External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

External broker reports(aggregated public sources)

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Sasseur REIT (SGX:CRPU) reported 1Q23 DPU of 1.849 cents (+1.5% y-o-y), which is slightly above our expectations.</li><li>Sasseur REIT retained S$0.9m in 1Q23 for working capital purposes (1Q22: S$2.5m).</li><li>Payout ratio was 96.2% in 1Q23. Sasseur REIT's rental income increased 7.7% y-o-y in 1Q23.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Sasseur REIT (SGX:CRPU) reported 1Q23 DPU of 1.849 cents (+1.5% y-o-y), which is slightly above our expectations.Sasseur REIT retained S$0.9m in 1Q23 for working capital purposes (1Q22: S$2.5m).Payout ratio was 96.2% in 1Q23. Sasseur REIT's rental income increased 7.7% y-o-y in 1Q23.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sasseur REIT - 1Q23 Slightly Above Expectation

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>10 S-Reits with lowest gearing ratios A key metric for Reits is the gearing ratio, also known as aggregated leverage, which is a metric closely monitored by investors and often used to access a Reit’s financial leverage.</li><li>As of end-February this year, the 40 actively traded S-Reits and Property Trusts had an average gearing ratio of 37.7 per cent, below the regulatory limit of 50 per cent if the minimum interest coverage ratio (ICR) is at least 2.5 times, imposed by the Monetary Authority of Singapore (MAS).</li></ul>

10 S-Reits with lowest gearing ratios A key metric for Reits is the gearing ratio, also known as aggregated leverage, which is a metric closely monitored by investors and often used to access a Reit’s financial leverage.As of end-February this year, the 40 actively traded S-Reits and Property Trusts had an average gearing ratio of 37.7 per cent, below the regulatory limit of 50 per cent if the minimum interest coverage ratio (ICR) is at least 2.5 times, imposed by the Monetary Authority of Singapore (MAS).

REIT Watch – 10 S-REITs with lowest gearing ratios average 32% gearing

China Yuanbang Property Holdings / Equity Bottom-Up

<ul><li>Following a 3 per cent growth in 2022, China’s gross domestic product (GDP) is expected to grow by 5.2 per cent in 2023, while also producing a quarter of the globe’s 2023 growth.</li><li>Zhongmin Baihui Retail Group noted on Feb 15 that it expects China’s economy to begin the process of recovery.</li><li>The CSOP CSI STAR and ChiNext 50 Index ETF tracks the CSI STAR & CHINEXT 50 Index which selects 50 constituents involved in emerging industries from the SSE STAR market and SZSE ChiNext.</li></ul>

Following a 3 per cent growth in 2022, China’s gross domestic product (GDP) is expected to grow by 5.2 per cent in 2023, while also producing a quarter of the globe’s 2023 growth.Zhongmin Baihui Retail Group noted on Feb 15 that it expects China’s economy to begin the process of recovery.The CSOP CSI STAR and ChiNext 50 Index ETF tracks the CSI STAR & CHINEXT 50 Index which selects 50 constituents involved in emerging industries from the SSE STAR market and SZSE ChiNext.

Cautious optimism for China's steady recovery

<ul><li>Increasing number of real estate plays among director acquisitions Overall, institutions were net buyers of Singapore stocks for the five sessions ending Oct 6, with more than S$110 million of net inflows, following the S$200 million of net inflows for the preceding five sessions.</li><li>On Sep 28, Yanlord Land Group Independent Non-Executive Director Hong Pian Tee acquired 100,000 shares at 97.0 cents per share.</li></ul>

Increasing number of real estate plays among director acquisitions Overall, institutions were net buyers of Singapore stocks for the five sessions ending Oct 6, with more than S$110 million of net inflows, following the S$200 million of net inflows for the preceding five sessions.On Sep 28, Yanlord Land Group Independent Non-Executive Director Hong Pian Tee acquired 100,000 shares at 97.0 cents per share.

Increasing Number of Real Estate Plays Among Director Acquisitions 

<ul><li>On average, S-Reits have maintained an average gearing ratio of 36.8 per cent, based on latest company filings which were extracted in mid-August 2022.</li><li>The 5 S-Reits with the lowest gearing ratios reported are Digital Core Reit, Sasseur Reit, Frasers Logistics & Commercial Trust, SPH Reit, and IReit Global.</li><li>Gearing ratio, also known as aggregated leverage, is the ratio of a Reit’s total debt to its total assets.</li></ul>

On average, S-Reits have maintained an average gearing ratio of 36.8 per cent, based on latest company filings which were extracted in mid-August 2022.The 5 S-Reits with the lowest gearing ratios reported are Digital Core Reit, Sasseur Reit, Frasers Logistics & Commercial Trust, SPH Reit, and IReit Global.Gearing ratio, also known as aggregated leverage, is the ratio of a Reit’s total debt to its total assets.

REIT Watch - Five S-Reits with the lowest gearing ratios

Singapore

Sasseur Real Estate Investment Trust (“Sasseur REIT”) is the first outlet REIT listed in Asia. Sasseur REIT’s property portfolio comprises four outlets with an estimated appraised value of RMB 8.5 billion and net lettable area of 310,241 square metres. The outlets are strategically located in the high-growth cities of Chongqing, Hefei and Kunming in China and well-positioned to ride on the growth of the rising spending power of the Chinese middle class.

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Sasseur REIT (SASSR SP)

Sasseur REIT - 1Q23 Slightly Above Expectation

Sasseur REIT (SGX:CRPU) reported 1Q23 DPU of 1.849 cents (+1.5% y-o-y), which is slightly above our expectations.Sasseur REIT retained S$0.9m in...

UOB Kay Hian

REIT Watch – 10 S-REITs with lowest gearing ratios average 32% gearing

10 S-Reits with lowest gearing ratios A key metric for Reits is the gearing ratio, also known as aggregated leverage, which is a metric closely...

Singapore Exchange Ltd (SGX)

Cautious optimism for China's steady recovery

Following a 3 per cent growth in 2022, China’s gross domestic product (GDP) is expected to grow by 5.2 per cent in 2023, while also producing a...

Singapore Exchange Ltd (SGX)

Increasing Number of Real Estate Plays Among Director Acquisitions

Increasing number of real estate plays among director acquisitions Overall, institutions were net buyers of Singapore stocks for the five sessions...

Singapore Exchange Ltd (SGX)

REIT Watch - Five S-Reits with the lowest gearing ratios

On average, S-Reits have maintained an average gearing ratio of 36.8 per cent, based on latest company filings which were extracted in mid-August...

Singapore Exchange Ltd (SGX)

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