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>Healthcare S-REITs capture Japan opportunities with expanding footprint Both ParkwayLife Reit (37.1 per cent of its asset value) and First Reit (22.8 per cent of its assets under management) have significant exposure to Japan nursing homes and healthcare-related properties through recent acquisitions.</li><li>First Reit now has 14 out of its 32 Asian healthcare assets in Japan nursing homes which are operated by five independent and experienced nursing home operators.</li></ul>

Healthcare S-REITs capture Japan opportunities with expanding footprint Both ParkwayLife Reit (37.1 per cent of its asset value) and First Reit (22.8 per cent of its assets under management) have significant exposure to Japan nursing homes and healthcare-related properties through recent acquisitions.First Reit now has 14 out of its 32 Asian healthcare assets in Japan nursing homes which are operated by five independent and experienced nursing home operators.

REIT Watch - Healthcare S-Reits capture Japan opportunities with expanding footprint

<ul><li>REIT Watch - Maiden acquisitions made by S-Reits in September The month of September also saw maiden acquisitions from Digital Core Reit and Daiwa House Logistics Trust since their respective initial public offerings (IPOs) in 2021.</li><li>Aside from these two, there were also several Japan acquisitions made by healthcare S-Reits last month, including ParkwayLife Reit and First Reit.</li></ul>

REIT Watch - Maiden acquisitions made by S-Reits in September The month of September also saw maiden acquisitions from Digital Core Reit and Daiwa House Logistics Trust since their respective initial public offerings (IPOs) in 2021.Aside from these two, there were also several Japan acquisitions made by healthcare S-Reits last month, including ParkwayLife Reit and First Reit.

REIT Watch - Maiden acquisitions made by S-Reits in September

<ul><li>REIT Watch - S-Reits with Malaysia assets record stronger operating results Singapore lists 6 S-Reits with exposure to Malaysia assets – Ascott Residence Trust, Frasers Hospitality Trust, Keppel DC Reit, Mapletree Logistics Trust, ParkwayLife Reit, and Starhill Global Reit.</li><li>According to Retail Group Malaysia (RGM), Malaysia retail sales rose 62.5 per cent yoy to new record levels in Q2 2022, following an 18.3 per cent yoy growth seen in Q1 2022.</li></ul>

REIT Watch - S-Reits with Malaysia assets record stronger operating results Singapore lists 6 S-Reits with exposure to Malaysia assets – Ascott Residence Trust, Frasers Hospitality Trust, Keppel DC Reit, Mapletree Logistics Trust, ParkwayLife Reit, and Starhill Global Reit.According to Retail Group Malaysia (RGM), Malaysia retail sales rose 62.5 per cent yoy to new record levels in Q2 2022, following an 18.3 per cent yoy growth seen in Q1 2022.

REIT Watch - S-Reits with Malaysia assets record stronger operating results

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 <div class='content-caption'>REIT Watch 4 July</div>
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The iEdge S-Reit Index held resilient for the first half of 2022, generating flat total returns compared to the FTSE EPRA Nareit Developed Index (a benchmark for global Reits) which declined 18 per cent.

During the period, the S-Reits and property trusts sector in Singapore saw S$359 million of net institutional outflows and S$447 million of net retail inflows.

Hospitality was the best performing sub-segment in H1 2022. The 5 hospitality trusts averaged 17 per cent total returns and garnered S$62 million of net institutional inflows.

Aside from hospitality trusts, diversified S-Reits and some industrial and retail S-Reits were also among the top performing S-Reits in the first half of 2022. The 9 trusts which outperformed the broader iEdge S-Reit Index in H1 2022 include Frasers Hospitality Trust (+52.2 per cent), Ascott Residence Trust (+12.5 per cent), Far East Hospitality Trust (+11.3 per cent), CDL Hospitality Trusts (+11.3 per cent), Mapletree North Asia Commercial Trust (+11.2 per cent), Suntec Reit (+10.3 per cent), CapitaLand Integrated Commercial Trust (+6.6 per cent), Sabana Industrial Reit (+5.9 per cent) and Frasers Centrepoint Trust (+1.7 per cent).

Lendlease Global Commercial Reit was the only S-Reit which received both net institutional and retail inflows for the first half of 2022. It saw S$5 million of net institutional inflows and S$11 million of net retail inflows.

While the first quarter of the year was largely driven by hospitality trusts and the reopening theme, performance was mixed in Q2 2022. The 5 best performing trusts in Q2 2022 include Frasers Hospitality Trust (+32.3 per cent), ParkwayLife Reit (+3.6 per cent), Lendlease Global Commercial Reit (+2.6 per cent), Dasin Retail Trust (+1.6 per cent) and Ascott Residence Trust (+0.9 per cent).

The iEdge S-Reit Index dipped 1.3 per cent in total returns in Q2 2022 while the sector as a whole saw S$173 million of net institutional outflows and S$282 million of net retail inflows. ESR-Logos Reit was the only S-Reit which received both net institutional and retail inflows for Q1 2022. It saw S$2 million of net institutional inflows and S$10 million of net retail inflows.

Inflows into the 5 SGX-listed Reit exchange traded funds (ETFs) hit a record in June 2022, with S$60 million of inflows over the month. This topped the previous record inflow of S$34 million in March 2020, near the start of the Covid-19 pandemic. Across H1 2022, the 5 ETFs received S$113 million of inflows and saw combined asset under management (AUM) rising S$63 million, hitting S$874 million as at end June. 

REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/s-reits-shelter-from-the-storm-in-h1-2022">read </a>the original version.
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    REIT Watch 4 July


The iEdge S-Reit Index held resilient for the first half of 2022, generating flat total returns compared to the FTSE EPRA Nareit Developed Index (a benchmark for global Reits) which declined 18 per cent.

During the period, the S-Reits and property trusts sector in Singapore saw S$359 million of net institutional outflows and S$447 million of net retail inflows.

Hospitality was the best performing sub-segment in H1 2022. The 5 hospitality trusts averaged 17 per cent total returns and garnered S$62 million of net institutional inflows.

Aside from hospitality trusts, diversified S-Reits and some industrial and retail S-Reits were also among the top performing S-Reits in the first half of 2022. The 9 trusts which outperformed the broader iEdge S-Reit Index in H1 2022 include Frasers Hospitality Trust (+52.2 per cent), Ascott Residence Trust (+12.5 per cent), Far East Hospitality Trust (+11.3 per cent), CDL Hospitality Trusts (+11.3 per cent), Mapletree North Asia Commercial Trust (+11.2 per cent), Suntec Reit (+10.3 per cent), CapitaLand Integrated Commercial Trust (+6.6 per cent), Sabana Industrial Reit (+5.9 per cent) and Frasers Centrepoint Trust (+1.7 per cent).

Lendlease Global Commercial Reit was the only S-Reit which received both net institutional and retail inflows for the first half of 2022. It saw S$5 million of net institutional inflows and S$11 million of net retail inflows.

While the first quarter of the year was largely driven by hospitality trusts and the reopening theme, performance was mixed in Q2 2022. The 5 best performing trusts in Q2 2022 include Frasers Hospitality Trust (+32.3 per cent), ParkwayLife Reit (+3.6 per cent), Lendlease Global Commercial Reit (+2.6 per cent), Dasin Retail Trust (+1.6 per cent) and Ascott Residence Trust (+0.9 per cent).

The iEdge S-Reit Index dipped 1.3 per cent in total returns in Q2 2022 while the sector as a whole saw S$173 million of net institutional outflows and S$282 million of net retail inflows. ESR-Logos Reit was the only S-Reit which received both net institutional and retail inflows for Q1 2022. It saw S$2 million of net institutional inflows and S$10 million of net retail inflows.

Inflows into the 5 SGX-listed Reit exchange traded funds (ETFs) hit a record in June 2022, with S$60 million of inflows over the month. This topped the previous record inflow of S$34 million in March 2020, near the start of the Covid-19 pandemic. Across H1 2022, the 5 ETFs received S$113 million of inflows and saw combined asset under management (AUM) rising S$63 million, hitting S$874 million as at end June. 

REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - S-Reits - shelter from the storm in H1 2022

Singapore

Parkway Life is a Singapore-based real estate investment trust that invests primarily in income-producing healthcare and healthcare-related properties across the Asia-Pacific region. Its portfolio includes hospitals, nursing homes, and facilities for healthcare research and pharmaceutical manufacturing, which it leases to operators. The company was founded in 2007 and is headquartered in Singapore.

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Parkway Life (PREIT SP)

REIT Watch - Healthcare S-Reits capture Japan opportunities with expanding footprint

Healthcare S-REITs capture Japan opportunities with expanding footprint Both ParkwayLife Reit (37.1 per cent of its asset value) and First Reit...

Singapore Exchange Ltd (SGX)

REIT Watch - Maiden acquisitions made by S-Reits in September

REIT Watch - Maiden acquisitions made by S-Reits in September The month of September also saw maiden acquisitions from Digital Core Reit and Daiwa...

Singapore Exchange Ltd (SGX)

REIT Watch - Maiden acquisitions made by S-Reits in September

REIT Watch - Maiden acquisitions made by S-Reits in September The month of September also saw maiden acquisitions from Digital Core Reit and Daiwa...

Singapore Exchange Ltd (SGX)

REIT Watch - S-Reits with Malaysia assets record stronger operating results

REIT Watch - S-Reits with Malaysia assets record stronger operating results Singapore lists 6 S-Reits with exposure to Malaysia assets – Ascott...

Singapore Exchange Ltd (SGX)

REIT Watch - S-Reits - shelter from the storm in H1 2022

The iEdge S-Reit Index held resilient for the first half of 2022, generating flat total returns compared to the FTSE EPRA...

Singapore Exchange Ltd (SGX)

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