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>Coverage of climate-related disclosures by S-Reits vs global real estate sector average for each TCFD pillar The S-Reits industry, as with all other sectors, is experiencing growing pressure from investors, tenants, regulators, and other stakeholders to report key environment, social and governance (ESG) information.</li><li>The study reviewed the coverage and quality of disclosures by S-Reits against global peers and best practices based on the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.</li></ul>

Coverage of climate-related disclosures by S-Reits vs global real estate sector average for each TCFD pillar The S-Reits industry, as with all other sectors, is experiencing growing pressure from investors, tenants, regulators, and other stakeholders to report key environment, social and governance (ESG) information.The study reviewed the coverage and quality of disclosures by S-Reits against global peers and best practices based on the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.

REIT Watch - S-Reits raise their sustainability reporting standards

Mapletree Pan Asia Commercial Trust / Equity Bottom-Up

Mapletree Pan Asia Commercial Trust (MPACT SP)

<ul><li>Singapore-based office S-Reits resilient despite concerns sparked by WeWork However, Singapore-listed real estate investment trusts (S-Reits) are showing signs of resiliency in their office portfolios.</li><li>Suntec Reit’s Singapore office portfolio recorded year-on-year growth in both gross revenue and net property income for H1 FY2023 by 8.1 per cent and 1.1 per cent respectively, citing higher occupancy and rent at its Suntec City Office and One Raffles Quay.</li></ul>

Singapore-based office S-Reits resilient despite concerns sparked by WeWork However, Singapore-listed real estate investment trusts (S-Reits) are showing signs of resiliency in their office portfolios.Suntec Reit’s Singapore office portfolio recorded year-on-year growth in both gross revenue and net property income for H1 FY2023 by 8.1 per cent and 1.1 per cent respectively, citing higher occupancy and rent at its Suntec City Office and One Raffles Quay.

REIT Watch - Singapore-based office S-Reits resilient despite concerns sparked by WeWork

Mapletree Industrial Trust / Equity Bottom-Up

<ul><li>Among the constituents of the Straits Times Index, three S-Reits are members of the Mapletree family – Mapletree Pan Asia Commercial Trust, Mapletree Logistics Trust, and Mapletree Industrial Trust – and they make up a third of S-Reits’ representation in the index.</li><li>Mapletree Pan Asia Commercial Trust (MPACT) invests primarily in commercial assets for office and retail purposes across five key Asian markets, with total assets under management (AUM) of S$16.6 billion.</li><li>Mapletree Logistics Trust (MLT) invests in logistics assets across nine countries worldwide, with total AUM of S$12.8 billion.</li></ul>

Among the constituents of the Straits Times Index, three S-Reits are members of the Mapletree family – Mapletree Pan Asia Commercial Trust, Mapletree Logistics Trust, and Mapletree Industrial Trust – and they make up a third of S-Reits’ representation in the index.Mapletree Pan Asia Commercial Trust (MPACT) invests primarily in commercial assets for office and retail purposes across five key Asian markets, with total assets under management (AUM) of S$16.6 billion.Mapletree Logistics Trust (MLT) invests in logistics assets across nine countries worldwide, with total AUM of S$12.8 billion.

REIT Watch - Mapletree S-Reits see strong performance amid active acquisitions

<ul><li>For the first 12 weeks of 2023 the iEdge S-REIT Index generated a 3% total return, with the FTSE EPRA/NAREIT Global REITs Index declining 4%.</li><li>Within the S-REIT Sector, Industrial S-REITs averaged the highest median total returns over the past 12 weeks at 4%, while Office REITs booked the highest median decline in total return at -8%.</li><li>The 27 trusts of the Sector that booked net institutional outflow over the past 12 weeks represent 52% of the combined S-REIT Sector market value.</li></ul>

For the first 12 weeks of 2023 the iEdge S-REIT Index generated a 3% total return, with the FTSE EPRA/NAREIT Global REITs Index declining 4%.Within the S-REIT Sector, Industrial S-REITs averaged the highest median total returns over the past 12 weeks at 4%, while Office REITs booked the highest median decline in total return at -8%.The 27 trusts of the Sector that booked net institutional outflow over the past 12 weeks represent 52% of the combined S-REIT Sector market value.

<ul><li>Retail S-REITs’ metrics surpass pre-Covid; poised to benefit from tourism boost The Singapore Tourism Board expects the nation to receive up to 14 million international visitors this year, more than double the 6.3 million recorded in 2022.</li><li>Mapletree Pan Asia Commercial Trust’s VivoCity Mall reported that its Q3 FY22/23 sales continued to exceed pre-pandemic levels, with shopper traffic and tenant sales growing 50.5 per cent and 38.5 per cent yoy, respectively.</li></ul>

Retail S-REITs’ metrics surpass pre-Covid; poised to benefit from tourism boost The Singapore Tourism Board expects the nation to receive up to 14 million international visitors this year, more than double the 6.3 million recorded in 2022.Mapletree Pan Asia Commercial Trust’s VivoCity Mall reported that its Q3 FY22/23 sales continued to exceed pre-pandemic levels, with shopper traffic and tenant sales growing 50.5 per cent and 38.5 per cent yoy, respectively.

REIT Watch – Retail S-REITs’ metrics surpass pre-Covid; poised to benefit from tourism boost

Singapore

Mapletree Pan Asia Commercial Trust is a real estate investment trust (REIT) that invests in a diversified portfolio of income-producing office and retail properties across key Asian gateway markets. Its portfolio includes commercial properties in Singapore, Hong Kong, China, Japan, and South Korea. The trust is headquartered in Singapore and was formed in 2022.

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Mapletree Pan Asia Commercial Trust (MPACT SP)

REIT Watch - S-Reits raise their sustainability reporting standards

Coverage of climate-related disclosures by S-Reits vs global real estate sector average for each TCFD pillar The S-Reits industry, as with all...

Singapore Exchange Ltd (SGX)

REIT Watch - Singapore-based office S-Reits resilient despite concerns sparked by WeWork

Singapore-based office S-Reits resilient despite concerns sparked by WeWork However, Singapore-listed real estate investment trusts (S-Reits) are...

Singapore Exchange Ltd (SGX)

REIT Watch - Mapletree S-Reits see strong performance amid active acquisitions

Among the constituents of the Straits Times Index, three S-Reits are members of the Mapletree family – Mapletree Pan Asia Commercial Trust,...

Singapore Exchange Ltd (SGX)

S-REIT Flows and Performances in 1Q23

For the first 12 weeks of 2023 the iEdge S-REIT Index generated a 3% total return, with the FTSE EPRA/NAREIT Global REITs Index declining...

Singapore Exchange Ltd (SGX)

REIT Watch – Retail S-REITs’ metrics surpass pre-Covid; poised to benefit from tourism boost

Retail S-REITs’ metrics surpass pre-Covid; poised to benefit from tourism boost The Singapore Tourism Board expects the nation to receive up to 14...

Singapore Exchange Ltd (SGX)

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