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.

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





For the 4Q21 to date, Ascott Residence Trust, Suntec REIT, SPH REIT, Keppel REIT and Keppel Pacific Oak US REIT have led net institutional inflows across the S-REIT Sector, with a total of S$67 million of net buying, while averaging 6% total returns.  
	 
	
SPH REIT has also been among the five REITs that led net institutional inflows across the S-REIT Sector in the YTD, with SPH REIT generating a 24% total return, while delivering 15% gross revenue growth for its FY21 (ended 31 Aug), and a 5.4 cent FY21 DPU, which included 0.52 cents deferred from FY20. 
	 
	The Hospitality segment of the S-REIT Sector, represented by five Stapled Trusts, saw the most net institutional inflows for the 4Q to date, followed by the Healthcare REITs. For the 4Q21 to date, the 42 trusts of the S-REIT Sector listed for trading have averaged a 3% total return, taking their average total returns for the YTD to 11%.  

 

For the 4Q21 to date, the 42 trusts of the S-REIT Sector listed for trading have averaged a 3% total return, taking their average total returns for the YTD to 11%. Aside from performances, a key highlight of the S-REIT Sector in 2021 was been the increased drive to increase value, divest, recycle or acquire properties to enhance unit value. On the acquisition front, close to 20 REITs have announced or made property acquisitions totaling more than S$10 billion in deal value throughout the year. 

So far this month, the S-REIT Sector has been led by Digital Core REIT, with a 29.9% gain since its debut on 3 Dec, while BHG Retail REIT gained 12.1%, with three Stapled Hospitality Trusts making up the remaining top five performing REITs since 30 Nov - Far East Hospitality Trust, CDL Hospitality Trusts and ARA US Hospitality Trust. The Hospitality segment of the S-REIT Sector, represented by five Stapled Trusts, saw the most net institutional inflows for the 4Q to date, with a combined net buying of S$17.1 billion.  Ascott Residence Trust has seen the most net institutional buying across the S-REIT Sector since 30 Sep, with S$19.4 million of net buying, reducing the YTD accumulated net selling in the Stapled Trust from S$40.6 million as of 30 Sep to S$21.2 million as of 10 Dec. On 29 Oct, Ascott Residence Trust reported a fifth consecutive quarter of recovery, with momentum driven primarily by robust domestic leisure demand during summer season and weekends, particularly in markets like the United States and Europe, both of which were able to welcome more international travelers as borders reopened gradually.  
After Ascott Residence Trust, Suntec REIT, SPH REIT, Keppel REIT and Keppel Pacific Oak US REIT have led net institutional inflows across the S-REIT Sector since 30 Sep. SPH REIT was also among the five REITs that led net institutional inflows across the S-REIT Sector in the 2021 year to 10 Dec, with SPH REIT generating a 23.7% total return, while delivering 14.8% gross revenue growth for its FY21 (ended 31 Aug), and a 5.4 cent FY21 DPU, which included 0.52 cents deferred from FY20.  
The 42 trusts of the S-REIT Sector listed for trading are tabled below and sort by the highest net institutional inflows in the 4Q21 through to 10 Dec.




			REITs, Stapled Trust and Business Trusts of the S-REIT Sector
			
			
			Stock 
			code
			
			
			CCY
			
			
			Type of Property 
			Sub-segment
			
			
			Market Cap S$M
			
			
			Net Insti Flow YTD S$M
			
			
			Total Return YTD %
			
			
			Net Insti Flow QTD S$M
			
			
			Total Return QTD %
			
			
			Div. Yield (%) 
			
			
			P/B (x)
			
		


			ASCOTT RESIDENCE TRUST#
			
			
			HMN
			
			
			SGD
			
			
			Hospitality
			
			
			3276.5
			
			
			-21.2
			
			
			-3.2
			
			
			19.4
			
			
			8.1
			
			
			4.1
			
			
			0.8
			
		


			SUNTEC REIT
			
			
			T82U
			
			
			SGD
			
			
			Diversified
			
			
			4251.0
			
			
			-56.9
			
			
			5.9
			
			
			18.1
			
			
			6.5
			
			
			5.9
			
			
			0.7
			
		


			SPH REIT
			
			
			SK6U
			
			
			SGD
			
			
			Retail
			
			
			2757.8
			
			
			27.8
			
			
			23.7
			
			
			11.1
			
			
			6.5
			
			
			5.4
			
			
			1.0
			
		


			KEPPEL REIT
			
			
			K71U
			
			
			SGD
			
			
			Office
			
			
			4249.7
			
			
			-19.7
			
			
			8.0
			
			
			10.2
			
			
			8.5
			
			
			5.3
			
			
			0.8
			
		


			KEPPEL PACIFIC OAK US REIT
			
			
			CMOU
			
			
			USD
			
			
			Office
			
			
			1120.2
			
			
			13.5
			
			
			29.5
			
			
			8.0
			
			
			0.9
			
			
			8.0
			
			
			1.0
			
		


			ARA LOGOS LOGISTICS TRUST
			
			
			K2LU
			
			
			SGD
			
			
			Industrial
			
			
			1285.2
			
			
			89.0
			
			
			56.4
			
			
			7.8
			
			
			-2.4
			
			
			5.8
			
			
			1.3
			
		


			PARKWAYLIFE REIT
			
			
			C2PU
			
			
			SGD
			
			
			Health Care
			
			
			3067.4
			
			
			2.9
			
			
			35.3
			
			
			5.3
			
			
			9.8
			
			
			2.9
			
			
			2.1
			
		


			ESR-REIT
			
			
			J91U
			
			
			SGD
			
			
			Industrial
			
			
			1925.9
			
			
			39.3
			
			
			31.1
			
			
			4.5
			
			
			4.8
			
			
			6.4
			
			
			1.2
			
		


			CDL HOSPITALITY TRUSTS#
			
			
			J85
			
			
			SGD
			
			
			Hospitality
			
			
			1439.1
			
			
			-10.7
			
			
			-4.3
			
			
			4.2
			
			
			12.5
			
			
			4.2
			
			
			0.9
			
		


			FIRST REIT
			
			
			AW9U
			
			
			SGD
			
			
			Health Care
			
			
			483.9
			
			
			11.1
			
			
			54.1
			
			
			3.1
			
			
			20.6
			
			
			9.6
			
			
			0.8
			
		


			MAPLETREE NORTH ASIA COMM TRUST
			
			
			RW0U
			
			
			SGD
			
			
			Diversified
			
			
			3609.2
			
			
			-38.5
			
			
			13.2
			
			
			1.3
			
			
			10.4
			
			
			6.7
			
			
			0.7
			
		


			OUE COMMERCIAL REIT
			
			
			TS0U
			
			
			SGD
			
			
			Diversified
			
			
			2367.5
			
			
			39.4
			
			
			20.6
			
			
			1.3
			
			
			-4.4
			
			
			5.9
			
			
			0.8
			
		


			BHG RETAIL REIT
			
			
			BMGU
			
			
			SGD
			
			
			Retail
			
			
			307.5
			
			
			0.1
			
			
			13.6
			
			
			0.1
			
			
			5.3
			
			
			4.0
			
			
			0.6
			
		


			EC WORLD REIT
			
			
			BWCU
			
			
			SGD
			
			
			Industrial
			
			
			650.9
			
			
			0.6
			
			
			21.7
			
			
			0.1
			
			
			2.7
			
			
			7.4
			
			
			0.9
			
		


			IREIT GLOBAL
			
			
			UD1U
			
			
			SGD
			
			
			Office
			
			
			738.9
			
			
			-5.2
			
			
			7.2
			
			
			0.1
			
			
			0.0
			
			
			7.0
			
			
			0.8
			
		


			LIPPO MALLS INDONESIA RETAIL TRUST
			
			
			D5IU
			
			
			SGD
			
			
			Retail
			
			
			422.0
			
			
			-2.9
			
			
			-6.9
			
			
			-0.9
			
			
			7.5
			
			
			6.0
			
			
			0.6
			
		


			FRASERS HOSPITALITY TRUST#
			
			
			ACV
			
			
			SGD
			
			
			Hospitality
			
			
			914.9
			
			
			-2.6
			
			
			-7.8
			
			
			-1.0
			
			
			6.1
			
			
			2.1
			
			
			0.8
			
		


			DASIN RETAIL TRUST**
			
			
			CEDU
			
			
			SGD
			
			
			Retail
			
			
			293.3
			
			
			-13.6
			
			
			-47.6
			
			
			-1.3
			
			
			-1.3
			
			
			12.2
			
			
			0.3
			
		


			SABANA REIT
			
			
			M1GU
			
			
			SGD
			
			
			Industrial
			
			
			465.4
			
			
			-2.2
			
			
			34.3
			
			
			-1.5
			
			
			0.0
			
			
			8.6
			
			
			0.8
			
		


			STARHILL GLOBAL REIT
			
			
			P40U
			
			
			SGD
			
			
			Retail
			
			
			1415.7
			
			
			36.7
			
			
			34.7
			
			
			-1.9
			
			
			1.6
			
			
			6.3
			
			
			0.7
			
		


			ARA US HOSPITALITY TRUST#
			
			
			XZL
			
			
			USD
			
			
			Hospitality
			
			
			379.0
			
			
			-7.5
			
			
			14.9
			
			
			-2.1
			
			
			2.4
			
			
			N/A
			
			
			0.8
			
		


			ELITE COMMERCIAL REIT
			
			
			MXNU
			
			
			GBP
			
			
			Office
			
			
			571.5
			
			
			-4.3
			
			
			9.0
			
			
			-2.1
			
			
			-1.9
			
			
			8.1
			
			
			1.1
			
		


			LENDLEASE GLOBAL COMM REIT
			
			
			JYEU
			
			
			SGD
			
			
			Diversified
			
			
			1024.8
			
			
			25.7
			
			
			24.6
			
			
			-3.1
			
			
			-1.1
			
			
			5.3
			
			
			0.9
			
		


			UNITED HAMPSHIRE US REIT
			
			
			ODBU
			
			
			USD
			
			
			Retail
			
			
			504.3
			
			
			-8.5
			
			
			16.3
			
			
			-3.4
			
			
			1.4
			
			
			9.1
			
			
			0.9
			
		


			FAR EAST HOSPITALITY TRUST#
			
			
			Q5T
			
			
			SGD
			
			
			Hospitality
			
			
			1204.6
			
			
			4.7
			
			
			2.6
			
			
			-3.5
			
			
			-1.6
			
			
			4.3
			
			
			0.7
			
		


			PRIME US REIT
			
			
			OXMU
			
			
			USD
			
			
			Office
			
			
			1314.0
			
			
			-4.4
			
			
			16.7
			
			
			-4.9
			
			
			-3.2
			
			
			8.2
			
			
			1.0
			
		


			ASCENDAS INDIA TRUST**
			
			
			CY6U
			
			
			SGD
			
			
			Diversified
			
			
			1638.8
			
			
			-14.8
			
			
			8.9
			
			
			-6.1
			
			
			-0.7
			
			
			6.0
			
			
			1.3
			
		


			DIGITAL CORE REIT
			
			
			DCRU
			
			
			USD
			
			
			Specialised
			
			
			1764.5
			
			
			-6.6
			
			
			29.9
			
			
			-6.6
			
			
			29.9
			
			
			N/A
			
			
			N/A
			
		


			SASSEUR REIT
			
			
			CRPU
			
			
			SGD
			
			
			Retail
			
			
			1044.4
			
			
			-14.7
			
			
			13.6
			
			
			-6.6
			
			
			2.7
			
			
			8.0
			
			
			0.9
			
		


			CROMWELL EUROPEAN REIT
			
			
			CWBU
			
			
			EUR
			
			
			Diversified
			
			
			2206.7
			
			
			22.9
			
			
			9.2
			
			
			-7.5
			
			
			-4.2
			
			
			7.0
			
			
			1.0
			
		


			FRASERS CENTREPOINT TRUST
			
			
			J69U
			
			
			SGD
			
			
			Retail
			
			
			3843.9
			
			
			-90.4
			
			
			-3.5
			
			
			-12.9
			
			
			2.1
			
			
			5.3
			
			
			1.0
			
		


			MANULIFE US REIT
			
			
			BTOU
			
			
			USD
			
			
			Office
			
			
			1566.5
			
			
			-46.6
			
			
			0.9
			
			
			-13.5
			
			
			-2.9
			
			
			7.5
			
			
			0.9
			
		


			FRASERS LOGISTICS &amp; COMMTRUST
			
			
			BUOU
			
			
			SGD
			
			
			Diversified
			
			
			5588.2
			
			
			2.4
			
			
			13.7
			
			
			-14.0
			
			
			1.7
			
			
			5.2
			
			
			1.2
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			N2IU
			
			
			SGD
			
			
			Diversified
			
			
			6810.8
			
			
			-41.4
			
			
			0.7
			
			
			-15.3
			
			
			1.1
			
			
			4.8
			
			
			1.2
			
		


			DAIWA HOUSE LOGISTICS TRUST
			
			
			DHLU
			
			
			SGD
			
			
			Industrial
			
			
			546.8
			
			
			-17.5
			
			
			1.3
			
			
			-17.5
			
			
			1.3
			
			
			N/A
			
			
			N/A
			
		


			AIMS APAC REIT
			
			
			O5RU
			
			
			SGD
			
			
			Industrial
			
			
			1002.0
			
			
			-2.5
			
			
			20.7
			
			
			-19.8
			
			
			-0.4
			
			
			6.9
			
			
			0.7
			
		


			CAPITALAND INTEGRATED COMM TRUST
			
			
			C38U
			
			
			SGD
			
			
			Diversified
			
			
			13146.2
			
			
			-47.1
			
			
			-3.0
			
			
			-24.8
			
			
			0.0
			
			
			5.2
			
			
			1.0
			
		


			KEPPEL DC REIT
			
			
			AJBU
			
			
			SGD
			
			
			Specialised
			
			
			4098.6
			
			
			-214.6
			
			
			-11.5
			
			
			-29.7
			
			
			-3.6
			
			
			4.2
			
			
			1.9
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			SGD
			
			
			Industrial
			
			
			8877.1
			
			
			-81.7
			
			
			-0.8
			
			
			-64.2
			
			
			-5.0
			
			
			4.6
			
			
			1.4
			
		


			ASCENDAS REIT
			
			
			A17U
			
			
			SGD
			
			
			Industrial
			
			
			12417.2
			
			
			-227.6
			
			
			2.4
			
			
			-70.3
			
			
			-1.3
			
			
			5.2
			
			
			1.3
			
		


			CAPITALAND CHINA TRUST
			
			
			AU8U
			
			
			SGD
			
			
			Diversified
			
			
			1941.6
			
			
			-98.1
			
			
			-10.9
			
			
			-73.8
			
			
			-3.6
			
			
			6.5
			
			
			0.7
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			SGD
			
			
			Industrial
			
			
			7182.9
			
			
			-168.3
			
			
			-1.7
			
			
			-74.2
			
			
			-1.6
			
			
			5.1
			
			
			1.4
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			11.3
			
			
			 
			
			
			2.7
			
			
			6.2
			
			
			1.0
			
		

 # Denotes Stapled Trusts.** Denotes Business Trusts Note: Price and YTD Total Return as of 10 Dec 2021 (note P/B &amp; Div. Yield as of 30 Nov 2021), Source: Corporate Filings, Bloomberg, Refinitiv.

 

On 3 Dec, Digital Core REIT listed on SGX, with an appraised portfolio value of US$1.4 billion that comprises of 10 institutional quality data centres located in the United States and Canada, listed on SGX. The placement tranche was approximately 19.6 times subscribed while the public tranche was approximately 16.1 times subscribed. A total of 26 cornerstone investors subscribed for an aggregate of 414.8 million units in Digital Core REIT which represented 36.9 per cent of the units in issue after the offering. Digital Core REIT has a market value of close to US$1.3 billion (S$1.7 billion).



S-REITs Most Sought by Institutions Since 30 Sep 

First REIT

S-REITs Most Sought by Institutions Since 30 Sep