Invest, Trade and Save in Singapore, Syfe

Syfe

Invest, Trade and Save in Singapore

Syfe is an investment platform offering Managed Portfolios, Brokerage services, and Cash Management solutions to help people build wealth for a better future.

Thematic (Sector/Industry)

<ul><li>The interest rate cycle in Singapore typically correlates with the Fed.  According to June’s FOMC Summary of Economic Projections, based on median estimates, the Fed is expected to cut interest rates by 50bps (in two rate cuts) for the rest of 2025, with 25bps more (in one rate cut) in 2026.  </li><li>Based on latest futures from CME Group, the market is pricing in a 89% probability of rate cut during the Fed's next meeting in September.</li><li>The current easing cycle is a clear sector tailwind. The steep decline in 3M Singapore’s SORA from 3.03% in January to 1.85% in August, will benefit the sector in multiple perspectives: reduced funding cost, more stable cap rates to support asset valuations, as well as more attractive REIT valuation on the back of yield spreads.</li></ul>

The interest rate cycle in Singapore typically correlates with the Fed.  According to June’s FOMC Summary of Economic Projections, based on median estimates, the Fed is expected to cut interest rates by 50bps (in two rate cuts) for the rest of 2025, with 25bps more (in one rate cut) in 2026.  Based on latest futures from CME Group, the market is pricing in a 89% probability of rate cut during the Fed's next meeting in September.The current easing cycle is a clear sector tailwind. The steep decline in 3M Singapore’s SORA from 3.03% in January to 1.85% in August, will benefit the sector in multiple perspectives: reduced funding cost, more stable cap rates to support asset valuations, as well as more attractive REIT valuation on the back of yield spreads.

Singapore Office REITs: Interest Rate Easing Cycle Provides Earnings and DPU Upside

Alpha-Centric ESG Research

Kyle Rudden

<ul><li>New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding <em>mandatory</em> Scope 3 emissions reporting.</li><li>The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.</li><li>Motivated by a strong "business case" for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.</li></ul>

New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding mandatory Scope 3 emissions reporting.The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.Motivated by a strong "business case" for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.

S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

<ul><li><a href="https://www.smartkarma.com/entities/capitaland-integrated-commercial-trust" target="_blank" data-smartkarma-citation="entities:105" rel="noopener">Capitaland Integrated Commercial Trust (CICT SP)</a> 1H22 DPU +0.8% YoY; Retail turning around led by Downtown malls, but rising energy cost a concern</li><li><a href="https://www.smartkarma.com/entities/keppel-pacific-oak-us-reit" target="_blank" data-smartkarma-citation="entities:25988" rel="noopener">Keppel Pacific Oak US REIT (KORE SP)</a> 2Q22 DPU -9.5% YoY; Declining reversions continue  </li><li><a href="https://www.smartkarma.com/entities/chip-eng-seng-corp-ltd" target="_blank" data-smartkarma-citation="entities:6441" rel="noopener">Chip Eng Seng Corp (CHIP SP)</a> to acquire Park View Mansions development for S$260m</li></ul>

Capitaland Integrated Commercial Trust (CICT SP) 1H22 DPU +0.8% YoY; Retail turning around led by Downtown malls, but rising energy cost a concernKeppel Pacific Oak US REIT (KORE SP) 2Q22 DPU -9.5% YoY; Declining reversions continue  Chip Eng Seng Corp (CHIP SP) to acquire Park View Mansions development for S$260m

ASEAN Builder's Scoop (28Jul22) - CICT Rising Energy Cost a Concern

<ul><li><a href="https://www.smartkarma.com/entities/keppel-dc-reit" target="_blank" data-smartkarma-citation="entities:85" rel="noopener">Keppel DC REIT (KDCREIT SP)</a> 1Q22 DPU +0.2% YoY; Occupancy reaching record high of 98.7% but growth stalls</li><li><a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> 2H22 DPU +2.8% YoY; Reversions improving but in-place restrictions cap upside again in FW  </li><li><a href="https://www.smartkarma.com/entities/keppel-pacific-oak-us-reit" target="_blank" data-smartkarma-citation="entities:25988" rel="noopener">Keppel Pacific Oak US REIT (KORE SP)</a> 1Q22 Business Updates – Declining reversions with steady occupancy</li></ul>

Keppel DC REIT (KDCREIT SP) 1Q22 DPU +0.2% YoY; Occupancy reaching record high of 98.7% but growth stallsMapletree North Asia Commercial Trust (MAGIC SP) 2H22 DPU +2.8% YoY; Reversions improving but in-place restrictions cap upside again in FW  Keppel Pacific Oak US REIT (KORE SP) 1Q22 Business Updates – Declining reversions with steady occupancy

ASEAN Builder's Scoop (20Apr22) - KDCREIT Growth Stalls Despite High Occ

<ul><li><a href="https://www.smartkarma.com/entities/aims-amp-capital-industrial" target="_blank" data-smartkarma-citation="entities:933" rel="noopener">AIMS APAC REIT (AAREIT SP)</a> 3Q22 DPU +14.6% YoY; Resilient performance further boosted by Woolworths acquisition</li><li><a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934" rel="noopener">ESR-REIT (EREIT SP)</a> 2H21 DPU -0.6% YoY; Reversions turning positive with steady occupancies</li><li><a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> 3Q22 Business Updates – Vivocity recovery momentum sustained</li></ul>

AIMS APAC REIT (AAREIT SP) 3Q22 DPU +14.6% YoY; Resilient performance further boosted by Woolworths acquisitionESR-REIT (EREIT SP) 2H21 DPU -0.6% YoY; Reversions turning positive with steady occupanciesMapletree Commercial Trust (MCT SP) 3Q22 Business Updates – Vivocity recovery momentum sustained

ASEAN Builder's Scoop (27Jan22) - AAREIT Resilient Performance

Singapore

KORE US REIT is a Singapore-based real estate investment trust that invests in a diversified portfolio of income-producing commercial assets and real estate-related assets across key growth markets in the United States. Its portfolio primarily consists of freehold office buildings and business campuses, focusing on the technology, advertising, media, and information (TAMI), as well as medical and healthcare sectors. The company is headquartered in Singapore and was incorporated in 2017.

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KORE US (KORE SP)

Singapore Office REITs: Interest Rate Easing Cycle Provides Earnings and DPU Upside

The interest rate cycle in Singapore typically correlates with the Fed. According to June’s FOMC Summary of Economic Projections, based on median...

Syfe

ASEAN Builder's Scoop (28Jul22) - CICT Rising Energy Cost a Concern

KORE declining reversions continue; Orchard Bel-Air en-bloc sale for S$587.5m; SIRI to launch 31 projects worth THB31.2bn; BLOOM tops off Solaire...

SCCM Asia Research

ASEAN Builder's Scoop (20Apr22) - KDCREIT Growth Stalls Despite High Occ

MAGIC challenges remain at FW; KORE declining reversions; Perfect Ten condo cuts prices; IMF sees Phils growing faster in 2022

SCCM Asia Research

ASEAN Builder's Scoop (27Jan22) - AAREIT Resilient Performance

AAREIT resilient performance; EREIT reversions turning positive; MCT VivoCity recovery sustained; KORE reversions slowing; AIT robust portfolio...

SCCM Asia Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Singapore Office REITs: Interest Rate Easing Cycle Provides Earnings and DPU Upside

The interest rate cycle in Singapore typically correlates with the Fed. According to June’s FOMC Summary of Economic Projections, based on median...

Syfe

S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

​New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding...

Kyle Rudden

ASEAN Builder's Scoop (28Jul22) - CICT Rising Energy Cost a Concern

KORE declining reversions continue; Orchard Bel-Air en-bloc sale for S$587.5m; SIRI to launch 31 projects worth THB31.2bn; BLOOM tops off Solaire...

SCCM Asia Research

ASEAN Builder's Scoop (20Apr22) - KDCREIT Growth Stalls Despite High Occ

MAGIC challenges remain at FW; KORE declining reversions; Perfect Ten condo cuts prices; IMF sees Phils growing faster in 2022

SCCM Asia Research

ASEAN Builder's Scoop (27Jan22) - AAREIT Resilient Performance

AAREIT resilient performance; EREIT reversions turning positive; MCT VivoCity recovery sustained; KORE reversions slowing; AIT robust portfolio...

SCCM Asia Research

New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding...