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.

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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.

Asia’s leading multi-asset exchange

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Equity Bottom-Up

Frasers Hospitality Trust / Equity Bottom-Up

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 <div class='content-caption'>Frasers Group</div>
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FRASERS Property is one of Singapore's largest property groups with S$39.2 billion in total assets as at March 31, 2021.

The group develops, owns and manages an integrated portfolio of properties across residential, hospitality, retail, commercial and business parks, and in industrial and logistics sectors across Asia, Australia, Europe, the Middle East and Africa, and China.

With a S$4.6 billion market capitalisation, Frasers Property is the sponsor of three SGX-listed trusts - Frasers Centrepoint Trust (FCT), Frasers Logistics &amp; Commercial Trust (FLCT), and Frasers Hospitality Trust (FHT).

FLCT has 97 logistics, industrial and commercial properties across Australia, Singapore, Germany, the UK and the Netherlands. 
The Reit achieved a record revenue of S$231.7 million and adjusted net property income (NPI) of S$173.9 million, representing increases of 95.1 per cent and 79.3 per cent year-on-year respectively in H1FY21, mainly from the merger with Frasers Commercial Trust last April. 
It announced 3.80 cents in distribution per unit (DPU), up 9.5 per cent year-on-year, and a portfolio occupancy rate of 96.8 per cent.

Its majority exposure to resilient sub-sectors industrial and logistics (at 58.3 per cent of its portfolio value) amid the pandemic can be seen in the Reit's 37.8 per cent total returns in the past one year. It is the second best performing among S-Reits.

FLCT entered the Straits Times Index in April 2021 and has obtained a BBB+ with stable outlook credit rating from S&amp;P Global Ratings.

FCT is one of Singapore's largest suburban retail landlords with 10 malls with a total AUM of S$6.4 billion.

The Reit reported 73.8 per cent growth in both revenue and NPI for H1FY21 at S$173.6 million and S$125.7 million respectively, mainly from its latest AsiaRetail Fund portfolio. The Reit announced a DPU of 5.996 cents, 28.4 per cent higher year-on-year.

It noted that tenants' sales have recovered to near pre-Covid-19 levels, despite shopper traffic still lagging due to safe distancing measures. Its retail portfolio occupancy has held up at 96.1 per cent and average reversion was at -0.7 per cent.

FCT recently announced that the property owner of Waterway Point, of which it owns 40 per cent, has been awarded its first green loan of S$589 million, lifting FCT's proportion of green loans to 18 per cent.

FHT is a global hotel and serviced residence trust with 15 properties across nine cities and an appraised portfolio value of S$2.25 billion as at Sept 30, 2020.

In its H1FY21 results, the trust reported year-on-year declines of 36.2 per cent and 40.9 per cent in revenue and NPI respectively, as the sector continues to be affected by the pandemic.

However, on a half-year comparison, FHT has shown signs of improvement with 53.8 per cent and 83.5 per cent increases in revenue and NPI respectively, driven by better performance in its Australia portfolio.

The trust retained 60 per cent of its distributable income and reported lower distribution per stapled security of 0.179 cents.

FHT believes that domestic tourism may recover faster than international tourism given the pent-up demand for travel and views countries where it has a presence in such as Australia, Japan and the UK, to be best positioned for earlier recovery.  REIT Watch is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/china-poised-to-drive-economic-growth"> </a><a href="https://www.businesstimes.com.sg/companies-markets/growing-sustainably-with-frasers-s-reits">read</a><a href="https://www.businesstimes.com.sg/companies-markets/bulk-of-s-reits-in-key-global-real-estate-indices"> </a>the original version.
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    Frasers Group


FRASERS Property is one of Singapore's largest property groups with S$39.2 billion in total assets as at March 31, 2021.

The group develops, owns and manages an integrated portfolio of properties across residential, hospitality, retail, commercial and business parks, and in industrial and logistics sectors across Asia, Australia, Europe, the Middle East and Africa, and China.

With a S$4.6 billion market capitalisation, Frasers Property is the sponsor of three SGX-listed trusts - Frasers Centrepoint Trust (FCT), Frasers Logistics &amp; Commercial Trust (FLCT), and Frasers Hospitality Trust (FHT).

FLCT has 97 logistics, industrial and commercial properties across Australia, Singapore, Germany, the UK and the Netherlands.  
The Reit achieved a record revenue of S$231.7 million and adjusted net property income (NPI) of S$173.9 million, representing increases of 95.1 per cent and 79.3 per cent year-on-year respectively in H1FY21, mainly from the merger with Frasers Commercial Trust last April.  
It announced 3.80 cents in distribution per unit (DPU), up 9.5 per cent year-on-year, and a portfolio occupancy rate of 96.8 per cent.

Its majority exposure to resilient sub-sectors industrial and logistics (at 58.3 per cent of its portfolio value) amid the pandemic can be seen in the Reit's 37.8 per cent total returns in the past one year. It is the second best performing among S-Reits.

FLCT entered the Straits Times Index in April 2021 and has obtained a BBB+ with stable outlook credit rating from S&amp;P Global Ratings.

FCT is one of Singapore's largest suburban retail landlords with 10 malls with a total AUM of S$6.4 billion.

The Reit reported 73.8 per cent growth in both revenue and NPI for H1FY21 at S$173.6 million and S$125.7 million respectively, mainly from its latest AsiaRetail Fund portfolio. The Reit announced a DPU of 5.996 cents, 28.4 per cent higher year-on-year.

It noted that tenants' sales have recovered to near pre-Covid-19 levels, despite shopper traffic still lagging due to safe distancing measures. Its retail portfolio occupancy has held up at 96.1 per cent and average reversion was at -0.7 per cent.

FCT recently announced that the property owner of Waterway Point, of which it owns 40 per cent, has been awarded its first green loan of S$589 million, lifting FCT's proportion of green loans to 18 per cent.

FHT is a global hotel and serviced residence trust with 15 properties across nine cities and an appraised portfolio value of S$2.25 billion as at Sept 30, 2020.

In its H1FY21 results, the trust reported year-on-year declines of 36.2 per cent and 40.9 per cent in revenue and NPI respectively, as the sector continues to be affected by the pandemic.

However, on a half-year comparison, FHT has shown signs of improvement with 53.8 per cent and 83.5 per cent increases in revenue and NPI respectively, driven by better performance in its Australia portfolio.

The trust retained 60 per cent of its distributable income and reported lower distribution per stapled security of 0.179 cents.

FHT believes that domestic tourism may recover faster than international tourism given the pent-up demand for travel and views countries where it has a presence in such as Australia, Japan and the UK, to be best positioned for earlier recovery.   REIT Watch is a weekly column on The Business Times, read the original version.



Frasers Logistics & Commercial Trust (FLT SP)

REIT Watch - Growing sustainably with Frasers' S-Reits