Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

CapitaLand Ascendas REIT / Equity Bottom-Up

<ul>
<li>CLAR is Singapore’s largest industrial REIT with S$16bn of assets across key markets with exposure in business parks, logistics and data centers</li>
<li>We think CLAR has a well diversified and resilient asset portfolio which can withstand any external shocks and drive organic growth</li>
<li>We think there is some interest rate risk but in general the impact is limited.  S-REITs were over-corrected YTD and valuation is not demanding</li>
</ul>


CLAR is Singapore’s largest industrial REIT with S$16bn of assets across key markets with exposure in business parks, logistics and data centers
We think CLAR has a well diversified and resilient asset portfolio which can withstand any external shocks and drive organic growth
We think there is some interest rate risk but in general the impact is limited.  S-REITs were over-corrected YTD and valuation is not demanding


CLAR SP: Bullish in Singapore Industrial and Strong Asset Portfolio to Drive Shareholders Returns

<ul>
<li>US-10 year treasury yield and Singapore 10-year bond yield are closely correlated</li>
<li>Singapore real estate stocks’ trading performance are therefore related to expectation of a US rate cut</li>
<li>We expect SG RE stocks will show stable industry fundamentals in upcoming results.  We like our trade idea to Long CLAR SP and SHORT Keppel REIT among S-REITs</li>
</ul>


US-10 year treasury yield and Singapore 10-year bond yield are closely correlated
Singapore real estate stocks’ trading performance are therefore related to expectation of a US rate cut
We expect SG RE stocks will show stable industry fundamentals in upcoming results.  We like our trade idea to Long CLAR SP and SHORT Keppel REIT among S-REITs


Short Note: Singapore Real Estate - Position for a Re-Rating on Fed Rate Cut Cycle

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.

<ul><li>Kuok Khoon Hong and George Yeo boost Wilmar stakes Institutions were net sellers of Singapore stocks in the five trading sessions up to Jun 13, with S$3.6 million of net institutional outflow, as 23 primary-listed companies conducted buybacks with a total consideration of S$88.8 million.</li><li>Stamford Land Corp executive chairman Ow Chio Kiat increased his total interest from 45.86 to 45.88 per cent, acquiring 246,800 shares at S$0.40 a share between Jun 6 and 11.</li></ul>

Kuok Khoon Hong and George Yeo boost Wilmar stakes Institutions were net sellers of Singapore stocks in the five trading sessions up to Jun 13, with S$3.6 million of net institutional outflow, as 23 primary-listed companies conducted buybacks with a total consideration of S$88.8 million.Stamford Land Corp executive chairman Ow Chio Kiat increased his total interest from 45.86 to 45.88 per cent, acquiring 246,800 shares at S$0.40 a share between Jun 6 and 11.

Kuok Khoon Hong and George Yeo boost Wilmar stakes

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.</li>
<li>It is the right approach for Singapore – a <em>voluntary</em> best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.</li>
<li>No surprise ratings methodology changes. No <em>en masse</em> upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.</li>
</ul>


The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.
It is the right approach for Singapore – a voluntary best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.
No surprise ratings methodology changes. No en masse upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.


Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Mapletree Industrial Trust / Equity Bottom-Up

<ul><li>Retail investors net bought S$92.5 million in S-REITs from April 7 to 10, indicating yield hunting behavior.</li><li>Institutional investors recorded net outflows of S$42.7 million in S-REITs, with MLT and CICT experiencing significant outflows.</li><li>NikkoAM-StraitsTrading Asia ex Japan REIT ETF and Lion-Phillip S-REIT ETF saw S$25 million combined net inflows.</li></ul>

Retail investors net bought S$92.5 million in S-REITs from April 7 to 10, indicating yield hunting behavior.Institutional investors recorded net outflows of S$42.7 million in S-REITs, with MLT and CICT experiencing significant outflows.NikkoAM-StraitsTrading Asia ex Japan REIT ETF and Lion-Phillip S-REIT ETF saw S$25 million combined net inflows.

REIT Watch - S-REITs’ yields remain compelling for defensive investors amid market volatility

Singapore

CapitaLand Ascendas REIT is an industrial real estate investment trust. The Trust invests in business and science park properties, integrated development, amenities, and retail (IDAR) properties, high-specifications industrial properties and data centers, light industrial and flatted factories, and logistics and distribution centers.

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

CapitaLand Ascendas REIT (CLAR SP)

CLAR SP: Bullish in Singapore Industrial and Strong Asset Portfolio to Drive Shareholders Returns

CLAR is Singapore's largest industrial REIT with S$16bn assets in business park, logistics and data centers. We think its portfolio can drive...

Jacob Cheng

Short Note: Singapore Real Estate - Position for a Re-Rating on Fed Rate Cut Cycle

Singapore bond yields have high correlation with US treasury. If US starts a rate cut cycle, Singapore rates will also see downward pressure. ...

Jacob Cheng

Kuok Khoon Hong and George Yeo boost Wilmar stakes

Kuok Khoon Hong and George Yeo boost Wilmar stakes Institutions were net sellers of Singapore stocks in the five trading sessions up to Jun 13,...

Singapore Exchange Ltd (SGX)

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden

REIT Watch - S-REITs’ yields remain compelling for defensive investors amid market volatility

Retail investors net bought S$92.5 million in S-REITs from April 7 to 10, indicating yield hunting behavior. Institutional investors recorded net...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)