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>THE iEdge S-Reit Index declined 5.6 per cent on a total return basis in the year to date, with declines also recorded in the FTSE EPRA Nareit Index series which track global Reits.</li><li>The 10 S-Reits which recorded largest net retail inflows in the year to date were Mapletree Logistics Trust, Keppel DC Reit, CapitaLand Ascendas Reit, Mapletree Pan Asia Commercial Trust, CapitaLand China Trust, CapitaLand Ascott Trust, CapitaLand Integrated Commercial Trust, Frasers Logistics & Commercial Trust, CDL Hospitality Trusts, and ParkwayLife Reit.</li><li>These 10 S-Reits contribute S$250 million in net retail inflows, or nearly 90 per cent of the combined net retail inflows in the year to date.</li></ul>

THE iEdge S-Reit Index declined 5.6 per cent on a total return basis in the year to date, with declines also recorded in the FTSE EPRA Nareit Index series which track global Reits.The 10 S-Reits which recorded largest net retail inflows in the year to date were Mapletree Logistics Trust, Keppel DC Reit, CapitaLand Ascendas Reit, Mapletree Pan Asia Commercial Trust, CapitaLand China Trust, CapitaLand Ascott Trust, CapitaLand Integrated Commercial Trust, Frasers Logistics & Commercial Trust, CDL Hospitality Trusts, and ParkwayLife Reit.These 10 S-Reits contribute S$250 million in net retail inflows, or nearly 90 per cent of the combined net retail inflows in the year to date.

REIT Watch - 10 S-Reits that top retail net inflows in the year to date

<ul><li>REIT Watch - Three S-Reits’ full-year results Among them, three reported full year financials – Keppel DC Reit (KDCReit), Sabana Industrial Reit (Sabana Reit) and Suntec Reit.</li><li>Sabana Reit, KDCReit and Suntec Reit saw year-on-year declines in DI at 7.7 per cent, 9.3 per cent and per cent respectively.</li></ul>

REIT Watch - Three S-Reits’ full-year results Among them, three reported full year financials – Keppel DC Reit (KDCReit), Sabana Industrial Reit (Sabana Reit) and Suntec Reit.Sabana Reit, KDCReit and Suntec Reit saw year-on-year declines in DI at 7.7 per cent, 9.3 per cent and per cent respectively.

REIT Watch - A sneak peek into S-Reits’ FY23 earnings

<ul><li>THE first seven months of 2023 saw the iEdge S-Reit Index gain 3.9 per cent in total return terms, reversing its 11.9 per cent decline in 2022.</li><li>This was followed by hospitality S-Reits with 5.8 per cent average total returns, after being the best performing sub-segment last year.</li><li>PLife Reit declared a distribution per unit (DPU) of 7.29 Singapore cents for H1 2023, representing an increase of 3.3 per cent year on year.</li></ul>

THE first seven months of 2023 saw the iEdge S-Reit Index gain 3.9 per cent in total return terms, reversing its 11.9 per cent decline in 2022.This was followed by hospitality S-Reits with 5.8 per cent average total returns, after being the best performing sub-segment last year.PLife Reit declared a distribution per unit (DPU) of 7.29 Singapore cents for H1 2023, representing an increase of 3.3 per cent year on year.

REIT Watch - Healthcare S-REITs remain committed to expansion strategies

<ul><li>5 S-Reits with year-on-year improvements in H1 2023 DPU Among them, 10 S-Reits reported higher year-on-year (yoy) net property income (NPI) for the half-year period ended Jun 30, 2023.</li><li>CDL Hospitality Trusts’ H1 2023 NPI increased by 23.3 per cent yoy, largely attributed to Singapore, Japan, Australia, Europe and UK markets.</li></ul>

5 S-Reits with year-on-year improvements in H1 2023 DPU Among them, 10 S-Reits reported higher year-on-year (yoy) net property income (NPI) for the half-year period ended Jun 30, 2023.CDL Hospitality Trusts’ H1 2023 NPI increased by 23.3 per cent yoy, largely attributed to Singapore, Japan, Australia, Europe and UK markets.

REIT Watch - Hospitality trusts report higher DPU for H1 2023

<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

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.

Keppel DC REIT (KDCREIT SP)

REIT Watch - 10 S-Reits that top retail net inflows in the year to date

THE iEdge S-Reit Index declined 5.6 per cent on a total return basis in the year to date, with declines also recorded in the FTSE EPRA Nareit...

Singapore Exchange Ltd (SGX)

REIT Watch - A sneak peek into S-Reits’ FY23 earnings

REIT Watch - Three S-Reits’ full-year results Among them, three reported full year financials – Keppel DC Reit (KDCReit), Sabana Industrial Reit...

Singapore Exchange Ltd (SGX)

REIT Watch - Healthcare S-REITs remain committed to expansion strategies

THE first seven months of 2023 saw the iEdge S-Reit Index gain 3.9 per cent in total return terms, reversing its 11.9 per cent decline in...

Singapore Exchange Ltd (SGX)

REIT Watch - Hospitality trusts report higher DPU for H1 2023

5 S-Reits with year-on-year improvements in H1 2023 DPU Among them, 10 S-Reits reported higher year-on-year (yoy) net property income (NPI) for...

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)