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

Kwang Hee Development Oriented Self Adm / Equity Bottom-Up

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<li>
SGX’s three largest industrial trusts by market cap are Ascendas REIT, Mapletree Logistics Trust and Mapletree Industrial Trust. In the last two weeks of April, MLT and MIT reported earnings for the three months ended 31 March 2020, while A-REIT, which opted to report its results on a half-yearly basis, provided a business update for the quarter. 
	 </li>
	<li>
For the March quarter, MLT and MIT unveiled a DPU of 2.048 and 2.850 Singapore cents, up 1.2% YoY and down 7.5% YoY respectively. 
	 </li>
	<li>A-REIT, MLT and MIT averaged an aggregate leverage ratio of 37.7% for the March quarter, vs an average 35.6% in the Dec quarter. MLT and MIT had the highest aggregate leverage ratios of 39.3% and 37.6% respectively.</li>
</ul>
 

Of the REITs on SGX, at least 10 are engaged in the acquisition, development, ownership, management and operation of industrial properties, data centres and logistics clusters, spanning Singapore, Malaysia, Vietnam, Japan, South Korea, China, Hong Kong, Australia, US, UK, Germany, and the Netherlands.

Among them, the three largest industrial trusts by market cap are: Ascendas REIT, Mapletree Logistics Trust and Mapletree Industrial Trust. In the last two weeks of April, Mapletree Logistics Trust and Mapletree Industrial Trust reported their earnings for the three months ended 31 March 2020, while A-REIT, which opted to report its financial results on a half-yearly basis, provided a business update for the quarter.

DPU Highlights  
For the three months ended 31 March 2020, Mapletree Logistics Trust unveiled a distribution per unit (DPU) of 2.048 Singapore cents, up 1.2% YoY. Mapletree Industrial Trust reported DPU declined 7.5% YoY to 2.850 Singapore cents, after tax-exempt income of S$6.6 million relating to distributions declared by joint ventures were withheld in the quarter for greater flexibility in cash management following COVID-19. Had the tax-exempt distributions been included, DPU would have been 3.15 cents, up 2.3% YoY.

Net property income for Mapletree Logistics Trust and Mapletree Industrial Trust rose 9.3% and 3.2% YoY to S$114.7 million and S$78.3 million respectively. Gross revenue for the quarter also gained 5.5% and 3.0% to S$128.1 million and S$101.8 million respectively.

Debt Profiles

For the March quarter, Ascendas REIT, Mapletree Logistics Trust and Mapletree Industrial Trust averaged an aggregate leverage ratio of 37.7%, compared with an average 35.6% in the December quarter. Mapletree Logistics Trust and Mapletree Industrial Trust had the highest aggregate leverage ratios of 39.3% and 37.6% respectively. The average ratio of S-REITs stood at 35.8% as of 30 April 2020.

Interest cover for the trio averaged 5.9 times in the March quarter, up marginally from 5.6 times in the December quarter, with Mapletree Industrial Trust chalking up the highest interest coverage ratio of 7.7 times.

As at 31 March 2020, A-REIT registered the highest total debt level of S$5.0 billion and the shortest weighted average debt tenure of 3.8 years, while Mapletree Industrial Trust had the lowest total debt level of S$1.4 billion and the longest weighted average debt tenure of 4.7 years.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			Aggregate Leverage Ratio (%) as at 31 March 2020
			</td>
			<td>
			Aggregate Leverage Ratio (%) as at 31 Dec 2019
			</td>
			<td>
			Interest Coverage Ratio (x) as at 31 March 2020
			</td>
			<td>
			Interest Coverage Ratio (x) as at 31 Dec 2019
			</td>
		</tr>
<tr>
<td>
			ASCENDAS REIT
			</td>
			<td>
			36.2
			</td>
			<td>
			35.1
			</td>
			<td>
			5.0
			</td>
			<td>
			4.9
			</td>
		</tr>
<tr>
<td>
			MAPLETREE LOGISTICS TRUST
			</td>
			<td>
			39.3
			</td>
			<td>
			37.5
			</td>
			<td>
			4.9
			</td>
			<td>
			5.2
			</td>
		</tr>
<tr>
<td>
			MAPLETREE INDUSTRIAL TRUST
			</td>
			<td>
			37.6
			</td>
			<td>
			34.1
			</td>
			<td>
			7.7
			</td>
			<td>
			6.8
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			37.7
			</td>
			<td>
			35.6
			</td>
			<td>
			5.9
			</td>
			<td>
			5.6
			</td>
		</tr>
</tbody></table>
 

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			Total Debt (S$M) as at 31 March 2020
			</td>
			<td>
			Total Debt (S$M) as at 31 Dec 2019
			</td>
			<td>
			Weighted Avg Debt Tenure (yrs) as at 31 March 2020
			</td>
			<td>
			Weighted Avg Debt Tenure (yrs) as at 31 Dec 2019
			</td>
		</tr>
<tr>
<td>
			ASCENDAS REIT
			</td>
			<td>
			4,981
			</td>
			<td>
			4,653
			</td>
			<td>
			3.8
			</td>
			<td>
			4.0
			</td>
		</tr>
<tr>
<td>
			MAPLETREE LOGISTICS TRUST
			</td>
			<td>
			3,550
			</td>
			<td>
			3,188
			</td>
			<td>
			4.1
			</td>
			<td>
			3.9
			</td>
		</tr>
<tr>
<td>
			MAPLETREE INDUSTRIAL TRUST
			</td>
			<td>
			1,434
			</td>
			<td>
			1,645
			</td>
			<td>
			4.7
			</td>
			<td>
			4.1
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			3,322
			</td>
			<td>
			3,162
			</td>
			<td>
			4.2
			</td>
			<td>
			4.0
			</td>
		</tr>
</tbody></table>
 Source: Company data 
 

Outlook

Ascendas REIT

<ul>
<li>Overall portfolio occupancy rate improved QoQ to 91.7%, up from 90.9% as at 30 December 2019, thanks to the higher occupancy rate of 88.6%, vs 87.2% in end-December, in its Singapore portfolio, due to stronger demand for logistics space.</li>
	<li>For its overseas portfolio, occupancies were relatively stable at 97.3% in Australia, 92.9% in the US,  and 97.5% in the UK.</li>
	<li>Its portfolio achieved a positive rental reversion of 8.0% for renewed leases in multi-tenant buildings in 1Q FY2020.</li>
	<li>A-REIT’s liquidity position remains robust. In the event of an extended COVID-19 impact, it has in its reserves S$490 million, comprising S$290 million in cash and S$200 million in committed facilities, to cover any shortfall.</li>
	<li>It is uncertain when COVID-19 will be contained and businesses will return to normal. Realistically, more challenges and uncertainty are to be expected.</li>
</ul>
Click <a href="https://links.sgx.com/1.0.0/corporate-announcements/TG6V4TVRM2291V0I/Ascendas%20Reit%201Q%20FY2020%20Press%20Release.pdf">here</a> for full results release.

Mapletree Logistics Trust

<ul>
<li>For its top three core markets, all tenants remain fully operational in Hong Kong and Japan, while about 5% of its tenant base in Singapore is impacted. Tenants from retail, hospitality and travel industries, which account for about 10% of revenue, are the hardest hit. Those who serve essential daily needs, such as F&amp;B products, consumer staples and healthcare, continue to see healthy activity levels, and account for over 30% of MLT’s revenue.</li>
	<li>MLT’s diversified geographic presence and tenant trade sector mix provide resilience to the portfolio. To-date, overall occupancy levels have stayed relatively resilient at 98.0%, while rental rates have been stable.</li>
	<li>Debt due in the coming financial year amounts to S$242 million or 6% of total debt. Based on the available committed credit facilities of over S$700 million, it has more than sufficient resources to meet its maturing debt obligations.</li>
</ul>
Click <a href="/links.sgx.com/1.0.0/corporate-announcements/P0K4G3HBQGTB6RCO/20200423_MLT_4QFY1920%20PR-Final.pdf">here</a> for full results release.

Mapletree Industrial Trust

<ul>
<li>Average Overall Portfolio occupancy for the March quarter increased to 91.5% from 90.9% in the preceding quarter, due to the Singapore portfolio. The North American portfolio occupancy also improved following addition of 10 powered shell data centres held under Mapletree Rosewood Data Centre Trust, which were 100% leased.</li>
	<li>MIT will support its tenants in Singapore with a COVID-19 Assistance and Relief Programme of up to S$13.7 million. This is in addition to approximately S$10.5 million property tax rebates of 100% and 30% for qualifying commercial premises and non-residential properties respectively, which will be fully passed on to all tenants in Singapore.</li>
	<li>About 55% of MIT’s Singapore Portfolio (or 45% of the overall portfolio) are SME tenants. If the pandemic drags on, these tenants may seek relief under the COVID-19 (Temporary Measures) Act. As at 31 March 2020, the rental arrears ratio remained stable at 0.2% of the previous 12 months’ gross revenue. This ratio will increase if more SME tenants seek temporary relief under the Act.</li>
	<li>MIT’s large diversified tenant base with low dependence on any single tenant or trade sector will continue to underpin its resilience. The long leases with high-quality tenants in MIT’s data centres in Singapore and North America, comprising about 31.6% of its portfolio, will provide an added boost.</li>
</ul>
Click <a href="https://links.sgx.com/1.0.0/corporate-announcements/ZIBZG8N0YERBF9Q1/20200427_4QFY19_Press%20Release.pdf">here</a> for full results release.
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SGX’s three largest industrial trusts by market cap are Ascendas REIT, Mapletree Logistics Trust and Mapletree Industrial Trust. In the last two weeks of April, MLT and MIT reported earnings for the three months ended 31 March 2020, while A-REIT, which opted to report its results on a half-yearly basis, provided a business update for the quarter. 
	 
	
For the March quarter, MLT and MIT unveiled a DPU of 2.048 and 2.850 Singapore cents, up 1.2% YoY and down 7.5% YoY respectively. 
	 
	A-REIT, MLT and MIT averaged an aggregate leverage ratio of 37.7% for the March quarter, vs an average 35.6% in the Dec quarter. MLT and MIT had the highest aggregate leverage ratios of 39.3% and 37.6% respectively.

 

Of the REITs on SGX, at least 10 are engaged in the acquisition, development, ownership, management and operation of industrial properties, data centres and logistics clusters, spanning Singapore, Malaysia, Vietnam, Japan, South Korea, China, Hong Kong, Australia, US, UK, Germany, and the Netherlands.

Among them, the three largest industrial trusts by market cap are: Ascendas REIT, Mapletree Logistics Trust and Mapletree Industrial Trust. In the last two weeks of April, Mapletree Logistics Trust and Mapletree Industrial Trust reported their earnings for the three months ended 31 March 2020, while A-REIT, which opted to report its financial results on a half-yearly basis, provided a business update for the quarter.

DPU Highlights   
For the three months ended 31 March 2020, Mapletree Logistics Trust unveiled a distribution per unit (DPU) of 2.048 Singapore cents, up 1.2% YoY. Mapletree Industrial Trust reported DPU declined 7.5% YoY to 2.850 Singapore cents, after tax-exempt income of S$6.6 million relating to distributions declared by joint ventures were withheld in the quarter for greater flexibility in cash management following COVID-19. Had the tax-exempt distributions been included, DPU would have been 3.15 cents, up 2.3% YoY.

Net property income for Mapletree Logistics Trust and Mapletree Industrial Trust rose 9.3% and 3.2% YoY to S$114.7 million and S$78.3 million respectively. Gross revenue for the quarter also gained 5.5% and 3.0% to S$128.1 million and S$101.8 million respectively.

Debt Profiles

For the March quarter, Ascendas REIT, Mapletree Logistics Trust and Mapletree Industrial Trust averaged an aggregate leverage ratio of 37.7%, compared with an average 35.6% in the December quarter. Mapletree Logistics Trust and Mapletree Industrial Trust had the highest aggregate leverage ratios of 39.3% and 37.6% respectively. The average ratio of S-REITs stood at 35.8% as of 30 April 2020.

Interest cover for the trio averaged 5.9 times in the March quarter, up marginally from 5.6 times in the December quarter, with Mapletree Industrial Trust chalking up the highest interest coverage ratio of 7.7 times.

As at 31 March 2020, A-REIT registered the highest total debt level of S$5.0 billion and the shortest weighted average debt tenure of 3.8 years, while Mapletree Industrial Trust had the lowest total debt level of S$1.4 billion and the longest weighted average debt tenure of 4.7 years.




			Name
			
			
			Aggregate Leverage Ratio (%) as at 31 March 2020
			
			
			Aggregate Leverage Ratio (%) as at 31 Dec 2019
			
			
			Interest Coverage Ratio (x) as at 31 March 2020
			
			
			Interest Coverage Ratio (x) as at 31 Dec 2019
			
		


			ASCENDAS REIT
			
			
			36.2
			
			
			35.1
			
			
			5.0
			
			
			4.9
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			39.3
			
			
			37.5
			
			
			4.9
			
			
			5.2
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			37.6
			
			
			34.1
			
			
			7.7
			
			
			6.8
			
		


			Average
			
			
			37.7
			
			
			35.6
			
			
			5.9
			
			
			5.6
			
		

 




			Name
			
			
			Total Debt (S$M) as at 31 March 2020
			
			
			Total Debt (S$M) as at 31 Dec 2019
			
			
			Weighted Avg Debt Tenure (yrs) as at 31 March 2020
			
			
			Weighted Avg Debt Tenure (yrs) as at 31 Dec 2019
			
		


			ASCENDAS REIT
			
			
			4,981
			
			
			4,653
			
			
			3.8
			
			
			4.0
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			3,550
			
			
			3,188
			
			
			4.1
			
			
			3.9
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			1,434
			
			
			1,645
			
			
			4.7
			
			
			4.1
			
		


			Average
			
			
			3,322
			
			
			3,162
			
			
			4.2
			
			
			4.0
			
		

 Source: Company data 
 

Outlook

Ascendas REIT


Overall portfolio occupancy rate improved QoQ to 91.7%, up from 90.9% as at 30 December 2019, thanks to the higher occupancy rate of 88.6%, vs 87.2% in end-December, in its Singapore portfolio, due to stronger demand for logistics space.
	For its overseas portfolio, occupancies were relatively stable at 97.3% in Australia, 92.9% in the US,  and 97.5% in the UK.
	Its portfolio achieved a positive rental reversion of 8.0% for renewed leases in multi-tenant buildings in 1Q FY2020.
	A-REIT’s liquidity position remains robust. In the event of an extended COVID-19 impact, it has in its reserves S$490 million, comprising S$290 million in cash and S$200 million in committed facilities, to cover any shortfall.
	It is uncertain when COVID-19 will be contained and businesses will return to normal. Realistically, more challenges and uncertainty are to be expected.

Click here for full results release.

Mapletree Logistics Trust


For its top three core markets, all tenants remain fully operational in Hong Kong and Japan, while about 5% of its tenant base in Singapore is impacted. Tenants from retail, hospitality and travel industries, which account for about 10% of revenue, are the hardest hit. Those who serve essential daily needs, such as F&amp;B products, consumer staples and healthcare, continue to see healthy activity levels, and account for over 30% of MLT’s revenue.
	MLT’s diversified geographic presence and tenant trade sector mix provide resilience to the portfolio. To-date, overall occupancy levels have stayed relatively resilient at 98.0%, while rental rates have been stable.
	Debt due in the coming financial year amounts to S$242 million or 6% of total debt. Based on the available committed credit facilities of over S$700 million, it has more than sufficient resources to meet its maturing debt obligations.

Click here for full results release.

Mapletree Industrial Trust


Average Overall Portfolio occupancy for the March quarter increased to 91.5% from 90.9% in the preceding quarter, due to the Singapore portfolio. The North American portfolio occupancy also improved following addition of 10 powered shell data centres held under Mapletree Rosewood Data Centre Trust, which were 100% leased.
	MIT will support its tenants in Singapore with a COVID-19 Assistance and Relief Programme of up to S$13.7 million. This is in addition to approximately S$10.5 million property tax rebates of 100% and 30% for qualifying commercial premises and non-residential properties respectively, which will be fully passed on to all tenants in Singapore.
	About 55% of MIT’s Singapore Portfolio (or 45% of the overall portfolio) are SME tenants. If the pandemic drags on, these tenants may seek relief under the COVID-19 (Temporary Measures) Act. As at 31 March 2020, the rental arrears ratio remained stable at 0.2% of the previous 12 months’ gross revenue. This ratio will increase if more SME tenants seek temporary relief under the Act.
	MIT’s large diversified tenant base with low dependence on any single tenant or trade sector will continue to underpin its resilience. The long leases with high-quality tenants in MIT’s data centres in Singapore and North America, comprising about 31.6% of its portfolio, will provide an added boost.

Click here for full results release.



March Quarter Earnings of SGX’s Largest Industrial REITs

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<li>
Temasek’s portfolio had a net value of S$313 billion as at its 31 March 2019 financial year-end. The portfolio comprises at least 25 listings on SGX, including 15 companies and 10 trusts with a combined market cap of more than S$200 billion. 
	 </li>
	<li>
The five constituents in Temasek’s portfolio with the highest 10Y annualised returns were: Mapletree Logistics Trust (+14.6%), Ascendas REIT (+10.8%), CapitaLand Commercial Trust (+8.7%), DBS Group Holdings (+6.4%) and Keppel REIT (+6.2%). They averaged a 10Y annualised total return of 9.3% 
	 </li>
	<li>Mapletree Logistics Trust was also the best performer in the 2020 YTD with a 3.2% return. The trust was amongst the S-REITs that saw the highest net institutional inflows in the YTD.</li>
</ul>
 
Temasek’s portfolio had a net value of S$313 billion as at its 31 March 2019 financial year-end. The portfolio is well diversified with financial services, Telecommunications,Media &amp; Technology accounting for majority at 25% and 20 % respectively. The portfolio, with 26% exposure to Singapore, consists of at least 25 listings on SGX, including 15 companies and 10 trusts with a combined market capitalisation of more than S$200 billion. Singtel, DBS and Mapletree Investments Pte Ltd accounted for the portfolio’s biggest names at 8%,6% and 5% respectively. For a previously published Market Update on the highlights of Temasek’s SGX-listed investments for financial year ended 31 March 2019, click <a href="https://www2.sgx.com/research-education/market-updates/20190924-highlights-temaseks-sgx-listed-investments">here</a>.

The five constituents in Temasek’s portfolio with the highest annualised returns over the last 10 years were four REITs and one stock: Mapletree Logistics Trust (+14.6%), Ascendas REIT (+10.8%), CapitaLand Commercial Trust (+8.7%), DBS Group Holdings (+6.4%) and Keppel REIT (+6.2%). The five, which have a combined market cap of more than S$70 billion, averaged a 10Y annualised total return of 9.3%.
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 <img src='https://api2.sgx.com/sites/default/files/2020-05/TLC_0.png' alt='Temasek Linked Stocks' />
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Mapletree Logistics Trust – which clocked the highest 10Y annualised total return – was also the best performer in the 2020 year-to-date with a 3.2% return. The trust was amongst the S-REITs that saw the highest net institutional inflows in the YTD.

S-REITs, which have a combined market value of S$90 billion, make up more than 10% of the market cap of Singapore listings. Growing investor participation in recent years has seen REITs contributing more than 20% to daily turnover in the YTD.

The table below details the 15 companies and 10 trusts in Temasek’s portfolio listed on SGX, sorted by 10Y annualised returns.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Market Cap (S$ billion)
			</td>
			<td>
			Annualised Total Return 10Y (%)
			</td>
			<td>
			Annualised Total Return 5Y (%)
			</td>
			<td>
			Total Return YTD (%)
			</td>
		</tr>
<tr>
<td>
			MAPLETREE LOGISTICS TRUST
			</td>
			<td>
			M44U
			</td>
			<td>
			6.7
			</td>
			<td>
			14.6
			</td>
			<td>
			14.5
			</td>
			<td>
			3.2
			</td>
		</tr>
<tr>
<td>
			ASCENDAS REIT
			</td>
			<td>
			A17U
			</td>
			<td>
			10.5
			</td>
			<td>
			10.8
			</td>
			<td>
			9.9
			</td>
			<td>
			-1.1
			</td>
		</tr>
<tr>
<td>
			CAPITALAND COMM TRUST
			</td>
			<td>
			C61U
			</td>
			<td>
			6.0
			</td>
			<td>
			8.7
			</td>
			<td>
			4.4
			</td>
			<td>
			-19.6
			</td>
		</tr>
<tr>
<td>
			DBS GROUP HOLDINGS
			</td>
			<td>
			D05
			</td>
			<td>
			49.0
			</td>
			<td>
			6.4
			</td>
			<td>
			2.2
			</td>
			<td>
			-25.8
			</td>
		</tr>
<tr>
<td>
			KEPPEL REIT
			</td>
			<td>
			K71U
			</td>
			<td>
			3.6
			</td>
			<td>
			6.2
			</td>
			<td>
			2.4
			</td>
			<td>
			-13.0
			</td>
		</tr>
<tr>
<td>
			SATS LTD
			</td>
			<td>
			S58
			</td>
			<td>
			3.4
			</td>
			<td>
			5.8
			</td>
			<td>
			2.9
			</td>
			<td>
			-39.3
			</td>
		</tr>
<tr>
<td>
			SINGAPORE EXCHANGE
			</td>
			<td>
			S68
			</td>
			<td>
			10.4
			</td>
			<td>
			5.8
			</td>
			<td>
			6.9
			</td>
			<td>
			11.0
			</td>
		</tr>
<tr>
<td>
			ASCOTT RESIDENCE TRUST
			</td>
			<td>
			A68U
			</td>
			<td>
			2.7
			</td>
			<td>
			4.6
			</td>
			<td>
			-0.2
			</td>
			<td>
			-33.8
			</td>
		</tr>
<tr>
<td>
			ST ENGINEERING
			</td>
			<td>
			S63
			</td>
			<td>
			10.2
			</td>
			<td>
			4.6
			</td>
			<td>
			2.1
			</td>
			<td>
			-16.5
			</td>
		</tr>
<tr>
<td>
			CAPITALAND MALL TRUST
			</td>
			<td>
			C38U
			</td>
			<td>
			6.7
			</td>
			<td>
			4.5
			</td>
			<td>
			1.4
			</td>
			<td>
			-25.1
			</td>
		</tr>
<tr>
<td>
			SINGTEL LTD
			</td>
			<td>
			Z74
			</td>
			<td>
			45.5
			</td>
			<td>
			4.4
			</td>
			<td>
			-4.1
			</td>
			<td>
			-16.9
			</td>
		</tr>
<tr>
<td>
			STARHUB LTD
			</td>
			<td>
			CC3
			</td>
			<td>
			2.5
			</td>
			<td>
			1.2
			</td>
			<td>
			-14.2
			</td>
			<td>
			2.1
			</td>
		</tr>
<tr>
<td>
			KEPPEL CORPORATION
			</td>
			<td>
			BN4
			</td>
			<td>
			10.9
			</td>
			<td>
			0.4
			</td>
			<td>
			-4.3
			</td>
			<td>
			-11.8
			</td>
		</tr>
<tr>
<td>
			CAPITALAND LTD
			</td>
			<td>
			C31
			</td>
			<td>
			15.2
			</td>
			<td>
			0.1
			</td>
			<td>
			-1.7
			</td>
			<td>
			-20.8
			</td>
		</tr>
<tr>
<td>
			SINGAPORE POST
			</td>
			<td>
			S08
			</td>
			<td>
			1.6
			</td>
			<td>
			-0.2
			</td>
			<td>
			-15.0
			</td>
			<td>
			-23.1
			</td>
		</tr>
<tr>
<td>
			SIA ENGINEERING
			</td>
			<td>
			S59
			</td>
			<td>
			2.1
			</td>
			<td>
			-2.1
			</td>
			<td>
			-11.6
			</td>
			<td>
			-34.4
			</td>
		</tr>
<tr>
<td>
			OLAM INTL
			</td>
			<td>
			O32
			</td>
			<td>
			4.8
			</td>
			<td>
			-3.0
			</td>
			<td>
			-3.1
			</td>
			<td>
			-18.2
			</td>
		</tr>
<tr>
<td>
			SINGAPORE AIRLINES
			</td>
			<td>
			C6L
			</td>
			<td>
			7.3
			</td>
			<td>
			-5.4
			</td>
			<td>
			-10.2
			</td>
			<td>
			-32.6
			</td>
		</tr>
<tr>
<td>
			SEMBCORP INDUSTRIES
			</td>
			<td>
			U96
			</td>
			<td>
			2.8
			</td>
			<td>
			-6.7
			</td>
			<td>
			-16.8
			</td>
			<td>
			-31.0
			</td>
		</tr>
<tr>
<td>
			SEMBCORP MARINE
			</td>
			<td>
			S51
			</td>
			<td>
			1.5
			</td>
			<td>
			-13.9
			</td>
			<td>
			-23.4
			</td>
			<td>
			-43.9
			</td>
		</tr>
<tr>
<td>
			MAPLETREE COMM TRUST
			</td>
			<td>
			N2IU
			</td>
			<td>
			6.2
			</td>
			<td>
			NA
			</td>
			<td>
			10.0
			</td>
			<td>
			-20.3
			</td>
		</tr>
<tr>
<td>
			MAPLETREE INDUSTRIAL TRUST
			</td>
			<td>
			ME8U
			</td>
			<td>
			5.5
			</td>
			<td>
			NA
			</td>
			<td>
			16.0
			</td>
			<td>
			-1.5
			</td>
		</tr>
<tr>
<td>
			MAPLETREE N ASIA COMM TRUST
			</td>
			<td>
			RW0U
			</td>
			<td>
			3.0
			</td>
			<td>
			NA
			</td>
			<td>
			3.2
			</td>
			<td>
			-21.5
			</td>
		</tr>
<tr>
<td>
			NETLINK NBN TRUST
			</td>
			<td>
			CJLU
			</td>
			<td>
			3.8
			</td>
			<td>
			NA
			</td>
			<td>
			NA
			</td>
			<td>
			3.7
			</td>
		</tr>
<tr>
<td>
			HUTCHISON PORT HLDGS TRUST
			</td>
			<td>
			NS8U
			</td>
			<td>
			1.6
			</td>
			<td>
			NA
			</td>
			<td>
			-21.1
			</td>
			<td>
			-22.5
			</td>
		</tr>
</tbody></table>
 Source: Bloomberg &amp; SGX (data as of 29 Apr 2020)
</body></html>





Temasek’s portfolio had a net value of S$313 billion as at its 31 March 2019 financial year-end. The portfolio comprises at least 25 listings on SGX, including 15 companies and 10 trusts with a combined market cap of more than S$200 billion. 
	 
	
The five constituents in Temasek’s portfolio with the highest 10Y annualised returns were: Mapletree Logistics Trust (+14.6%), Ascendas REIT (+10.8%), CapitaLand Commercial Trust (+8.7%), DBS Group Holdings (+6.4%) and Keppel REIT (+6.2%). They averaged a 10Y annualised total return of 9.3% 
	 
	Mapletree Logistics Trust was also the best performer in the 2020 YTD with a 3.2% return. The trust was amongst the S-REITs that saw the highest net institutional inflows in the YTD.

 
Temasek’s portfolio had a net value of S$313 billion as at its 31 March 2019 financial year-end. The portfolio is well diversified with financial services, Telecommunications,Media &amp; Technology accounting for majority at 25% and 20 % respectively. The portfolio, with 26% exposure to Singapore, consists of at least 25 listings on SGX, including 15 companies and 10 trusts with a combined market capitalisation of more than S$200 billion. Singtel, DBS and Mapletree Investments Pte Ltd accounted for the portfolio’s biggest names at 8%,6% and 5% respectively. For a previously published Market Update on the highlights of Temasek’s SGX-listed investments for financial year ended 31 March 2019, click here.

The five constituents in Temasek’s portfolio with the highest annualised returns over the last 10 years were four REITs and one stock: Mapletree Logistics Trust (+14.6%), Ascendas REIT (+10.8%), CapitaLand Commercial Trust (+8.7%), DBS Group Holdings (+6.4%) and Keppel REIT (+6.2%). The five, which have a combined market cap of more than S$70 billion, averaged a 10Y annualised total return of 9.3%.



      
    
    Temasek Linked Stocks


Mapletree Logistics Trust – which clocked the highest 10Y annualised total return – was also the best performer in the 2020 year-to-date with a 3.2% return. The trust was amongst the S-REITs that saw the highest net institutional inflows in the YTD.

S-REITs, which have a combined market value of S$90 billion, make up more than 10% of the market cap of Singapore listings. Growing investor participation in recent years has seen REITs contributing more than 20% to daily turnover in the YTD.

The table below details the 15 companies and 10 trusts in Temasek’s portfolio listed on SGX, sorted by 10Y annualised returns.




			Name
			
			
			SGX Code
			
			
			Market Cap (S$ billion)
			
			
			Annualised Total Return 10Y (%)
			
			
			Annualised Total Return 5Y (%)
			
			
			Total Return YTD (%)
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			6.7
			
			
			14.6
			
			
			14.5
			
			
			3.2
			
		


			ASCENDAS REIT
			
			
			A17U
			
			
			10.5
			
			
			10.8
			
			
			9.9
			
			
			-1.1
			
		


			CAPITALAND COMM TRUST
			
			
			C61U
			
			
			6.0
			
			
			8.7
			
			
			4.4
			
			
			-19.6
			
		


			DBS GROUP HOLDINGS
			
			
			D05
			
			
			49.0
			
			
			6.4
			
			
			2.2
			
			
			-25.8
			
		


			KEPPEL REIT
			
			
			K71U
			
			
			3.6
			
			
			6.2
			
			
			2.4
			
			
			-13.0
			
		


			SATS LTD
			
			
			S58
			
			
			3.4
			
			
			5.8
			
			
			2.9
			
			
			-39.3
			
		


			SINGAPORE EXCHANGE
			
			
			S68
			
			
			10.4
			
			
			5.8
			
			
			6.9
			
			
			11.0
			
		


			ASCOTT RESIDENCE TRUST
			
			
			A68U
			
			
			2.7
			
			
			4.6
			
			
			-0.2
			
			
			-33.8
			
		


			ST ENGINEERING
			
			
			S63
			
			
			10.2
			
			
			4.6
			
			
			2.1
			
			
			-16.5
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			6.7
			
			
			4.5
			
			
			1.4
			
			
			-25.1
			
		


			SINGTEL LTD
			
			
			Z74
			
			
			45.5
			
			
			4.4
			
			
			-4.1
			
			
			-16.9
			
		


			STARHUB LTD
			
			
			CC3
			
			
			2.5
			
			
			1.2
			
			
			-14.2
			
			
			2.1
			
		


			KEPPEL CORPORATION
			
			
			BN4
			
			
			10.9
			
			
			0.4
			
			
			-4.3
			
			
			-11.8
			
		


			CAPITALAND LTD
			
			
			C31
			
			
			15.2
			
			
			0.1
			
			
			-1.7
			
			
			-20.8
			
		


			SINGAPORE POST
			
			
			S08
			
			
			1.6
			
			
			-0.2
			
			
			-15.0
			
			
			-23.1
			
		


			SIA ENGINEERING
			
			
			S59
			
			
			2.1
			
			
			-2.1
			
			
			-11.6
			
			
			-34.4
			
		


			OLAM INTL
			
			
			O32
			
			
			4.8
			
			
			-3.0
			
			
			-3.1
			
			
			-18.2
			
		


			SINGAPORE AIRLINES
			
			
			C6L
			
			
			7.3
			
			
			-5.4
			
			
			-10.2
			
			
			-32.6
			
		


			SEMBCORP INDUSTRIES
			
			
			U96
			
			
			2.8
			
			
			-6.7
			
			
			-16.8
			
			
			-31.0
			
		


			SEMBCORP MARINE
			
			
			S51
			
			
			1.5
			
			
			-13.9
			
			
			-23.4
			
			
			-43.9
			
		


			MAPLETREE COMM TRUST
			
			
			N2IU
			
			
			6.2
			
			
			NA
			
			
			10.0
			
			
			-20.3
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			5.5
			
			
			NA
			
			
			16.0
			
			
			-1.5
			
		


			MAPLETREE N ASIA COMM TRUST
			
			
			RW0U
			
			
			3.0
			
			
			NA
			
			
			3.2
			
			
			-21.5
			
		


			NETLINK NBN TRUST
			
			
			CJLU
			
			
			3.8
			
			
			NA
			
			
			NA
			
			
			3.7
			
		


			HUTCHISON PORT HLDGS TRUST
			
			
			NS8U
			
			
			1.6
			
			
			NA
			
			
			-21.1
			
			
			-22.5
			
		

 Source: Bloomberg &amp; SGX (data as of 29 Apr 2020)



Best-Performing Temasek-Linked Stocks in Past Decade

CapitaLand Ascendas REIT / Equity Bottom-Up





Keppel DC REIT, Mapletree Logistics Trust &amp; Parkway Life REIT have generated gains in the 2020 YTD, leading the overall S-REIT Sector which has averaged a 22% decline over the period, with an average 38% decline to 23 March, and an average 28% gain from 23 March to 27 April.  
	 
	
Keppel DC REIT, Mapletree Logistics Trust &amp; Parkway Life REIT are also amongst the 22 S-REITs that report more than a third of their revenue to Singapore. Of the 22 S-REITs, 14 have been listed for the past 10 years with average annualised total returns of 7%.   
	 
	
In line with its capital recycling strategy and in order to realise profits that can be redeployed to capture new opportunities, Keppel T&amp;T has entered into a Sale and Purchase Agreement with a placement agent for the sale of 38 million units in Keppel DC REIT at S$2.42 per Sale Unit. 


 

With a combined market value of S$90 billion, S-REITs make up 11% of the market capitalisation of all stocks in Singapore. Growing investor participation in recent years has seen REITs contributing 29% of daily turnover in the 2020 year to 27 April.

The majority of the S-REIT market capitalisation and S$425 million in average daily turnover in the 2020 year to 27 April is made up of the 22 REITs or Stapled Trusts that report at least one-third of their revenue to Singapore.



      
    
    Revenue Exposure

There has been less distinction in the 2020 year-to-date total returns, with the 22 S-REITs that report more than a third of their revenue to Singapore seeing similar swings as the S-REITs that report less than a third to none of their revenue to Singapore. As illustrated below, the two genres of S-REITs saw similar declines in the 2020 year through to 23 March, and similar partial recoveries from 23 March to 27 April.


      
    
    Reits Revenue


For a more detailed breakdown of the S-REIT Sector, investors can refer to the SREIT &amp; Property Trusts Chartbook - April 2020 here.  

Trio of REITs that have Lodged Gains in 2020 YTD

The 22 S-REITs that report more than a third of their revenue to Singapore included the three strongest S-REITs in the 2020 year through to 27 April that bucked the global trend of declines.

Keppel DC REIT generated a 22.2% total return in the 2020 year through to 27 April, with Mapletree Logistics Trust (“MLT”) gaining 4.2% and Parkway Life REIT (“PLIFE REIT”) gaining 0.9%. Both Keppel DC REIT and MLT were amongst the three S-REITs that saw the highest net institutional inflows over the 17 weeks.

Keppel T&amp;T Realising Profits in Keppel DC REIT

In its 1QFY20 Key Business and Operational Update (click here), Keppel DC REIT reported its 1QFY20 (ended 31 Mar)  gross revenue rose 25.5% from 1QFY19.

Prior to the 28 April session, Keppel Corporation announced that Keppel Telecommunications &amp; Transportation (“Keppel T&amp;T”), through its indirect wholly-owned subsidiary, Keppel DC Investment Holdings had on 27 April 2020 entered into a sale and purchase agreement with Credit Suisse (Singapore) Limited as the placement agent for the sale of 38 million units in Keppel DC REIT.

These sales units represent approximately 2.33% of the total issued units in Keppel DC REIT, with a consideration of S$2.42 per sale unit. In line with the Group’s capital recycling strategy, the sale allows Keppel T&amp;T to realise profits that can be redeployed to capture new opportunities. As maintained in the announcement (click here) Keppel T&amp;T continues to be the single largest unitholder of Keppel DC REIT with a unitholding of 20.58%

Mapletree Logisitics Trust Performance Underpinned by Stable Operations &amp; Accretive Acquisition

On 23 April, MLT reported its FY19/20 (ended 31 Mar) DPU rose 2.5% from FY18/19 to 8.142 cents. The Managers of MLT maintained that currently most of its tenants across its eight markets are operational: In MLT’s top three core markets, for Hong Kong SAR ;and Japan, all tenants remain fully operational, while for Singapore about 5% of its tenant base is impacted.  The Managers added that there are strict government measures in certain markets, its tenants’ operations have remained largely intact:


Overall, tenants from the retail, hospitality and travel industries, which account for about 10% of MLT’s revenue, are the hardest hit by COVID-19; while
	Tenants who serve essential daily needs, such as food and beverage products, consumer staples and healthcare, continue to see healthy levels of activity, especially for the ecommerce operators. These sectors account for over 30% of MLT’s revenue.

For more details click here.

PLife REIT Reported Stable Performance Amidst COVID-19 Outbreak in 1Q20 

On 22 April, PLife REIT reported its DPU in 1QFY20 (ended 31 Mar) grew by 1.4% to 3.32 Singapore cents, from 3.28 Singapore cents in 1QFY19. Gross revenue rose 5.2% year-on-year (“Y-O-Y”) to S$29.9 million in 1Q 2020. Growth was largely attributed to additional revenue contribution from the three Japan properties acquired in 4QFY19, upward revision of the minimum guaranteed rent for Singapore hospitals by 1.61% as well as the appreciation of Japanese Yen (“JPY”). The Group also noted it is setting aside S$1.7 million to provide targeted assistance and support measures for affected tenants as needed. As part of PLife REIT’s ongoing efforts to strengthen its balance sheet through proactive debt management, the Group successfully secured a six-year up to S$82.0 million committed loan facility during the quarter. For more details click here. 
 

Singapore Focused S-REITs Average 10 year Annualised Total Returns of 7.4%

The 22 REITs that report more than a third of their revenue to Singapore are tabled below. While the 22 trusts have averaged a 20.8% decline in the 2020 year-to-date, the 14 trusts that have been listed for the full duration of 10 years have averaged annualised total returns of 7.4% for those 10 years. The 22 stocks have also been recipient of S$161 million in net institutional inflow in the 2020 year to 27 April, while overall, S-REITs have seen a combined  S$26 million in net institutional outflow over the period.




			REIT &amp; Stapled Trust with 1/3 revenue in Singapore
			
			
			Code
			
			
			Mkt Cap S$M
			
			
			Net Insti Inflow YTD (S$M)
			
			
			Total Return YTD %
			
			
			Total Return 31 Dec 19 - 23 Mar 20
			
			
			Total Return 23 Mar 20 - 27 Apr 20
			
			
			10 Year Annualised Total Return 

			%
			
		


			KEPPEL DC REIT
			
			
			AJBU
			
			
			4,115
			
			
			67
			
			
			22.2
			
			
			-4.0
			
			
			27.3
			
			
			N/A
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			6,840
			
			
			68
			
			
			4.2
			
			
			-28.2
			
			
			45.2
			
			
			14.5
			
		


			PARKWAYLIFE REAL ESTATE
			
			
			C2PU
			
			
			2,009
			
			
			0
			
			
			0.9
			
			
			-16.4
			
			
			20.7
			
			
			15.2
			
		


			ASCENDAS REAL ESTATE INV TRT
			
			
			A17U
			
			
			10,203
			
			
			227
			
			
			-4.0
			
			
			-22.1
			
			
			23.1
			
			
			10.5
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			5,370
			
			
			63
			
			
			-5.0
			
			
			-25.6
			
			
			27.7
			
			
			N/A
			
		


			KEPPEL REIT
			
			
			K71U
			
			
			3,650
			
			
			30
			
			
			-11.9
			
			
			-33.9
			
			
			33.3
			
			
			6.1
			
		


			AIMS APAC REIT
			
			
			O5RU
			
			
			820
			
			
			6
			
			
			-17.5
			
			
			-33.8
			
			
			24.7
			
			
			9.9
			
		


			FRASERS COMMERCIAL TRUST
			
			
			ND8U
			
			
			1,189
			
			
			12
			
			
			-20.5
			
			
			-41.3
			
			
			35.4
			
			
			13.1
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			N2IU
			
			
			5,987
			
			
			-41
			
			
			-23.7
			
			
			-31.7
			
			
			11.7
			
			
			N/A
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			C61U
			
			
			5,716
			
			
			30
			
			
			-24.2
			
			
			-29.4
			
			
			7.2
			
			
			8.2
			
		


			CACHE LOGISTICS TRUST
			
			
			K2LU
			
			
			558
			
			
			-4
			
			
			-26.6
			
			
			-48.7
			
			
			43.1
			
			
			1.7
			
		


			SPH REIT
			
			
			SK6U
			
			
			2,151
			
			
			-18
			
			
			-26.8
			
			
			-33.2
			
			
			9.5
			
			
			N/A
			
		


			SOILBUILD BUSINESS SPACE REIT
			
			
			SV3U
			
			
			461
			
			
			3
			
			
			-26.9
			
			
			-53.0
			
			
			55.6
			
			
			N/A
			
		


			FRASERS CENTREPOINT TRUST
			
			
			J69U
			
			
			2,239
			
			
			-2
			
			
			-28.1
			
			
			-34.6
			
			
			9.9
			
			
			9.7
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			6,347
			
			
			-94
			
			
			-29.2
			
			
			-33.7
			
			
			6.8
			
			
			4.1
			
		


			SUNTEC REIT
			
			
			T82U
			
			
			3,605
			
			
			-42
			
			
			-29.5
			
			
			-38.9
			
			
			15.3
			
			
			5.3
			
		


			SABANA SHARIAH COMP IND REIT
			
			
			M1GU
			
			
			332
			
			
			1
			
			
			-30.4
			
			
			-48.1
			
			
			34.0
			
			
			N/A
			
		


			OUE COMMERCIAL REIT
			
			
			TS0U
			
			
			2,076
			
			
			-14
			
			
			-30.4
			
			
			-46.7
			
			
			30.5
			
			
			N/A
			
		


			FAR EAST HOSPITALITY TRUST*
			
			
			Q5T
			
			
			953
			
			
			-14
			
			
			-32.8
			
			
			-47.9
			
			
			28.9
			
			
			N/A
			
		


			STARHILL GLOBAL REIT
			
			
			P40U
			
			
			1,028
			
			
			-20
			
			
			-34.1
			
			
			-45.4
			
			
			20.5
			
			
			3.5
			
		


			ESR-REIT
			
			
			J91U
			
			
			1,104
			
			
			-21
			
			
			-39.6
			
			
			-54.0
			
			
			31.3
			
			
			3.0
			
		


			CDL HOSPITALITY TRUSTS*
			
			
			J85
			
			
			1,092
			
			
			-75
			
			
			-42.7
			
			
			-56.4
			
			
			31.4
			
			
			-0.9
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			-20.8
			
			
			-36.7
			
			
			26.1
			
			
			7.4
			
		

Source: SGX StockFacts, Bloomberg, Thomson Reuters (Data as of 27 April 2020). Note this is based on revenue segmented to Singapore in the last FY.

 
The broader S-REIT performances are tabled below, with the table sort by the S-REITs with the highest average daily turnover in the 2020 year to 27 April.  




			All S-REITs (incl. REITs, Stapled Trusts* and Business Trusts**)
			
			
			Code
			
			
			Mkt Cap S$M
			
			
			Net Insti Inflow YTD (S$M)
			
			
			Total Return YTD %
			
			
			Total Return 31 Dec 19 - 23 Mar 20 %
			
			
			Total Return 23 Mar 20 - 27 Apr 20

			%
			
			
			10 Year Annualised Total Return 

			%
			
		


			ASCENDAS REAL ESTATE INV TRT
			
			
			A17U
			
			
			10,203
			
			
			227
			
			
			-4.0
			
			
			-22.1
			
			
			23.1
			
			
			10
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			6,347
			
			
			-94
			
			
			-29.2
			
			
			-33.7
			
			
			6.8
			
			
			4
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			N2IU
			
			
			5,987
			
			
			-41
			
			
			-23.7
			
			
			-31.7
			
			
			11.7
			
			
			N/A
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			6,840
			
			
			68
			
			
			4.2
			
			
			-28.2
			
			
			45.2
			
			
			15
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			C61U
			
			
			5,716
			
			
			30
			
			
			-24.2
			
			
			-29.4
			
			
			7.2
			
			
			8
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			5,370
			
			
			63
			
			
			-5.0
			
			
			-25.6
			
			
			27.7
			
			
			N/A
			
		


			SUNTEC REIT
			
			
			T82U
			
			
			3,605
			
			
			-42
			
			
			-29.5
			
			
			-38.9
			
			
			15.3
			
			
			5
			
		


			KEPPEL DC REIT
			
			
			AJBU
			
			
			4,115
			
			
			67
			
			
			22.2
			
			
			-4.0
			
			
			27.3
			
			
			N/A
			
		


			MAPLETREE NORTH ASIA COM TRUST
			
			
			RW0U
			
			
			2,827
			
			
			-9
			
			
			-22.8
			
			
			-38.7
			
			
			25.9
			
			
			N/A
			
		


			FRASERS LOGISTICS &amp; INDUSTRIAL
			
			
			BUOU
			
			
			2,228
			
			
			28
			
			
			-20.6
			
			
			-46.4
			
			
			48.1
			
			
			N/A
			
		


			KEPPEL REIT
			
			
			K71U
			
			
			3,650
			
			
			30
			
			
			-11.9
			
			
			-33.9
			
			
			33.3
			
			
			6
			
		


			ASCOTT RESIDENCE TRUST*
			
			
			HMN
			
			
			2,565
			
			
			-35
			
			
			-35.6
			
			
			-46.8
			
			
			21.2
			
			
			4
			
		


			FRASERS CENTREPOINT TRUST
			
			
			J69U
			
			
			2,239
			
			
			-2
			
			
			-28.1
			
			
			-34.6
			
			
			9.9
			
			
			10
			
		


			ESR-REIT
			
			
			J91U
			
			
			1,104
			
			
			-21
			
			
			-39.6
			
			
			-54.0
			
			
			31.3
			
			
			3
			
		


			CDL HOSPITALITY TRUSTS*
			
			
			J85
			
			
			1,092
			
			
			-75
			
			
			-42.7
			
			
			-56.4
			
			
			31.4
			
			
			-1
			
		


			MANULIFE US REIT
			
			
			BTOU
			
			
			1,561
			
			
			-3
			
			
			-25.0
			
			
			-39.0
			
			
			22.8
			
			
			N/A
			
		


			CAPITALAND RETAIL CHINA TRUST
			
			
			AU8U
			
			
			1,626
			
			
			-38
			
			
			-15.4
			
			
			-37.4
			
			
			35.0
			
			
			8
			
		


			CROMWELL EUROPEAN REIT
			
			
			CNNU
			
			
			1,472
			
			
			1
			
			
			-26.7
			
			
			-42.1
			
			
			26.8
			
			
			N/A
			
		


			LENDLEASE GLOBAL COMMERCIAL
			
			
			JYEU
			
			
			643
			
			
			-50
			
			
			-40.0
			
			
			-41.6
			
			
			2.8
			
			
			N/A
			
		


			FRASERS COMMERCIAL TRUST
			
			
			ND8U
			
			
			1,189
			
			
			12
			
			
			-20.5
			
			
			-41.3
			
			
			35.4
			
			
			13
			
		


			SPH REIT
			
			
			SK6U
			
			
			2,151
			
			
			-18
			
			
			-26.8
			
			
			-33.2
			
			
			9.5
			
			
			N/A
			
		


			SASSEUR REIT
			
			
			CRPU
			
			
			851
			
			
			-22
			
			
			-18.1
			
			
			-35.4
			
			
			26.8
			
			
			N/A
			
		


			PARKWAYLIFE REIT
			
			
			C2PU
			
			
			2,009
			
			
			0
			
			
			0.9
			
			
			-16.4
			
			
			20.7
			
			
			15
			
		


			ASCENDAS INDIA TRUST**
			
			
			CY6U
			
			
			1,398
			
			
			6
			
			
			-21.0
			
			
			-35.3
			
			
			22.0
			
			
			9
			
		


			KEPPEL PACIFIC OAK US REIT
			
			
			CMOU
			
			
			764
			
			
			-13
			
			
			-21.1
			
			
			-38.7
			
			
			28.7
			
			
			N/A
			
		


			AIMS APAC REIT
			
			
			O5RU
			
			
			820
			
			
			6
			
			
			-17.5
			
			
			-33.8
			
			
			24.7
			
			
			10
			
		


			PRIME US REIT
			
			
			OXMU
			
			
			1,015
			
			
			-3
			
			
			-22.7
			
			
			-38.7
			
			
			26.2
			
			
			N/A
			
		


			FIRST REAL ESTATE INVT TRUST
			
			
			AW9U
			
			
			624
			
			
			-18
			
			
			-19.9
			
			
			-41.0
			
			
			35.7
			
			
			9
			
		


			FAR EAST HOSPITALITY TRUST*
			
			
			Q5T
			
			
			953
			
			
			-14
			
			
			-32.8
			
			
			-47.9
			
			
			28.9
			
			
			N/A
			
		


			STARHILL GLOBAL REIT
			
			
			P40U
			
			
			1,028
			
			
			-20
			
			
			-34.1
			
			
			-45.4
			
			
			20.5
			
			
			4
			
		


			IREIT GLOBAL
			
			
			UD1U
			
			
			415
			
			
			-4
			
			
			-17.2
			
			
			-47.2
			
			
			56.6
			
			
			N/A
			
		


			OUE COMMERCIAL REIT
			
			
			TS0U
			
			
			2,076
			
			
			-14
			
			
			-30.4
			
			
			-46.7
			
			
			30.5
			
			
			N/A
			
		


			CACHE LOGISTICS TRUST
			
			
			K2LU
			
			
			558
			
			
			-4
			
			
			-26.6
			
			
			-48.7
			
			
			43.1
			
			
			2
			
		


			EAGLE HOSPITALITY TRUST*
			
			
			LIW
			
			
			170
			
			
			-9
			
			
			-73.5
			
			
			-72.7
			
			
			-2.6
			
			
			N/A
			
		


			LIPPO MALLS INDONESIA RETAIL
			
			
			D5IU
			
			
			416
			
			
			-9
			
			
			-35.4
			
			
			-51.7
			
			
			34.0
			
			
			-2
			
		


			EC WORLD REIT
			
			
			BWCU
			
			
			522
			
			
			-12
			
			
			-10.6
			
			
			-39.5
			
			
			47.7
			
			
			N/A
			
		


			ELITE COMMERCIAL REIT
			
			
			MXNU
			
			
			389
			
			
			3
			
			
			0.0
			
			
			0.0
			
			
			28.7
			
			
			N/A
			
		


			SOILBUILD BUSINESS SPACE REIT
			
			
			SV3U
			
			
			461
			
			
			3
			
			
			-26.9
			
			
			-53.0
			
			
			55.6
			
			
			N/A
			
		


			FRASERS HOSPITALITY TRUST*
			
			
			ACV
			
			
			907
			
			
			-5
			
			
			-33.1
			
			
			-50.7
			
			
			35.7
			
			
			N/A
			
		


			SABANA SHARIAH COMP IND REIT
			
			
			M1GU
			
			
			332
			
			
			1
			
			
			-30.4
			
			
			-48.1
			
			
			34.0
			
			
			N/A
			
		


			UNITED HAMPSHIRE US REIT
			
			
			ODBU
			
			
			437
			
			
			-2
			
			
			0.0
			
			
			0.0
			
			
			29.5
			
			
			N/A
			
		


			ARA US HOSPITALITY TRUST*
			
			
			XZL
			
			
			342
			
			
			5
			
			
			-45.7
			
			
			-58.0
			
			
			29.4
			
			
			N/A
			
		


			DASIN RETAIL TRUST**
			
			
			CEDU
			
			
			519
			
			
			1
			
			
			-1.7
			
			
			-2.4
			
			
			0.6
			
			
			N/A
			
		


			BHG RETAIL REIT
			
			
			BMGU
			
			
			311
			
			
			0
			
			
			-8.2
			
			
			-33.8
			
			
			38.6
			
			
			N/A
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			-22.1
			
			
			-37.4
			
			
			27.1
			
			
			6.9
			
		

 Source: SGX StockFacts, Bloomberg, Thomson Reuters (Data as of 27 April 2020)



Keppel DC REIT, MLT & PLife REIT Lodge Gains in 2020 YTD

Mapletree Logistics Trust / 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>
Majority of the STI Constituents are sticking to quarterly reporting. DBS and OCBC Bank are opting for abridged financial disclosures instead of the detailed quarterly earnings reports. 
	 </li>
	<li>
SPH kicked off the current financial reporting season for STI constituents on 7 April with the release of its fiscal 2Q ended 29 February 2020 earnings. 
	 </li>
	<li>Another six constituents – Mapletree Commercial Trust, Mapletree Logistics Trust, SGX, Keppel Corp, DBS Bank and UOB – have announced that they will unveil results for the quarter ended 31 March 2020 over the next few weeks.</li>
</ul>
The Straits Times Index (STI) is the most globally recognised benchmark index and market barometer for Singapore. With a history dating back to 1966, the diversified index tracks the performance of the 30 largest and most liquid companies listed on Singapore Exchange. These 30 constituents have foundations spanning three centuries and multiple sectors, while maintaining a balance between local and regional economic exposures. Currently, these 30 stocks have a combined market capitalisation of over S$400 billion.

 Singapore Press Holdings kicked off the current financial reporting season for STI constituents on 7 April with the release of its fiscal 2Q ended 29 February 2020 <a href="https://links.sgx.com/FileOpen/SPH%20Press%20Release1HFY20.ashx?App=Announcement&amp;FileID=605444">earnings</a>. Another six constituents have announced that they will unveil results for the quarter ended 31 March 2020 over the next few weeks:

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			Date
			</td>
		</tr>
<tr>
<td>
			Mapletree Commercial Trust                   
			</td>
			<td>
			22-Apr-20
			</td>
		</tr>
<tr>
<td>
			Mapletree Logistics Trust                         
			</td>
			<td>
			23-Apr-20
			</td>
		</tr>
<tr>
<td>
			Singapore Exchange                                  
			</td>
			<td>
			24-Apr-20
			</td>
		</tr>
<tr>
<td>
			Keppel Corp                                                
			</td>
			<td>
			29-Apr-20
			</td>
		</tr>
<tr>
<td>
			DBS Bank                
			</td>
			<td>
			30-Apr-20
			</td>
		</tr>
<tr>
<td>
			United Overseas Bank                           
			</td>
			<td>
			6-May-20
			</td>
		</tr>
</tbody></table>
 Note that DBS Bank has opted for abridged financial disclosures, instead of detailed quarterly earnings reports, for its 1Q and 3Q results. These reports will include profit and loss account, key balance sheet items and financial ratios, as well as business commentary.

For more updated earnings releases by other STI stocks, 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 by STI constituents, sorted by date. Excluded from this list are Hongkong Land, Dairy Farm Intl, Jardine Matheson and Jardine Strategic, which already report earnings on a semi-annual basis. Also excluded from this list are ComfortDelGro Corp, Venture Corp, City Developments, UOL Group and Genting Singapore, which have opted to report their results on a semi-annual basis after the regulator abolished mandatory quarterly reporting on 7 Feb 2020.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Market Cap (S$)
			</td>
			<td>
			Date
			</td>
			<td>
			Date Type
			</td>
		</tr>
<tr>
<td>
			SINGAPORE PRESS HOLDINGS
			</td>
			<td>
			T39
			</td>
			<td>
			2,471,044,608
			</td>
			<td>
			7-Apr-20
			</td>
			<td>
			Released
			</td>
		</tr>
<tr>
<td>
			MAPLETREE COMMERCIAL TRUST
			</td>
			<td>
			N2IU
			</td>
			<td>
			5,225,866,752
			</td>
			<td>
			22-Apr-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			MAPLETREE LOGISTICS TRUST
			</td>
			<td>
			M44U
			</td>
			<td>
			5,890,423,808
			</td>
			<td>
			23-Apr-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			SINGAPORE EXCHANGE
			</td>
			<td>
			S68
			</td>
			<td>
			9,983,333,376
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			CAPITALAND COMMERCIAL TRUST
			</td>
			<td>
			C61U
			</td>
			<td>
			5,406,626,816
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			CAPITALAND MALL TRUST
			</td>
			<td>
			C38U
			</td>
			<td>
			5,978,050,560
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			JARDINE CYCLE &amp; CARRIAGE
			</td>
			<td>
			C07
			</td>
			<td>
			7,410,680,320
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			ASCENDAS REIT
			</td>
			<td>
			A17U
			</td>
			<td>
			9,660,561,408
			</td>
			<td>
			29-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			KEPPEL CORP
			</td>
			<td>
			BN4
			</td>
			<td>
			10,043,194,368
			</td>
			<td>
			29-Apr-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			YANGZIJIANG SHIPBUILDING
			</td>
			<td>
			BS6
			</td>
			<td>
			3,448,513,280
			</td>
			<td>
			29-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			DBS BANK*
			</td>
			<td>
			D05
			</td>
			<td>
			46,718,869,504
			</td>
			<td>
			30-Apr-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			CAPITALAND LTD
			</td>
			<td>
			C31
			</td>
			<td>
			13,843,372,032
			</td>
			<td>
			30-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			UNITED OVERSEAS BANK
			</td>
			<td>
			U11
			</td>
			<td>
			32,479,801,344
			</td>
			<td>
			6-May-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			THAI BEVERAGE
			</td>
			<td>
			Y92
			</td>
			<td>
			15,948,475,392
			</td>
			<td>
			8-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			WILMAR INTL
			</td>
			<td>
			F34
			</td>
			<td>
			21,572,960,256
			</td>
			<td>
			8-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			OCBC BANK*
			</td>
			<td>
			O39
			</td>
			<td>
			38,287,876,096
			</td>
			<td>
			8-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			SEMBCORP INDUSTRIES
			</td>
			<td>
			S51
			</td>
			<td>
			2,767,641,088
			</td>
			<td>
			15-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			SATS LTD
			</td>
			<td>
			S58
			</td>
			<td>
			3,230,713,344
			</td>
			<td>
			15-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			ST ENGINEERING
			</td>
			<td>
			S63
			</td>
			<td>
			9,457,351,680
			</td>
			<td>
			15-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			SINGAPORE AIRLINES
			</td>
			<td>
			S63
			</td>
			<td>
			6,814,488,064
			</td>
			<td>
			15-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			SINGAPORE TELECOMMUNICATIONS
			</td>
			<td>
			Z74
			</td>
			<td>
			42,617,847,808
			</td>
			<td>
			15-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
</tbody></table>
Source: Bloomberg &amp; SGX (data as of 13 Apr 20)

*Note: To replace detailed quarterly earnings reports with abridged financial disclosures
</body></html>





Majority of the STI Constituents are sticking to quarterly reporting. DBS and OCBC Bank are opting for abridged financial disclosures instead of the detailed quarterly earnings reports.  
	 
	
SPH kicked off the current financial reporting season for STI constituents on 7 April with the release of its fiscal 2Q ended 29 February 2020 earnings. 
	 
	Another six constituents – Mapletree Commercial Trust, Mapletree Logistics Trust, SGX, Keppel Corp, DBS Bank and UOB – have announced that they will unveil results for the quarter ended 31 March 2020 over the next few weeks.

The Straits Times Index (STI) is the most globally recognised benchmark index and market barometer for Singapore. With a history dating back to 1966, the diversified index tracks the performance of the 30 largest and most liquid companies listed on Singapore Exchange. These 30 constituents have foundations spanning three centuries and multiple sectors, while maintaining a balance between local and regional economic exposures. Currently, these 30 stocks have a combined market capitalisation of over S$400 billion.

 Singapore Press Holdings kicked off the current financial reporting season for STI constituents on 7 April with the release of its fiscal 2Q ended 29 February 2020 earnings. Another six constituents have announced that they will unveil results for the quarter ended 31 March 2020 over the next few weeks:




			Name
			
			
			Date
			
		


			Mapletree Commercial Trust                   
			
			
			22-Apr-20
			
		


			Mapletree Logistics Trust                         
			
			
			23-Apr-20
			
		


			Singapore Exchange                                  
			
			
			24-Apr-20
			
		


			Keppel Corp                                                
			
			
			29-Apr-20
			
		


			DBS Bank                
			
			
			30-Apr-20
			
		


			United Overseas Bank                           
			
			
			6-May-20
			
		

 Note that DBS Bank has opted for abridged financial disclosures, instead of detailed quarterly earnings reports, for its 1Q and 3Q results. These reports will include profit and loss account, key balance sheet items and financial ratios, as well as business commentary.

For more updated earnings releases by other STI stocks, check out the weekly Economic Calendar.

The table below details released, confirmed and estimated dates of earnings reports by STI constituents, sorted by date. Excluded from this list are Hongkong Land, Dairy Farm Intl, Jardine Matheson and Jardine Strategic, which already report earnings on a semi-annual basis. Also excluded from this list are ComfortDelGro Corp, Venture Corp, City Developments, UOL Group and Genting Singapore, which have opted to report their results on a semi-annual basis after the regulator abolished mandatory quarterly reporting on 7 Feb 2020.




			Name
			
			
			SGX Code
			
			
			Market Cap (S$)
			
			
			Date
			
			
			Date Type
			
		


			SINGAPORE PRESS HOLDINGS
			
			
			T39
			
			
			2,471,044,608
			
			
			7-Apr-20
			
			
			Released
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			N2IU
			
			
			5,225,866,752
			
			
			22-Apr-20
			
			
			Confirmed
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			5,890,423,808
			
			
			23-Apr-20
			
			
			Confirmed
			
		


			SINGAPORE EXCHANGE
			
			
			S68
			
			
			9,983,333,376
			
			
			24-Apr-20
			
			
			Confirmed
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			C61U
			
			
			5,406,626,816
			
			
			24-Apr-20
			
			
			Estimated
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			5,978,050,560
			
			
			24-Apr-20
			
			
			Estimated
			
		


			JARDINE CYCLE &amp; CARRIAGE
			
			
			C07
			
			
			7,410,680,320
			
			
			24-Apr-20
			
			
			Estimated
			
		


			ASCENDAS REIT
			
			
			A17U
			
			
			9,660,561,408
			
			
			29-Apr-20
			
			
			Estimated
			
		


			KEPPEL CORP
			
			
			BN4
			
			
			10,043,194,368
			
			
			29-Apr-20
			
			
			Confirmed
			
		


			YANGZIJIANG SHIPBUILDING
			
			
			BS6
			
			
			3,448,513,280
			
			
			29-Apr-20
			
			
			Estimated
			
		


			DBS BANK*
			
			
			D05
			
			
			46,718,869,504
			
			
			30-Apr-20
			
			
			Confirmed
			
		


			CAPITALAND LTD
			
			
			C31
			
			
			13,843,372,032
			
			
			30-Apr-20
			
			
			Estimated
			
		


			UNITED OVERSEAS BANK
			
			
			U11
			
			
			32,479,801,344
			
			
			6-May-20
			
			
			Confirmed
			
		


			THAI BEVERAGE
			
			
			Y92
			
			
			15,948,475,392
			
			
			8-May-20
			
			
			Estimated
			
		


			WILMAR INTL
			
			
			F34
			
			
			21,572,960,256
			
			
			8-May-20
			
			
			Estimated
			
		


			OCBC BANK*
			
			
			O39
			
			
			38,287,876,096
			
			
			8-May-20
			
			
			Estimated
			
		


			SEMBCORP INDUSTRIES
			
			
			S51
			
			
			2,767,641,088
			
			
			15-May-20
			
			
			Estimated
			
		


			SATS LTD
			
			
			S58
			
			
			3,230,713,344
			
			
			15-May-20
			
			
			Estimated
			
		


			ST ENGINEERING
			
			
			S63
			
			
			9,457,351,680
			
			
			15-May-20
			
			
			Estimated
			
		


			SINGAPORE AIRLINES
			
			
			S63
			
			
			6,814,488,064
			
			
			15-May-20
			
			
			Estimated
			
		


			SINGAPORE TELECOMMUNICATIONS
			
			
			Z74
			
			
			42,617,847,808
			
			
			15-May-20
			
			
			Estimated
			
		

Source: Bloomberg &amp; SGX (data as of 13 Apr 20)

*Note: To replace detailed quarterly earnings reports with abridged financial disclosures



March Quarter Earnings Schedule for STI Constituents

<!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



Singapore

Mapletree Logistics Trust is an Asia-focused logistics real estate investment trust. The Company invests in a diversified portfolio of income-producing real estate which is used for logistics purposes.

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Mapletree Logistics Trust (MLT SP)

March Quarter Earnings of SGX’s Largest Industrial REITs

SGX’s three largest industrial trusts by market cap are Ascendas REIT, Mapletree Logistics Trust and Mapletree Industrial Trust. In the last...

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Temasek’s portfolio had a net value of S$313 billion as at its 31 March 2019 financial year-end. The portfolio comprises at least 25 listings...

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Keppel DC REIT, MLT & PLife REIT Lodge Gains in 2020 YTD

Keppel DC REIT, Mapletree Logistics Trust & Parkway Life REIT have generated gains in the 2020 YTD, leading the overall S-REIT Sector which...

Singapore Exchange Ltd (SGX)

March Quarter Earnings Schedule for STI Constituents

Majority of the STI Constituents are sticking to quarterly reporting. DBS and OCBC Bank are opting for abridged financial disclosures instead...

Singapore Exchange Ltd (SGX)

March Quarter S-REIT Earnings Schedule

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...

Singapore Exchange Ltd (SGX)

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