IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a>’s EGM and trust scheme meeting will take place on 12 September. The effective date is 12 October with a payment date of 19 October.</li>
<li>The offer comprises S$0.70 cash per share + permitted distributions (estimated 1.356 cents). The IFA considers the scheme consideration to be fair and reasonable.  </li>
<li>This is a done deal. For a 19 October payment, the gross and annualised spread of the offer (inc. permitted DPU) S$0.714 per unit is 1.9% and 12.1%, respectively. </li>
</ul>



Frasers Hospitality Trust (FHT SP)’s EGM and trust scheme meeting will take place on 12 September. The effective date is 12 October with a payment date of 19 October.
The offer comprises S$0.70 cash per share + permitted distributions (estimated 1.356 cents). The IFA considers the scheme consideration to be fair and reasonable.  
This is a done deal. For a 19 October payment, the gross and annualised spread of the offer (inc. permitted DPU) S$0.714 per unit is 1.9% and 12.1%, respectively. 


Fraser Hospitality Trust’s Scheme Meeting on 12 September

<ul>
<li>
<a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a> announced a privatisation proposal from Frasers Property Limited at S$0.70 cash per share + permitted distributions (estimated 1.2961 cents).  </li>
<li>The offer is the culmination of a strategic review announced on 8 April. The offer price is attractive in comparison to historical multiples, precedent transactions and historical unit prices.</li>
<li>At the last close and for the September end effective date, the gross and annualised spread to the total offer price of S$0.713 per unit is 3.3% and 11.1%, respectively. </li>
</ul>



Frasers Hospitality Trust (FHT SP) announced a privatisation proposal from Frasers Property Limited at S$0.70 cash per share + permitted distributions (estimated 1.2961 cents).  
The offer is the culmination of a strategic review announced on 8 April. The offer price is attractive in comparison to historical multiples, precedent transactions and historical unit prices.
At the last close and for the September end effective date, the gross and annualised spread to the total offer price of S$0.713 per unit is 3.3% and 11.1%, respectively. 


Fraser Hospitality Trust’s Privatisation Offer from Frasers Property Limited

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.

Equity Bottom-Up

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
SGX lists a total of 45 REITs and trusts with a combined market cap of over S$100 billion. Two REITs - United Hampshire US REIT and Elite Commercial REIT - listed on SGX earlier this year. 
	 </li>
	<li>
SPH REIT kicked off the current financial reporting season for Singapore REITs on 1 April with the release of its fiscal 2Q ended 29 February 2020 earnings. 
	 </li>
	<li>Another six REITs – Soilbuild Business Space REIT, ParkwayLife REIT, Frasers Centrepoint Trust, Mapletree Industrial Trust, Mapletree North Asia Commercial Trust, and Lendlease Global Commercial REIT – have confirmed they will unveil results for the quarter ended 31 March 2020 over the next three weeks.</li>
</ul>
 

 

SGX lists a total of 45 REITs and trusts with a combined market capitalisation of over S$100 billion. Two REITs that listed on SGX so far this year were United Hampshire US REIT – Asia’s first US grocery-anchored shopping centre and self-storage REIT, and Elite Commercial REIT, SGX’s first UK-focused REIT.

SPH REIT kicked off the current financial reporting season for Singapore REITs on 1 April with the release of its fiscal 2Q ended 29 February 2020 <a href="https://links.sgx.com/FileOpen/SPH%20REIT%20-%20Press%20Release%20Q2FY20.ashx?App=Announcement&amp;FileID=603461">earnings</a>. Another six REITs have confirmed that they will unveil results for the quarter ended 31 March 2020 on the following dates:

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			Date
			</td>
		</tr>
<tr>
<td>
			Soilbuild Business Space REIT
			</td>
			<td>
			16-Apr-20
			</td>
		</tr>
<tr>
<td>
			ParkwayLife REIT                                                           
			</td>
			<td>
			22-Apr-20
			</td>
		</tr>
<tr>
<td>
			 Frasers Centrepoint Trust                                     
			</td>
			<td>
			23-Apr-20
			</td>
		</tr>
<tr>
<td>
			Mapletree Industrial Trust                                          
			</td>
			<td>
			27-Apr-20
			</td>
		</tr>
<tr>
<td>
			Mapletree North Asia Commercial Trust                
			</td>
			<td>
			29-Apr-20
			</td>
		</tr>
<tr>
<td>
			 Lendlease Global Commercial REIT                          
			</td>
			<td>
			5-May-20
			</td>
		</tr>
</tbody></table>
 

For updated earnings releases by other REITs, check out the weekly <a href="https://www.sgxacademy.com/economiccalendar/">Economic Calendar</a>.

The table below details released, confirmed and estimated dates of earnings reports of the REITs and trusts listed on SGX, sorted by date.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			Market Cap (S$)
			</td>
			<td>
			Date
			</td>
			<td>
			Date Type
			</td>
		</tr>
<tr>
<td>
			SPH REIT
			</td>
			<td>
			1,930,503,296
			</td>
			<td>
			1-Apr-20
			</td>
			<td>
			Released
			</td>
		</tr>
<tr>
<td>
			FIRST REIT
			</td>
			<td>
			551,995,136
			</td>
			<td>
			10-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			SOILBUILD BUSINESS SPACE REIT
			</td>
			<td>
			398,129,504
			</td>
			<td>
			16-Apr-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			KEPPEL REIT
			</td>
			<td>
			3,160,128,512
			</td>
			<td>
			17-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			KEPPEL PACIFIC OAK US REIT
			</td>
			<td>
			444,553,344
			</td>
			<td>
			20-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			SABANA SHARIAH COMP IND REIT
			</td>
			<td>
			279,067,136
			</td>
			<td>
			20-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			KEPPEL DC REIT
			</td>
			<td>
			3,837,041,920
			</td>
			<td>
			21-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			MAPLETREE COMMERCIAL TRUST
			</td>
			<td>
			5,225,866,752
			</td>
			<td>
			22-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			PARKWAYLIFE REIT
			</td>
			<td>
			1,857,357,312
			</td>
			<td>
			22-Apr-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			LIPPO MALLS INDONESIA RETAIL TRUST
			</td>
			<td>
			307,313,472
			</td>
			<td>
			22-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			FRASERS CENTREPOINT TRUST
			</td>
			<td>
			1,981,422,976
			</td>
			<td>
			23-Apr-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			FRASERS COMMERCIAL TRUST
			</td>
			<td>
			1,033,832,640
			</td>
			<td>
			23-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			CAPITALAND MALL TRUST
			</td>
			<td>
			5,978,050,560
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			MAPLETREE LOGISTICS TRUST
			</td>
			<td>
			5,890,423,808
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			CAPITALAND COMMERCIAL TRUST
			</td>
			<td>
			5,406,626,816
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			SUNTEC REIT
			</td>
			<td>
			3,317,148,672
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			CAPITALAND RETAIL CHINA TRUST
			</td>
			<td>
			1,381,844,992
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			ESR-REIT
			</td>
			<td>
			858,982,528
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			STARHILL GLOBAL REIT
			</td>
			<td>
			831,022,272
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			AIMS APAC REIT
			</td>
			<td>
			720,795,840
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			CACHE LOGISTICS TRUST
			</td>
			<td>
			509,525,984
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			ASCENDAS INDIA TRUST
			</td>
			<td>
			1,282,978,688
			</td>
			<td>
			25-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			MANULIFE US REIT
			</td>
			<td>
			1,045,450,560
			</td>
			<td>
			25-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			FAR EAST HOSPITALITY TRUST
			</td>
			<td>
			788,035,584
			</td>
			<td>
			25-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			MAPLETREE INDUSTRIAL TRUST
			</td>
			<td>
			4,886,224,896
			</td>
			<td>
			27-Apr-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			ASCENDAS REIT
			</td>
			<td>
			9,660,561,408
			</td>
			<td>
			29-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			MAPLETREE NORTH ASIA COMMERCIAL TRUST
			</td>
			<td>
			2,510,982,400
			</td>
			<td>
			29-Apr-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			ASCOTT RESIDENCE TRUST
			</td>
			<td>
			2,394,727,168
			</td>
			<td>
			30-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			FRASERS LOGISTICS &amp; INDUSTRIAL TRUST
			</td>
			<td>
			1,866,202,752
			</td>
			<td>
			30-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			CDL HOSPITALITY TRUSTS
			</td>
			<td>
			904,039,232
			</td>
			<td>
			30-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			FRASERS HOSPITALITY TRUST
			</td>
			<td>
			706,573,504
			</td>
			<td>
			30-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			LENDLEASE GLOBAL COMMERCIAL REIT
			</td>
			<td>
			543,808,384
			</td>
			<td>
			5-May-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			OUE COMMERCIAL REIT
			</td>
			<td>
			1,806,473,856
			</td>
			<td>
			8-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			EC WORLD REIT
			</td>
			<td>
			441,592,608
			</td>
			<td>
			8-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			BHG RETAIL REIT
			</td>
			<td>
			259,839,936
			</td>
			<td>
			8-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			DASIN RETAIL TRUST
			</td>
			<td>
			531,875,200
			</td>
			<td>
			11-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			CROMWELL EUROPEAN REIT
			</td>
			<td>
			869,067,392
			</td>
			<td>
			13-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			SASSEUR REIT
			</td>
			<td>
			671,260,032
			</td>
			<td>
			13-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			IREIT GLOBAL
			</td>
			<td>
			331,949,568
			</td>
			<td>
			15-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			ARA US HOSPITALITY TRUST
			</td>
			<td>
			181,549,872
			</td>
			<td>
			15-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			PRIME US REIT
			</td>
			<td>
			631,062,336
			</td>
			<td>
			31-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			UNITED HAMPSHIRE US REIT
			</td>
			<td>
			239,239,344
			</td>
			<td>
			Unknown
			</td>
			<td>
			Listed 12 March 2020
			</td>
		</tr>
<tr>
<td>
			ELITE COMMERCIAL REIT
			</td>
			<td>
			197,670,896
			</td>
			<td>
			Unknown
			</td>
			<td>
			Listed 6 Feb 2020
			</td>
		</tr>
</tbody></table>
 Source: Bloomberg &amp; SGX (data as of 8 Apr 20)

Note: Manulife US REIT is traded in USD, IREIT Global is traded in EUR, with their SGD equivalents shown in the table

Note: Excluded from the list are RHT Health Trust, a pure cash trust that has been suspended since 28 Nov 19, and Eagle Hospitality Trust, which requested for an indefinite trading suspension from 24 Mar 20
</body></html>





SGX lists a total of 45 REITs and trusts with a combined market cap of over S$100 billion. Two REITs - United Hampshire US REIT and Elite Commercial REIT - listed on SGX earlier this year. 
	 
	
SPH REIT kicked off the current financial reporting season for Singapore REITs on 1 April with the release of its fiscal 2Q ended 29 February 2020 earnings. 
	 
	Another six REITs – Soilbuild Business Space REIT, ParkwayLife REIT, Frasers Centrepoint Trust, Mapletree Industrial Trust, Mapletree North Asia Commercial Trust, and Lendlease Global Commercial REIT – have confirmed they will unveil results for the quarter ended 31 March 2020 over the next three weeks.

 

 

SGX lists a total of 45 REITs and trusts with a combined market capitalisation of over S$100 billion. Two REITs that listed on SGX so far this year were United Hampshire US REIT – Asia’s first US grocery-anchored shopping centre and self-storage REIT, and Elite Commercial REIT, SGX’s first UK-focused REIT.

SPH REIT kicked off the current financial reporting season for Singapore REITs on 1 April with the release of its fiscal 2Q ended 29 February 2020 earnings. Another six REITs have confirmed that they will unveil results for the quarter ended 31 March 2020 on the following dates:




			Name
			
			
			Date
			
		


			Soilbuild Business Space REIT
			
			
			16-Apr-20
			
		


			ParkwayLife REIT                                                           
			
			
			22-Apr-20
			
		


			 Frasers Centrepoint Trust                                     
			
			
			23-Apr-20
			
		


			Mapletree Industrial Trust                                          
			
			
			27-Apr-20
			
		


			Mapletree North Asia Commercial Trust                
			
			
			29-Apr-20
			
		


			 Lendlease Global Commercial REIT                          
			
			
			5-May-20
			
		

 

For updated earnings releases by other REITs, check out the weekly Economic Calendar.

The table below details released, confirmed and estimated dates of earnings reports of the REITs and trusts listed on SGX, sorted by date.




			Name
			
			
			Market Cap (S$)
			
			
			Date
			
			
			Date Type
			
		


			SPH REIT
			
			
			1,930,503,296
			
			
			1-Apr-20
			
			
			Released
			
		


			FIRST REIT
			
			
			551,995,136
			
			
			10-Apr-20
			
			
			Estimated
			
		


			SOILBUILD BUSINESS SPACE REIT
			
			
			398,129,504
			
			
			16-Apr-20
			
			
			Confirmed
			
		


			KEPPEL REIT
			
			
			3,160,128,512
			
			
			17-Apr-20
			
			
			Estimated
			
		


			KEPPEL PACIFIC OAK US REIT
			
			
			444,553,344
			
			
			20-Apr-20
			
			
			Estimated
			
		


			SABANA SHARIAH COMP IND REIT
			
			
			279,067,136
			
			
			20-Apr-20
			
			
			Estimated
			
		


			KEPPEL DC REIT
			
			
			3,837,041,920
			
			
			21-Apr-20
			
			
			Estimated
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			5,225,866,752
			
			
			22-Apr-20
			
			
			Estimated
			
		


			PARKWAYLIFE REIT
			
			
			1,857,357,312
			
			
			22-Apr-20
			
			
			Confirmed
			
		


			LIPPO MALLS INDONESIA RETAIL TRUST
			
			
			307,313,472
			
			
			22-Apr-20
			
			
			Estimated
			
		


			FRASERS CENTREPOINT TRUST
			
			
			1,981,422,976
			
			
			23-Apr-20
			
			
			Confirmed
			
		


			FRASERS COMMERCIAL TRUST
			
			
			1,033,832,640
			
			
			23-Apr-20
			
			
			Estimated
			
		


			CAPITALAND MALL TRUST
			
			
			5,978,050,560
			
			
			24-Apr-20
			
			
			Estimated
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			5,890,423,808
			
			
			24-Apr-20
			
			
			Estimated
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			5,406,626,816
			
			
			24-Apr-20
			
			
			Estimated
			
		


			SUNTEC REIT
			
			
			3,317,148,672
			
			
			24-Apr-20
			
			
			Estimated
			
		


			CAPITALAND RETAIL CHINA TRUST
			
			
			1,381,844,992
			
			
			24-Apr-20
			
			
			Estimated
			
		


			ESR-REIT
			
			
			858,982,528
			
			
			24-Apr-20
			
			
			Estimated
			
		


			STARHILL GLOBAL REIT
			
			
			831,022,272
			
			
			24-Apr-20
			
			
			Estimated
			
		


			AIMS APAC REIT
			
			
			720,795,840
			
			
			24-Apr-20
			
			
			Estimated
			
		


			CACHE LOGISTICS TRUST
			
			
			509,525,984
			
			
			24-Apr-20
			
			
			Estimated
			
		


			ASCENDAS INDIA TRUST
			
			
			1,282,978,688
			
			
			25-Apr-20
			
			
			Estimated
			
		


			MANULIFE US REIT
			
			
			1,045,450,560
			
			
			25-Apr-20
			
			
			Estimated
			
		


			FAR EAST HOSPITALITY TRUST
			
			
			788,035,584
			
			
			25-Apr-20
			
			
			Estimated
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			4,886,224,896
			
			
			27-Apr-20
			
			
			Confirmed
			
		


			ASCENDAS REIT
			
			
			9,660,561,408
			
			
			29-Apr-20
			
			
			Estimated
			
		


			MAPLETREE NORTH ASIA COMMERCIAL TRUST
			
			
			2,510,982,400
			
			
			29-Apr-20
			
			
			Confirmed
			
		


			ASCOTT RESIDENCE TRUST
			
			
			2,394,727,168
			
			
			30-Apr-20
			
			
			Estimated
			
		


			FRASERS LOGISTICS &amp; INDUSTRIAL TRUST
			
			
			1,866,202,752
			
			
			30-Apr-20
			
			
			Estimated
			
		


			CDL HOSPITALITY TRUSTS
			
			
			904,039,232
			
			
			30-Apr-20
			
			
			Estimated
			
		


			FRASERS HOSPITALITY TRUST
			
			
			706,573,504
			
			
			30-Apr-20
			
			
			Estimated
			
		


			LENDLEASE GLOBAL COMMERCIAL REIT
			
			
			543,808,384
			
			
			5-May-20
			
			
			Confirmed
			
		


			OUE COMMERCIAL REIT
			
			
			1,806,473,856
			
			
			8-May-20
			
			
			Estimated
			
		


			EC WORLD REIT
			
			
			441,592,608
			
			
			8-May-20
			
			
			Estimated
			
		


			BHG RETAIL REIT
			
			
			259,839,936
			
			
			8-May-20
			
			
			Estimated
			
		


			DASIN RETAIL TRUST
			
			
			531,875,200
			
			
			11-May-20
			
			
			Estimated
			
		


			CROMWELL EUROPEAN REIT
			
			
			869,067,392
			
			
			13-May-20
			
			
			Estimated
			
		


			SASSEUR REIT
			
			
			671,260,032
			
			
			13-May-20
			
			
			Estimated
			
		


			IREIT GLOBAL
			
			
			331,949,568
			
			
			15-May-20
			
			
			Estimated
			
		


			ARA US HOSPITALITY TRUST
			
			
			181,549,872
			
			
			15-May-20
			
			
			Estimated
			
		


			PRIME US REIT
			
			
			631,062,336
			
			
			31-May-20
			
			
			Estimated
			
		


			UNITED HAMPSHIRE US REIT
			
			
			239,239,344
			
			
			Unknown
			
			
			Listed 12 March 2020
			
		


			ELITE COMMERCIAL REIT
			
			
			197,670,896
			
			
			Unknown
			
			
			Listed 6 Feb 2020
			
		

 Source: Bloomberg &amp; SGX (data as of 8 Apr 20)

Note: Manulife US REIT is traded in USD, IREIT Global is traded in EUR, with their SGD equivalents shown in the table

Note: Excluded from the list are RHT Health Trust, a pure cash trust that has been suspended since 28 Nov 19, and Eagle Hospitality Trust, which requested for an indefinite trading suspension from 24 Mar 20



<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
In 7M2019, Singapore REITs garnered total institutional inflows of S$187.1 million, with two of the seven months – April and July – registering outflows of S$147.9 million and S$209.2 million respectively. 
	 </li>
	<li>
In the 2019 YTD, SGX’s iEdge S-REIT Index has clocked total returns of 19.7%, compared with total returns of 16.3% and 22.8% for the FTSE EPRA NAREIT Asia ex-Japan REITs Index and the MSCI ACWI REITs Index respectively, in USD terms. 
	 </li>
	<li>In the YTD, the five best-performing constituents of the iEdge S-REIT Index were: RHT Health Trust (+98.2%), Ascendas Hospitality Trust (+38.6%), Ascendas India Trust (+35.3%), Lippo Malls Indonesia Retail Trust (+34.9%) and Mapletree Commercial Trust (+30.1%). The five averaged a total return of 47.4% in the YTD.</li>
</ul>
SGX lists 35 REITs, seven stapled trusts and three property trusts with a combined market cap of over S$100 billion. Between January and July 2019, Singapore REITs garnered total institutional inflows of S$187.1 million, with two of the seven months – April and July – registering outflows of S$147.9 million and S$209.2 million respectively.
<figure>
 <img src="https://api2.sgx.com/sites/default/files/2019-08/insti%20flow%20for%20S-REITs_0.png" alt="insti flow for s-REITs">
 </figure>
 <div class="content-caption">insti flow for s-REITs</div>
Source: SGX data

The iEdge S-REIT Index is a free-float, market capitalisation-weighted index that tracks the performance of REITs listed on SGX. The Index’s 36 constituents have a combined market capitalisation of over S$95 billion.

In the 2019 year-to-date, the iEdge S-REIT Index has clocked total returns of 19.7%, compared with total returns of 16.3% and 22.8% for the FTSE EPRA NAREIT Asia ex-Japan REITs Index and the MSCI ACWI REITs Index respectively, in USD terms.
<figure>
 <img src="https://api2.sgx.com/sites/default/files/2019-08/sREITs%20YTD%20total%20returns.png" alt="sREITs ytd returns ">
 </figure>
 <div class="content-caption">sREITs ytd returns </div>
Source: Bloomberg (data as of 13 Aug 2019)

In the YTD, the five best-performing constituents of the iEdge S-REIT Index were: RHT Health Trust (+98.2%), Ascendas Hospitality Trust (+38.6%), Ascendas India Trust (+35.3%), Lippo Malls Indonesia Retail Trust (+34.9%) and Mapletree Commercial Trust (+30.1%). The five averaged a total return of 47.4% in the YTD, bringing their one-year and three-year total returns to 38.5% and 56.5% respectively.

Four of the five trusts are in the hospitality/tourism, industrial, office and retail segments. Note that RHT Health Trust is a cash trust, after it completed the disposal of its entire portfolio of healthcare assets to its controlling unitholder, Fortis Healthcare, in January this year. In June, Fortis Healthcare said it had aborted plans to sell its stake in RHT and its trustee manager after it failed to receive a commercially viable proposal from potential buyers. RHT’s trustee manager has said it will continue to explore various options for RHT, including identifying possible new businesses that would satisfy SGX’s new listing requirements, or the winding up of the trust. According to listing rules, SGX will remove RHT from its official list if the trust is unable to meet requirements for a new listing within 12 months from the time it becomes a cash trust. 

In the YTD, the five least-performing constituents of the iEdge S-REIT Index were: Frasers Hospitality Trust (+2.4%), ESR-REIT (+6.6%), Soilbuild Business Space REIT (+7.4%), SPH REIT (+10.3%) and Far East Hospitality Trust (+10.4%). These five averaged a 7.4% total return over the period.

The table below details the 20 best-performing constituents of the iEdge S-REIT Index, sorted by YTD total return.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Market Cap (S$M)
			</td>
			<td>
			Total Return YTD (%)
			</td>
			<td>
			Total Return 1Y (%)
			</td>
			<td>
			Total Return 3Y (%)
			</td>
			<td>
			P/B (x)
			</td>
			<td>
			Div Ind Yld (%)
			</td>
		</tr>
<tr>
<td>
			RHT HEALTH TRUST*
			</td>
			<td>
			RF1U
			</td>
			<td>
			15
			</td>
			<td>
			98.2
			</td>
			<td>
			95.5
			</td>
			<td>
			113.9
			</td>
			<td>
			NA
			</td>
			<td>
			NA
			</td>
		</tr>
<tr>
<td>
			ASCENDAS HOSPITALITY TRUST
			</td>
			<td>
			Q1P
			</td>
			<td>
			1,183
			</td>
			<td>
			38.6
			</td>
			<td>
			39.9
			</td>
			<td>
			72.9
			</td>
			<td>
			0.9
			</td>
			<td>
			5.9
			</td>
		</tr>
<tr>
<td>
			ASCENDAS INDIA TRUST
			</td>
			<td>
			CY6U
			</td>
			<td>
			1,460
			</td>
			<td>
			35.3
			</td>
			<td>
			33.8
			</td>
			<td>
			56.6
			</td>
			<td>
			1.1
			</td>
			<td>
			5.2
			</td>
		</tr>
<tr>
<td>
			LIPPO MALLS INDONESIA RETAIL TRUST
			</td>
			<td>
			D5IU
			</td>
			<td>
			680
			</td>
			<td>
			34.9
			</td>
			<td>
			-16.4
			</td>
			<td>
			-19.9
			</td>
			<td>
			0.8
			</td>
			<td>
			8.4
			</td>
		</tr>
<tr>
<td>
			MAPLETREE COMMERCIAL TRUST
			</td>
			<td>
			N2IU
			</td>
			<td>
			5,878
			</td>
			<td>
			30.1
			</td>
			<td>
			39.6
			</td>
			<td>
			59.0
			</td>
			<td>
			1.1
			</td>
			<td>
			4.5
			</td>
		</tr>
<tr>
<td>
			KEPPEL DC REIT
			</td>
			<td>
			AJBU
			</td>
			<td>
			2,258
			</td>
			<td>
			28.2
			</td>
			<td>
			23.6
			</td>
			<td>
			64.3
			</td>
			<td>
			1.4
			</td>
			<td>
			4.6
			</td>
		</tr>
<tr>
<td>
			MAPLETREE LOGISTICS TRUST
			</td>
			<td>
			M44U
			</td>
			<td>
			5,525
			</td>
			<td>
			27.4
			</td>
			<td>
			30.4
			</td>
			<td>
			74.0
			</td>
			<td>
			1.0
			</td>
			<td>
			5.3
			</td>
		</tr>
<tr>
<td>
			FRASERS CENTREPOINT TRUST
			</td>
			<td>
			J69U
			</td>
			<td>
			2,890
			</td>
			<td>
			25.6
			</td>
			<td>
			22.7
			</td>
			<td>
			44.1
			</td>
			<td>
			1.1
			</td>
			<td>
			3.5
			</td>
		</tr>
<tr>
<td>
			ASCOTT RESIDENCE TRUST
			</td>
			<td>
			A68U
			</td>
			<td>
			2,697
			</td>
			<td>
			24.9
			</td>
			<td>
			26.1
			</td>
			<td>
			39.8
			</td>
			<td>
			0.8
			</td>
			<td>
			4.7
			</td>
		</tr>
<tr>
<td>
			FRASERS COMMERCIAL TRUST
			</td>
			<td>
			ND8U
			</td>
			<td>
			1,479
			</td>
			<td>
			24.7
			</td>
			<td>
			25.1
			</td>
			<td>
			51.4
			</td>
			<td>
			0.9
			</td>
			<td>
			5.9
			</td>
		</tr>
<tr>
<td>
			MANULIFE US REIT
			</td>
			<td>
			BTOU
			</td>
			<td>
			1,696
			</td>
			<td>
			23.8
			</td>
			<td>
			11.7
			</td>
			<td>
			42.6
			</td>
			<td>
			1.2
			</td>
			<td>
			5.9
			</td>
		</tr>
<tr>
<td>
			MAPLETREE INDUSTRIAL TRUST
			</td>
			<td>
			ME8U
			</td>
			<td>
			4,533
			</td>
			<td>
			23.6
			</td>
			<td>
			23.0
			</td>
			<td>
			54.2
			</td>
			<td>
			1.3
			</td>
			<td>
			4.1
			</td>
		</tr>
<tr>
<td>
			CAPITALAND COMMERCIAL TRUST
			</td>
			<td>
			C61U
			</td>
			<td>
			7,865
			</td>
			<td>
			23.3
			</td>
			<td>
			26.2
			</td>
			<td>
			56.5
			</td>
			<td>
			0.9
			</td>
			<td>
			4.2
			</td>
		</tr>
<tr>
<td>
			ASCENDAS REIT
			</td>
			<td>
			A17U
			</td>
			<td>
			9,556
			</td>
			<td>
			23.1
			</td>
			<td>
			19.9
			</td>
			<td>
			48.4
			</td>
			<td>
			1.2
			</td>
			<td>
			5.2
			</td>
		</tr>
<tr>
<td>
			SABANA SHARIAH COMPLIANT INDUSTRIAL REIT
			</td>
			<td>
			M1GU
			</td>
			<td>
			474
			</td>
			<td>
			21.1
			</td>
			<td>
			9.5
			</td>
			<td>
			25.4
			</td>
			<td>
			0.8
			</td>
			<td>
			6.3
			</td>
		</tr>
<tr>
<td>
			FRASERS LOGISTICS &amp; INDUSTRIAL TRUST
			</td>
			<td>
			BUOU
			</td>
			<td>
			2,631
			</td>
			<td>
			19.5
			</td>
			<td>
			19.0
			</td>
			<td>
			44.6
			</td>
			<td>
			1.1
			</td>
			<td>
			5.1
			</td>
		</tr>
<tr>
<td>
			CAPITALAND MALL TRUST
			</td>
			<td>
			C38U
			</td>
			<td>
			9,627
			</td>
			<td>
			19.4
			</td>
			<td>
			25.7
			</td>
			<td>
			42.8
			</td>
			<td>
			1.0
			</td>
			<td>
			4.5
			</td>
		</tr>
<tr>
<td>
			OUE COMMERCIAL REIT
			</td>
			<td>
			TS0U
			</td>
			<td>
			1,532
			</td>
			<td>
			18.2
			</td>
			<td>
			-10.4
			</td>
			<td>
			6.1
			</td>
			<td>
			0.6
			</td>
			<td>
			6.1
			</td>
		</tr>
<tr>
<td>
			MAPLETREE NORTH ASIA COMMERCIAL TRUST
			</td>
			<td>
			RW0U
			</td>
			<td>
			4,263
			</td>
			<td>
			17.4
			</td>
			<td>
			19.4
			</td>
			<td>
			47.0
			</td>
			<td>
			0.9
			</td>
			<td>
			6.1
			</td>
		</tr>
<tr>
<td>
			CAPITALAND RETAIL CHINA TRUST
			</td>
			<td>
			AU8U
			</td>
			<td>
			1,508
			</td>
			<td>
			17.4
			</td>
			<td>
			10.9
			</td>
			<td>
			15.6
			</td>
			<td>
			0.9
			</td>
			<td>
			7.5
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			28.7
			</td>
			<td>
			23.8
			</td>
			<td>
			47.0
			</td>
			<td>
			1.0
			</td>
			<td>
			5.2
			</td>
		</tr>
</tbody></table>
Source: Bloomberg &amp; StockFacts (data as of 13 Aug 2019) *RHT Health Trust is now a cash trust
</body></html>





In 7M2019, Singapore REITs garnered total institutional inflows of S$187.1 million, with two of the seven months – April and July – registering outflows of S$147.9 million and S$209.2 million respectively.  
	 
	
In the 2019 YTD, SGX’s iEdge S-REIT Index has clocked total returns of 19.7%, compared with total returns of 16.3% and 22.8% for the FTSE EPRA NAREIT Asia ex-Japan REITs Index and the MSCI ACWI REITs Index respectively, in USD terms.  
	 
	In the YTD, the five best-performing constituents of the iEdge S-REIT Index were: RHT Health Trust (+98.2%), Ascendas Hospitality Trust (+38.6%), Ascendas India Trust (+35.3%), Lippo Malls Indonesia Retail Trust (+34.9%) and Mapletree Commercial Trust (+30.1%). The five averaged a total return of 47.4% in the YTD.

SGX lists 35 REITs, seven stapled trusts and three property trusts with a combined market cap of over S$100 billion. Between January and July 2019, Singapore REITs garnered total institutional inflows of S$187.1 million, with two of the seven months – April and July – registering outflows of S$147.9 million and S$209.2 million respectively.

      
    
    insti flow for s-REITs
Source: SGX data

The iEdge S-REIT Index is a free-float, market capitalisation-weighted index that tracks the performance of REITs listed on SGX. The Index’s 36 constituents have a combined market capitalisation of over S$95 billion.

In the 2019 year-to-date, the iEdge S-REIT Index has clocked total returns of 19.7%, compared with total returns of 16.3% and 22.8% for the FTSE EPRA NAREIT Asia ex-Japan REITs Index and the MSCI ACWI REITs Index respectively, in USD terms.

      
    
    sREITs ytd returns 
Source: Bloomberg (data as of 13 Aug 2019)

In the YTD, the five best-performing constituents of the iEdge S-REIT Index were: RHT Health Trust (+98.2%), Ascendas Hospitality Trust (+38.6%), Ascendas India Trust (+35.3%), Lippo Malls Indonesia Retail Trust (+34.9%) and Mapletree Commercial Trust (+30.1%). The five averaged a total return of 47.4% in the YTD, bringing their one-year and three-year total returns to 38.5% and 56.5% respectively.

Four of the five trusts are in the hospitality/tourism, industrial, office and retail segments. Note that RHT Health Trust is a cash trust, after it completed the disposal of its entire portfolio of healthcare assets to its controlling unitholder, Fortis Healthcare, in January this year. In June, Fortis Healthcare said it had aborted plans to sell its stake in RHT and its trustee manager after it failed to receive a commercially viable proposal from potential buyers. RHT’s trustee manager has said it will continue to explore various options for RHT, including identifying possible new businesses that would satisfy SGX’s new listing requirements, or the winding up of the trust. According to listing rules, SGX will remove RHT from its official list if the trust is unable to meet requirements for a new listing within 12 months from the time it becomes a cash trust. 

In the YTD, the five least-performing constituents of the iEdge S-REIT Index were: Frasers Hospitality Trust (+2.4%), ESR-REIT (+6.6%), Soilbuild Business Space REIT (+7.4%), SPH REIT (+10.3%) and Far East Hospitality Trust (+10.4%). These five averaged a 7.4% total return over the period.

The table below details the 20 best-performing constituents of the iEdge S-REIT Index, sorted by YTD total return.




			Name
			
			
			SGX Code
			
			
			Market Cap (S$M)
			
			
			Total Return YTD (%)
			
			
			Total Return 1Y (%)
			
			
			Total Return 3Y (%)
			
			
			P/B (x)
			
			
			Div Ind Yld (%)
			
		


			RHT HEALTH TRUST*
			
			
			RF1U
			
			
			15
			
			
			98.2
			
			
			95.5
			
			
			113.9
			
			
			NA
			
			
			NA
			
		


			ASCENDAS HOSPITALITY TRUST
			
			
			Q1P
			
			
			1,183
			
			
			38.6
			
			
			39.9
			
			
			72.9
			
			
			0.9
			
			
			5.9
			
		


			ASCENDAS INDIA TRUST
			
			
			CY6U
			
			
			1,460
			
			
			35.3
			
			
			33.8
			
			
			56.6
			
			
			1.1
			
			
			5.2
			
		


			LIPPO MALLS INDONESIA RETAIL TRUST
			
			
			D5IU
			
			
			680
			
			
			34.9
			
			
			-16.4
			
			
			-19.9
			
			
			0.8
			
			
			8.4
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			N2IU
			
			
			5,878
			
			
			30.1
			
			
			39.6
			
			
			59.0
			
			
			1.1
			
			
			4.5
			
		


			KEPPEL DC REIT
			
			
			AJBU
			
			
			2,258
			
			
			28.2
			
			
			23.6
			
			
			64.3
			
			
			1.4
			
			
			4.6
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			5,525
			
			
			27.4
			
			
			30.4
			
			
			74.0
			
			
			1.0
			
			
			5.3
			
		


			FRASERS CENTREPOINT TRUST
			
			
			J69U
			
			
			2,890
			
			
			25.6
			
			
			22.7
			
			
			44.1
			
			
			1.1
			
			
			3.5
			
		


			ASCOTT RESIDENCE TRUST
			
			
			A68U
			
			
			2,697
			
			
			24.9
			
			
			26.1
			
			
			39.8
			
			
			0.8
			
			
			4.7
			
		


			FRASERS COMMERCIAL TRUST
			
			
			ND8U
			
			
			1,479
			
			
			24.7
			
			
			25.1
			
			
			51.4
			
			
			0.9
			
			
			5.9
			
		


			MANULIFE US REIT
			
			
			BTOU
			
			
			1,696
			
			
			23.8
			
			
			11.7
			
			
			42.6
			
			
			1.2
			
			
			5.9
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			4,533
			
			
			23.6
			
			
			23.0
			
			
			54.2
			
			
			1.3
			
			
			4.1
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			C61U
			
			
			7,865
			
			
			23.3
			
			
			26.2
			
			
			56.5
			
			
			0.9
			
			
			4.2
			
		


			ASCENDAS REIT
			
			
			A17U
			
			
			9,556
			
			
			23.1
			
			
			19.9
			
			
			48.4
			
			
			1.2
			
			
			5.2
			
		


			SABANA SHARIAH COMPLIANT INDUSTRIAL REIT
			
			
			M1GU
			
			
			474
			
			
			21.1
			
			
			9.5
			
			
			25.4
			
			
			0.8
			
			
			6.3
			
		


			FRASERS LOGISTICS &amp; INDUSTRIAL TRUST
			
			
			BUOU
			
			
			2,631
			
			
			19.5
			
			
			19.0
			
			
			44.6
			
			
			1.1
			
			
			5.1
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			9,627
			
			
			19.4
			
			
			25.7
			
			
			42.8
			
			
			1.0
			
			
			4.5
			
		


			OUE COMMERCIAL REIT
			
			
			TS0U
			
			
			1,532
			
			
			18.2
			
			
			-10.4
			
			
			6.1
			
			
			0.6
			
			
			6.1
			
		


			MAPLETREE NORTH ASIA COMMERCIAL TRUST
			
			
			RW0U
			
			
			4,263
			
			
			17.4
			
			
			19.4
			
			
			47.0
			
			
			0.9
			
			
			6.1
			
		


			CAPITALAND RETAIL CHINA TRUST
			
			
			AU8U
			
			
			1,508
			
			
			17.4
			
			
			10.9
			
			
			15.6
			
			
			0.9
			
			
			7.5
			
		


			Average
			
			
			 
			
			
			 
			
			
			28.7
			
			
			23.8
			
			
			47.0
			
			
			1.0
			
			
			5.2
			
		

Source: Bloomberg &amp; StockFacts (data as of 13 Aug 2019) *RHT Health Trust is now a cash trust



S-REIT Index’s Five Best-Performing Constituents Returned 47% in YTD      

Singapore and emerging market real estate

Royston Foo

Since my last insight on <a href="https://www.smartkarma.com/entities/13447" target="_blank" data-smartkarma-citation="entities:13447:1">RHT Health Trust (RHT SP)</a> on 29th Jan 2019 – <a href="https://www.smartkarma.com/insights/rht-health-trust-cash-on-sale" target="_blank" data-smartkarma-citation="insights:27618">RHT Health Trust – Cash on Sale</a> , investors who bought into RHT Health Trust at S$0.029 per unit would have netted a return on investment of 40.7% if they sell out today, including the cash distribution that they have received in 1st March.Since last insight in January, RHT reported major changes to its Board of Directors and Management. The strong background of the new BOD and CEO in investment banking and REIT management will be valuable to RHT as it progresses to transform itself and acquire new business/assets to inject into the Trust.Key investment thesis remains unchanged. RHT Health Trust is an event-driven play and the catalyst will be the announcement of an RTO deal to inject new assets/business into the Trust. This will be the key driver to further upside in RHT. Proposed investment strategy at this stage is to hold on to the investment in RHT and look for opportunities to add if RHT trades lower. Target entry price is S$0.016 per unit, which translates to a NAV discount of 27.3%.

Since my last insight on RHT Health Trust (RHT SP) on 29th Jan 2019 – RHT Health Trust – Cash on Sale , investors who bought into RHT Health Trust at S$0.029 per unit would have netted a return on investment of 40.7% if they sell out today, including the cash distribution that they have received in 1st March.Since last insight in January, RHT reported major changes to its Board of Directors and Management. The strong background of the new BOD and CEO in investment banking and REIT management will be valuable to RHT as it progresses to transform itself and acquire new business/assets to inject into the Trust.Key investment thesis remains unchanged. RHT Health Trust is an event-driven play and the catalyst will be the announcement of an RTO deal to inject new assets/business into the Trust. This will be the key driver to further upside in RHT. Proposed investment strategy at this stage is to hold on to the investment in RHT and look for opportunities to add if RHT trades lower. Target entry price is S$0.016 per unit, which translates to a NAV discount of 27.3%.

RHT Health Trust – 40.7% Net Returns Since Jan. Is There Any Upside Left?

Singapore

Religare Health Trust is structured as a business trust and invests in medical and healthcare assets and services in Asia, Australasia and emerging markets.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00