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)

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Equity Bottom-Up

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    <div class='content-caption'>SREIT that have kicked off the reporting season</div>
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<p>Five S-REITs have kicked off this quarter’s reporting season with the release of financial results for the quarter or business updates, before the market opened last Friday. The five are SPH REIT, AIMS APAC REIT, Ascendas REIT, Sabana REIT, Suntec REIT.<br><br>
These five S-Reits have reported increased distributions per unit (DPU) and improved operating metrics amid a cautiously optimistic outlook for the year end.</p>

<p>SPH Reit kicks off with improved full-year results led by gradual market recovery in both of its markets in Singapore and Australia. It noted that tenant sales in its Australia portfolio have recovered to pre-Covid levels despite a seven-day lockdown in July.<br><br>
It announced fiscal 2021 DPU at 5.4 cents, increasing 98 per cent year on year and 3.6 per cent away from its previous fiscal year 2019 DPU (pre-Covid).</p>

<p>AIMS Apac Reit announced 4.75 cents in DPU to be distributed for first half FY2022, an 18.8 per cent increase from a year ago, buoyed by higher net property income which rose 19.4 per cent to S$47.7 million year on year.</p>

<p>The Reit recently announced its proposed acquisition of Woolworths Headquarters in New South Wales, Australia, which will be its largest asset across its entire portfolio.<br><br>
Ascendas Reit in its business update observed improved portfolio occupancy rates of 91.7 per cent and positive rental reversions, with the completion of Grab's headquarters at one-north, Singapore.</p>

<p>It noted improved occupancy levels across its Singapore and Australia properties while lower to flat levels in its United States and United Kingdom/Europe properties.</p>

<p>Last Friday, Ascendas Reit announced the proposed acquisition of 11 last mile logistics properties in Kansas City, US for S$207.8 million, marking its first entry into the US logistics market and complementing the Reit's existing portfolio.</p>

<p>The Kansas portfolio is 92.6 per cent occupied by 27 customers from industries including third-party logistics, wholesale distribution, manufacturing and healthcare.</p>

<p>The 11 properties were reported to have strong retention rates, with current tenants in place for an average of 12.5 years.</p>

<p>Sabana Reit's business updates reported improved portfolio occupancy rates of 85.3 per cent, its highest level since early 2018 when the Reit's refreshed strategy was first announced.</p>

<p>The Reit also updated that it has renewed leases with positive rental reversion of 7.8 per cent, which is the sixth time it has achieved positive reversion over the past seven quarters.</p>

<p>The removal of its syariah compliance was completed on Oct 21.</p>

<p>Suntec Reit inked 22 per cent higher distributable income from operations and announced 2.232 cents in third quarter 2021 DPU to unitholders which is 20.8 per cent higher year on year.</p>

<p>The Reit expects the return of Singapore's workforce to increase over time and positive rent reversion for its office portfolio for full year 2021.</p>

<p>In its local retail portfolio, it observed improved footfall during the first two weeks of Covid 'Stabilisation Phase' in October compared to earlier periods and expects mall occupancy to be on track to remain around 95 per cent by end 2021.<br><br><strong><em>REIT Watch is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/improved-operating-metrics-and-dpus-as-s-reits-kick-off-reporting"> read </a>the original version.</em></strong></p>
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    SREIT that have kicked off the reporting season


Five S-REITs have kicked off this quarter’s reporting season with the release of financial results for the quarter or business updates, before the market opened last Friday. The five are SPH REIT, AIMS APAC REIT, Ascendas REIT, Sabana REIT, Suntec REIT.  
These five S-Reits have reported increased distributions per unit (DPU) and improved operating metrics amid a cautiously optimistic outlook for the year end.

SPH Reit kicks off with improved full-year results led by gradual market recovery in both of its markets in Singapore and Australia. It noted that tenant sales in its Australia portfolio have recovered to pre-Covid levels despite a seven-day lockdown in July.  
It announced fiscal 2021 DPU at 5.4 cents, increasing 98 per cent year on year and 3.6 per cent away from its previous fiscal year 2019 DPU (pre-Covid).

AIMS Apac Reit announced 4.75 cents in DPU to be distributed for first half FY2022, an 18.8 per cent increase from a year ago, buoyed by higher net property income which rose 19.4 per cent to S$47.7 million year on year.

The Reit recently announced its proposed acquisition of Woolworths Headquarters in New South Wales, Australia, which will be its largest asset across its entire portfolio.  
Ascendas Reit in its business update observed improved portfolio occupancy rates of 91.7 per cent and positive rental reversions, with the completion of Grab's headquarters at one-north, Singapore.

It noted improved occupancy levels across its Singapore and Australia properties while lower to flat levels in its United States and United Kingdom/Europe properties.

Last Friday, Ascendas Reit announced the proposed acquisition of 11 last mile logistics properties in Kansas City, US for S$207.8 million, marking its first entry into the US logistics market and complementing the Reit's existing portfolio.

The Kansas portfolio is 92.6 per cent occupied by 27 customers from industries including third-party logistics, wholesale distribution, manufacturing and healthcare.

The 11 properties were reported to have strong retention rates, with current tenants in place for an average of 12.5 years.

Sabana Reit's business updates reported improved portfolio occupancy rates of 85.3 per cent, its highest level since early 2018 when the Reit's refreshed strategy was first announced.

The Reit also updated that it has renewed leases with positive rental reversion of 7.8 per cent, which is the sixth time it has achieved positive reversion over the past seven quarters.

The removal of its syariah compliance was completed on Oct 21.

Suntec Reit inked 22 per cent higher distributable income from operations and announced 2.232 cents in third quarter 2021 DPU to unitholders which is 20.8 per cent higher year on year.

The Reit expects the return of Singapore's workforce to increase over time and positive rent reversion for its office portfolio for full year 2021.

In its local retail portfolio, it observed improved footfall during the first two weeks of Covid 'Stabilisation Phase' in October compared to earlier periods and expects mall occupancy to be on track to remain around 95 per cent by end 2021.  REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - Improved operating metrics and DPUs as S-Reits kick off reporting

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    <div class='content-caption'>Top 5 S-REITs with largest yoy increase in DPU for 1H2021</div>
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<p>As the earnings season conclude, REITs and Property Trusts listed in Singapore have announced financial results or published business updates for the period ending 30 June 2021. Of the S-REITs which declared distributions for the first half of calendar year 2021, average change in distribution per unit (DPU) increased by 36 per cent year-on-year (y-o-y).</p>

<p>The five S-REITs with the highest y-o-y DPU increments for the period Jan to Jun 2021 are: SPH REIT (228 per cent), Sabana Shari'ah Compliant Industrial REIT (215 per cent), Starhill Global REIT (196 per cent), Ascott Residence Trust (95 per cent) and CapitaLand Integrated Commercial Trust (75 per cent).</p>

<p>SPH REIT declared a DPU of 1.38 Singapore cents for Q3 FY2021 ended 31 May, bringing its DPU for the period of Dec 2020 to May 2021 to 2.62 Singapore cents - a 228 per cent increase y-o-y. In its latest business update for 3Q FY2021, the REIT noted gradual recovery with improvements in gross revenue of 22.2 per cent y-o-y to S$209.6 million. This was led by recovery in performance across all assets while supported by additional quarter of contribution from Westfield Marion compared to the same period last year and a decrease in rent reliefs to Singapore and Australia eligible tenants.</p>

<p>Sabana Shari'ah Compliant Industrial REIT (Sabana REIT) reported DPU of 1.48 Singapore cents for 1H 2021, representing a 215 per cent y-o-y increase. This was mainly due to the temporary retainment of 55.0 per cent of its distributable income in 1H 2020 to conserve capital. The REIT also reported a 14.1 per cent y-o-y increase in gross revenue, mainly due to higher contribution from New Tech Park, 23 Serangoon North Avenue 5 and 10 Changi South Street 2 on higher occupancy. During the period, Sabana REIT announced the removal of its Shari’ah compliance requirement in order to accommodate the changing profile of tenants and enhance its flexibility for the next phase of growth.</p>

<p>Starhill Global REIT (SGREIT) reported 2H FY2020/2021 DPU of 2.07 Singapore cents, representing a y-o-y increase of 196 per cent, mainly due to the release of retained income for working capital requirements. SGREIT noted that gross revenue for the period increased 10.5 per cent y-o-y, resulting in a 20.2 per cent increase in its net property income (NPI). This was mainly attributed to lower rental assistance for eligible tenants affected by the COVID-19 pandemic and the appreciation of the Australian dollar against the Singapore dollar.</p>

<p>Ascott Residence Trust (ART) raised its DPU for 1H 2021 by 95 per cent y-o-y, attributable to active portfolio optimisation. The trust noted that distributable income for 1H 2021 included a one-off partial distribution of divestment gains of S$20 million to share divestment gains with unitholders, replace income loss from divested assets and mitigate the impact of COVID-19 on distributions.</p>

<p>CapitaLand Integrated Commercial Trust (CICT) announced a DPU of 5.18 Singapore cents for 1H 2021, representing a 75 per cent increase y-o-y. The REIT reported a 103 per cent and 118 per cent y-o-y increase in gross revenue and NPI respectively. In 1H 2021, CICT granted S$18.9 million of rental waivers for tenants affected by COVID-19, particularly during Singapore’s first Phase 2 (Heightened Alert) from 16 May to 13 June 2021.<br><br><strong><em>For more research and information on Singapore’s REIT sector, visit <a href="https://www.sgx.com/research-education/sectors">sgx.com/research-education/sectors</a> for the monthly SREITs &amp; Property Trusts Chartbook</em></strong></p>
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    Top 5 S-REITs with largest yoy increase in DPU for 1H2021


As the earnings season conclude, REITs and Property Trusts listed in Singapore have announced financial results or published business updates for the period ending 30 June 2021. Of the S-REITs which declared distributions for the first half of calendar year 2021, average change in distribution per unit (DPU) increased by 36 per cent year-on-year (y-o-y).

The five S-REITs with the highest y-o-y DPU increments for the period Jan to Jun 2021 are: SPH REIT (228 per cent), Sabana Shari'ah Compliant Industrial REIT (215 per cent), Starhill Global REIT (196 per cent), Ascott Residence Trust (95 per cent) and CapitaLand Integrated Commercial Trust (75 per cent).

SPH REIT declared a DPU of 1.38 Singapore cents for Q3 FY2021 ended 31 May, bringing its DPU for the period of Dec 2020 to May 2021 to 2.62 Singapore cents - a 228 per cent increase y-o-y. In its latest business update for 3Q FY2021, the REIT noted gradual recovery with improvements in gross revenue of 22.2 per cent y-o-y to S$209.6 million. This was led by recovery in performance across all assets while supported by additional quarter of contribution from Westfield Marion compared to the same period last year and a decrease in rent reliefs to Singapore and Australia eligible tenants.

Sabana Shari'ah Compliant Industrial REIT (Sabana REIT) reported DPU of 1.48 Singapore cents for 1H 2021, representing a 215 per cent y-o-y increase. This was mainly due to the temporary retainment of 55.0 per cent of its distributable income in 1H 2020 to conserve capital. The REIT also reported a 14.1 per cent y-o-y increase in gross revenue, mainly due to higher contribution from New Tech Park, 23 Serangoon North Avenue 5 and 10 Changi South Street 2 on higher occupancy. During the period, Sabana REIT announced the removal of its Shari’ah compliance requirement in order to accommodate the changing profile of tenants and enhance its flexibility for the next phase of growth.

Starhill Global REIT (SGREIT) reported 2H FY2020/2021 DPU of 2.07 Singapore cents, representing a y-o-y increase of 196 per cent, mainly due to the release of retained income for working capital requirements. SGREIT noted that gross revenue for the period increased 10.5 per cent y-o-y, resulting in a 20.2 per cent increase in its net property income (NPI). This was mainly attributed to lower rental assistance for eligible tenants affected by the COVID-19 pandemic and the appreciation of the Australian dollar against the Singapore dollar.

Ascott Residence Trust (ART) raised its DPU for 1H 2021 by 95 per cent y-o-y, attributable to active portfolio optimisation. The trust noted that distributable income for 1H 2021 included a one-off partial distribution of divestment gains of S$20 million to share divestment gains with unitholders, replace income loss from divested assets and mitigate the impact of COVID-19 on distributions.

CapitaLand Integrated Commercial Trust (CICT) announced a DPU of 5.18 Singapore cents for 1H 2021, representing a 75 per cent increase y-o-y. The REIT reported a 103 per cent and 118 per cent y-o-y increase in gross revenue and NPI respectively. In 1H 2021, CICT granted S$18.9 million of rental waivers for tenants affected by COVID-19, particularly during Singapore’s first Phase 2 (Heightened Alert) from 16 May to 13 June 2021.  For more research and information on Singapore’s REIT sector, visit sgx.com/research-education/sectors for the monthly SREITs &amp; Property Trusts Chartbook



REIT Watch - S-REITs release retained earnings, 1H2021 DPU up 36%

<h2>10 Questions for Sabana REIT</h2>
<p><strong>Company Overview</strong><br>Sabana Shari’ah Compliant Industrial REIT1 (Sabana REIT) has a diversified portfolio of 18 quality properties in Singapore, in the high-tech industrial, warehouse and logistics, chemical warehouse and logistics, as well as general industrial sectors. The total assets of the Group amount to more than S$0.9 billion as at 30 Jun 2021. <a href="https://www.sgx.com/securities/equities/M1GU" target="_blank" rel="noopener">Link to StockFacts company page</a></p>
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<li><strong>Can you share more about Sabana REIT’s portfolio and strategy?</strong></li>
</ol>
<ul>
<li>Sabana REIT has a diversified portfolio of 18 properties in Singapore across four segments, managed by Sabana Real Estate Investment Management Pte. Ltd. (the Manager).</li>
<li>As Manager, we have been executing on our Refreshed Strategy since 2018 to deliver value for our Unitholders. The Refreshed Strategy includes three key pillars – proactive lease and asset management, asset enhancement initiatives (AEI) and rejuvenation of select assets – which are underpinned by prudent risk and capital management as well as ongoing cost rationalisation.</li>
<li>We are seeing the fruits of our labour from the disciplined execution of this strategy over the past three years. In Jul 2021, we announced our progression on the next phase of growth with a strategic update along four key pillars as outlined below:</li>
</ul>
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10 Questions for Sabana REIT
Company Overview Sabana Shari’ah Compliant Industrial REIT1 (Sabana REIT) has a diversified portfolio of 18 quality properties in Singapore, in the high-tech industrial, warehouse and logistics, chemical warehouse and logistics, as well as general industrial sectors. The total assets of the Group amount to more than S$0.9 billion as at 30 Jun 2021. Link to StockFacts company page

Can you share more about Sabana REIT’s portfolio and strategy?


Sabana REIT has a diversified portfolio of 18 properties in Singapore across four segments, managed by Sabana Real Estate Investment Management Pte. Ltd. (the Manager).
As Manager, we have been executing on our Refreshed Strategy since 2018 to deliver value for our Unitholders. The Refreshed Strategy includes three key pillars – proactive lease and asset management, asset enhancement initiatives (AEI) and rejuvenation of select assets – which are underpinned by prudent risk and capital management as well as ongoing cost rationalisation.
We are seeing the fruits of our labour from the disciplined execution of this strategy over the past three years. In Jul 2021, we announced our progression on the next phase of growth with a strategic update along four key pillars as outlined below:



10 in 10 with Sabana REIT - Refreshing for the Future

<p><em><strong>Non- SGX Report: These equity research reports are not written by the SGX</strong>.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.</em></p>
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<p>Singapore Company Update</p>
<h2>Sabana Shari'ah Compliant REIT</h2>
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<h3>Raising TP as NTP+ shines</h3>
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<h3>Investment Thesis</h3>
<p><strong>NTP+ completion to deliver boost to FY21F and FY22F earnings.</strong> The completion of NTP+ could add c.S$3.5m to Sabana REIT’s revenue and boost occupancies and rental reversions at the REIT’s “Crown Jewel”. We are hence forecasting for FY21F and FY22F net property income to rise 18.4% and 5.3% y-o-y respectively, helped by NTP+.</p>
<p><strong>Targeted asset enhancements to drive growth.</strong> Rejuvenation works at 23 Serangoon North Ave 5, 8 Commonwealth Lane and 10 Changi South Street 2 have supported tenant acquisition efforts. Studies are now being conducted on possible and further enhancements at 1 Tuas Ave 4, 10 Changi South Street 2, and 151 Lorong Chuan Phase 3.</p>
<p><strong>Conversion to unsecured borrowings to raise debt headroom.</strong> New unsecured credit facility of up to S$225.0m could free up an estimated c.S$700m in investment properties from encumberment and raise Sabana’s debt headroom to pursue accretive asset enhancements or acquisitions.</p>
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Non- SGX Report: These equity research reports are not written by the SGX.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.



Singapore Company Update
Sabana Shari'ah Compliant REIT



Raising TP as NTP+ shines



Investment Thesis
NTP+ completion to deliver boost to FY21F and FY22F earnings. The completion of NTP+ could add c.S$3.5m to Sabana REIT’s revenue and boost occupancies and rental reversions at the REIT’s “Crown Jewel”. We are hence forecasting for FY21F and FY22F net property income to rise 18.4% and 5.3% y-o-y respectively, helped by NTP+.
Targeted asset enhancements to drive growth. Rejuvenation works at 23 Serangoon North Ave 5, 8 Commonwealth Lane and 10 Changi South Street 2 have supported tenant acquisition efforts. Studies are now being conducted on possible and further enhancements at 1 Tuas Ave 4, 10 Changi South Street 2, and 151 Lorong Chuan Phase 3.
Conversion to unsecured borrowings to raise debt headroom. New unsecured credit facility of up to S$225.0m could free up an estimated c.S$700m in investment properties from encumberment and raise Sabana’s debt headroom to pursue accretive asset enhancements or acquisitions.










(Non-SGX Report)  Sabana Shari'ah Compliant REIT: Raising TP as NTP+ Shines

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    <div class='content-caption'>Top 10 best performing S REITs</div>
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<p>The first half of 2021 saw vaccination progress provide some support for the global economy, amid continued Covid-19 infections. Within S-Reits, the 40 actively traded S-Reits &amp; property trusts listed in Singapore generated total returns of 8.9 per cent in H1 2021. While this is slightly lower than the Straits Times Index's (STI) 11.9 per cent total returns for the same period, there were 14 trusts which generated returns that beat the STI.</p>

<p>In fact, the 10 best-performing trusts in H1 2021 were led by mid-cap S-Reits which averaged 25.2 per cent total returns and are a mix across industrial, health care, hospitality, retail and office sub-segments.</p>

<p>Across the sector in H1 2021, almost all sub-segments generated positive returns with the exception of specialised Reits.</p>

<p>Keppel DC Reit, the only listed specialised Reit, was the sector's least strongest in the year-to-date with -10 per cent total return, which followed on from its 38 per cent total return in 2020. Progress towards social and economic normalisation has put less demands on cloud, digital and online services. Nonetheless, digitalisation remains a key theme as digital economies continue to grow.<br><br>
On the other hand, healthcare and industrial sub-segments continued to shine in resilience with 22 and 16 per cent average total returns respectively. Office, retail, diversified and hospitality sub-segments have also started to see some recovery in the first six months of the year, generating total returns ranging from 4 to 12 per cent, as Singapore moves back to Phase 3 (Heightened Alert) of its reopening in June 2021.<br><br>
Some key drivers for S-Reits in the second half of 2021 will continue to be the roll-out of vaccinations and the expectation of leisure travel by year end which could be a beneficiary for the hospitality and retail sub-segments.</p>

<p>At a recent interview with The Straits Times, Health Minister Ong Ye Kung shared that the government could be looking at easing dining-in rules from July 12 and shares Singaporeans' aspirations for leisure travel to return by end of 2021.</p>

<p>One other recent development for the sector is the change to ground rules of the FTSE EPRA Nareit Index Series. The investable market cap threshold for the Developed Asia series has been reduced from 0.3 to 0.1 per cent. Based on the FTSE EPRA Nareit Developed Asia Index's May 2021 factsheet, the index market cap was at US$411 billion and a 0.1 per cent threshold would assume a free-float market cap criterion of around US$411 million versus US$1.2 billion previously. The next index review is in September 2021.</p>

<p>With the change, more mid-cap S-Reits could potentially qualify for the index, subject to fulfilling other index requirements. Several past entrants to the index series have cited more visibility to the international investment community and passive funds tracking the index. <br><br><strong><em>REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/mid-cap-s-reits-continue-to-lead-sector-in-h1-2021">read</a> the original version.</em></strong></p>
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    Top 10 best performing S REITs


The first half of 2021 saw vaccination progress provide some support for the global economy, amid continued Covid-19 infections. Within S-Reits, the 40 actively traded S-Reits &amp; property trusts listed in Singapore generated total returns of 8.9 per cent in H1 2021. While this is slightly lower than the Straits Times Index's (STI) 11.9 per cent total returns for the same period, there were 14 trusts which generated returns that beat the STI.

In fact, the 10 best-performing trusts in H1 2021 were led by mid-cap S-Reits which averaged 25.2 per cent total returns and are a mix across industrial, health care, hospitality, retail and office sub-segments.

Across the sector in H1 2021, almost all sub-segments generated positive returns with the exception of specialised Reits.

Keppel DC Reit, the only listed specialised Reit, was the sector's least strongest in the year-to-date with -10 per cent total return, which followed on from its 38 per cent total return in 2020. Progress towards social and economic normalisation has put less demands on cloud, digital and online services. Nonetheless, digitalisation remains a key theme as digital economies continue to grow.  
On the other hand, healthcare and industrial sub-segments continued to shine in resilience with 22 and 16 per cent average total returns respectively. Office, retail, diversified and hospitality sub-segments have also started to see some recovery in the first six months of the year, generating total returns ranging from 4 to 12 per cent, as Singapore moves back to Phase 3 (Heightened Alert) of its reopening in June 2021.  
Some key drivers for S-Reits in the second half of 2021 will continue to be the roll-out of vaccinations and the expectation of leisure travel by year end which could be a beneficiary for the hospitality and retail sub-segments.

At a recent interview with The Straits Times, Health Minister Ong Ye Kung shared that the government could be looking at easing dining-in rules from July 12 and shares Singaporeans' aspirations for leisure travel to return by end of 2021.

One other recent development for the sector is the change to ground rules of the FTSE EPRA Nareit Index Series. The investable market cap threshold for the Developed Asia series has been reduced from 0.3 to 0.1 per cent. Based on the FTSE EPRA Nareit Developed Asia Index's May 2021 factsheet, the index market cap was at US$411 billion and a 0.1 per cent threshold would assume a free-float market cap criterion of around US$411 million versus US$1.2 billion previously. The next index review is in September 2021.

With the change, more mid-cap S-Reits could potentially qualify for the index, subject to fulfilling other index requirements. Several past entrants to the index series have cited more visibility to the international investment community and passive funds tracking the index.   REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - Mid-Cap S-Reits continue to lead sector in H1 2021

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 - Improved operating metrics and DPUs as S-Reits kick off reporting

Five S-REITs have kicked off this quarter’s reporting season with the release of financial results for the quarter or business...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REITs release retained earnings, 1H2021 DPU up 36%

As the earnings season conclude, REITs and Property Trusts listed in Singapore have announced financial results or published...

Singapore Exchange Ltd (SGX)

10 in 10 with Sabana REIT - Refreshing for the Future

10 Questions for Sabana REIT Company OverviewSabana Shari’ah Compliant Industrial REIT1 (Sabana REIT) has a diversified portfolio of 18 quality...

Singapore Exchange Ltd (SGX)

(Non-SGX Report) Sabana Shari'ah Compliant REIT: Raising TP as NTP+ Shines

Non- SGX Report: These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external...

Singapore Exchange Ltd (SGX)

REIT Watch - Mid-Cap S-Reits continue to lead sector in H1 2021

The first half of 2021 saw vaccination progress provide some support for the global economy, amid continued Covid-19...

Singapore Exchange Ltd (SGX)

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