Singapore

• THE iEdge S-Reit Index declined 5.6 per cent on a total return basis in the year to date, with declines also recorded in the FTSE EPRA Nareit Index series which track global Reits.
• The 10 S-Reits which recorded largest net retail inflows in the year to date were Mapletree Logistics Trust, Keppel DC Reit, CapitaLand Ascendas Reit, Mapletree Pan Asia Commercial Trust, CapitaLand China Trust, CapitaLand Ascott Trust, CapitaLand Integrated Commercial Trust, Frasers Logistics & Commercial Trust, CDL Hospitality Trusts, and ParkwayLife Reit.
• These 10 S-Reits contribute S$250 million in net retail inflows, or nearly 90 per cent of the combined net retail inflows in the year to date.

• Over the first seven weeks of 2024, the 25 largest weights of the Manufacturing Index saw varied performances from a 31% decline for NIO to a 24% gain for Food Empire.
• The largest Manufacturing Index weight is currently ST Engineering, which has consolidated on its 2023 gains over the past 7 weeks and scheduled to report its FY23 results on 29 Feb before the market open.
• Venture has booked the most net institutional inflow over the past seven weeks within the Manufacturing Index with S$43 million of net inflow.

• THE net institutional fund flows for the first six weeks of 2024 showed a similar trend as the same period in 2023, with net withdrawals of S$463 million.
• The net institutional fund flows indicate the direction and level of institutional investor activity across all stocks in the Singapore market.
• As many as 18 of the 20 stocks that booked the highest net retail inflow relative to market capitalisation also booked declines in total return, while Pacific Radiance and Asia Enterprises Holding were the exceptions, booking respective total returns of 7.2 per cent and 9.1 per cent over the six weeks.

• The operator of two medical clinics in Singapore – Singapore Institute of Advanced Medicine (SAM Holdings) is among the first in the nation to install the ProBeam Proton Therapy Solution, an advanced technology used to treat cancer.
• SAM Holdings made its debut on the SGX Catalist today.
• The Varian ProBeam Compact is capable of emitting pencil beam proton therapy to deliver precision proton beam therapy to treat cancer patients, placing the company at the forefront of medical technology in the field of radiation therapy for cancer treatment in Singapore.

For our next Corporate Webinar we are glad to welcome Sasseur REIT’s CEO, Ms Cecilia Tan. 

In the upcoming webinar, Cecilia will share a short company presentation after which, she will engage in a fireside chat with Smartkarma Insight Provider, Robert Ciemniak.

Robert will also be providing an industry overview, featuring landscape commentary and returns analysis. The Corporate Webinar will include a live Q&A session.

In the spirit of giving back to our community, one of the attendees will also be awarded an Amazon Kindle as part of our exclusive lucky draw. 

The Corporate Webinar will be hosted on Thursday, February 29 2024, 18:30 SGT.

About Sasseur REIT

Sasseur Real Estate Investment Trust (“Sasseur REIT”) is the first outlet REIT listed in Asia. Sasseur REIT’s portfolio comprises four outlets strategically located in the high-growth cities of Chongqing, Hefei and Kunming in China and is well-positioned to ride on the growth of the rising spending power of the Chinese middle class.

Sasseur REIT is managed by Sasseur Asset Management Pte. Ltd., an indirect wholly-owned subsidiary of Sasseur Cayman Holding Limited (the “Sponsor”) which is part of Sasseur Group, one of the leading premium outlet operators in China with 17 outlets under management.

• Cohen & Steers increases deemed interests in Parkway Life Reit and Digital Core Reit Stamford Land Corporation led the buyback consideration tally, buying back 325 million shares at an average price of S$0.40 per share over four sessions.
• On Feb 1, Cohen & Steers Capital Management also increased its deemed interest in Digital Core Reit (DCReit) to above the 5 per cent substantial shareholder threshold.

• REIT Watch – S-Reits actively enhance funding measures Since start of 2024, at least eight S-Reits and property trusts have announced plans to tap on debt facilities or raise funds via the secondary market.
• Both Daiwa House Logistics Trust (DHLT) and ESR-Logos Reit (E-Log) announced new investments in the Japan market this year, to be funded via debt facilities.

VolitionRx continues to make headway in growing a body of clinical evidence to build Nu.Q® NETs as a potential breakthrough tool in sepsis. These efforts, coupled with its CE mark in Europe, are a strong foundation in rapid and simplified sepsis detection that seeks to address the limitations and complexities of the current standard of care. Sepsis (immune-system triggered organ dysfunction) has a worrisome prevalence, affecting c 50 million per year with a mortality rate of c 20–25%, exceeding the combination of many leading cancers. Further, every hour of delayed treatment increases the chances of mortality of this preventable condition by c 8%. In this note we recap VolitionRx’s recent clinical updates, as we look forward to near-term improvements in early sepsis detection.

• Digital Core REIT (DCREIT SP) is looking to raise at least US$100m in its primary placement. The proceeds will be used to fund potential acquisitions and debt repayment. 
• The deal will be a large one to digest at 72.7 days of three month ADV and 12.8% dilution.
• In this note, we’ll run the deal through our ECM framework and comment on deal dynamics.

• Just over 40 Singapore-listed stocks that posted price gains over the past year, maintain single-digit P/E ratios and double-digit ROEs.
• Aside from Singapore Airlines, the most traded stocks of the cohort over the past 5 weeks were Geo Energy Res, Golden Agri, Food Empire, TJ DaRenTang, Valuetronics, Marco Polo Marine, Ley Choon, Bumitama Agri and Stamford Land.
• Among these stocks, Golden Agri, Food Empire, TJ DaRenTang, Bumitama Agri are currently trading below their Consensus Estimate Target Prices.