Singapore and emerging market real estate

Royston Foo

Equity Bottom-Up

Share price of <a href="https://www.smartkarma.com/entities/9984" target="_blank" data-smartkarma-citation="entities:9984:1">OUE Ltd (OUE SP)</a> has been on a downtrend since reaching a 1-year peak of S$2.15 per share in late January 2018. As of today, OUE’s share price has corrected 25% from its peak and it is now trading at S$1.61 per share. This price level is not far from its 5-year low of S$1.46 per share in July 2016. At S$1.61 per share, OUE is now trading at a price-to-book ratio of 0.36x.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/054/534/original/OUE.jpg?1528277082" class="editor-image img-responsive" data-smartkarma-image-id="54534"></figure><div class="content-caption">1-year Share Price Performance</div>While valuation looks attractive at current levels, recent corporate…

Share price of OUE Ltd (OUE SP) has been on a downtrend since reaching a 1-year peak of S$2.15 per share in late January 2018. As of today, OUE’s share price has corrected 25% from its peak and it is now trading at S$1.61 per share. This price level is not far from its 5-year low of S$1.46 per share in July 2016. At S$1.61 per share, OUE is now trading at a price-to-book ratio of 0.36x.1-year Share Price PerformanceWhile valuation looks attractive at current levels, recent corporate…

OUE Ltd – Concerns on Corporate Governance and Declining Cash Balance

Thematic (Sector/Industry)

During the month of March, Singapore property market continued to deliver positive newsflow that benefited the share price performance of Singapore property developers. Some of the notable property news during the month of March includes:<ul>
<li>GuocoLand and Hong Leong acquiring Pacific Mansion for S$980 mil, setting a new high among recent collective sales</li>
<li>A 99-year mixed-use site a Holland Road attracted 15 bids, with some developers placing more than 1 bid with different concept proposals</li>
<li>The first…</li>
</ul>

During the month of March, Singapore property market continued to deliver positive newsflow that benefited the share price performance of Singapore property developers. Some of the notable property news during the month of March includes:
GuocoLand and Hong Leong acquiring Pacific Mansion for S$980 mil, setting a new high among recent collective sales
A 99-year mixed-use site a Holland Road attracted 15 bids, with some developers placing more than 1 bid with different concept proposals
The first…


Singapore Property – Large-Caps with Growth Pipeline and Strong Balance Sheet Remains in Favor

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.

<ul>
<li>The 25 largest capitalised Real Estate stocks that reported more than 80% of their revenue to Singapore based on Annual Reports, maintain an average market cap of S$3.0 billion, ranging from S$7.5 billion for A-REIT to S$718 million for Hong Fok Corp.</li>
<li>
After strong performances in 2017, when all 25 stocks gained &amp; averaged a 28.5% total return, 18 of the 25 stocks declined over the first seven weeks of 2018, with average YTD price declines at 2.7%. Dividends have provided some offset, with Trusts…</li>
</ul>


The 25 largest capitalised Real Estate stocks that reported more than 80% of their revenue to Singapore based on Annual Reports, maintain an average market cap of S$3.0 billion, ranging from S$7.5 billion for A-REIT to S$718 million for Hong Fok Corp.

After strong performances in 2017, when all 25 stocks gained &amp; averaged a 28.5% total return, 18 of the 25 stocks declined over the first seven weeks of 2018, with average YTD price declines at 2.7%. Dividends have provided some offset, with Trusts…


Recent Highlights of Singapore-Focused Real Estate Stocks

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Cyclical Sectors Led Market in 2017 YTD; IT Sector in the Lead

Singapore

OUE Limited operates as a diversified real estate owner, developer, and operator with a portfolio of assets in prime locations in Singapore. The company focuses its business in the commercial, hospitality, retail, residential and healthcare sectors.

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OUE Ltd (OUE SP)

OUE Ltd – Concerns on Corporate Governance and Declining Cash Balance

Share price of OUE Ltd (OUE SP) has been on a downtrend since reaching a 1-year peak of S$2.15 per share in late January 2018. As of today, OUE’s...

Royston Foo

Singapore Property – Large-Caps with Growth Pipeline and Strong Balance Sheet Remains in Favor

During the month of March, Singapore property market continued to deliver positive newsflow that benefited the share price performance of Singapore...

Royston Foo

Recent Highlights of Singapore-Focused Real Estate Stocks

The 25 largest capitalised Real Estate stocks that reported more than 80% of their revenue to Singapore based on Annual Reports, maintain an...

Singapore Exchange Ltd (SGX)

Biggest Hospitality Stocks Average 20% YTD Gains

Singapore Exchange Ltd (SGX)

Cyclical Sectors Led Market in 2017 YTD; IT Sector in the Lead

Singapore Exchange Ltd (SGX)

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