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>Source: Company announcements extracted as of 27 Jan 2023 before market opens.</li><li>Five S-Reits have released their financial results or business updates for the latest reporting period, of which Suntec Reit announced its full year results.</li><li>However, full year DPU grew 2.5 per cent to 8.884 cents due to higher NPI contribution and a capital distribution of S$23.0 million.</li></ul>

Source: Company announcements extracted as of 27 Jan 2023 before market opens.Five S-Reits have released their financial results or business updates for the latest reporting period, of which Suntec Reit announced its full year results.However, full year DPU grew 2.5 per cent to 8.884 cents due to higher NPI contribution and a capital distribution of S$23.0 million.

<ul><li>REIT Watch - S-REIT earnings and updates schedule for this reporting season Some 33 S-Reits and property trusts have confirmed dates of their upcoming financial results or business updates for this reporting season, with SPH Reit 0% kicking off the release of its full year FY22 financial results, along with Sabana Industrial Reit’s +1.28% Q3 FY22 business update.</li><li>Sabana Industrial Reit updated that it reached portfolio occupancy levels of 89.1 per cent, a new high since Q3FY17.</li></ul>

REIT Watch - S-REIT earnings and updates schedule for this reporting season Some 33 S-Reits and property trusts have confirmed dates of their upcoming financial results or business updates for this reporting season, with SPH Reit 0% kicking off the release of its full year FY22 financial results, along with Sabana Industrial Reit’s +1.28% Q3 FY22 business update.Sabana Industrial Reit updated that it reached portfolio occupancy levels of 89.1 per cent, a new high since Q3FY17.

REIT Watch - S-Reits confirm schedule for latest results and updates

Far East Hospitality Trust / Equity Bottom-Up

<ul><li>REIT Watch - SGTI 2022 shows more S-Reits reporting non-financial metrics S-Reits and business trusts see an improvement in their Singapore Governance and Transparency Index (SGTI) 2022 scores, increasing marginally to 85.3 points from 85.0 last year.</li><li>Overall, the mean score of the Reits and business trust category increased by 0.3 points year on year and the mean bonus points for good disclosure practices increased by 0.7 points to 19.2 points.</li></ul>

REIT Watch - SGTI 2022 shows more S-Reits reporting non-financial metrics S-Reits and business trusts see an improvement in their Singapore Governance and Transparency Index (SGTI) 2022 scores, increasing marginally to 85.3 points from 85.0 last year.Overall, the mean score of the Reits and business trust category increased by 0.3 points year on year and the mean bonus points for good disclosure practices increased by 0.7 points to 19.2 points.

REIT Watch - SGTI 2022 shows more S-Reits reporting non-financial metrics

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 <div class='content-caption'>REIT Watch 12 Jul</div>
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Thirteen Singapore real estate investment trusts (S-Reits) have announced dates of their upcoming earnings releases or business updates, with SPH Reit kicking off the current reporting season for the sector with the release of its third-quarter FY2022 business update (ended May 31, 2022) on Jul 7, 2022.

Of the 13, 9 will be reporting first-half financial results for the year, while 3 will be releasing business updates for their respective periods ending Jun 30, 2022.

The rest of the sector will be unveiling dates of their earnings or business updates over the coming weeks.

SPH Reit in its latest Q3 FY2022 business updates announced a distribution per unit (DPU) of 1.45 Singapore cents, which represents a 5.1 per cent year-on-year increase and brings the annualised distribution yield to 5.81 per cent.

Ascribing to high vaccination rates and the ease of safe distancing measures in both Singapore and Australia, SPH Reit highlighted overall improvement in financial performance, with year-to-date Q3 FY2022 gross revenue recording a 0.9 per cent year-on-year increase to S$211.6 million.

Sales for the same period increased by 12 per cent and 2 per cent in Singapore and Australia respectively.

Across SPH Reit’s portfolio, occupancy rate maintained at 97.6 per cent, while weighted average lease expiry (WALE) stood at 5.4 years by net lettable area and 2.9 years by gross rental income.

In Singapore, its Paragon property saw marked recovery following the relaxation of restrictions in March/April 2022 as tenant sales for the quarter grew 45 per cent year-on-year and exceeded pre-Covid levels.

The Clementi Mall recorded a 6.3 per cent improvement in tenant sales supported by strong food and beverage (F&amp;B) performance.

Its Australia properties also observed recovery in tenant sales post the spike in cases earlier this year.

The iEdge S-Reit Index, a benchmark for Singapore Reits, maintained resiliency for H1 2022 with flat total returns, compared to the FTSE EPRA Nareit Developed Index (a benchmark for global Reits) which declined 18 per cent. 

REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/sph-reit-kicks-off-reporting-calendar-with-marked-recovery-in-tenant-sales">read </a>the original version.
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    REIT Watch 12 Jul


Thirteen Singapore real estate investment trusts (S-Reits) have announced dates of their upcoming earnings releases or business updates, with SPH Reit kicking off the current reporting season for the sector with the release of its third-quarter FY2022 business update (ended May 31, 2022) on Jul 7, 2022.

Of the 13, 9 will be reporting first-half financial results for the year, while 3 will be releasing business updates for their respective periods ending Jun 30, 2022.

The rest of the sector will be unveiling dates of their earnings or business updates over the coming weeks.

SPH Reit in its latest Q3 FY2022 business updates announced a distribution per unit (DPU) of 1.45 Singapore cents, which represents a 5.1 per cent year-on-year increase and brings the annualised distribution yield to 5.81 per cent.

Ascribing to high vaccination rates and the ease of safe distancing measures in both Singapore and Australia, SPH Reit highlighted overall improvement in financial performance, with year-to-date Q3 FY2022 gross revenue recording a 0.9 per cent year-on-year increase to S$211.6 million.

Sales for the same period increased by 12 per cent and 2 per cent in Singapore and Australia respectively.

Across SPH Reit’s portfolio, occupancy rate maintained at 97.6 per cent, while weighted average lease expiry (WALE) stood at 5.4 years by net lettable area and 2.9 years by gross rental income.

In Singapore, its Paragon property saw marked recovery following the relaxation of restrictions in March/April 2022 as tenant sales for the quarter grew 45 per cent year-on-year and exceeded pre-Covid levels.

The Clementi Mall recorded a 6.3 per cent improvement in tenant sales supported by strong food and beverage (F&amp;B) performance.

Its Australia properties also observed recovery in tenant sales post the spike in cases earlier this year.

The iEdge S-Reit Index, a benchmark for Singapore Reits, maintained resiliency for H1 2022 with flat total returns, compared to the FTSE EPRA Nareit Developed Index (a benchmark for global Reits) which declined 18 per cent. 

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



REIT Watch - SPH Reit kicks off reporting calendar with marked recovery in tenant sales

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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

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)

S-Reits’ upcoming 2022 report cards

Source: Company announcements extracted as of 27 Jan 2023 before market opens. Five S-Reits have released their financial results or business...

Singapore Exchange Ltd (SGX)

REIT Watch - S-Reits confirm schedule for latest results and updates

REIT Watch - S-REIT earnings and updates schedule for this reporting season Some 33 S-Reits and property trusts have confirmed dates of their...

Singapore Exchange Ltd (SGX)

REIT Watch - SGTI 2022 shows more S-Reits reporting non-financial metrics

REIT Watch - SGTI 2022 shows more S-Reits reporting non-financial metrics S-Reits and business trusts see an improvement in their Singapore...

Singapore Exchange Ltd (SGX)

REIT Watch - SPH Reit kicks off reporting calendar with marked recovery in tenant sales

Thirteen Singapore real estate investment trusts (S-Reits) have announced dates of their upcoming earnings releases or business...

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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