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)

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Equity Bottom-Up

CapitaLand Ascendas REIT / Equity Bottom-Up

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S-REITs have announced asset acquisitions exceeding S$9 billion in total purchase consideration over the past 10 months of 2021.

In the month of October, most acquisitions were in logistics and grocery-anchored retail assets and include several maiden acquisitions or forays into new market segments. 
Acquisitions in the month of October totalled S$765 million in purchase consideration and were by CapitaLand China Trust, Ascendas REIT, Mapletree Logistics Trust, and United Hampshire US REIT. 
CapitaLand China Trust (CLCT) made its first foray into China's logistics sector with the acquisition of 4 logistics properties in Shanghai, Kunshan, Wuhan and Chengdu worth 1.7 billion yuan (S$350.7 million).

This increases CLCT's exposure to new economy asset classes following its maiden purchase of a portfolio of 5 business park properties as part of its portfolio reconstitution strategy announced in 2020 to cover multi-assets used primarily for retail, office and industrial use.

The 4 properties have a committed portfolio occupancy of 96.3 per cent and a weighted average lease to expiry of 2.1 years as at Aug 31, 2021. Post-acquisition, CLCT's proportion of new economy assets by asset value will increase from 15.3 per cent to 21.4 per cent. 
CLCT has a 5-year acquisition growth roadmap and plans to achieve a balanced portfolio mix by 2026 comprising 40 per cent in commercial developments, 30 per cent in retail properties and 30 per cent in new economy assets such as business parks, logistics and data centres.

Ascendas Reit in October acquired 11 last mile logistics properties in Kansas City, in the United States for S$207.8 million, marking its first venture into the US logistics market.

Ascendas Reit notes that the Kansas City's logistics sector is well-supported by its central location within the US and its myriad businesses and sectors including transportation and distribution, e-commerce, manufacturing, animal health, technology and the financial industry.

The properties are 92.6 per cent occupied by 27 customers from diverse industries including third-party logistics, wholesale distribution, manufacturing and healthcare and no single customer makes up over 10 per cent of the portfolio's total rental income, lowering portfolio concentration risk.

Mapletree Logistics Trust (MLT) announced the proposed acquisition of the Yeoju Logistics Centre in South Korea for 135 billion won (S$153.8 million), expanding MLT's presence in the Seoul Metropolitan Area to a total of 19 assets.

The property is fully leased to one of South Korea's largest online fashion platforms and a domestic third-party logistics service provider.

It is located in northern Yeoju, which is a newly established logistics hub situated near two major expressways providing enhanced accessibility to and from Seoul.

The acquisition raises MLT's e-commerce revenue exposure in South Korea to 31 per cent, from its previous 24 per cent.

United Hampshire US Reit (UHReit) made its maiden acquisition since listing, acquiring two dominant grocery-anchored retail assets for US$78.25 million (approximately S$105.7 million) in Pennsylvania and Virginia, and extending UHReit's focus on the Eastern seaboard.

The Pennsylvania property is 94.1 per cent occupied while the Virginia property has a 99.1 per cent occupancy rate.

Both properties are anchored by tenants including Publix, one of the largest US grocery chains, and ShopRite, which is a leading supermarket brand in the region, among other home improvement and variety stores.

UHReit notes that both assets fit well with their investment criteria given the locations with limited competition, densely populated communities and backed by cycle agnostic tenants providing essential services. REIT Watch is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/s-reits-make-maiden-forays-into-new-segments"> read </a>the original version.
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    SREIT asset


S-REITs have announced asset acquisitions exceeding S$9 billion in total purchase consideration over the past 10 months of 2021.

In the month of October, most acquisitions were in logistics and grocery-anchored retail assets and include several maiden acquisitions or forays into new market segments.  
Acquisitions in the month of October totalled S$765 million in purchase consideration and were by CapitaLand China Trust, Ascendas REIT, Mapletree Logistics Trust, and United Hampshire US REIT.  
CapitaLand China Trust (CLCT) made its first foray into China's logistics sector with the acquisition of 4 logistics properties in Shanghai, Kunshan, Wuhan and Chengdu worth 1.7 billion yuan (S$350.7 million).

This increases CLCT's exposure to new economy asset classes following its maiden purchase of a portfolio of 5 business park properties as part of its portfolio reconstitution strategy announced in 2020 to cover multi-assets used primarily for retail, office and industrial use.

The 4 properties have a committed portfolio occupancy of 96.3 per cent and a weighted average lease to expiry of 2.1 years as at Aug 31, 2021. Post-acquisition, CLCT's proportion of new economy assets by asset value will increase from 15.3 per cent to 21.4 per cent.  
CLCT has a 5-year acquisition growth roadmap and plans to achieve a balanced portfolio mix by 2026 comprising 40 per cent in commercial developments, 30 per cent in retail properties and 30 per cent in new economy assets such as business parks, logistics and data centres.

Ascendas Reit in October acquired 11 last mile logistics properties in Kansas City, in the United States for S$207.8 million, marking its first venture into the US logistics market.

Ascendas Reit notes that the Kansas City's logistics sector is well-supported by its central location within the US and its myriad businesses and sectors including transportation and distribution, e-commerce, manufacturing, animal health, technology and the financial industry.

The properties are 92.6 per cent occupied by 27 customers from diverse industries including third-party logistics, wholesale distribution, manufacturing and healthcare and no single customer makes up over 10 per cent of the portfolio's total rental income, lowering portfolio concentration risk.

Mapletree Logistics Trust (MLT) announced the proposed acquisition of the Yeoju Logistics Centre in South Korea for 135 billion won (S$153.8 million), expanding MLT's presence in the Seoul Metropolitan Area to a total of 19 assets.

The property is fully leased to one of South Korea's largest online fashion platforms and a domestic third-party logistics service provider.

It is located in northern Yeoju, which is a newly established logistics hub situated near two major expressways providing enhanced accessibility to and from Seoul.

The acquisition raises MLT's e-commerce revenue exposure in South Korea to 31 per cent, from its previous 24 per cent.

United Hampshire US Reit (UHReit) made its maiden acquisition since listing, acquiring two dominant grocery-anchored retail assets for US$78.25 million (approximately S$105.7 million) in Pennsylvania and Virginia, and extending UHReit's focus on the Eastern seaboard.

The Pennsylvania property is 94.1 per cent occupied while the Virginia property has a 99.1 per cent occupancy rate.

Both properties are anchored by tenants including Publix, one of the largest US grocery chains, and ShopRite, which is a leading supermarket brand in the region, among other home improvement and variety stores.

UHReit notes that both assets fit well with their investment criteria given the locations with limited competition, densely populated communities and backed by cycle agnostic tenants providing essential services.  REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - S-Reits make maiden forays into new segments

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 <div class='content-caption'>SREIT that have kicked off the reporting season</div>
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Five S-REITs have kicked off this quarter’s reporting season with the release of financial results for the quarter or business updates, before the market opened last Friday. The five are SPH REIT, AIMS APAC REIT, Ascendas REIT, Sabana REIT, Suntec REIT. 
These five S-Reits have reported increased distributions per unit (DPU) and improved operating metrics amid a cautiously optimistic outlook for the year end.

SPH Reit kicks off with improved full-year results led by gradual market recovery in both of its markets in Singapore and Australia. It noted that tenant sales in its Australia portfolio have recovered to pre-Covid levels despite a seven-day lockdown in July. 
It announced fiscal 2021 DPU at 5.4 cents, increasing 98 per cent year on year and 3.6 per cent away from its previous fiscal year 2019 DPU (pre-Covid).

AIMS Apac Reit announced 4.75 cents in DPU to be distributed for first half FY2022, an 18.8 per cent increase from a year ago, buoyed by higher net property income which rose 19.4 per cent to S$47.7 million year on year.

The Reit recently announced its proposed acquisition of Woolworths Headquarters in New South Wales, Australia, which will be its largest asset across its entire portfolio. 
Ascendas Reit in its business update observed improved portfolio occupancy rates of 91.7 per cent and positive rental reversions, with the completion of Grab's headquarters at one-north, Singapore.

It noted improved occupancy levels across its Singapore and Australia properties while lower to flat levels in its United States and United Kingdom/Europe properties.

Last Friday, Ascendas Reit announced the proposed acquisition of 11 last mile logistics properties in Kansas City, US for S$207.8 million, marking its first entry into the US logistics market and complementing the Reit's existing portfolio.

The Kansas portfolio is 92.6 per cent occupied by 27 customers from industries including third-party logistics, wholesale distribution, manufacturing and healthcare.

The 11 properties were reported to have strong retention rates, with current tenants in place for an average of 12.5 years.

Sabana Reit's business updates reported improved portfolio occupancy rates of 85.3 per cent, its highest level since early 2018 when the Reit's refreshed strategy was first announced.

The Reit also updated that it has renewed leases with positive rental reversion of 7.8 per cent, which is the sixth time it has achieved positive reversion over the past seven quarters.

The removal of its syariah compliance was completed on Oct 21.

Suntec Reit inked 22 per cent higher distributable income from operations and announced 2.232 cents in third quarter 2021 DPU to unitholders which is 20.8 per cent higher year on year.

The Reit expects the return of Singapore's workforce to increase over time and positive rent reversion for its office portfolio for full year 2021.

In its local retail portfolio, it observed improved footfall during the first two weeks of Covid 'Stabilisation Phase' in October compared to earlier periods and expects mall occupancy to be on track to remain around 95 per cent by end 2021. REIT Watch is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/improved-operating-metrics-and-dpus-as-s-reits-kick-off-reporting"> read </a>the original version.
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    SREIT that have kicked off the reporting season


Five S-REITs have kicked off this quarter’s reporting season with the release of financial results for the quarter or business updates, before the market opened last Friday. The five are SPH REIT, AIMS APAC REIT, Ascendas REIT, Sabana REIT, Suntec REIT.  
These five S-Reits have reported increased distributions per unit (DPU) and improved operating metrics amid a cautiously optimistic outlook for the year end.

SPH Reit kicks off with improved full-year results led by gradual market recovery in both of its markets in Singapore and Australia. It noted that tenant sales in its Australia portfolio have recovered to pre-Covid levels despite a seven-day lockdown in July.  
It announced fiscal 2021 DPU at 5.4 cents, increasing 98 per cent year on year and 3.6 per cent away from its previous fiscal year 2019 DPU (pre-Covid).

AIMS Apac Reit announced 4.75 cents in DPU to be distributed for first half FY2022, an 18.8 per cent increase from a year ago, buoyed by higher net property income which rose 19.4 per cent to S$47.7 million year on year.

The Reit recently announced its proposed acquisition of Woolworths Headquarters in New South Wales, Australia, which will be its largest asset across its entire portfolio.  
Ascendas Reit in its business update observed improved portfolio occupancy rates of 91.7 per cent and positive rental reversions, with the completion of Grab's headquarters at one-north, Singapore.

It noted improved occupancy levels across its Singapore and Australia properties while lower to flat levels in its United States and United Kingdom/Europe properties.

Last Friday, Ascendas Reit announced the proposed acquisition of 11 last mile logistics properties in Kansas City, US for S$207.8 million, marking its first entry into the US logistics market and complementing the Reit's existing portfolio.

The Kansas portfolio is 92.6 per cent occupied by 27 customers from industries including third-party logistics, wholesale distribution, manufacturing and healthcare.

The 11 properties were reported to have strong retention rates, with current tenants in place for an average of 12.5 years.

Sabana Reit's business updates reported improved portfolio occupancy rates of 85.3 per cent, its highest level since early 2018 when the Reit's refreshed strategy was first announced.

The Reit also updated that it has renewed leases with positive rental reversion of 7.8 per cent, which is the sixth time it has achieved positive reversion over the past seven quarters.

The removal of its syariah compliance was completed on Oct 21.

Suntec Reit inked 22 per cent higher distributable income from operations and announced 2.232 cents in third quarter 2021 DPU to unitholders which is 20.8 per cent higher year on year.

The Reit expects the return of Singapore's workforce to increase over time and positive rent reversion for its office portfolio for full year 2021.

In its local retail portfolio, it observed improved footfall during the first two weeks of Covid 'Stabilisation Phase' in October compared to earlier periods and expects mall occupancy to be on track to remain around 95 per cent by end 2021.  REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - Improved operating metrics and DPUs as S-Reits kick off reporting

Yoma Strategic Holdings / Equity Bottom-Up

Key Singapore Market Moves and Flows in 3Q21

Far East Hospitality Trust / Equity Bottom-Up

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 <div class='content-caption'>Top 10 SGTI 2021 ranking under Reits and business trusts category</div>
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The annual Singapore Governance and Transparency Index (SGTI) assesses Singapore-listed companies on their corporate governance disclosure and practices, as well as the timeliness, accessibility and transparency of their financial results announcement, so as to provide investors with greater transparency and accountability.

The SGTI is a collaboration among CPA Australia, NUS Business School's Centre for Governance and Sustainability, and the Singapore Institute of Directors, supported by The Business Times.

The SGTI 2021, which assessed companies based on their annual reports for Financial Year 2020 released by June 15, 2021, is divided into two categories - general category (519 companies) and the Reits and business trusts category (43 trusts). 
The mean overall scores of both categories reached all-time highs of 68.7 (general category) and 85.0 (Reits and business trusts category) respectively. 
In the REITs and Business Trusts category, Ascott Residence Trust moved up from third place last year to claim the top rank with an overall score of 115.3. 
Far East Hospitality Trust, which scored 113.8 points, moved up two positions to second place and Ascendas REIT jumped from eighth place to enter the top three with 111.1 points. 
In the SGTI 2021 press release, it was noted that these trusts had done well in sustainability management and in disclosing policies on the amount of funds they could borrow to invest for higher returns.

In addition, they have a minimum of three full-time key representatives who each has at least five years of experience relevant to Reit management.

The mean overall score of the Reits and business trust category increased by 0.2 point year on year and the bonus points for good disclosure practices increased by 1.3 points to 18.5 points.

One example of good disclosure, given in the press release, is disclosing information on the succession planning for the board and senior management.

The proportion of companies that disclosed this information increased from 6.7 per cent in 2020 to 30.2 per cent in 2021.

On the other hand, the SGTI press release noted that penalties for poor disclosure practices, such as discrepancies in corporate announcements, increased by 0.1 point to 5.1. 
The proportion of REITs and Business Trusts that received penalty points stood at 9.3 per cent, compared to 4.4 per cent a year ago. 
The top 5 REITs and Property Trusts with the most year-on-year improvements in overall scores include: Ascendas India Trust (+22.8 points), Mapletree Commercial Trust (+19.4 points), Ascendas REIT (+16.7 points), ParkwayLife REIT (+15.1 points) and Frasers Logistics &amp; Commercial Trust (+14.9 points).

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REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/governance-and-transparency-scores-of-s-reits-hit-all-time-high">read</a><a href="https://www.businesstimes.com.sg/companies-markets/10-s-reits-yielding-long-term-annualised-returns"> </a>the original version.

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    Top 10 SGTI 2021 ranking under Reits and business trusts category


The annual Singapore Governance and Transparency Index (SGTI) assesses Singapore-listed companies on their corporate governance disclosure and practices, as well as the timeliness, accessibility and transparency of their financial results announcement, so as to provide investors with greater transparency and accountability.

The SGTI is a collaboration among CPA Australia, NUS Business School's Centre for Governance and Sustainability, and the Singapore Institute of Directors, supported by The Business Times.

The SGTI 2021, which assessed companies based on their annual reports for Financial Year 2020 released by June 15, 2021, is divided into two categories - general category (519 companies) and the Reits and business trusts category (43 trusts).  
The mean overall scores of both categories reached all-time highs of 68.7 (general category) and 85.0 (Reits and business trusts category) respectively.  
In the REITs and Business Trusts category, Ascott Residence Trust moved up from third place last year to claim the top rank with an overall score of 115.3.  
Far East Hospitality Trust, which scored 113.8 points, moved up two positions to second place and Ascendas REIT jumped from eighth place to enter the top three with 111.1 points.  
In the SGTI 2021 press release, it was noted that these trusts had done well in sustainability management and in disclosing policies on the amount of funds they could borrow to invest for higher returns.

In addition, they have a minimum of three full-time key representatives who each has at least five years of experience relevant to Reit management.

The mean overall score of the Reits and business trust category increased by 0.2 point year on year and the bonus points for good disclosure practices increased by 1.3 points to 18.5 points.

One example of good disclosure, given in the press release, is disclosing information on the succession planning for the board and senior management.

The proportion of companies that disclosed this information increased from 6.7 per cent in 2020 to 30.2 per cent in 2021.

On the other hand, the SGTI press release noted that penalties for poor disclosure practices, such as discrepancies in corporate announcements, increased by 0.1 point to 5.1.  
The proportion of REITs and Business Trusts that received penalty points stood at 9.3 per cent, compared to 4.4 per cent a year ago.  
The top 5 REITs and Property Trusts with the most year-on-year improvements in overall scores include: Ascendas India Trust (+22.8 points), Mapletree Commercial Trust (+19.4 points), Ascendas REIT (+16.7 points), ParkwayLife REIT (+15.1 points) and Frasers Logistics &amp; Commercial Trust (+14.9 points).


REIT Watch is a weekly column on The Business Times, read the original version.





REIT Watch - Governance and transparency scores of S-Reits hit all-time high

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 <div class='content-caption'>Institutional investors net fund flow in SREITS</div>
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<html><body>There are seven S-Reits in the Straits Times Index (STI), making up close to 14 per cent of the benchmark. 
The seven S-Reits generated an average total return of 5.2 per cent in the third quarter-to-date till Aug 5, outperforming the STI which gained 1.6 per cent over the same period. 
Keppel DC REIT (+6.8 per cent), Ascendas REIT (+6.8 per cent) and Mapletree Industrial Trust (+6.1 per cent) were the top three S-REITs performers in the STI. 
The sector's outperformance was not limited to S-Reits within the STI, but also extended to the broader S-Reits and property trusts sector in Singapore. The iEdge S-Reit Index generated a total return of 3.6 per cent since the end of June, which is more than double that of the STI's 1.6 per cent gains. 
In July 2021, institutional investors were net buyers of the sector with net inflows of S$54.1 million, after being net sellers for six consecutive months in 2021. 
ARA LOGOS Logistics Trust (+S$46.7 million), Keppel REIT (+S$25.8 million), OUE Commercial REIT (+S$19.1 million), Lendlease Global Commercial REIT (+S$17.2 million) and Starhill Global REIT (+S$14.4 million) were the top five S-REITs that received the highest net institutional inflows in the first seven months of 2021. 
Starhill Global Reit (SGReit) announced that its full year gross revenue grew 0.3 per cent year on year (yoy) to S$181.3 million in FY20/21. Its net property income (NPI) increased by 2.0 per cent yoy to S$134.7 million in FY20/21. The Reit's FY20/21 distribution per unit (DPU) grew 33.4 per cent yoy to 3.95 cents. SGReit noted that despite the uncertainty of the Covid-19 situation, its retail portfolio occupancy, based on committed leases, remained stable at 97.5 per cent as at June 30, 2021. 
On Aug 4, Lendlease Global Commercial Reit (LReit) completed the acquisition of 53 per cent interest in Lendlease Jem Partners Fund and will make a further announcement on the status of the acquisition of a 5 per cent interest in Lendlease Asian Retail Investment Fund 3. 
Upon completion of these acquisitions, LReit will hold an effective indirect interest of up to 31.8 per cent in Jem. LReit is scheduled to report its full year financial results on Aug 10, 2021. 
OUE Commercial Reit (OUE C-Reit) reported a 3.1 per cent decline in NPI for 2021 due to the completion of divestment of a 50 per cent interest in OUE Bayfront in March 2021. 
The performance of OUE Bayfront is no longer consolidated and is recognised as share of joint venture results. 
With lower interest expense and including the share of joint venture results from OUE Bayfront, the amount available for distribution to OUE C-Reit's unitholders in H1 2021 was 3.0 per cent higher yoy, translating to a DPU of 1.23 cents, which is 23.0 per cent higher yoy. REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/institutional-investors-return-to-s-reits-in-q32021">read </a>the original version.</body></html>


      
    
    Institutional investors net fund flow in SREITS

There are seven S-Reits in the Straits Times Index (STI), making up close to 14 per cent of the benchmark.  
The seven S-Reits generated an average total return of 5.2 per cent in the third quarter-to-date till Aug 5, outperforming the STI which gained 1.6 per cent over the same period.  
Keppel DC REIT (+6.8 per cent), Ascendas REIT (+6.8 per cent) and Mapletree Industrial Trust (+6.1 per cent) were the top three S-REITs performers in the STI.  
The sector's outperformance was not limited to S-Reits within the STI, but also extended to the broader S-Reits and property trusts sector in Singapore. The iEdge S-Reit Index generated a total return of 3.6 per cent since the end of June, which is more than double that of the STI's 1.6 per cent gains.  
In July 2021, institutional investors were net buyers of the sector with net inflows of S$54.1 million, after being net sellers for six consecutive months in 2021.  
ARA LOGOS Logistics Trust (+S$46.7 million), Keppel REIT (+S$25.8 million), OUE Commercial REIT (+S$19.1 million), Lendlease Global Commercial REIT (+S$17.2 million) and Starhill Global REIT (+S$14.4 million) were the top five S-REITs that received the highest net institutional inflows in the first seven months of 2021.  
Starhill Global Reit (SGReit) announced that its full year gross revenue grew 0.3 per cent year on year (yoy) to S$181.3 million in FY20/21. Its net property income (NPI) increased by 2.0 per cent yoy to S$134.7 million in FY20/21. The Reit's FY20/21 distribution per unit (DPU) grew 33.4 per cent yoy to 3.95 cents. SGReit noted that despite the uncertainty of the Covid-19 situation, its retail portfolio occupancy, based on committed leases, remained stable at 97.5 per cent as at June 30, 2021.  
On Aug 4, Lendlease Global Commercial Reit (LReit) completed the acquisition of 53 per cent interest in Lendlease Jem Partners Fund and will make a further announcement on the status of the acquisition of a 5 per cent interest in Lendlease Asian Retail Investment Fund 3.  
Upon completion of these acquisitions, LReit will hold an effective indirect interest of up to 31.8 per cent in Jem. LReit is scheduled to report its full year financial results on Aug 10, 2021.  
OUE Commercial Reit (OUE C-Reit) reported a 3.1 per cent decline in NPI for 2021 due to the completion of divestment of a 50 per cent interest in OUE Bayfront in March 2021.  
The performance of OUE Bayfront is no longer consolidated and is recognised as share of joint venture results.  
With lower interest expense and including the share of joint venture results from OUE Bayfront, the amount available for distribution to OUE C-Reit's unitholders in H1 2021 was 3.0 per cent higher yoy, translating to a DPU of 1.23 cents, which is 23.0 per cent higher yoy.  REIT Watch is a weekly column on The Business Times, read the original version.


REIT Watch - Institutional investors return to S-Reits in Q32021

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.

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CapitaLand Ascendas REIT (CLAR SP)

REIT Watch - S-Reits make maiden forays into new segments

S-REITs have announced asset acquisitions exceeding S$9 billion in total purchase consideration over the past 10 months of...

Singapore Exchange Ltd (SGX)

REIT Watch - Improved operating metrics and DPUs as S-Reits kick off reporting

Five S-REITs have kicked off this quarter’s reporting season with the release of financial results for the quarter or business...

Singapore Exchange Ltd (SGX)

Key Singapore Market Moves and Flows in 3Q21

In 3Q21, the STI saw its narrowest quarterly trading range since 3Q17, generating a 0.2% decline in total return, while the FTSE APAC Index...

Singapore Exchange Ltd (SGX)

REIT Watch - Governance and transparency scores of S-Reits hit all-time high

The annual Singapore Governance and Transparency Index (SGTI) assesses Singapore-listed companies on their corporate governance...

Singapore Exchange Ltd (SGX)

REIT Watch - Institutional investors return to S-Reits in Q32021

There are seven S-Reits in the Straits Times Index (STI), making up close to 14 per cent of the benchmark. The seven S-Reits...

Singapore Exchange Ltd (SGX)

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