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

Mapletree Logistics Trust / Equity Bottom-Up

<ul><li>REIT Watch - Industrial S-Reits see resilience despite macro challenges All eight of Singapore’s industrial S-Reits have reported their respective Q3 financial results or business updates.</li><li>Four out of the eight industrial S-Reits published financial results for the latest quarter – Aims Apac Reit, EC World Reit, Mapletree Industrial Trust and Mapletree Logistics Trust – while the rest reported interim business updates.</li></ul>

REIT Watch - Industrial S-Reits see resilience despite macro challenges All eight of Singapore’s industrial S-Reits have reported their respective Q3 financial results or business updates.Four out of the eight industrial S-Reits published financial results for the latest quarter – Aims Apac Reit, EC World Reit, Mapletree Industrial Trust and Mapletree Logistics Trust – while the rest reported interim business updates.

REIT Watch - Industrial S-Reits see resilience despite macro challenges

CDL Hospitality Trusts / Equity Bottom-Up

<ul><li>REIT Watch - S-Reits rebound amid less hawkish rates expectations The FTSE EPRA Nareit Developed Index gained close to 4 per cent last week while Singapore’s iEdge S-Reit Index booked its strongest week this year with 6 per cent returns.</li><li>Outperforming S-Reits for the week include Manulife US Reit, Keppel DC Reit, Aims Apac Reit, Keppel Pacific Oak US Reit, and CDL Hospitality Trusts.</li></ul>

REIT Watch - S-Reits rebound amid less hawkish rates expectations The FTSE EPRA Nareit Developed Index gained close to 4 per cent last week while Singapore’s iEdge S-Reit Index booked its strongest week this year with 6 per cent returns.Outperforming S-Reits for the week include Manulife US Reit, Keppel DC Reit, Aims Apac Reit, Keppel Pacific Oak US Reit, and CDL Hospitality Trusts.

REIT Watch - S-REITs rebound amidst less hawkish rates expectations

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/aims-amp-capital-industrial" target="_blank" data-smartkarma-citation="entities:933" rel="noopener">AIMS APAC REIT (AAREIT SP)</a> partners with SP Group to install large-scale rooftop solar system across SG properties</li><li><a href="https://www.smartkarma.com/entities/united-hampshire-us-reit" target="_blank" data-smartkarma-citation="entities:28874" rel="noopener">United Hampshire US REIT (UHU SP)</a> set to be included in three indices effective 26Sep22</li><li>New private home sales dropped 48% MoM in Aug22; But take-up rate further rebounded to ~326%   </li></ul>

AIMS APAC REIT (AAREIT SP) partners with SP Group to install large-scale rooftop solar system across SG propertiesUnited Hampshire US REIT (UHU SP) set to be included in three indices effective 26Sep22New private home sales dropped 48% MoM in Aug22; But take-up rate further rebounded to ~326%   

ASEAN Builder's Scoop (16Sep22) - AAREIT Partners SP Group in ESG Move

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In June-July I warned of a reinvestment trade into S-REITs due to the S$2.0-3.0bn cash-out by investors in Mapletree North Asia Commercial Trust and sellers into the SPHREIT Chain Offer.</li>
<li>Many investors who would need to re-allocate. The trade was to buy major S-REITs. From my last insight, a basket is up 5.3%. MCT has already topped out vs peers.</li>
<li>The question is.... is there still a trade left to run?</li>
</ul>


In June-July I warned of a reinvestment trade into S-REITs due to the S$2.0-3.0bn cash-out by investors in Mapletree North Asia Commercial Trust and sellers into the SPHREIT Chain Offer.
Many investors who would need to re-allocate. The trade was to buy major S-REITs. From my last insight, a basket is up 5.3%. MCT has already topped out vs peers.
The question is.... is there still a trade left to run?


<ul><li><a href="https://www.smartkarma.com/entities/aims-amp-capital-industrial" target="_blank" data-smartkarma-citation="entities:933" rel="noopener">AIMS APAC REIT (AAREIT SP)</a> 1Q23 DPU +1.3% YoY; Robust occupancies and rental reversion continue to drive organic growth</li><li><a href="https://www.smartkarma.com/entities/mapletree-industrial-trust" target="_blank" data-smartkarma-citation="entities:40" rel="noopener">Mapletree Industrial Trust (MINT SP)</a> 1Q23 DPU +4.2% YoY; Flat quarterly performance despite occupancies trending up</li><li><a href="https://www.smartkarma.com/entities/keppel-dc-reit" target="_blank" data-smartkarma-citation="entities:85" rel="noopener">Keppel DC REIT (KDCREIT SP)</a> 2Q22 DPU +4.8% YoY; Robust occupancy, trading attractively at 5.3% FY23E yield</li></ul>

AIMS APAC REIT (AAREIT SP) 1Q23 DPU +1.3% YoY; Robust occupancies and rental reversion continue to drive organic growthMapletree Industrial Trust (MINT SP) 1Q23 DPU +4.2% YoY; Flat quarterly performance despite occupancies trending upKeppel DC REIT (KDCREIT SP) 2Q22 DPU +4.8% YoY; Robust occupancy, trading attractively at 5.3% FY23E yield

ASEAN Builder's Scoop (26Jul22) - AAREIT Robust Operating Metrics

Singapore

AIMS APAC REIT is a real estate investment trust. The Trust's principal investment objective is owning and investing in a diversified portfolio of income-producing industrial real estate assets throughout Asia Pacific, including warehousing and logistics, manufacturing, business parks and hi-tech spaces.

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AIMS APAC REIT (AAREIT SP)

REIT Watch - Industrial S-Reits see resilience despite macro challenges

REIT Watch - Industrial S-Reits see resilience despite macro challenges All eight of Singapore’s industrial S-Reits have reported their respective...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REITs rebound amidst less hawkish rates expectations

REIT Watch - S-Reits rebound amid less hawkish rates expectations The FTSE EPRA Nareit Developed Index gained close to 4 per cent last week while...

Singapore Exchange Ltd (SGX)

ASEAN Builder's Scoop (16Sep22) - AAREIT Partners SP Group in ESG Move

UHU included in 3 indexes; New home sales take-up rate reached >300% in Aug22; FPL green note oversubsribed; New private home sales dropped 48% MoM...

SCCM Asia Research

Update on the S-REIT Re-Allocation Trade

The S-REIT Re-Allocation Basket is +5.3%(TR) from close after I wrote (25 July) to yesterday. Not enough excess value has traded. Should it run?...

Travis Lundy

ASEAN Builder's Scoop (26Jul22) - AAREIT Robust Operating Metrics

MINT flat quarterly performance; KDCREIT trades attractively at 5.3% yield; CLCT expects retail recovery in 2H22; OUECT massive hotel turnaround;...

SCCM Asia Research

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