Director and Founding Member, Corporate Monitor Limited

Tan Yee Peng

Director and Founding Member

Strengthening Corporate Performance

Corporate Monitor Limited

Corporate Monitor was established to encourage better performance of companies, particularly companies listed on the SGX, and hold their management and boards to account, for the benefit of their shareholders and stakeholders.

<ul><li>The performance fee is an incentive for managers to grow the income and distributions of REITs, but half of the 41 REIT managers charge performance fees that are paid even if there is a decline in distributable income and/or distributions.</li><li>This is because the performance fee is pegged to a percentage of the REIT’s net property income (definition varies) and is paid whether this income, or a similar metric, increased or decreased.</li><li>The 5 business trusts (BTs), on the other hand, have performance fees that are pegged to an increase in distribution per unit (DPU), or beating certain DPU benchmarks. </li></ul>

The performance fee is an incentive for managers to grow the income and distributions of REITs, but half of the 41 REIT managers charge performance fees that are paid even if there is a decline in distributable income and/or distributions.This is because the performance fee is pegged to a percentage of the REIT’s net property income (definition varies) and is paid whether this income, or a similar metric, increased or decreased.The 5 business trusts (BTs), on the other hand, have performance fees that are pegged to an increase in distribution per unit (DPU), or beating certain DPU benchmarks. 

Singapore Reits & Business Trust Sector: Pseudo-Performance and Other Fees

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Bottom-Up

<ul>
<li>The upcoming Johor Bahru-Singapore Rapid Transit System and the ease of cross-border movements could impact Singapore’s retail sector as more consumers may choose to spend across the border.</li>
<li>DFI Retail CEO cited this as rationale for exiting Singapore based grocery retail business under Cold Storage and Giant's brands. Sheng Siong group said it will carefully monitor this development.</li>
<li>Singapore retail prices for branded consumer discretionary and staples are between 30%-50% higher than in Malaysia. With greater ease of commute and shipping, this price differential may not be sustainable.</li>
</ul>


The upcoming Johor Bahru-Singapore Rapid Transit System and the ease of cross-border movements could impact Singapore’s retail sector as more consumers may choose to spend across the border.
DFI Retail CEO cited this as rationale for exiting Singapore based grocery retail business under Cold Storage and Giant's brands. Sheng Siong group said it will carefully monitor this development.
Singapore retail prices for branded consumer discretionary and staples are between 30%-50% higher than in Malaysia. With greater ease of commute and shipping, this price differential may not be sustainable.


Singapore Retail Sector: Will It Be Impacted by Improved Connectivity with Malaysia?

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Lendlease Global Commercial REIT / Equity Bottom-Up

Lendlease Global Commercial REIT (LREIT SP)

<p>For our next Corporate Webinar we are glad to welcome Lendlease Global Commercial REIT’s CEO, Mr Kelvin Chow.</p>
<p>In the upcoming webinar, Kelvin will share a short company presentation after which, he will engage in a fireside chat with Smartkarma Insight Provider, <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener">Angus Mackintosh</a>. Angus will also be providing an industry overview, featuring landscape commentary and returns analysis. The Corporate Webinar will include a live Q&amp;A session.</p>
<p><em>In the spirit of the festive season, one of the attendees will also be awarded an Amazon Kindle as part of our lucky draw.</em></p>
<h3>The Corporate Webinar will be hosted on Tuesday, 9 January 2024, 19:00 SGT.</h3>
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<h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=87654203088" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
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<h3>About Lendlease Global Commercial REIT</h3>
<p>Lendlease Global Commercial REIT’s portfolio comprises two leasehold properties in Singapore, Jem (office and retail property) and 313@somerset (retail property), and three freehold Grade A office buildings, Sky Complex, in Milan. It has a total net lettable area of approximately 2.1 million square feet, with an appraised value of S$3.65 billion. Other investments include a stake in Parkway Parade and the development of a multifunctional event space on a site adjacent to 313@somerset.</p>

For our next Corporate Webinar we are glad to welcome Lendlease Global Commercial REIT’s CEO, Mr Kelvin Chow.
In the upcoming webinar, Kelvin will share a short company presentation after which, he will engage in a fireside chat with Smartkarma Insight Provider, Angus Mackintosh. Angus will also be providing an industry overview, featuring landscape commentary and returns analysis. The Corporate Webinar will include a live Q&amp;A session.
In the spirit of the festive season, one of the attendees will also be awarded an Amazon Kindle as part of our lucky draw.
The Corporate Webinar will be hosted on Tuesday, 9 January 2024, 19:00 SGT.











Register for the Webinar here











About Lendlease Global Commercial REIT
Lendlease Global Commercial REIT’s portfolio comprises two leasehold properties in Singapore, Jem (office and retail property) and 313@somerset (retail property), and three freehold Grade A office buildings, Sky Complex, in Milan. It has a total net lettable area of approximately 2.1 million square feet, with an appraised value of S$3.65 billion. Other investments include a stake in Parkway Parade and the development of a multifunctional event space on a site adjacent to 313@somerset.

Smartkarma Corporate Webinar | Lendlease Global: Sustainable Returns Through High-Quality Assets

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

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

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

Equity Capital Markets

Lendlease Global Commercial REIT / Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/lendlease-global-commercial-reit" target="_blank" data-smartkarma-citation="entities:28292:1" rel="noopener">Lendlease Global Commercial REIT (LREIT SP)</a>  is looking to raise at least S$270m in a private placement, to fund acquisition of 70% interest in PLQ Mall.</li>
<li>Overall, this deal represents 44.2 days of ADV and 16.5% of shares outstanding.</li>
<li>In this note, we comment on the deal dynamics and run the deal through our ECM framework.</li>
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Lendlease Global Commercial REIT (LREIT SP)  is looking to raise at least S$270m in a private placement, to fund acquisition of 70% interest in PLQ Mall.
Overall, this deal represents 44.2 days of ADV and 16.5% of shares outstanding.
In this note, we comment on the deal dynamics and run the deal through our ECM framework.


Lendlease REIT Placement: DPU Accretive, past Offering Did Well

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.

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<li>Lendlease Global Commercial REIT (JYEU) is a Singapore-listed real estate investment trust which owns and manages a diversified portfolio of prime retail and office properties globally. The Company currently has properties in two countries—Singapore and Italy.</li>
<li>Following the divestiture of Jem Office in August 2025, Singapore’s portfolio now comprises 313@Somerset, a leading lifestyle retail mall located along Orchard Road, Jem (only retail) as well as minority interest (10%) in Parkway Parade. Italy portfolio includes three Grade A office properties in Milan. We note that post-divestment, Singapore accounts for 85% of the total portfolio value, with Italy accounting for the remaining 15%. </li>
<li>Lendlease Global’s portfolio is well diversified, with the top 10 tenants accounting for only 37% of gross rental income. The Company’s investment manager is Lendlease Global Commercial Trust Management Pte. Ltd.</li>
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Lendlease Global Commercial REIT (JYEU) is a Singapore-listed real estate investment trust which owns and manages a diversified portfolio of prime retail and office properties globally. The Company currently has properties in two countries—Singapore and Italy.
Following the divestiture of Jem Office in August 2025, Singapore’s portfolio now comprises 313@Somerset, a leading lifestyle retail mall located along Orchard Road, Jem (only retail) as well as minority interest (10%) in Parkway Parade. Italy portfolio includes three Grade A office properties in Milan. We note that post-divestment, Singapore accounts for 85% of the total portfolio value, with Italy accounting for the remaining 15%. 
Lendlease Global’s portfolio is well diversified, with the top 10 tenants accounting for only 37% of gross rental income. The Company’s investment manager is Lendlease Global Commercial Trust Management Pte. Ltd.


Lendlease Global Commercial REIT (JYEU): Retail-Led Income Play With Office Upside

Singapore

Lendlease Global Commercial REIT is a Singapore real estate investment trust that invests in a diversified portfolio of stabilized income-producing real estate assets globally, primarily for retail and/or office purposes. Its portfolio includes retail properties in Singapore and Grade A commercial buildings in Milan, Italy. The company was incorporated in Singapore in 2019.

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Lendlease Global Commercial REIT (LREIT SP)

Singapore Reits & Business Trust Sector: Pseudo-Performance and Other Fees

The performance fee is an incentive for managers to grow the income and distributions of REITs, but half of the 41 REIT managers charge...

Corporate Monitor Limited

Singapore Retail Sector: Will It Be Impacted by Improved Connectivity with Malaysia?

Singapore's branded consumer retail margins and retail rental yield are at risk when easier border crossing access to Malaysia could prompt more...

Devi Subhakesan

Smartkarma Corporate Webinar | Lendlease Global: Sustainable Returns Through High-Quality Assets

Explore the future of sustainable investing with Lendlease Global Commercial REIT's CEO, Kelvin Chow, in an engaging Smartkarma webinar. Dive into...

Smartkarma Research

Lendlease REIT Placement: DPU Accretive, past Offering Did Well

Lendlease Global Commercial REIT plans to raise S$270m for PLQ Mall acquisition, representing 44.2 days of ADV and 16.5% of shares outstanding....

Nicholas Tan

Lendlease Global Commercial REIT (JYEU): Retail-Led Income Play With Office Upside

Lendlease Global Commercial REIT (JYEU) is a Singapore-listed real estate investment trust which owns and manages a diversified portfolio of prime...

Syfe

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Singapore Reits & Business Trust Sector: Pseudo-Performance and Other Fees

The performance fee is an incentive for managers to grow the income and distributions of REITs, but half of the 41 REIT managers charge...

Corporate Monitor Limited

Singapore Retail Sector: Will It Be Impacted by Improved Connectivity with Malaysia?

Singapore's branded consumer retail margins and retail rental yield are at risk when easier border crossing access to Malaysia could prompt more...

Devi Subhakesan

Smartkarma Corporate Webinar | Lendlease Global: Sustainable Returns Through High-Quality Assets

Explore the future of sustainable investing with Lendlease Global Commercial REIT's CEO, Kelvin Chow, in an engaging Smartkarma webinar. Dive into...

Smartkarma Research

Lendlease REIT Placement: DPU Accretive, past Offering Did Well

​Lendlease Global Commercial REIT plans to raise S$270m for PLQ Mall acquisition, representing 44.2 days of ADV and 16.5% of shares outstanding....

Nicholas Tan

Lendlease Global Commercial REIT (JYEU): Retail-Led Income Play With Office Upside

Lendlease Global Commercial REIT (JYEU) is a Singapore-listed real estate investment trust which owns and manages a diversified portfolio of prime...

Syfe

Lendlease Global Commercial REIT plans to raise S$270m for PLQ Mall acquisition, representing 44.2 days of ADV and 16.5% of shares outstanding....