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>Schedule of S-REITs Earnings or Business Updates Mapletree Logistics Trust 21-Jan After market Financial Results  Keppel REIT 27-Jan After market Financial Results 28-Jan Before market Business Update.</li></ul>

Schedule of S-REITs Earnings or Business Updates Mapletree Logistics Trust 21-Jan After market Financial Results  Keppel REIT 27-Jan After market Financial Results 28-Jan Before market Business Update.

REIT Watch - 24 S-REITs confirm schedule for upcoming earnings season

Mapletree Industrial Trust / Equity Bottom-Up

<ul><li>In JTC’s latest market report for the second quarter of 2024, it noted that industrial rents rose 1 per cent quarter on quarter, recording the slowest rate of increase since Q1 2022 following the Covid-pandemic recovery.</li><li>On a year-on-year (yoy) basis, industrial rents are still up 6.6 per cent.</li><li>Overall occupancy rates rose 0.3 percentage point to 89 per cent as new demand continues to outpace supply increases.</li></ul>

In JTC’s latest market report for the second quarter of 2024, it noted that industrial rents rose 1 per cent quarter on quarter, recording the slowest rate of increase since Q1 2022 following the Covid-pandemic recovery.On a year-on-year (yoy) basis, industrial rents are still up 6.6 per cent.Overall occupancy rates rose 0.3 percentage point to 89 per cent as new demand continues to outpace supply increases.

REIT Watch - Industrial Reits maintain resilience despite sector’s slowdown

<ul><li>With almost full certainty that the Federal Reserve will cut interest rates this September (based on CME Fed Watch Tool showing a 100 per cent probability as of Jul 26, 2024), interest rates continue to remain in the spotlight for REITs.</li><li>The Monetary Authority of Singapore (MAS) announced last week a proposal to simplify the leverage requirements for all Singapore REITs (S-REITs) – it proposes for a single aggregate leverage limit of 50 per cent and a minimum interest coverage ratio (ICR) of 5 times to be applied for all S-REITs.</li><li>Five S-REITs that maintain the lowest gearing ratios are Sasseur REIT (25.2 per cent), Paragon REIT (29.9 per cent), Far East Hospitality Trust (31.5 per cent), AIMS APAC REIT (32.6 per cent), and Frasers Logistics & Commercial Trust (32.7 per cent).</li></ul>

With almost full certainty that the Federal Reserve will cut interest rates this September (based on CME Fed Watch Tool showing a 100 per cent probability as of Jul 26, 2024), interest rates continue to remain in the spotlight for REITs.The Monetary Authority of Singapore (MAS) announced last week a proposal to simplify the leverage requirements for all Singapore REITs (S-REITs) – it proposes for a single aggregate leverage limit of 50 per cent and a minimum interest coverage ratio (ICR) of 5 times to be applied for all S-REITs.Five S-REITs that maintain the lowest gearing ratios are Sasseur REIT (25.2 per cent), Paragon REIT (29.9 per cent), Far East Hospitality Trust (31.5 per cent), AIMS APAC REIT (32.6 per cent), and Frasers Logistics & Commercial Trust (32.7 per cent).

REIT Watch - Maintaining balance sheet strengths as S-REITs average 39% gearing

<ul><li>Keppel Pacific Oak US REIT 17-Apr CapitaLand Integrated Commercial Trust 19-Apr 19-Apr  Keppel Pacific Oak US REIT reported a 0.8 per cent year-on-year decline in net property income (NPI) in the first quarter ended Mar 31, 2024 to US$21 million, from US$21.2 million in Q1 2023.</li></ul>

Keppel Pacific Oak US REIT 17-Apr CapitaLand Integrated Commercial Trust 19-Apr 19-Apr  Keppel Pacific Oak US REIT reported a 0.8 per cent year-on-year decline in net property income (NPI) in the first quarter ended Mar 31, 2024 to US$21 million, from US$21.2 million in Q1 2023.

REIT Watch - Earnings season kicks off as 27 S-REITs confirm schedule

<ul><li>REIT Watch - Frasers Centrepoint Trust to join STI from Mar 18 At a market capitalisation of S$3.9 billion, FCT will join the STI with an approximate weight of 0.8 per cent.</li><li>FCT is also the second Frasers Property-sponsored Reit to join the benchmark after Frasers Logistics & Commercial Trust.</li><li>The STI reserve list, which consists of the five highest ranking non-constituents of the STI, will be: CapitaLand Ascott Trust, ComfortDelGro, Keppel DC Reit, Keppel Reit, and Suntec Reit.</li></ul>

REIT Watch - Frasers Centrepoint Trust to join STI from Mar 18 At a market capitalisation of S$3.9 billion, FCT will join the STI with an approximate weight of 0.8 per cent.FCT is also the second Frasers Property-sponsored Reit to join the benchmark after Frasers Logistics & Commercial Trust.The STI reserve list, which consists of the five highest ranking non-constituents of the STI, will be: CapitaLand Ascott Trust, ComfortDelGro, Keppel DC Reit, Keppel Reit, and Suntec Reit.

REIT Watch - Frasers Centrepoint Trust to join STI from Mar 18

Singapore

Alpha Integrated Real Estate Investment Trust is a Singapore-listed real estate investment trust focused on high-quality industrial assets, including high-tech industrial, chemical warehouse & logistics, warehouse & logistics, and general industrial properties. It holds a diversified portfolio of 18 properties in Singapore. The company was founded in 2010 and is headquartered in Singapore.

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Alpha Integrated (SSREIT SP)

REIT Watch - 24 S-REITs confirm schedule for upcoming earnings season

Schedule of S-REITs Earnings or Business Updates Mapletree Logistics Trust 21-Jan After market Financial Results Keppel REIT 27-Jan After market...

Singapore Exchange Ltd (SGX)

REIT Watch - Industrial Reits maintain resilience despite sector’s slowdown

In JTC’s latest market report for the second quarter of 2024, it noted that industrial rents rose 1 per cent quarter on quarter, recording the...

Singapore Exchange Ltd (SGX)

REIT Watch - Maintaining balance sheet strengths as S-REITs average 39% gearing

With almost full certainty that the Federal Reserve will cut interest rates this September (based on CME Fed Watch Tool showing a 100 per cent...

Singapore Exchange Ltd (SGX)

REIT Watch - Earnings season kicks off as 27 S-REITs confirm schedule

Keppel Pacific Oak US REIT 17-Apr CapitaLand Integrated Commercial Trust 19-Apr 19-Apr Keppel Pacific Oak US REIT reported a 0.8 per cent...

Singapore Exchange Ltd (SGX)

REIT Watch - Frasers Centrepoint Trust to join STI from Mar 18

REIT Watch - Frasers Centrepoint Trust to join STI from Mar 18 At a market capitalisation of S$3.9 billion, FCT will join the STI with an...

Singapore Exchange Ltd (SGX)

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