns to a 5% decline. Semiconductor stocks have led declines over past 11 weeks, while also maintaining the strongest 5 years gains.  
	 
	
In Singapore, hi-tech manufacturers, two REITs investing in Data Centres, a Business Trust investing in India IT parks, have maintained median 17% annualised total returns over the past five years, ranging from 10% for Valuetronics and A-iTrust to 87% for AEM Holdings. 
	 
	Also amongst Singapore’s 100 most active traded stocks, Sheng Siong has also defended an 11% annualised total return over the past five years, with a 15% decline in 2020 YTD, making the stock one of Singapore’s most defensive in recent years. 

 

Of Singapore’s 100 most traded stocks in the 2020 year-through to March 18, 11 stocks have maintained double-digit annualised gains over the past five years. The majority of these stocks are involved in hi-tech manufacturing. Supermarket chain Sheng Siong Group is also amongst the 11 stocks, as is Mapletree Industrial Trust, which has been gradually expanding the number of Data Centres in its portfolio in recent years. Ascendas India Trust is also amongst the 11 stocks, and the Business Trust invests in IT parks in India. 

All 11 stocks have declined in-line with the STI in the 2020 year through to 18 March, with six of the 11 stocks declining more than the STI.  As many as 10 of the 11 stocks are related to hi-tech manufacturing or investment in technology-related property. Sort by turnover rankings in the 2020 year through to this week, the 11 stocks are tabled below. 




			Name
			
			
			Code
			
			
			Mkt Cap S$M
			
			
			YTD Total Return
			
			
			Annualised 5 Year Total Return
			
			
			Approx. Turnover Rank in 2020 YTD
			
		


			VENTURE CORP
			
			
			V03
			
			
			$4,064
			
			
			-13%
			
			
			16%
			
			
			14
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			$4,688
			
			
			-17%
			
			
			14%
			
			
			18
			
		


			AEM HOLDINGS
			
			
			AWX
			
			
			$404
			
			
			-26%
			
			
			87%
			
			
			25
			
		


			KEPPEL DC REIT
			
			
			AJBU
			
			
			$3,037
			
			
			-10%
			
			
			20%
			
			
			27
			
		


			UMS HOLDINGS
			
			
			558
			
			
			$338
			
			
			-39%
			
			
			17%
			
			
			48
			
		


			HI-P INTERNATIONAL
			
			
			H17
			
			
			$600
			
			
			-51%
			
			
			15%
			
			
			52
			
		


			SHENG SIONG GROUP
			
			
			OV8
			
			
			$1,594
			
			
			-15%
			
			
			11%
			
			
			60
			
		


			ASCENDAS INDIA TRUST
			
			
			CY6U
			
			
			$1,283
			
			
			-27%
			
			
			10%
			
			
			61
			
		


			VALUETRONICS HOLDINGS
			
			
			BN2
			
			
			$204
			
			
			-43%
			
			
			10%
			
			
			75
			
		


			FRENCKEN GROUP
			
			
			E28
			
			
			$238
			
			
			-39%
			
			
			26%
			
			
			87
			
		


			FU YU CORP
			
			
			F13
			
			
			$149
			
			
			-22%
			
			
			21%
			
			
			98
			
		


			Median 
			
			
			 
			
			
			 
			
			
			-26%
			
			
			16%
			
			
			 
			
		


			Average
			
			
			 
			
			
			 
			
			
			-28%
			
			
			22%
			
			
			 
			
		

 Source: Thomson Reuters, Bloomberg, Company Financial Reports (Data as of 18 March 2020).

Amongst the 11 stocks, there are a mix of stocks that maintain high beta relative to the STI, and lower beta over the past three declines and recoveries of the STI. Beta is a historical measure of the relative volatility of a stock relative to the broader market. Hence assuming a portfolio replicates the relevant benchmark index that represents the broader market, beta provides past indications of whether the stock added or reduced portfolio risk. To that end, it is not a forward looking indicator.

These three declines span the Europe Debt concerns weighing the STI decline 23% (from the preceding peak) to the 2529 low on 5 October 2011, the so-called taper tantrum which saw the STI fall 29% (from the preceding peak) to the 2533 low on 21 January 2016 and the trade war concerns which saw the STI fall 18% (from the preceding peak) to the 2966 low on 30 October 2018. 

Of the 11 stocks, Hi-P International has maintained the highest beta coefficients across the aforesaid declines and recoveries. In all three instances, the Hi-P International underperformed the STI in the decline phase, and outperformed the STI in the recovery phase.




			Stock
			
			
			6 Jan 11 -  5 Oct 11
			
			
			5 Oct 11 - 22 May 13
			
			
			15 Apr 15 - 21 Jan 16
			
			
			21 Jan 16 - 2 May 18
			
			
			2 May 18 - 30 Oct 18
			
			
			30 Oct 18 - 29 Apr 19
			
		


			 
			
			
			Beta
			
			
			Total Return 
			
			
			Beta
			
			
			Total Return 
			
			
			Beta
			
			
			Total Return 
			
			
			Beta
			
			
			Total Return 
			
			
			Beta
			
			
			Total Return 
			
			
			Beta
			
			
			Total Return 
			
		


			VENTURE CORPORATION
			
			
			0.77
			
			
			-28%
			
			
			0.69
			
			
			29%
			
			
			0.50
			
			
			-3%
			
			
			0.68
			
			
			173%
			
			
			1.27
			
			
			-21%
			
			
			1.60
			
			
			20%
			
		


			MAPLETREE IND TRUST
			
			
			0.72
			
			
			5%
			
			
			0.48
			
			
			65%
			
			
			0.63
			
			
			-2%
			
			
			0.53
			
			
			58%
			
			
			0.49
			
			
			-4%
			
			
			0.40
			
			
			15%
			
		


			AEM HOLDINGS
			
			
			0.66
			
			
			-7%
			
			
			0.85
			
			
			131%
			
			
			0.90
			
			
			-37%
			
			
			0.86
			
			
			3011%
			
			
			1.29
			
			
			-44%
			
			
			1.40
			
			
			54%
			
		


			KEPPEL DC REIT
			
			
			N/A
			
			
			N/A
			
			
			N/A
			
			
			N/A
			
			
			0.64
			
			
			1%
			
			
			0.57
			
			
			66%
			
			
			0.54
			
			
			-4%
			
			
			0.43
			
			
			16%
			
		


			UMS HOLDINGS
			
			
			1.42
			
			
			-50%
			
			
			1.14
			
			
			139%
			
			
			0.67
			
			
			-3%
			
			
			0.87
			
			
			230%
			
			
			1.09
			
			
			-38%
			
			
			1.47
			
			
			16%
			
		


			HI-P INTERNATIONAL 
			
			
			1.10
			
			
			-51%
			
			
			0.94
			
			
			77%
			
			
			1.12
			
			
			-33%
			
			
			0.84
			
			
			387%
			
			
			1.73
			
			
			-56%
			
			
			2.11
			
			
			107%
			
		


			SHENG SIONG GROUP
			
			
			N/A
			
			
			N/A
			
			
			0.94
			
			
			97%
			
			
			0.77
			
			
			7%
			
			
			0.51
			
			
			36%
			
			
			0.68
			
			
			8%
			
			
			0.31
			
			
			-4%
			
		


			ASCENDAS INDIA TRUST
			
			
			0.80
			
			
			-23%
			
			
			0.72
			
			
			29%
			
			
			0.68
			
			
			-18%
			
			
			0.46
			
			
			70%
			
			
			0.48
			
			
			4%
			
			
			0.69
			
			
			23%
			
		


			VALUETRONICS HOLDINGS 
			
			
			1.04
			
			
			-12%
			
			
			0.76
			
			
			19%
			
			
			1.14
			
			
			-15%
			
			
			0.98
			
			
			158%
			
			
			1.30
			
			
			-18%
			
			
			1.03
			
			
			15%
			
		


			FRENCKEN GROUP
			
			
			0.86
			
			
			-4%
			
			
			0.63
			
			
			-17%
			
			
			0.50
			
			
			-13%
			
			
			0.66
			
			
			213%
			
			
			0.86
			
			
			-34%
			
			
			0.73
			
			
			81%
			
		


			FU YU CORP
			
			
			1.21
			
			
			-48%
			
			
			0.65
			
			
			-5%
			
			
			1.08
			
			
			10%
			
			
			0.71
			
			
			44%
			
			
			0.55
			
			
			-6%
			
			
			0.84
			
			
			33%
			
		


			Median
			
			
			0.86
			
			
			-23%
			
			
			0.74
			
			
			47%
			
			
			0.68
			
			
			-3%
			
			
			0.68
			
			
			158%
			
			
			0.86
			
			
			-18%
			
			
			0.84
			
			
			20%
			
		


			STI (price + dividends)
			
			
			 
			
			
			-21%
			
			
			 
			
			
			16%
			
			
			 
			
			
			-26%
			
			
			 
			
			
			54%
			
			
			 
			
			
			-16%
			
			
			 
			
			
			16%
			
		

 Source: Thomson Reuters, Bloomberg, Company Financial Reports (Data as of 18 March 2020).

Of the 11 stocks, since its listing in November 2014, Keppel DC REIT maintained the lowest beta coefficient for the taper tantrum and trade war concerns, followed by Sheng Siong Group and Mapletree Industrial Trust.  Note amidst the taper tantrum and trade war concerns, Sheng Siong Group outperformed the STI during the declining phases, but underperformed in the recovery phases.



Hi-Tech Related Stocks Defend Double-Digit Five Year Gains

Lippo Malls Indonesia Retail Trust / Equity Bottom-Up

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
SGX lists 35 REITs, six stapled trusts and two property trusts with a combined market cap of over S$100 billion. The 36-constituent iEdge S-REIT Index is a free-float, market cap-weighted index that tracks the performance of REITs listed in Singapore. 
	 </li>
	<li>
In the 2019 YTD, the iEdge S-REIT Index has generated a total return of 24.9%, compared with a total return of 18.9% for the FTSE EPRA NAREIT Asia ex-Japan REITs Index. This also compares with total returns of 10.3% and 11.6% for the benchmark STI and broader FTSE ST All-Share Index respectively. 
	 </li>
	<li>
In the YTD, the three best-performing constituents of the iEdge S-REIT Index were: Ascendas India Trust (+52.7%), Keppel DC REIT (+51.6%) and Ascendas Hospitality Trust (+50.0%). The trio averaged a total return of +51.4% over the period. 
	 </li>
</ul>
SGX lists 35 REITs, six stapled trusts and two property trusts with a combined market capitalisation of over S$100 billion. REIT popularity in Singapore is exemplified in multiple ways – four of the 30 constituents of the benchmark Straits Times Index (STI) comprise REITs, and account for about 8% of total index weight, while the entire STI Reserve List consists of REITs.

The latest addition to the REITs listed on SGX was Lendlease Global Commercial REIT, sponsored by Australia’s Lendlease Group, which made its debut on the Mainboard on 2 Oct 2019.

The iEdge S-REIT Index is a free-float, market cap-weighted index that tracks the performance of REITs listed on SGX. The Index’s 36 constituents have a combined market capitalisation of nearly S$100 billion.

In the 2019 year-to-date, the iEdge S-REIT Index has generated a total return of 24.9%, compared with a total return of 18.9% for the FTSE EPRA NAREIT Asia ex-Japan REITs Index. This also compares with total returns of 10.3% and 11.6% for the benchmark Straits Times Index (STI) and broader FTSE ST All-Share Index respectively.
</body></html>

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2019-11/Total%20Return%20YTD%20MU.png' alt='SREIT TR YTD' />
 </figure>
 <div class='content-caption'>SREIT TR YTD</div>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
Source: Bloomberg

 

In the YTD, the three best-performing constituents of the iEdge S-REIT Index were: Ascendas India Trust (+52.7%), Keppel DC REIT (+51.6%) and Ascendas Hospitality Trust (+50.0%). The trio have averaged a total return of +51.4% in the YTD, bringing their three-year and five-year total returns to +81.5% and +93.1% respectively. Note that five-year total return data does not apply to Keppel DC REIT, which was listed in December 2014.

Note also that RHT Health Trust was not included in this analysis, as it has become a cash trust after completing the disposal of its entire portfolio of healthcare assets to its controlling unitholder, Fortis Healthcare, in January this year.

The proposed merger between Ascendas Hospitality Trust and Ascott Residence Trust has been approved by stapled security holders of Ascendas Hospitality Trust on 21 Oct 2019. Subject to the merged entity being sanctioned by the Court, the last trading day for the stapled securities of Ascendas Hospitality Trust is expected to be on 16 Dec 2019, with delisting scheduled for 3 Jan 2020.

The table below details the constituents of the iEdge S-REIT Index (except for RHT Health Trust), sorted by YTD total return.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code 
			</td>
			<td>
			Market Cap (S$M)
			</td>
			<td>
			Total Return YTD (%)
			</td>
			<td>
			Total Return 3Y (%)
			</td>
			<td>
			Total Return 5Y (%)
			</td>
		</tr>
<tr>
<td>
			Ascendas India Trust
			</td>
			<td>
			CY6U
			</td>
			<td>
			1,628
			</td>
			<td>
			52.7
			</td>
			<td>
			72.6
			</td>
			<td>
			155.4
			</td>
		</tr>
<tr>
<td>
			Keppel DC REIT
			</td>
			<td>
			AJBU
			</td>
			<td>
			3,096
			</td>
			<td>
			51.6
			</td>
			<td>
			84.8
			</td>
			<td>
			NA
			</td>
		</tr>
<tr>
<td>
			Ascendas Hospitality Trust
			</td>
			<td>
			Q1P
			</td>
			<td>
			1,241
			</td>
			<td>
			50.0
			</td>
			<td>
			87.2
			</td>
			<td>
			123.8
			</td>
		</tr>
<tr>
<td>
			Mapletree Commercial Trust
			</td>
			<td>
			N2IU
			</td>
			<td>
			7,029
			</td>
			<td>
			44.9
			</td>
			<td>
			76.1
			</td>
			<td>
			115.5
			</td>
		</tr>
<tr>
<td>
			Lippo Malls Indonesia Retail Trust
			</td>
			<td>
			D5IU
			</td>
			<td>
			709
			</td>
			<td>
			43.7
			</td>
			<td>
			-18.0
			</td>
			<td>
			2.0
			</td>
		</tr>
<tr>
<td>
			Mapletree Logistics Trust
			</td>
			<td>
			M44U
			</td>
			<td>
			6,006
			</td>
			<td>
			38.7
			</td>
			<td>
			91.4
			</td>
			<td>
			96.1
			</td>
		</tr>
<tr>
<td>
			Mapletree Industrial Trust
			</td>
			<td>
			ME8U
			</td>
			<td>
			5,436
			</td>
			<td>
			36.7
			</td>
			<td>
			75.3
			</td>
			<td>
			128.9
			</td>
		</tr>
<tr>
<td>
			Sasseur REIT
			</td>
			<td>
			CRPU
			</td>
			<td>
			961
			</td>
			<td>
			35.2
			</td>
			<td>
			NA
			</td>
			<td>
			NA
			</td>
		</tr>
<tr>
<td>
			Manulife US REIT
			</td>
			<td>
			BTOU
			</td>
			<td>
			1,456
			</td>
			<td>
			32.2
			</td>
			<td>
			51.3
			</td>
			<td>
			NA
			</td>
		</tr>
<tr>
<td>
			Ascott Residence Trust
			</td>
			<td>
			A68U
			</td>
			<td>
			2,920
			</td>
			<td>
			31.8
			</td>
			<td>
			45.6
			</td>
			<td>
			54.4
			</td>
		</tr>
<tr>
<td>
			Parkway Life REIT
			</td>
			<td>
			C2PU
			</td>
			<td>
			1,972
			</td>
			<td>
			29.5
			</td>
			<td>
			49.4
			</td>
			<td>
			77.3
			</td>
		</tr>
<tr>
<td>
			Frasers Centrepoint Trust
			</td>
			<td>
			J69U
			</td>
			<td>
			2,928
			</td>
			<td>
			26.9
			</td>
			<td>
			50.7
			</td>
			<td>
			80.4
			</td>
		</tr>
<tr>
<td>
			Frasers Commercial Trust
			</td>
			<td>
			ND8U
			</td>
			<td>
			1,469
			</td>
			<td>
			25.0
			</td>
			<td>
			48.5
			</td>
			<td>
			58.6
			</td>
		</tr>
<tr>
<td>
			Frasers Logistics &amp; Industrial Trust
			</td>
			<td>
			BUOU
			</td>
			<td>
			2,744
			</td>
			<td>
			24.6
			</td>
			<td>
			50.2
			</td>
			<td>
			0.0
			</td>
		</tr>
<tr>
<td>
			Sabana Shari'ah Compliant Industrial REIT
			</td>
			<td>
			M1GU
			</td>
			<td>
			479
			</td>
			<td>
			24.6
			</td>
			<td>
			27.3
			</td>
			<td>
			-20.9
			</td>
		</tr>
<tr>
<td>
			Far East Hospitality Trust
			</td>
			<td>
			Q5T
			</td>
			<td>
			1,367
			</td>
			<td>
			24.3
			</td>
			<td>
			43.4
			</td>
			<td>
			19.3
			</td>
		</tr>
<tr>
<td>
			OUE Commercial REIT
			</td>
			<td>
			TS0U
			</td>
			<td>
			2,877
			</td>
			<td>
			23.2
			</td>
			<td>
			5.1
			</td>
			<td>
			17.3
			</td>
		</tr>
<tr>
<td>
			CapitaLand Retail China Trust
			</td>
			<td>
			AU8U
			</td>
			<td>
			1,844
			</td>
			<td>
			21.3
			</td>
			<td>
			30.3
			</td>
			<td>
			34.8
			</td>
		</tr>
<tr>
<td>
			CapitaLand Commercial Trust
			</td>
			<td>
			C61U
			</td>
			<td>
			7,793
			</td>
			<td>
			21.0
			</td>
			<td>
			55.4
			</td>
			<td>
			65.2
			</td>
		</tr>
<tr>
<td>
			Ascendas REIT
			</td>
			<td>
			A17U
			</td>
			<td>
			8,996
			</td>
			<td>
			20.9
			</td>
			<td>
			49.9
			</td>
			<td>
			76.8
			</td>
		</tr>
<tr>
<td>
			SPH REIT
			</td>
			<td>
			SK6U
			</td>
			<td>
			2,936
			</td>
			<td>
			19.0
			</td>
			<td>
			37.0
			</td>
			<td>
			39.3
			</td>
		</tr>
<tr>
<td>
			Mapletree North Asia Commercial Trust
			</td>
			<td>
			RW0U
			</td>
			<td>
			4,049
			</td>
			<td>
			18.2
			</td>
			<td>
			51.4
			</td>
			<td>
			86.3
			</td>
		</tr>
<tr>
<td>
			IREIT Global
			</td>
			<td>
			UD1U
			</td>
			<td>
			502
			</td>
			<td>
			17.6
			</td>
			<td>
			37.1
			</td>
			<td>
			50.7
			</td>
		</tr>
<tr>
<td>
			CDL Hospitality Trusts
			</td>
			<td>
			J85
			</td>
			<td>
			1,940
			</td>
			<td>
			15.9
			</td>
			<td>
			48.8
			</td>
			<td>
			36.2
			</td>
		</tr>
<tr>
<td>
			CapitaLand Mall Trust
			</td>
			<td>
			C38U
			</td>
			<td>
			9,185
			</td>
			<td>
			14.8
			</td>
			<td>
			45.7
			</td>
			<td>
			67.1
			</td>
		</tr>
<tr>
<td>
			Starhill Global REIT
			</td>
			<td>
			P40U
			</td>
			<td>
			1,605
			</td>
			<td>
			14.8
			</td>
			<td>
			13.6
			</td>
			<td>
			24.4
			</td>
		</tr>
<tr>
<td>
			EC World REIT
			</td>
			<td>
			BWCU
			</td>
			<td>
			586
			</td>
			<td>
			13.1
			</td>
			<td>
			21.6
			</td>
			<td>
			NA
			</td>
		</tr>
<tr>
<td>
			First REIT
			</td>
			<td>
			AW9U
			</td>
			<td>
			822
			</td>
			<td>
			11.4
			</td>
			<td>
			-5.5
			</td>
			<td>
			15.5
			</td>
		</tr>
<tr>
<td>
			ESR-REIT
			</td>
			<td>
			J91U
			</td>
			<td>
			1,828
			</td>
			<td>
			11.2
			</td>
			<td>
			19.0
			</td>
			<td>
			12.4
			</td>
		</tr>
<tr>
<td>
			AIMS APAC REIT
			</td>
			<td>
			O5RU
			</td>
			<td>
			976
			</td>
			<td>
			11.2
			</td>
			<td>
			27.7
			</td>
			<td>
			38.1
			</td>
		</tr>
<tr>
<td>
			Keppel REIT
			</td>
			<td>
			K71U
			</td>
			<td>
			4,077
			</td>
			<td>
			10.2
			</td>
			<td>
			27.8
			</td>
			<td>
			30.7
			</td>
		</tr>
<tr>
<td>
			Cache Logistics Trust
			</td>
			<td>
			K2LU
			</td>
			<td>
			762
			</td>
			<td>
			9.5
			</td>
			<td>
			11.6
			</td>
			<td>
			-6.8
			</td>
		</tr>
<tr>
<td>
			Suntec REIT
			</td>
			<td>
			T82U
			</td>
			<td>
			5,126
			</td>
			<td>
			8.3
			</td>
			<td>
			28.4
			</td>
			<td>
			30.0
			</td>
		</tr>
<tr>
<td>
			Frasers Hospitality Trust
			</td>
			<td>
			ACV
			</td>
			<td>
			1,356
			</td>
			<td>
			7.8
			</td>
			<td>
			27.9
			</td>
			<td>
			21.4
			</td>
		</tr>
<tr>
<td>
			Soilbuild Business Space REIT
			</td>
			<td>
			SV3U
			</td>
			<td>
			617
			</td>
			<td>
			-8.3
			</td>
			<td>
			-4.8
			</td>
			<td>
			-5.5
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			23.8
			</td>
			<td>
			39.0
			</td>
			<td>
			43.6
			</td>
		</tr>
</tbody></table>
Source: Bloomberg &amp; StockFacts (data as of 8 Nov 2019)

 

Quarterly Earnings Highlights of YTD Best Performers 
1. Ascendas India Trust (2Q ended 30 Sept 2019)

<ul>
<li>Total property income up 11% YoY to S$49.6 million</li>
	<li>Net property income up 18% to S$39.0 million</li>
	<li>Distribution per unit (DPU) up 15% to 2.28 Singapore cents</li>
	<li>Outlook:
	<ul>
<li>Overall committed occupancy remains robust at 99% as of 30 Sept 2019</li>
		<li>Continues to focus on expanding its portfolio across IT Park and Logistics sectors</li>
		<li>Recently entered into forward purchase agreements for Blueridge 3 in Pune and a 7th warehouse in Panvel, Navi Mumbai</li>
	</ul>
</li>
</ul>
Note: Avg SGD/INR exchange rate of 51.5 used

Click <a href="https://links.sgx.com/1.0.0/corporate-announcements/UZII5M21WFXUVJPZ/1.%202Q%20FY2019%20Press%20Releasev_Final.pdf">here</a> for the full results release. 
 

2. Keppel DC REIT (3Q ended 30 Sept 2019)

<ul>
<li>Gross revenue down 2.5% YoY to S$46.4 million</li>
	<li>Net property income down 1.8% to S$42.3 million</li>
	<li>DPU up 4.3% to 1.93 Singapore cents</li>
	<li>Outlook:
	<ul>
<li>The data centre market remains strong, supported by ongoing digitalisation and cloud deployments</li>
		<li>Improved connectivity, as well as the development and adoption of new technologies, will continue to drive growth of data creation, and fuel demand for data storage requirements in key data centre hubs globally</li>
		<li>Building on the Keppel Group’s capabilities in project development and facilities management, the Manager will continue to seek opportunities and strengthen its presence across key data centre hubs globally</li>
	</ul>
</li>
</ul>
Click <a href="https://links.sgx.com/1.0.0/corporate-announcements/1JQ2SYEIN15D1YD1/Keppel%20DC%20REIT%203Q%202019%20Results_SGXNET.pdf">here</a> for the full results release. 
 

3. Ascendas Hospitality Trust (2Q ended 30 Sept 2019)

<ul>
<li>Gross revenue up 2.4% YoY to S$47.5 million</li>
	<li>Net property income up 3.5% to S$21.2 million</li>
	<li>DPU down 5.5% to 1.38 Singapore cents</li>
	<li>Adjusted DPU (excludes partial distribution of proceeds from divestments in year-ago quarter) up 4.5% to 1.38 Singapore cents</li>
	<li>Outlook:
	<ul>
<li>Demand for hotels in Australia is expected to grow as both international arrivals and domestic overnight trips continue to improve. Market conditions in Sydney and Melbourne are likely to stay competitive due to increased room supply, while that of Brisbane is expected to continue recovering.</li>
		<li>The proposed development of two integrated resorts in Japan will benefit the country's tourism sector over the longer term. The 2020 Tokyo Olympics is expected to boost the Tokyo hotel market, while Osaka will likely face weakness due to fewer South Korean visitors following ongoing tensions between the two countries.</li>
		<li>With upcoming supply of hotel rooms expected to remain moderate, South Korea's hotel market will likely improve as tourist arrivals continue growing.</li>
		<li>The expansion of Singapore's two integrated resorts is anticipated to drive higher visitor arrivals over the longer term. This will also support the hotel market amidst a modest increase in supply. </li>
	</ul>
</li>
</ul>
Note: The trust’s current FY will be a 9M period (1 April 2019-31 Dec 2019) following change of financial year end to 31 Dec.

Click <a href="https://links.sgx.com/1.0.0/corporate-announcements/B00YH1E93TD8ATRA/2QFY2019_Press_Release.pdf">here</a> for the full results release.
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SGX lists 35 REITs, six stapled trusts and two property trusts with a combined market cap of over S$100 billion. The 36-constituent iEdge S-REIT Index is a free-float, market cap-weighted index that tracks the performance of REITs listed in Singapore. 
	 
	
In the 2019 YTD, the iEdge S-REIT Index has generated a total return of 24.9%, compared with a total return of 18.9% for the FTSE EPRA NAREIT Asia ex-Japan REITs Index. This also compares with total returns of 10.3% and 11.6% for the benchmark STI and broader FTSE ST All-Share Index respectively. 
	 
	
In the YTD, the three best-performing constituents of the iEdge S-REIT Index were: Ascendas India Trust (+52.7%), Keppel DC REIT (+51.6%) and Ascendas Hospitality Trust (+50.0%). The trio averaged a total return of +51.4% over the period. 
	 

SGX lists 35 REITs, six stapled trusts and two property trusts with a combined market capitalisation of over S$100 billion. REIT popularity in Singapore is exemplified in multiple ways – four of the 30 constituents of the benchmark Straits Times Index (STI) comprise REITs, and account for about 8% of total index weight, while the entire STI Reserve List consists of REITs.

The latest addition to the REITs listed on SGX was Lendlease Global Commercial REIT, sponsored by Australia’s Lendlease Group, which made its debut on the Mainboard on 2 Oct 2019.

The iEdge S-REIT Index is a free-float, market cap-weighted index that tracks the performance of REITs listed on SGX. The Index’s 36 constituents have a combined market capitalisation of nearly S$100 billion.

In the 2019 year-to-date, the iEdge S-REIT Index has generated a total return of 24.9%, compared with a total return of 18.9% for the FTSE EPRA NAREIT Asia ex-Japan REITs Index. This also compares with total returns of 10.3% and 11.6% for the benchmark Straits Times Index (STI) and broader FTSE ST All-Share Index respectively.



      
    
    SREIT TR YTD


Source: Bloomberg

 

In the YTD, the three best-performing constituents of the iEdge S-REIT Index were: Ascendas India Trust (+52.7%), Keppel DC REIT (+51.6%) and Ascendas Hospitality Trust (+50.0%). The trio have averaged a total return of +51.4% in the YTD, bringing their three-year and five-year total returns to +81.5% and +93.1% respectively. Note that five-year total return data does not apply to Keppel DC REIT, which was listed in December 2014.

Note also that RHT Health Trust was not included in this analysis, as it has become a cash trust after completing the disposal of its entire portfolio of healthcare assets to its controlling unitholder, Fortis Healthcare, in January this year.

The proposed merger between Ascendas Hospitality Trust and Ascott Residence Trust has been approved by stapled security holders of Ascendas Hospitality Trust on 21 Oct 2019. Subject to the merged entity being sanctioned by the Court, the last trading day for the stapled securities of Ascendas Hospitality Trust is expected to be on 16 Dec 2019, with delisting scheduled for 3 Jan 2020.

The table below details the constituents of the iEdge S-REIT Index (except for RHT Health Trust), sorted by YTD total return.




			Name
			
			
			SGX Code 
			
			
			Market Cap (S$M)
			
			
			Total Return YTD (%)
			
			
			Total Return 3Y (%)
			
			
			Total Return 5Y (%)
			
		


			Ascendas India Trust
			
			
			CY6U
			
			
			1,628
			
			
			52.7
			
			
			72.6
			
			
			155.4
			
		


			Keppel DC REIT
			
			
			AJBU
			
			
			3,096
			
			
			51.6
			
			
			84.8
			
			
			NA
			
		


			Ascendas Hospitality Trust
			
			
			Q1P
			
			
			1,241
			
			
			50.0
			
			
			87.2
			
			
			123.8
			
		


			Mapletree Commercial Trust
			
			
			N2IU
			
			
			7,029
			
			
			44.9
			
			
			76.1
			
			
			115.5
			
		


			Lippo Malls Indonesia Retail Trust
			
			
			D5IU
			
			
			709
			
			
			43.7
			
			
			-18.0
			
			
			2.0
			
		


			Mapletree Logistics Trust
			
			
			M44U
			
			
			6,006
			
			
			38.7
			
			
			91.4
			
			
			96.1
			
		


			Mapletree Industrial Trust
			
			
			ME8U
			
			
			5,436
			
			
			36.7
			
			
			75.3
			
			
			128.9
			
		


			Sasseur REIT
			
			
			CRPU
			
			
			961
			
			
			35.2
			
			
			NA
			
			
			NA
			
		


			Manulife US REIT
			
			
			BTOU
			
			
			1,456
			
			
			32.2
			
			
			51.3
			
			
			NA
			
		


			Ascott Residence Trust
			
			
			A68U
			
			
			2,920
			
			
			31.8
			
			
			45.6
			
			
			54.4
			
		


			Parkway Life REIT
			
			
			C2PU
			
			
			1,972
			
			
			29.5
			
			
			49.4
			
			
			77.3
			
		


			Frasers Centrepoint Trust
			
			
			J69U
			
			
			2,928
			
			
			26.9
			
			
			50.7
			
			
			80.4
			
		


			Frasers Commercial Trust
			
			
			ND8U
			
			
			1,469
			
			
			25.0
			
			
			48.5
			
			
			58.6
			
		


			Frasers Logistics &amp; Industrial Trust
			
			
			BUOU
			
			
			2,744
			
			
			24.6
			
			
			50.2
			
			
			0.0
			
		


			Sabana Shari'ah Compliant Industrial REIT
			
			
			M1GU
			
			
			479
			
			
			24.6
			
			
			27.3
			
			
			-20.9
			
		


			Far East Hospitality Trust
			
			
			Q5T
			
			
			1,367
			
			
			24.3
			
			
			43.4
			
			
			19.3
			
		


			OUE Commercial REIT
			
			
			TS0U
			
			
			2,877
			
			
			23.2
			
			
			5.1
			
			
			17.3
			
		


			CapitaLand Retail China Trust
			
			
			AU8U
			
			
			1,844
			
			
			21.3
			
			
			30.3
			
			
			34.8
			
		


			CapitaLand Commercial Trust
			
			
			C61U
			
			
			7,793
			
			
			21.0
			
			
			55.4
			
			
			65.2
			
		


			Ascendas REIT
			
			
			A17U
			
			
			8,996
			
			
			20.9
			
			
			49.9
			
			
			76.8
			
		


			SPH REIT
			
			
			SK6U
			
			
			2,936
			
			
			19.0
			
			
			37.0
			
			
			39.3
			
		


			Mapletree North Asia Commercial Trust
			
			
			RW0U
			
			
			4,049
			
			
			18.2
			
			
			51.4
			
			
			86.3
			
		


			IREIT Global
			
			
			UD1U
			
			
			502
			
			
			17.6
			
			
			37.1
			
			
			50.7
			
		


			CDL Hospitality Trusts
			
			
			J85
			
			
			1,940
			
			
			15.9
			
			
			48.8
			
			
			36.2
			
		


			CapitaLand Mall Trust
			
			
			C38U
			
			
			9,185
			
			
			14.8
			
			
			45.7
			
			
			67.1
			
		


			Starhill Global REIT
			
			
			P40U
			
			
			1,605
			
			
			14.8
			
			
			13.6
			
			
			24.4
			
		


			EC World REIT
			
			
			BWCU
			
			
			586
			
			
			13.1
			
			
			21.6
			
			
			NA
			
		


			First REIT
			
			
			AW9U
			
			
			822
			
			
			11.4
			
			
			-5.5
			
			
			15.5
			
		


			ESR-REIT
			
			
			J91U
			
			
			1,828
			
			
			11.2
			
			
			19.0
			
			
			12.4
			
		


			AIMS APAC REIT
			
			
			O5RU
			
			
			976
			
			
			11.2
			
			
			27.7
			
			
			38.1
			
		


			Keppel REIT
			
			
			K71U
			
			
			4,077
			
			
			10.2
			
			
			27.8
			
			
			30.7
			
		


			Cache Logistics Trust
			
			
			K2LU
			
			
			762
			
			
			9.5
			
			
			11.6
			
			
			-6.8
			
		


			Suntec REIT
			
			
			T82U
			
			
			5,126
			
			
			8.3
			
			
			28.4
			
			
			30.0
			
		


			Frasers Hospitality Trust
			
			
			ACV
			
			
			1,356
			
			
			7.8
			
			
			27.9
			
			
			21.4
			
		


			Soilbuild Business Space REIT
			
			
			SV3U
			
			
			617
			
			
			-8.3
			
			
			-4.8
			
			
			-5.5
			
		


			Average
			
			
			 
			
			
			 
			
			
			23.8
			
			
			39.0
			
			
			43.6
			
		

Source: Bloomberg &amp; StockFacts (data as of 8 Nov 2019)

 

Quarterly Earnings Highlights of YTD Best Performers  
1. Ascendas India Trust (2Q ended 30 Sept 2019)


Total property income up 11% YoY to S$49.6 million
	Net property income up 18% to S$39.0 million
	Distribution per unit (DPU) up 15% to 2.28 Singapore cents
	Outlook:
	
Overall committed occupancy remains robust at 99% as of 30 Sept 2019
		Continues to focus on expanding its portfolio across IT Park and Logistics sectors
		Recently entered into forward purchase agreements for Blueridge 3 in Pune and a 7th warehouse in Panvel, Navi Mumbai
	


Note: Avg SGD/INR exchange rate of 51.5 used

Click here for the full results release. 
 

2. Keppel DC REIT (3Q ended 30 Sept 2019)


Gross revenue down 2.5% YoY to S$46.4 million
	Net property income down 1.8% to S$42.3 million
	DPU up 4.3% to 1.93 Singapore cents
	Outlook:
	
The data centre market remains strong, supported by ongoing digitalisation and cloud deployments
		Improved connectivity, as well as the development and adoption of new technologies, will continue to drive growth of data creation, and fuel demand for data storage requirements in key data centre hubs globally
		Building on the Keppel Group’s capabilities in project development and facilities management, the Manager will continue to seek opportunities and strengthen its presence across key data centre hubs globally
	


Click here for the full results release. 
 

3. Ascendas Hospitality Trust (2Q ended 30 Sept 2019)


Gross revenue up 2.4% YoY to S$47.5 million
	Net property income up 3.5% to S$21.2 million
	DPU down 5.5% to 1.38 Singapore cents
	Adjusted DPU (excludes partial distribution of proceeds from divestments in year-ago quarter) up 4.5% to 1.38 Singapore cents
	Outlook:
	
Demand for hotels in Australia is expected to grow as both international arrivals and domestic overnight trips continue to improve. Market conditions in Sydney and Melbourne are likely to stay competitive due to increased room supply, while that of Brisbane is expected to continue recovering.
		The proposed development of two integrated resorts in Japan will benefit the country's tourism sector over the longer term. The 2020 Tokyo Olympics is expected to boost the Tokyo hotel market, while Osaka will likely face weakness due to fewer South Korean visitors following ongoing tensions between the two countries.
		With upcoming supply of hotel rooms expected to remain moderate, South Korea's hotel market will likely improve as tourist arrivals continue growing.
		The expansion of Singapore's two integrated resorts is anticipated to drive higher visitor arrivals over the longer term. This will also support the hotel market amidst a modest increase in supply. 
	


Note: The trust’s current FY will be a 9M period (1 April 2019-31 Dec 2019) following change of financial year end to 31 Dec.

Click here for the full results release.



S-REIT Index’s Three Best Performers Clocked 50% Total Return in YTD      

SGX is one of Asia’s regional hub for Real Estate Investment Trusts (REITs) &amp; Property Trusts. Based on the FTSE ST REIT Index, the dividend yield for Singapore REITs have been 4.2 – 6.8% over a period of 5 years (Source: Bloomberg, 2014-2018). Over 80% of Singapore REITs &amp; Property Trusts own offshore assets across Asia Pacific, US &amp; Europe.&nbsp;
As of end Sep 2019, SGX lists 44 REITs &amp; Property Trusts with a combined market capitalisation of over S$100 billion, representing c.12% of Singapore’s overall market
SGX’s REITs &amp; Property Trusts offer wide diversity across property sub-segments REIT Indices:
<ul>
<li>FTSE ST REIT Index: 37 out of the 44 trusts represented</li>
<li>iEdge S-REIT Index: 36 out of the 44 trusts represented</li>
</ul>
<h2>Key Statistics At a Glance</h2>
<ul>
<li>Average dividend yield of 6.2%</li>
<li>Average 3-year annualised total return of 10.8%</li>
<li>Average gearing ratio of 34.5%</li>
<li>10 year market cap CAGR of 22%</li>
</ul>

SGX is one of Asia’s regional hub for Real Estate Investment Trusts (REITs) &amp; Property Trusts. Based on the FTSE ST REIT Index, the dividend yield for Singapore REITs have been 4.2 – 6.8% over a period of 5 years (Source: Bloomberg, 2014-2018). Over 80% of Singapore REITs &amp; Property Trusts own offshore assets across Asia Pacific, US &amp; Europe.&nbsp;
As of end Sep 2019, SGX lists 44 REITs &amp; Property Trusts with a combined market capitalisation of over S$100 billion, representing c.12% of Singapore’s overall market
SGX’s REITs &amp; Property Trusts offer wide diversity across property sub-segments REIT Indices:

FTSE ST REIT Index: 37 out of the 44 trusts represented
iEdge S-REIT Index: 36 out of the 44 trusts represented

Key Statistics At a Glance

Average dividend yield of 6.2%
Average 3-year annualised total return of 10.8%
Average gearing ratio of 34.5%
10 year market cap CAGR of 22%


Chartbook: SREITs & Property Trusts -  October 2019

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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