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>As we move into this reporting season, 32 S-Reits and property trusts have released dates of their financial results or business updates for their respective periods ended Mar 31, 2023.</li><li>Of the 32 trusts, four have already released business updates for Q1 2023 – Keppel Reit, Keppel DC Reit, Keppel Pacific Oak US Reit, and Sabana Industrial Reit.</li><li>Keppel Reit reported Q1 2023 net property income was 3 per cent higher year on year (yoy) due to higher rentals achieved on leases committed in 2022 and higher portfolio occupancy of 96.3 per cent (versus 95.1 per cent for the same period last year).</li></ul>

As we move into this reporting season, 32 S-Reits and property trusts have released dates of their financial results or business updates for their respective periods ended Mar 31, 2023.Of the 32 trusts, four have already released business updates for Q1 2023 – Keppel Reit, Keppel DC Reit, Keppel Pacific Oak US Reit, and Sabana Industrial Reit.Keppel Reit reported Q1 2023 net property income was 3 per cent higher year on year (yoy) due to higher rentals achieved on leases committed in 2022 and higher portfolio occupancy of 96.3 per cent (versus 95.1 per cent for the same period last year).

REIT Watch - 32 S-REITs release schedule for this reporting season

<ul><li>5 S-Reits among top 10 institutional net buy stocks for the week Five Singapore Reits took up spots among the 10 stocks which recorded the largest institutional net inflows for most of last week.</li><li>The five S-Reits were CapitaLand Ascendas Reit, Keppel DC Reit, Mapletree Logistics Trust, Mapletree Industrial Trust, and Keppel Reit.</li></ul>

5 S-Reits among top 10 institutional net buy stocks for the week Five Singapore Reits took up spots among the 10 stocks which recorded the largest institutional net inflows for most of last week.The five S-Reits were CapitaLand Ascendas Reit, Keppel DC Reit, Mapletree Logistics Trust, Mapletree Industrial Trust, and Keppel Reit.

REIT Watch - 5 S-Reits among top 10 institutional net buy stocks for the week

<ul><li>REIT Watch - Singapore-based office S-Reits see growth in occupancy and rent reversions S-Reits with Singapore based office assets reported growth in rental reversions and improvements in occupancy rates.</li><li>Its Singapore offices recorded a 7.9 per cent growth in rent reversion in 9M 2022 while portfolio occupancy increased from 92.9 per cent in Q2 2022 to the current 96 per cent.</li></ul>

REIT Watch - Singapore-based office S-Reits see growth in occupancy and rent reversions S-Reits with Singapore based office assets reported growth in rental reversions and improvements in occupancy rates.Its Singapore offices recorded a 7.9 per cent growth in rent reversion in 9M 2022 while portfolio occupancy increased from 92.9 per cent in Q2 2022 to the current 96 per cent.

REIT Watch - Singapore-based office S-Reits see growth in occupancy and rent reversions

<ul><li>Singapore’s 30 most traded stocks outside of the STI have seen ~S$670 million in net fund outflows in the 2022 YTD, with declines in October, bringing their average 2022 YTD decline in total return of the stocks to 5%.</li><li>Total returns of the five stocks over the 43 weeks varied from -10% for Riverstone to +202% for Golden Energy & Res.</li><li>Similarly, as energy stocks have led the global stock market this year, the four energy stocks tabled below have averaged 57% total returns over the past 43 weeks (with the median gain at 26%).</li></ul>

Singapore’s 30 most traded stocks outside of the STI have seen ~S$670 million in net fund outflows in the 2022 YTD, with declines in October, bringing their average 2022 YTD decline in total return of the stocks to 5%.Total returns of the five stocks over the 43 weeks varied from -10% for Riverstone to +202% for Golden Energy & Res.Similarly, as energy stocks have led the global stock market this year, the four energy stocks tabled below have averaged 57% total returns over the past 43 weeks (with the median gain at 26%).

Mixed Oct Returns for Singapore's Most Traded Non-STI stocks

<ul><li>REIT Watch - Outperformance in S-Reits in STI reserve list Post the June review, the STI reserve list, which consists of the 5 highest ranking non-constituents of the STI, were: Olam International, Suntec Reit, Keppel Reit, Frasers Centrepoint Trust and Mapletree North Asia Commercial Trust (MNACT).</li><li>Four out of the 5 stocks in the STI reserve list were in the S-Reits and Property Trusts sector.</li></ul>

REIT Watch - Outperformance in S-Reits in STI reserve list Post the June review, the STI reserve list, which consists of the 5 highest ranking non-constituents of the STI, were: Olam International, Suntec Reit, Keppel Reit, Frasers Centrepoint Trust and Mapletree North Asia Commercial Trust (MNACT).Four out of the 5 stocks in the STI reserve list were in the S-Reits and Property Trusts sector.

REIT Watch - Outperformance in S-Reits in STI reserve list

Singapore

Keppel REIT is a commercial real estate investment trust that invests in a portfolio of prime commercial assets across Asia Pacific's key business districts, including Singapore, Australia, South Korea, and Japan. It aims to generate stable income and sustainable long-term total returns for its unitholders. Keppel REIT was established in 2005 and is headquartered in Singapore.

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Keppel REIT (KREIT SP)

REIT Watch - 32 S-REITs release schedule for this reporting season

As we move into this reporting season, 32 S-Reits and property trusts have released dates of their financial results or business updates for their...

Singapore Exchange Ltd (SGX)

REIT Watch - 5 S-Reits among top 10 institutional net buy stocks for the week

5 S-Reits among top 10 institutional net buy stocks for the week Five Singapore Reits took up spots among the 10 stocks which recorded the largest...

Singapore Exchange Ltd (SGX)

REIT Watch - Singapore-based office S-Reits see growth in occupancy and rent reversions

REIT Watch - Singapore-based office S-Reits see growth in occupancy and rent reversions S-Reits with Singapore based office assets reported growth...

Singapore Exchange Ltd (SGX)

Mixed Oct Returns for Singapore's Most Traded Non-STI stocks

Singapore’s 30 most traded stocks outside of the STI have seen ~S$670 million in net fund outflows in the 2022 YTD, with declines in October,...

Singapore Exchange Ltd (SGX)

REIT Watch - Outperformance in S-Reits in STI reserve list

REIT Watch - Outperformance in S-Reits in STI reserve list Post the June review, the STI reserve list, which consists of the 5 highest ranking...

Singapore Exchange Ltd (SGX)

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