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

<ul><li>Over the past 4 weeks, the iEdge S-REIT Index declined 2.1% after a rally anticipating the 50 bps rate cut on Sep 18, with a total 3Q24 gain of 17.5%.</li><li>The S-REIT Sector is now among the top four Singapore stock sectors for net institutional inflows since June 30.</li><li>Mapletree Logistics Trust has seen the fifth highest net institutional inflow within the Sector, while Suntec REIT, Keppel DC REIT and Acrophyte Hospitality Trust make up the five trusts with the highest 2H24 to Oct 15 net institutional inflow.</li></ul>

Over the past 4 weeks, the iEdge S-REIT Index declined 2.1% after a rally anticipating the 50 bps rate cut on Sep 18, with a total 3Q24 gain of 17.5%.The S-REIT Sector is now among the top four Singapore stock sectors for net institutional inflows since June 30.Mapletree Logistics Trust has seen the fifth highest net institutional inflow within the Sector, while Suntec REIT, Keppel DC REIT and Acrophyte Hospitality Trust make up the five trusts with the highest 2H24 to Oct 15 net institutional inflow.

S-REIT Ebb & Flow: From Q3 Gains to Recent Declines

Lippo Malls Indonesia Retail Trust / Equity Bottom-Up

<ul><li>S-Reits log best quarterly performance since 2020 with double-digit returns in Q3 Meanwhile, the iEdge S-Reit Index rallied 14.7 per cent in its best quarterly performance since its inception in 2010.</li><li>Prior to this, the index’s best quarterly performance was in Q2 2020, when it rose 14.1 per cent.</li></ul>

S-Reits log best quarterly performance since 2020 with double-digit returns in Q3 Meanwhile, the iEdge S-Reit Index rallied 14.7 per cent in its best quarterly performance since its inception in 2010.Prior to this, the index’s best quarterly performance was in Q2 2020, when it rose 14.1 per cent.

REIT Watch - S-Reits log best quarterly performance since 2020 with double-digit returns in Q3

<ul><li>After the recent softening in jobs data and inflation figures, the US Federal Reserve declared its first rate reduction in four years, decreasing the overnight borrowing rate by 50 basis points or half a percentage point, in line with market expectations.</li><li>The Fed has indicated additional rate cuts, forecasting another 50 basis points this year, a full percentage point in 2025, and half a percentage point in 2026.</li><li>Similarly, the five S-REITs that recorded largest net retail inflows were Frasers Centrepoint Trust, ESR-LOGOS REIT, Paragon REIT, Mapletree Industrial Trust, and CapitaLand Ascendas REIT.</li></ul>

After the recent softening in jobs data and inflation figures, the US Federal Reserve declared its first rate reduction in four years, decreasing the overnight borrowing rate by 50 basis points or half a percentage point, in line with market expectations.The Fed has indicated additional rate cuts, forecasting another 50 basis points this year, a full percentage point in 2025, and half a percentage point in 2026.Similarly, the five S-REITs that recorded largest net retail inflows were Frasers Centrepoint Trust, ESR-LOGOS REIT, Paragon REIT, Mapletree Industrial Trust, and CapitaLand Ascendas REIT.

REIT Watch - S-Reits gain 1.7% after Fed’s rate cut

<ul><li>Centurion CEO Kong Chee Min adds to interest at S$0.59 per share CapitaLand Investment led the buyback consideration tally, acquiring 8,312,600 shares at an average price of S$2.64 per share.</li><li>On Jul 4, Centurion Corp CEO Kong Chee Min acquired 115,000 shares, at an average price of S$0.59 cents per share.</li></ul>

Centurion CEO Kong Chee Min adds to interest at S$0.59 per share CapitaLand Investment led the buyback consideration tally, acquiring 8,312,600 shares at an average price of S$2.64 per share.On Jul 4, Centurion Corp CEO Kong Chee Min acquired 115,000 shares, at an average price of S$0.59 cents per share.

Centurion CEO Kong Chee Min adds to interest at S$0.59 per share

CDL Hospitality Trusts / Equity Bottom-Up

<ul><li>REIT Watch - Hospitality S-Reits record 21% DPU growth in FY2023 The five hospitality trusts recorded, on average, 21 per cent yoy growth in FY2023 DPU.</li><li>Four of the trusts – ARA US Hospitality Trust (ARA H-Trust), CapitaLand Ascott Trust (Clas), CDL Hospitality Trusts (CDLHT) and Far East Hospitality Trust (FEHT) – reported full-year FY2023 earnings ending Dec 31, 2023.</li></ul>

REIT Watch - Hospitality S-Reits record 21% DPU growth in FY2023 The five hospitality trusts recorded, on average, 21 per cent yoy growth in FY2023 DPU.Four of the trusts – ARA US Hospitality Trust (ARA H-Trust), CapitaLand Ascott Trust (Clas), CDL Hospitality Trusts (CDLHT) and Far East Hospitality Trust (FEHT) – reported full-year FY2023 earnings ending Dec 31, 2023.

REIT Watch - Hospitality S-Reits record 21% DPU growth in FY2023

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-REIT Ebb & Flow: From Q3 Gains to Recent Declines

Over the past 4 weeks, the iEdge S-REIT Index declined 2.1% after a rally anticipating the 50 bps rate cut on Sep 18, with a total 3Q24 gain of...

Singapore Exchange Ltd (SGX)

REIT Watch - S-Reits log best quarterly performance since 2020 with double-digit returns in Q3

S-Reits log best quarterly performance since 2020 with double-digit returns in Q3 Meanwhile, the iEdge S-Reit Index rallied 14.7 per cent in its...

Singapore Exchange Ltd (SGX)

REIT Watch - S-Reits gain 1.7% after Fed’s rate cut

After the recent softening in jobs data and inflation figures, the US Federal Reserve declared its first rate reduction in four years, decreasing...

Singapore Exchange Ltd (SGX)

REIT Watch - Hospitality S-Reits record 21% DPU growth in FY2023

REIT Watch - Hospitality S-Reits record 21% DPU growth in FY2023 The five hospitality trusts recorded, on average, 21 per cent yoy growth in...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

S-REIT Ebb & Flow: From Q3 Gains to Recent Declines

Over the past 4 weeks, the iEdge S-REIT Index declined 2.1% after a rally anticipating the 50 bps rate cut on Sep 18, with a total 3Q24 gain of...

Singapore Exchange Ltd (SGX)

REIT Watch - S-Reits log best quarterly performance since 2020 with double-digit returns in Q3

S-Reits log best quarterly performance since 2020 with double-digit returns in Q3 Meanwhile, the iEdge S-Reit Index rallied 14.7 per cent in its...

Singapore Exchange Ltd (SGX)

REIT Watch - S-Reits gain 1.7% after Fed’s rate cut

After the recent softening in jobs data and inflation figures, the US Federal Reserve declared its first rate reduction in four years, decreasing...

Singapore Exchange Ltd (SGX)

Centurion CEO Kong Chee Min adds to interest at S$0.59 per share

Centurion CEO Kong Chee Min adds to interest at S$0.59 per share CapitaLand Investment led the buyback consideration tally, acquiring 8,312,600...

Singapore Exchange Ltd (SGX)

REIT Watch - Hospitality S-Reits record 21% DPU growth in FY2023

REIT Watch - Hospitality S-Reits record 21% DPU growth in FY2023 The five hospitality trusts recorded, on average, 21 per cent yoy growth in...

Singapore Exchange Ltd (SGX)