Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>For the better part of two decades, Singaporean real estate investment trusts (REITs) have provided an efficient and popular exposure to quality large-scale commercial properties. </li>
<li>Yet as global central banks hike interest rates to address inflationary pressures, can REITs retain their attractiveness?</li>
<li>SREITs have corrected as Singaporean interest rates have increased. The question is whether higher interest rates are baked in, and which SREITs will hold up; and which ones will not?</li>
</ul>


For the better part of two decades, Singaporean real estate investment trusts (REITs) have provided an efficient and popular exposure to quality large-scale commercial properties. 
Yet as global central banks hike interest rates to address inflationary pressures, can REITs retain their attractiveness?
SREITs have corrected as Singaporean interest rates have increased. The question is whether higher interest rates are baked in, and which SREITs will hold up; and which ones will not?


S-REITs: Investing In An Inflationary Environment

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.

ARA US Hospitality Trust / Equity Bottom-Up

<ul><li>Demand boosts hospitality S-Reits’ hotel RevPAR Among the seven S-Reit sub-sectors, hospitality S-Reits are the fourth largest in terms of combined market capitalisation.</li><li>The five, in terms of market capitalisation, are: CapitaLand Ascott Trust, Far East Hospitality Trust, CDL Hospitality Trusts, Frasers Hospitality Trust, and ARA US Hospitality Trust.</li></ul>

Demand boosts hospitality S-Reits’ hotel RevPAR Among the seven S-Reit sub-sectors, hospitality S-Reits are the fourth largest in terms of combined market capitalisation.The five, in terms of market capitalisation, are: CapitaLand Ascott Trust, Far East Hospitality Trust, CDL Hospitality Trusts, Frasers Hospitality Trust, and ARA US Hospitality Trust.

REIT Watch - Demand boosts hospitality S-Reits’ hotel RevPAR

<ul><li>10 Top performing S-REITs and Trusts for Mar 18-22 MANULIFE US REAL ESTATE INV  The top five gainers among S-REITs and property trusts in the week ahead of the Friday afternoon session were: Manulife US REIT, Keppel Pacific Oak US REIT, ARA US Hospitality Trust, First REIT, and Far East Hospitality Trust.</li></ul>

10 Top performing S-REITs and Trusts for Mar 18-22 MANULIFE US REAL ESTATE INV  The top five gainers among S-REITs and property trusts in the week ahead of the Friday afternoon session were: Manulife US REIT, Keppel Pacific Oak US REIT, ARA US Hospitality Trust, First REIT, and Far East Hospitality Trust.

REIT Watch - S-REITs gain on Fed chair Powell reaffirming three rate cuts to come this year

CDL Hospitality Trusts / Equity Bottom-Up

<ul><li>CapitaLand Ascott Trust's H2 2024 gross profit rose 8% to S$198.0 million, with revenue up 6% to S$432.2 million.</li><li>Far East Hospitality Trust's H2 2024 gross revenue and net property income both increased 0.2% to S$54.9 million and S$49.9 million.</li><li>CDL Hospitality Trusts' DPS declined 11.9% in H2 2024, despite growth in RevPar for most portfolio markets.</li></ul>

CapitaLand Ascott Trust's H2 2024 gross profit rose 8% to S$198.0 million, with revenue up 6% to S$432.2 million.Far East Hospitality Trust's H2 2024 gross revenue and net property income both increased 0.2% to S$54.9 million and S$49.9 million.CDL Hospitality Trusts' DPS declined 11.9% in H2 2024, despite growth in RevPar for most portfolio markets.

REIT Watch - Hospitality S-REITs focus on active portfolio management to drive growth

Far East Hospitality Trust / Equity Bottom-Up

<ul><li>REIT Watch - Hospitality S-Reits’ RevPAR mostly resilient as tourism activity normalises Singapore real estate investment trusts (S-REITs) with hospitality assets have reported mostly stable operating performance in the third quarter even as tourism activity normalises following the post-pandemic travel boom.</li><li>Meanwhile CDL Hospitality Trusts saw mixed RevPAR performance across its portfolio, with around half the markets – including Australia, Japan and Germany – experiencing growth in the third quarter.</li></ul>

REIT Watch - Hospitality S-Reits’ RevPAR mostly resilient as tourism activity normalises Singapore real estate investment trusts (S-REITs) with hospitality assets have reported mostly stable operating performance in the third quarter even as tourism activity normalises following the post-pandemic travel boom.Meanwhile CDL Hospitality Trusts saw mixed RevPAR performance across its portfolio, with around half the markets – including Australia, Japan and Germany – experiencing growth in the third quarter.

REIT Watch - Hospitality S-REITs’ RevPAR mostly resilient as tourism activity normalises

Singapore

ARA US Hospitality Trust is a Singapore-listed stapled trust. It owns upscale select-service hotels in the US.

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ARA US Hospitality Trust (ARAUS SP)

S-REITs: Investing In An Inflationary Environment

Suntec, with one of the highest gearings in the office subsector, may need to go to the market cap in hand. That or divest some assets - in what is...

David Blennerhassett

REIT Watch - Demand boosts hospitality S-Reits’ hotel RevPAR

Demand boosts hospitality S-Reits’ hotel RevPAR Among the seven S-Reit sub-sectors, hospitality S-Reits are the fourth largest in terms of...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REITs gain on Fed chair Powell reaffirming three rate cuts to come this year

10 Top performing S-REITs and Trusts for Mar 18-22 MANULIFE US REAL ESTATE INV The top five gainers among S-REITs and property trusts in the week...

Singapore Exchange Ltd (SGX)

REIT Watch - Hospitality S-REITs focus on active portfolio management to drive growth

CapitaLand Ascott Trust's H2 2024 gross profit rose 8% to S$198.0 million, with revenue up 6% to S$432.2 million. Far East Hospitality Trust's H2...

Singapore Exchange Ltd (SGX)

REIT Watch - Hospitality S-REITs’ RevPAR mostly resilient as tourism activity normalises

REIT Watch - Hospitality S-Reits’ RevPAR mostly resilient as tourism activity normalises Singapore real estate investment trusts (S-REITs) with...

Singapore Exchange Ltd (SGX)

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