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.





The new unified CapitaLand Group consisting of CapitaLand and Ascendas-Singbridge have eight stocks listed on SGX with a combined market cap of more than S$50 billion that contribute more than 10% of the day-to-day stock market turnover. 
	 
	
With a 28% average total return, the group of eight stocks have significantly outpaced broader benchmarks in the 2019 YTD, in addition to generating higher average returns than their regional and global peers.  
	 
	
Momentum has come from rotation into REITs across the world on lower interest rates, while slower growth outlooks have had more impact on trade-related sectors. At the same time, the CapitaLand Group has sought to increase its scale and sharpen its focus.  
	 
	
This week CapitaLand also noted it had been listed in the acclaimed Dow Jones Sustainability World Index for the eighth consecutive year, cementing the company's reputation as a leader in sustainability in real estate. 
	 

CapitaLand is Bigger &amp; Bolder

On June 30, CapitaLand and Ascendas-Singbridge completed a transaction to form one of Asia’s largest diversified real estate groups. The enlarged Group maintains a portfolio of more than 1,000 properties with a geographical presence spanning more than 200 cities across more than 30 countries, with a combined AUM of S$129 billion. 
 

This also means the new CapitaLand Group lists eight stocks for trading on SGX with a combined market capitalisation of S$53 billion. Together the eight stocks accounted for close to 12% of the day-to-day turnover of the local stock market with the distribution of the turnover illustrated below.

      
    
    Capitaland Group market cap and turnover
Source: SGX StockFacts (Data as of 17 September 2019)

 

On July 3, the Group proposed a combination of Ascott Residence Trust and Ascendas Hospitality Trust by way of a trust scheme of arrangement, and is subject to unitholder approval with the scheme meeting yet to be convened. Click here for more details.

 

For a global perspective, the world’s largest capitalised real estate stock is American Tower Corp with a market capitalisation of approximately S$135 billion, whilst the tenth largest stock is Welltower Inc with a market capitalisation of S$50 billion.

 

Eight Stocks Outpaced Global Real Estate Stocks with 27% YTD Total Returns

 

Together CapitaLand’s group of eight SGX-listed stocks comprise of one listed company, five REITs, one hospitality trust and one business trust. Together the eight stocks averaged a 3.3% total return in the Sept quarter (through to 18 Sep), bringing their average 2019 year to date total return to 28.2%.

 

As illustrated below, from an average total return perspective the eight stocks have outpaced the average and median returns of both the world’s largest capitalised 100 real estate stocks in addition to Asia Pacific largest capitalised real estate stocks. Each of the eight stocks also outperformed the average and median returns of the 100 largest capitalised real estate stocks across Asia Pacific.

      
    
    Capitaland 2019 YTD Total Returns
The individual performances for the eight stocks listed on SGX are tabled below, with links to recent corporate presentations delivered at investor roadshows. Indicative dividend yields average 5.0% and are based on distributions over the past 12 months.

 




			Stock Name Sort by Highest Turnover
			
			
			Stock

			Code
			
			
			Mkt Cap

			(S$ Bn)
			
			
			QTD Price %
			
			
			YTD Price %
			
			
			YTD Total %
			
			
			Indicative Dividend Yield
			
			
			Recent Corporate Presentations
			
			
			 
			
		


			Ascendas REIT
			
			
			A17U
			
			
			9.7
			
			
			0
			
			
			21
			
			
			24
			
			
			5%
			
			
			Click Here
			
			
			 
			
		


			CapitaLand
			
			
			C31
			
			
			17.7
			
			
			-1
			
			
			13
			
			
			17
			
			
			3%
			
			
			Click Here
			
			
			 
			
		


			CapitaLand Commercial Trust
			
			
			C61U
			
			
			8.2
			
			
			0
			
			
			22
			
			
			28
			
			
			4%
			
			
			Click Here
			
			
			 
			
		


			CapitaLand Mall Trust
			
			
			C38U
			
			
			9.7
			
			
			1
			
			
			16
			
			
			19
			
			
			5%
			
			
			Click Here
			
			
			 
			
		


			Ascott Residence Trust
			
			
			A68U
			
			
			2.9
			
			
			4
			
			
			21
			
			
			29
			
			
			6%
			
			
			Click Here
			
			
			 
			
		


			CapitaLand Retail China Trust
			
			
			AU8U
			
			
			1.8
			
			
			3
			
			
			13
			
			
			22
			
			
			6%
			
			
			Click Here
			
			
			 
			
		


			Ascendas Hospitality Trust*
			
			
			Q1P
			
			
			1.2
			
			
			11
			
			
			42
			
			
			47
			
			
			6%
			
			
			Click Here
			
			
			 
			
		


			Ascendas India Trust**
			
			
			CY6U
			
			
			1.5
			
			
			8
			
			
			36
			
			
			40
			
			
			5%
			
			
			Click Here
			
			
			 
			
		


			Average
			
			 
			 
			
			3
			
			
			23
			
			
			28
			
			 
		

Source: SGX StockFacts &amp; Annual Reports (Data as of 18 September 2019). Note the eight stocks tabled above do not include CapitaLand Malaysia Mall Trust (CMMT),  which listed on the Main Market of Bursa Malaysia Securities Berhad. 
*Stapled Trust 
**Business Trust

 

Vigorous Moves Amidst Changing Growth &amp; Rates Outlook  

Aside from generating comparatively strong investor returns in the 2019 year to date, all eight stocks have provided more active and experienced investors with short term trading opportunities. All eight stocks have averaged at least 1.0% swings between their intraday high and low on a daily basis for the 12 months ending June 2019.  
 

Ascendas India Trust led the short term movers averaging 1.8% swings between daily highs and lows and CapitaLand Mall Trust, CapitaLand Commercial Trust and Ascott Residence Trust all averaged 1.6% daily trading ranges. At the same time intraday 1 minute volatility for the eight stocks was 17%. 
 

Interest rate expectations have changed dramatically in 2019. The US Treasury 10-year yields ended 2018 at 2.68%, and then gradually decreased to a low of 1.43% on September 3. The Federal Reserve’s economic outlook has been explicitly linked to the impact of global trade and manufacturing sentiment on growth in the United States since Jerome Powell’s testimony to US Congress in early July. This has coincided with synchronicity in the local and global performances of interest rate sensitive sectors such as the Banks and the REITs. Last night Chair Jerome Powell mentioned trade policy developments and unsolved geopolitical risk as two key reasons for reducing interest rates by 25 basis points.   
 

As highlighted above, CapitaLand’s group of eight SGX-listed stocks have outpaced both benchmarks and the world’s biggest Real Estate stocks, while the significant moves in US Treasuries have provided adequate short term swings for active traders. 

 

Redeploying &amp; Recycling Quality Assets 

 

The Group has also been identifying and divesting assets which are non-core to the business with properties such as StorHub, CapitaMall Wuhu, the equity interest in Mubadala CapitaLand Real Estate and the equity stake in a Hong Kong listed company with main operations in Henan. 
 

In addition the Group has been recycling quality assets into CapitaLand sponsored REITs and funds and redeploying capital into yield-enhancing assets. Examples of the recycling of quality assets in the 2019 year to date include: 
 


Innov Center and interests in Pufa Tower seeded into CapitaLand Asia Partners I (CAP I), a discretionary real estate fund incepted in April 2019, with an investment mandate for value add and transitional office assets in Asia 
	 
	CapitaMall Xuefu , CapitaMall Aidemengdun in Harbin, CapitaMall Yuhuating in Changsha 5, China recycled into CapitaLand Retail China Trust 
	 
	Majority interest in Main Airport Center, Frankfurt, Germany recycled into CapitaLand Commercial Trust. 
	 

The total divestment value of assets recycled from CapitaLand to its sponsored REITs and funds from January 1 to August 6, 2019 was S$2.14 billion. 
 

CapitaLand 3.0 
 

CapitaLand Group’s transformational transaction was announced on January 14, and received overwhelming approval by CapitaLand’s independent shareholders at an EGM held on 12 April. The key business objectives of the transaction were fourfold: 
 



Augment strengths of existing core markets of Singapore and China - specifically with its enlarged development pipeline, combined with the potential to unlock the value of mature assets for reinvestment through portfolio optimisation. 
	 
	
More scale and capabilities in the logistics/business park sector through developer-owner-operator platforms with established track records. The Group is poised to benefit from growth megatrends, including e-commerce driven consumption, urbanisation and knowledge industries. 
	 
	
Accelerated growth of income by growing the asset management business further to transform into a global real estate asset manager. 
	 

More competitiveness with its enhanced scale and depth would poise the Group in a prime position to offer the most comprehensive solutions to its clients. This would include harnessing technology to create operational efficiencies, build on its enlarged international network of customers, boost employee productivity and realise economies of scale. 
 

As detailed in the table below the newly unified group have been able to deepen its presence in core markets  while building scale and capabilities in its growth markets through the REITs and property trusts. The Group can now also achieve scale in new economy sectors such as business parks and logistics.

 




			Name
			
			
			Stock Code
			
			
			Type of Property 
			Sub-segment
			
			
			Debt/Asset (%)
			
			
			P/B
			
			
			Geographical breakdown by portfolio value 
			(Source: Latest company info)
			
		


			CapitaLand Mall Trust
			
			
			C38U
			
			
			Retail
			
			
			34.2
			
			
			1.3
			
			
			100% Singapore
			
		


			Ascendas REIT
			
			
			A17U
			
			
			Industrial
			
			
			37.2
			
			
			1.5
			
			
			79% SG, AU 14%, 7% UK
			
		


			CapitaLand Commercial Trust
			
			
			C61U
			
			
			Office
			
			
			34.8
			
			
			1.1
			
			
			95% Singapore, 5% Germany
			
		


			Ascott Residence Trust*
			
			
			A68U
			
			
			Hospitality
			
			
			32.8
			
			
			1.0
			
			
			26.5% EU, 15.8% SG, 13.0% JP, 16.7% US, 10% CN, 5.4% VN, 6.4% AU, 3.2% PH, 2.0% ID, 1% MY
			
		


			CapitaLand Retail China Trust
			
			
			AU8U
			
			
			Retail
			
			
			33.8
			
			
			0.9
			
			
			100% China
			
		


			Ascendas India Trust
			
			
			CY6U
			
			
			Diversified
			
			
			33.0
			
			
			1.5
			
			
			100% India
			
		


			Ascendas Hospitality Trust*
			
			
			Q1P
			
			
			Hospitality
			
			
			34.1
			
			
			1.1
			
			
			41% AU, 34% JP, 9% KR, 16% SG
			
		

*Note that on July 3, a combination of Ascott Residence Trust and Ascendas Hospitality Trust by way of a trust scheme of arrangement was proposed and is subject to unitholder approval with the scheme meeting yet to be convened.

Source: SREITs &amp; Property Trusts Chartbook - August 2019

 

Majority of REITs &amp; Trusts Recently Reported DPU Growth 

 




			DPU for 1HFY19 ending 30 June 
			
			
			Stock Code
			
			
			DPU

			1HFY19 

			S cents
			
			
			DPU

			1HFY18

			S cents
			
			
			Notes
			
		


			CapitaLand Mall Trust
			
			
			C38U
			
			
			5.80
			
			
			5.59
			
			
			 
			
		


			CapitaLand Commercial Trust
			
			
			C61U
			
			
			4.40
			
			
			4.28
			
			
			 
			
		


			Ascott Residence Trust
			
			
			A68U
			
			
			3.43
			
			
			3.19
			
			
			If adjusted for one-off items DPUs were 3.17 cents for 1HFY19 and 3.12 cents for 1HFY18

			 
			
		


			CapitaLand Retail China Trust
			
			
			AU8U
			
			
			5.13
			
			
			5.39
			
			
			DPUs before Capital Distributions at 5.03 cents for 1HFY19 and 4.93 cents for 1HFY18  (up 2.0% YoY)
			
		

 




			DPU for 1QFY19/20 ending 30 June 
			
			
			Stock Code
			
			
			DPU

			1QFY19 

			cents
			
			
			DPU

			1QFY18/19
			
			
			Notes
			
		


			Ascendas REIT
			
			
			A17U
			
			
			4.005
			
			
			4.002
			
			
			Included taxable and capital distributions
			
		


			Ascendas India Trust
			
			
			CY6U
			
			
			2.05
			
			
			1.60
			
			
			 
			
		


			Ascendas Hospitality Trust
			
			
			Q1P
			
			
			1.28
			
			
			1.35
			
			
			Retention of distributable income for 1Q FY2019 and 1Q FY2018/19 was 6.7% and 7.0% respectively.
			
		

 

Looking Ahead

 

As highlighted in a recent roadshow, CapitaLand is continuing to focus on fundamentals as growth continues to decelerate across the world. The Group maintains its strengths and focus as follows:


CapitaLand’s diversified portfolio and full value chain of real estate capabilities will continue to be its strength. 
	 
	Added growth potential with the newly integrated Ascendas-Singbridge portfolio comprising of Business Park, Logistics &amp; Industrial as well as India businesses. 
	 
	The Group will focus on refining our strategy and rejuvenating our existing portfolio to stay competitive. 
	 
	Disciplined asset recycling will continue and deleveraging will be a key priority. 
	 
	2H19 project milestones include the opening of the retail mall of Raffles City Chongqing, the launch of the integrated development in Sengkang Central and the start of construction of Phase 2 of International Tech Park Gurgaon in India. 
	 
	A greater emphasis on ESG to ensure sustainable shareholder value. With the next rebalance of the Dow Jones Sustainability World Index to take effect on Monday, CapitaLand noted it had been listed in the acclaimed Index for the eighth consecutive year, cementing the company’s reputation as a leader in sustainability in real estate. 
	 

From CapitaLand’s listing in Nov 2000, through to the June 2019 completion of the transaction with Temasek for Ascendas-Singbridge, the Group have listed a number of businesses which were the first of their kind, including Singapore’s first REIT in July 2002.



CapitaLand Group of Stocks Outpace Global Peers in 2019 YTD





Singapore REITs was the top net buy sector in August, garnering total institutional flows of S$124.6 million. In 8M2019, the sector drew net institutional inflows of S$311.7 million, SGX data showed. 
	 
	
The top institutional net buy REITs in August were: Mapletree Commercial (S$45.8 million inflow), CapitaLand Commercial (S$39.5 million), Ascendas REIT (S$38.5 million) and CapitaLand Mall (S$26.9 million). They accounted for four of the top 10 institutional net buy stocks during the month. 
	 
	The five constituents with the highest dividend indicated yields in the iEdge S-REIT Index are: Lippo Malls (10.4%), First REIT (8.6%), Soilbuild (8.6%), EC World (8.3%), and iREIT Global (7.9%). They averaged an indicated yield of 8.8%, which is more than double the benchmark STI’s indicated yield of about 4%.

SGX lists 35 REITs, seven stapled trusts and three property trusts with a combined market cap of over S$100 billion. Singapore REITs was the top net buy sector in August, garnering total institutional flows of S$124.6 million, SGX data showed. In the first eight months of 2019, the sector drew net institutional inflows of S$311.7 million, with two of the seven months – April and July – registering outflows of S$147.9 million and S$209.2 million respectively.

      
    
    8M 2019 Insti Flow for SREITS 
Source: SGX data

The top institutional net buy REITs in August were: Mapletree Commercial Trust (inflow of S$45.8 million), CapitaLand Commercial Trust (S$39.5 million), Ascendas REIT (S$38.5 million) and CapitaLand Mall Trust (S$26.9 million). They accounted for four of the top 10 institutional net buy stocks during the month.

      
    
    Top Institutional Net Buy REITs in Aug 2019 
Source: SGX data 
 

Mapletree Commercial Trust will join the benchmark Straits Times Index (STI) with effect from 23 September, replacing Hutchison Port Holdings Trust, FTSE Russell said in a statement last Thursday, following the September quarterly review of the STI constituents. 
 

The iEdge S-REIT Index is a free-float, market capitalisation-weighted index that tracks the performance of REITs listed on SGX. The Index’s 36 constituents have a combined market capitalisation of nearly S$100 billion. In the 2019 year-to-date, the iEdge S-REIT Index has clocked total returns of 25.5%, compared with total returns of 21.7% for the FTSE EPRA NAREIT Asia ex-Japan REITs Index, in SGD terms.

      
    
    Comparative YTD Returns 
The five constituents with the highest dividend indicated yields in the iEdge S-REIT Index are: Lippo Malls Indonesia Retail Trust (10.4%), First REIT (8.6%), Soilbuild Business Trust (8.6%), EC World REIT (8.3%), and iREIT Global (7.9%). These five trusts averaged an indicated yield of 8.8%, which is more than double the benchmark STI’s indicated yield of about 4%.

 

The five Index constituents with the lowest indicated yields are: CapitaLand Commercial Trust (4.1%), Mapletree Commercial Trust (4.1%), Keppel DC REIT (4.2%), Parkway Life REIT (4.2%), and CapitaLand Mall Trust (4.4%). These trusts have averaged an indicated yield of 4.2%.

 

Note that RHT Health Trust was not included in this analysis, as it has become a cash trust after completing the disposal of its entire portfolio of healthcare assets to its controlling unitholder, Fortis Healthcare, in January this year. In June, Fortis Healthcare said it had aborted plans to sell its stake in RHT and its trustee manager. RHT’s trustee manager has said it will continue to explore various options, including identifying possible new businesses or the winding up of the trust. According to listing rules, SGX will remove RHT from its official list if the trust is unable to meet requirements for a new listing within 12 months from the time it becomes a cash trust. 

 

In the YTD, the five best-performing constituents of the iEdge S-REIT Index were: Ascendas Hospitality Trust (+45.3%), Mapletree Commercial Trust (+40.8%), Ascendas India Trust (+39.1%), Keppel DC REIT (+38.3%) and Lippo Malls Indonesia Retail Trust (+34.9%). The five have averaged a total return of +39.7% in the YTD, bringing their one-year and three-year total returns to +31.7% and +53.4% respectively.

 

In the YTD, the five least-performing constituents of the iEdge S-REIT Index were: Soilbuild Business Trust (-0.7%), Frasers Hospitality Trust (+4.6%), ESR-REIT (+6.6%), iREIT Global (+10.9%) and EC World REIT (+11.6%). They averaged a +6.6% total return over the period.

 

The tables below detail the constituents of the iEdge S-REIT Index (except for RHT Health Trust), sorted by market cap.




			Name
			
			
			SGX Code
			
			
			Market Cap (S$M)
			
			
			P/B (x)
			
			
			Div Ind Yld (%)
			
		


			ASCENDAS REIT
			
			
			A17U
			
			
			9,992
			
			
			1.2
			
			
			5.3
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			9,959
			
			
			1.0
			
			
			4.4
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			C61U
			
			
			8,443
			
			
			0.9
			
			
			4.1
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			N2IU
			
			
			6,602
			
			
			1.1
			
			
			4.1
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			5,788
			
			
			1.0
			
			
			5.2
			
		


			SUNTEC REIT
			
			
			T82U
			
			
			5,428
			
			
			0.8
			
			
			5.1
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			4,817
			
			
			1.3
			
			
			5.4
			
		


			KEPPEL REIT
			
			
			K71U
			
			
			4,246
			
			
			0.8
			
			
			4.5
			
		


			MAPLETREE NORTH ASIA COMMERCIAL TRUST
			
			
			RW0U
			
			
			4,240
			
			
			0.9
			
			
			5.9
			
		


			FRASERS CENTREPOINT TRUST
			
			
			J69U
			
			
			3,180
			
			
			1.1
			
			
			5.5
			
		


			ASCOTT RESIDENCE TRUST
			
			
			A68U
			
			
			2,830
			
			
			0.8
			
			
			5.3
			
		


			SPH REIT
			
			
			SK6U
			
			
			2,824
			
			
			1.1
			
			
			5.1
			
		


			FRASERS LOGISTICS &amp; INDUSTRIAL TRUST
			
			
			BUOU
			
			
			2,811
			
			
			1.1
			
			
			6.9
			
		


			KEPPEL DC REIT
			
			
			AJBU
			
			
			2,461
			
			
			1.4
			
			
			4.2
			
		


			CDL HOSPITALITY TRUSTS
			
			
			J85
			
			
			1,963
			
			
			1.0
			
			
			5.2
			
		


			PARKWAY LIFE REIT
			
			
			C2PU
			
			
			1,876
			
			
			1.6
			
			
			4.2
			
		


			CAPITALAND RETAIL CHINA TRUST
			
			
			AU8U
			
			
			1,869
			
			
			0.9
			
			
			6.5
			
		


			MANULIFE US REIT
			
			
			BTOU
			
			
			1,773
			
			
			1.0
			
			
			6.7
			
		


			ESR-REIT
			
			
			J91U
			
			
			1,759
			
			
			0.8
			
			
			7.8
			
		


			STARHILL GLOBAL REIT
			
			
			P40U
			
			
			1,636
			
			
			0.7
			
			
			5.9
			
		


			FRASERS COMMERCIAL TRUST
			
			
			ND8U
			
			
			1,546
			
			
			0.9
			
			
			5.9
			
		


			ASCENDAS INDIA TRUST
			
			
			CY6U
			
			
			1,544
			
			
			1.1
			
			
			5.2
			
		


			OUE COMMERCIAL REIT
			
			
			TS0U
			
			
			1,520
			
			
			0.6
			
			
			6.4
			
		


			FRASERS HOSPITALITY TRUST
			
			
			ACV
			
			
			1,345
			
			
			0.8
			
			
			6.4
			
		


			OUE HOSPITALITY TRUST
			
			
			SK7
			
			
			1,341
			
			
			1.1
			
			
			5.8
			
		


			FAR EAST HOSPITALITY TRUST
			
			
			Q5T
			
			
			1,307
			
			
			0.7
			
			
			5.5
			
		


			ASCENDAS HOSPITALITY TRUST
			
			
			Q1P
			
			
			1,217
			
			
			0.8
			
			
			6.0
			
		


			AIMS APAC REIT
			
			
			O5RU
			
			
			1,008
			
			
			1.0
			
			
			7.1
			
		


			FIRST REIT
			
			
			AW9U
			
			
			835
			
			
			1.3
			
			
			8.6
			
		


			CACHE LOGISTICS TRUST
			
			
			K2LU
			
			
			793
			
			
			1.0
			
			
			7.4
			
		


			LIPPO MALLS INDONESIA RETAIL TRUST
			
			
			D5IU
			
			
			666
			
			
			0.8
			
			
			10.4
			
		


			EC WORLD REIT
			
			
			BWCU
			
			
			577
			
			
			0.8
			
			
			8.3
			
		


			SOILBUILD BUSINESS TRUST
			
			
			SV3U
			
			
			576
			
			
			1.0
			
			
			8.6
			
		


			SABANA SHARIAH COMPLIANT REIT
			
			
			M1GU
			
			
			484
			
			
			0.8
			
			
			6.3
			
		


			IREIT GLOBAL
			
			
			UD1U
			
			
			474
			
			
			1.1
			
			
			7.9
			
		

 




			Name
			
			
			SGX Code
			
			
			Market Cap (S$M)
			
			
			Total Return YTD (%)
			
			
			Total Return 1Y (%)
			
			
			Total Return 3Y (%)
			
		


			ASCENDAS REIT
			
			
			A17U
			
			
			9,992
			
			
			25.5
			
			
			23.6
			
			
			47.0
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			9,959
			
			
			21.7
			
			
			32.4
			
			
			42.9
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			C61U
			
			
			8,443
			
			
			29.9
			
			
			29.9
			
			
			59.3
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			N2IU
			
			
			6,602
			
			
			40.8
			
			
			45.5
			
			
			63.5
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			5,788
			
			
			29.0
			
			
			31.0
			
			
			73.8
			
		


			SUNTEC REIT
			
			
			T82U
			
			
			5,428
			
			
			13.4
			
			
			9.4
			
			
			29.8
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			4,817
			
			
			28.0
			
			
			23.6
			
			
			59.7
			
		


			KEPPEL REIT
			
			
			K71U
			
			
			4,246
			
			
			13.5
			
			
			11.0
			
			
			27.6
			
		


			MAPLETREE NORTH ASIA COMMERCIAL TRUST
			
			
			RW0U
			
			
			4,240
			
			
			22.9
			
			
			22.8
			
			
			47.0
			
		


			FRASERS CENTREPOINT TRUST
			
			
			J69U
			
			
			3,180
			
			
			32.3
			
			
			28.1
			
			
			51.8
			
		


			ASCOTT RESIDENCE TRUST
			
			
			A68U
			
			
			2,830
			
			
			28.9
			
			
			27.7
			
			
			43.6
			
		


			SPH REIT
			
			
			SK6U
			
			
			2,824
			
			
			14.4
			
			
			16.6
			
			
			30.9
			
		


			FRASERS LOGISTICS &amp; INDUSTRIAL TRUST
			
			
			BUOU
			
			
			2,811
			
			
			25.6
			
			
			22.8
			
			
			54.3
			
		


			KEPPEL DC REIT
			
			
			AJBU
			
			
			2,461
			
			
			38.3
			
			
			37.3
			
			
			75.0
			
		


			CDL HOSPITALITY TRUSTS
			
			
			J85
			
			
			1,963
			
			
			18.1
			
			
			10.5
			
			
			46.1
			
		


			PARKWAY LIFE REIT
			
			
			C2PU
			
			
			1,876
			
			
			20.8
			
			
			17.8
			
			
			41.0
			
		


			CAPITALAND RETAIL CHINA TRUST
			
			
			AU8U
			
			
			1,869
			
			
			24.5
			
			
			17.6
			
			
			16.0
			
		


			MANULIFE US REIT
			
			
			BTOU
			
			
			1,773
			
			
			28.4
			
			
			17.4
			
			
			48.6
			
		


			ESR-REIT
			
			
			J91U
			
			
			1,759
			
			
			6.6
			
			
			12.4
			
			
			20.5
			
		


			STARHILL GLOBAL REIT
			
			
			P40U
			
			
			1,636
			
			
			17.7
			
			
			17.1
			
			
			10.6
			
		


			FRASERS COMMERCIAL TRUST
			
			
			ND8U
			
			
			1,546
			
			
			25.5
			
			
			24.9
			
			
			43.7
			
		


			ASCENDAS INDIA TRUST
			
			
			CY6U
			
			
			1,544
			
			
			39.1
			
			
			38.8
			
			
			63.2
			
		


			OUE COMMERCIAL REIT
			
			
			TS0U
			
			
			1,520
			
			
			20.9
			
			
			-6.4
			
			
			5.4
			
		


			FRASERS HOSPITALITY TRUST
			
			
			ACV
			
			
			1,345
			
			
			4.6
			
			
			6.6
			
			
			15.6
			
		


			OUE HOSPITALITY TRUST
			
			
			SK7
			
			
			1,341
			
			
			14.4
			
			
			4.9
			
			
			30.3
			
		


			FAR EAST HOSPITALITY TRUST
			
			
			Q5T
			
			
			1,307
			
			
			18.2
			
			
			12.8
			
			
			37.5
			
		


			ASCENDAS HOSPITALITY TRUST
			
			
			Q1P
			
			
			1,217
			
			
			45.3
			
			
			44.0
			
			
			86.3
			
		


			AIMS APAC REIT
			
			
			O5RU
			
			
			1,008
			
			
			16.0
			
			
			11.4
			
			
			30.6
			
		


			FIRST REIT
			
			
			AW9U
			
			
			835
			
			
			14.6
			
			
			-10.2
			
			
			-3.1
			
		


			CACHE LOGISTICS TRUST
			
			
			K2LU
			
			
			793
			
			
			12.1
			
			
			8.3
			
			
			5.3
			
		


			LIPPO MALLS INDONESIA RETAIL TRUST
			
			
			D5IU
			
			
			666
			
			
			34.9
			
			
			-7.1
			
			
			-21.0
			
		


			EC WORLD REIT
			
			
			BWCU
			
			
			577
			
			
			11.6
			
			
			15.0
			
			
			17.7
			
		


			SOILBUILD BUSINESS TRUST
			
			
			SV3U
			
			
			576
			
			
			-0.7
			
			
			-5.9
			
			
			1.4
			
		


			SABANA SHARIAH COMPLIANT REIT
			
			
			M1GU
			
			
			484
			
			
			21.1
			
			
			17.5
			
			
			23.0
			
		


			IREIT GLOBAL
			
			
			UD1U
			
			
			474
			
			
			10.9
			
			
			5.8
			
			
			27.5
			
		

*Note: RHT Health Trust excluded from analysis due to its cash trust status

Source: Bloomberg &amp; StockFacts (data as of 6 Sept 2019)



S-REIT Index’s Five Best-Yielding Constituents Average 9% Yield      





SPH REIT will be the first to kick off the latest quarterly reporting season for S-REITs today with the release of its fiscal third quarter results ended 31 May 2019.   
	 
	
Keppel REIT will announce its results next Monday, followed by Keppel DC REIT, CapitaLand Commercial Trust, Soilbuild Business Space REIT and First REIT in the same week.  
	 
	The iEdge S-REIT Index has 36 constituents, with a combined market capitalisation of S$98 billion. These 36 constituents averaged a total return of 23.1% in the 2019 YTD, bringing their 1Y and 3Y returns to 20.1% and 41.9% respectively.

SPH REIT will kick off the current financial reporting season for Singapore REITs later today with the release of its fiscal 3Q 2019 earnings. Keppel REIT will follow with its results next Monday, while Keppel DC REIT, CapitaLand Commercial Trust, Soilbuild Business Space REIT and First REIT will release their earnings later in the week. The indicative schedule of earnings releases for the remaining REITs and Business Trusts is provided below. For confirmed earnings release dates in the weekly Economic Calendar, click here.

The table below highlights the confirmed and estimated dates of earnings releases by Singapore REITs and Business Trusts, sorted by date.




			Name
			
			
			SGX Code
			
			
			Date
			
			
			Date Type
			
			
			Period
			
		


			SPH REIT
			
			
			SK6U
			
			
			11-Jul-19
			
			
			Confirmed
			
			
			Q3
			
		


			Keppel REIT
			
			
			K71U
			
			
			15-Jul-19
			
			
			Confirmed
			
			
			Q2
			
		


			Keppel DC REIT
			
			
			AJBU
			
			
			16-Jul-19
			
			
			Confirmed
			
			
			Q2
			
		


			CapitaLand Commercial Trust
			
			
			C61U
			
			
			17-Jul-19
			
			
			Confirmed
			
			
			Q2
			
		


			Soilbuild Business Space REIT
			
			
			SV3U
			
			
			18-Jul-19
			
			
			Estimated
			
			
			Q2
			
		


			First REIT
			
			
			AW9U
			
			
			18-Jul-19
			
			
			Estimated
			
			
			Q2
			
		


			ESR-REIT
			
			
			J91U
			
			
			22-Jul-19
			
			
			Confirmed
			
			
			Q2
			
		


			Frasers Commercial Trust
			
			
			ND8U
			
			
			22-Jul-19
			
			
			Confirmed
			
			
			Q3
			
		


			Mapletree Logistics Trust
			
			
			M44U
			
			
			22-Jul-19
			
			
			Confirmed
			
			
			Q1
			
		


			Frasers Centrepoint Trust
			
			
			J69U
			
			
			23-Jul-19
			
			
			Confirmed
			
			
			Q3
			
		


			Mapletree Industrial Trust
			
			
			ME8U
			
			
			23-Jul-19
			
			
			Confirmed
			
			
			Q1
			
		


			CapitaLand Mall Trust
			
			
			C38U
			
			
			23-Jul-19
			
			
			Estimated
			
			
			Q2
			
		


			Ascott Residence Trust
			
			
			A68U
			
			
			24-Jul-19
			
			
			Estimated
			
			
			Q2
			
		


			Cache Logistics Trust
			
			
			K2LU
			
			
			25-Jul-19
			
			
			Confirmed
			
			
			Q2
			
		


			Mapletree Commercial Trust
			
			
			N2IU
			
			
			25-Jul-19
			
			
			Confirmed
			
			
			Q1
			
		


			Ascendas India Trust
			
			
			CY6U
			
			
			25-Jul-19
			
			
			Estimated
			
			
			Q1
			
		


			Sabana Shari'ah Compliant Industrial REIT
			
			
			M1GU
			
			
			25-Jul-19
			
			
			Estimated
			
			
			Q2
			
		


			Suntec REIT
			
			
			T82U
			
			
			26-Jul-19
			
			
			Confirmed
			
			
			Q2
			
		


			AIMS APAC REIT
			
			
			O5RU
			
			
			26-Jul-19
			
			
			Estimated
			
			
			Q1
			
		


			CapitaLand Retail China Trust
			
			
			AU8U
			
			
			26-Jul-19
			
			
			Estimated
			
			
			Q2
			
		


			CDL Hospitality Trusts
			
			
			J85
			
			
			26-Jul-19
			
			
			Estimated
			
			
			Q2
			
		


			Frasers Hospitality Trust
			
			
			ACV
			
			
			26-Jul-19
			
			
			Estimated
			
			
			Q3
			
		


			OUE Hospitality Trust
			
			
			SK7
			
			
			26-Jul-19
			
			
			Estimated
			
			
			Q2
			
		


			Starhill Global REIT
			
			
			P40U
			
			
			26-Jul-19
			
			
			Estimated
			
			
			FY19
			
		


			Mapletree North Asia Commercial Trust
			
			
			RW0U
			
			
			29-Jul-19
			
			
			Confirmed
			
			
			Q1
			
		


			Ascendas REIT
			
			
			A17U
			
			
			30-Jul-19
			
			
			Estimated
			
			
			Q1
			
		


			Parkway Life REIT
			
			
			C2PU
			
			
			31-Jul-19
			
			
			Confirmed
			
			
			Q2
			
		


			Far East Hospitality Trust
			
			
			Q5T
			
			
			31-Jul-19
			
			
			Estimated
			
			
			Q2
			
		


			Frasers Logistics &amp; Industrial
			
			
			BUOU
			
			
			1-Aug-19
			
			
			Estimated
			
			
			Q3
			
		


			Ascendas Hospitality Trust
			
			
			Q1P
			
			
			2-Aug-19
			
			
			Estimated
			
			
			Q1
			
		


			Lippo Malls Indonesia Retail Trust
			
			
			D5IU
			
			
			2-Aug-19
			
			
			Estimated
			
			
			Q2
			
		


			OUE Commercial REIT
			
			
			TS0U
			
			
			2-Aug-19
			
			
			Estimated
			
			
			Q2
			
		


			RHT Health Trust
			
			
			RF1U
			
			
			2-Aug-19
			
			
			Estimated
			
			
			Q1
			
		


			Manulife US REIT
			
			
			BTOU
			
			
			5-Aug-19
			
			
			Estimated
			
			
			Q2
			
		


			EC World REIT
			
			
			BWCU
			
			
			7-Aug-19
			
			
			Estimated
			
			
			Q2
			
		

Source: Bloomberg &amp; SGX (data as of 10 July 2019)

Performances of iEdge S-REIT Index Constituents

The iEdge S-REIT Index has 36 constituents with a combined market capitalisation of S$98 billion. These constituents averaged a total return of 23.1% in the 2019 year-to-date, bringing their one-year and three-year total returns to 20.1% and 41.9% respectively.

The table below details the constituents of the iEdge S-REIT Index, sorted by market capitalisation.




			Name
			
			
			SGX Code
			
			
			Market Cap (S$M)
			
			
			Total Return YTD (%)
			
			
			Total Return 1Y (%)
			
			
			Total Return 3Y (%)
			
			
			PB (x)
			
			
			Div Yld (%)
			
		


			CapitaLand Mall Trust
			
			
			C38U
			
			
			9774
			
			
			19.4
			
			
			33.5
			
			
			43.0
			
			
			1.1
			
			
			4.3
			
		


			Ascendas REIT
			
			
			A17U
			
			
			9618
			
			
			23.5
			
			
			20.8
			
			
			50.0
			
			
			1.2
			
			
			5.3
			
		


			CapitaLand Commercial Trust
			
			
			C61U
			
			
			8212
			
			
			28.1
			
			
			29.4
			
			
			73.0
			
			
			1.0
			
			
			4.0
			
		


			Mapletree Commercial Trust
			
			
			N2IU
			
			
			5905
			
			
			26.8
			
			
			32.8
			
			
			65.3
			
			
			1.1
			
			
			4.5
			
		


			Mapletree Logistics Trust
			
			
			M44U
			
			
			5815
			
			
			30.7
			
			
			30.1
			
			
			90.5
			
			
			1.0
			
			
			5.1
			
		


			Suntec REIT
			
			
			T82U
			
			
			5478
			
			
			13.6
			
			
			12.9
			
			
			28.8
			
			
			0.9
			
			
			5.0
			
		


			Mapletree Industrial Trust
			
			
			ME8U
			
			
			4634
			
			
			23.6
			
			
			22.9
			
			
			53.7
			
			
			1.4
			
			
			5.3
			
		


			Mapletree North Asia Commercial Trust
			
			
			RW0U
			
			
			4582
			
			
			30.2
			
			
			32.5
			
			
			75.3
			
			
			0.8
			
			
			5.4
			
		


			Keppel REIT
			
			
			K71U
			
			
			4287
			
			
			13.1
			
			
			17.9
			
			
			38.0
			
			
			0.8
			
			
			4.4
			
		


			Frasers Centrepoint Trust
			
			
			J69U
			
			
			2929
			
			
			25.5
			
			
			26.6
			
			
			49.2
			
			
			1.1
			
			
			4.1
			
		


			SPH REIT
			
			
			SK6U
			
			
			2871
			
			
			14.0
			
			
			17.2
			
			
			37.8
			
			
			1.1
			
			
			5.1
			
		


			Ascott Residence Trust
			
			
			A68U
			
			
			2827
			
			
			24.5
			
			
			27.0
			
			
			44.6
			
			
			0.8
			
			
			6.1
			
		


			Frasers Logistics &amp; Industrial Trust
			
			
			BUOU
			
			
			2534
			
			
			25.1
			
			
			23.4
			
			
			58.0
			
			
			1.2
			
			
			6.3
			
		


			Keppel DC REIT
			
			
			AJBU
			
			
			2258
			
			
			26.9
			
			
			24.9
			
			
			70.7
			
			
			1.5
			
			
			4.4
			
		


			CDL Hospitality REIT
			
			
			J85
			
			
			1991
			
			
			16.5
			
			
			9.3
			
			
			41.4
			
			
			1.1
			
			
			6.0
			
		


			ESR-REIT
			
			
			J91U
			
			
			1825
			
			
			11.5
			
			
			16.4
			
			
			23.9
			
			
			0.8
			
			
			6.7
			
		


			Parkway Life REIT
			
			
			C2PU
			
			
			1821
			
			
			17.1
			
			
			15.5
			
			
			33.8
			
			
			1.6
			
			
			4.4
			
		


			Starhill Global REIT
			
			
			P40U
			
			
			1712
			
			
			19.0
			
			
			27.7
			
			
			20.8
			
			
			0.8
			
			
			5.6
			
		


			Manulife US REIT
			
			
			BTOU
			
			
			1669
			
			
			21.4
			
			
			11.9
			
			
			37.2
			
			
			1.2
			
			
			5.9
			
		


			CapitaLand Retail China Trust
			
			
			AU8U
			
			
			1588
			
			
			20.9
			
			
			13.7
			
			
			29.5
			
			
			1.0
			
			
			6.1
			
		


			OUE Commercial REIT
			
			
			TS0U
			
			
			1518
			
			
			18.2
			
			
			-6.9
			
			
			7.7
			
			
			0.6
			
			
			6.1
			
		


			Frasers Commercial Trust
			
			
			ND8U
			
			
			1504
			
			
			25.2
			
			
			27.7
			
			
			56.9
			
			
			0.9
			
			
			5.8
			
		


			Ascendas India Trust
			
			
			CY6U
			
			
			1449
			
			
			32.5
			
			
			43.6
			
			
			67.3
			
			
			1.1
			
			
			5.4
			
		


			Frasers Hospitality Trust
			
			
			ACV
			
			
			1354
			
			
			5.3
			
			
			12.1
			
			
			18.7
			
			
			0.9
			
			
			6.3
			
		


			OUE Hospitality Trust
			
			
			SK7
			
			
			1339
			
			
			12.8
			
			
			0.2
			
			
			27.4
			
			
			1.1
			
			
			6.5
			
		


			Far East Hospitality Trust
			
			
			Q5T
			
			
			1295
			
			
			14.9
			
			
			14.9
			
			
			32.5
			
			
			0.8
			
			
			5.4
			
		


			Ascendas Hospitality Trust
			
			
			Q1P
			
			
			1194
			
			
			41.2
			
			
			40.8
			
			
			85.9
			
			
			0.9
			
			
			6.1
			
		


			AIMS APAC REIT
			
			
			O5RU
			
			
			1026
			
			
			15.5
			
			
			13.9
			
			
			29.9
			
			
			1.0
			
			
			7.4
			
		


			Cache Logistics Trust
			
			
			K2LU
			
			
			852
			
			
			18.4
			
			
			11.3
			
			
			21.8
			
			
			1.1
			
			
			7.7
			
		


			First REIT
			
			
			AW9U
			
			
			840
			
			
			12.3
			
			
			-12.6
			
			
			2.2
			
			
			1.3
			
			
			8.1
			
		


			Lippo Malls Indonesia Retail Trust
			
			
			D5IU
			
			
			680
			
			
			34.4
			
			
			-19.1
			
			
			-13.7
			
			
			1.0
			
			
			8.2
			
		


			Soilbuild Business Space REIT
			
			
			SV3U
			
			
			659
			
			
			11.6
			
			
			3.0
			
			
			19.3
			
			
			1.0
			
			
			7.7
			
		


			EC World REIT
			
			
			BWCU
			
			
			605
			
			
			14.6
			
			
			17.3
			
			
			17.1
			
			
			0.8
			
			
			7.9
			
		


			IREIT Global
			
			
			UD1U
			
			
			495
			
			
			11.7
			
			
			10.0
			
			
			33.1
			
			
			1.1
			
			
			7.3
			
		


			Sabana Shari'ah Comp Ind REIT
			
			
			M1GU
			
			
			484
			
			
			22.1
			
			
			12.4
			
			
			24.7
			
			
			0.8
			
			
			6.5
			
		


			RHT Health Trust^
			
			
			RF1U
			
			
			15
			
			
			109.2
			
			
			109.1
			
			
			113.9
			
			
			0.9
			
			
			NA
			
		


			Average
			
			 
			 
			
			23.1
			
			
			20.1
			
			
			41.9
			
			
			1.0
			
			
			5.9
			
		

Source: Bloomberg &amp; StockFacts (data as of 10 July 2019) 
*Manulife US REIT is traded in USD, IREIT Global is traded in EUR, with their SGD equivalents shown in the table. 
^Note: RHT Health Trust is a pure cash trust.



<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
Singapore REITs was the top net buy sector in 6M2019, drawing net institutional inflows of S$396.3 million over the period. In June, S-REITs was the top net buy sector, attracting inflows of S$223.1 million, with CapitaLand Commercial Trust topping the net buy list. 
	 </li>
	<li>
Of the 34 REITs listed on SGX, 10 are engaged in the acquisition, development, ownership, leasing, management and operation of office properties located in Asia-Pacific, Europe and the US. These 10 office REITs have a market cap of more than S$30 billion. 
	 </li>
	<li>Among the 10 commercial REITs, six own Singapore office assets. In Jan-June 2019, the three best performers among the six were: Mapletree Commercial Trust (+29.9%), CapitaLand Commercial Trust (+26.9%) and Frasers Commercial Trust (+26.0%). The trio averaged a YTD total return of 27.6%.</li>
</ul>
Singapore Exchange lists 34 REITs, seven stapled trusts and three property trusts with a combined market cap of over S$100 billion. Two stapled trusts – ARA US Hospitality Trust and Eagle Hospitality Trust – listed on SGX in May.

Singapore REITs was the top net buy sector in the first six months of 2019, drawing net institutional inflows of S$396.3 million over the period. S-REITs was the top net buy sector in June, after being May’s second top net buy sector. CapitaLand Commercial Trust topped the institutional net buy list in June, drawing inflows of S$58.6 million.
<figure>
 <img src="https://api2.sgx.com/sites/default/files/2019-07/Institutional%20Flows%20for%20S-REITs%20%28June%29.png" alt="Institutional Flows for S-REITs ">
 </figure>
 <div class="content-caption">Institutional Flows for S-REITs </div>
Source: SGX data

Of the 34 REITs on SGX, 10 are engaged in the acquisition, development, ownership, leasing, management and operation of office properties, located in Singapore, Malaysia, South Korea, Australia, Europe, and the United States. These 10 commercial/office REITs have a combined market cap of more than S$30 billion. Among them, Mapletree Commercial Trust and Suntec REIT also have retail assets in their portfolios.

Among them are six REITs with Singapore office assets: CapitaLand Commercial Trust, Mapletree Commercial Trust, Suntec REIT, Keppel REIT, Frasers Commercial Trust and OUE Commercial REIT. Over January-June 2019, the three best performers among the six were: Mapletree Commercial Trust (+29.9%), CapitaLand Commercial Trust (+26.9%) and Frasers Commercial Trust (+26.0%). The trio averaged a YTD total return of 27.6% and a 12-month dividend indicated yield of 4.7%.

The table below details the six REITs with Singapore office assets, sorted by YTD total return.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Market Cap (S$M)
			</td>
			<td>
			Total Return YTD (%)
			</td>
			<td>
			Total Return 1Y (%)
			</td>
			<td>
			Total Return 3Y (%)
			</td>
			<td>
			12M Div Ind Yld (%)
			</td>
			<td>
			P/B (x)
			</td>
		</tr>
<tr>
<td>
			MAPLETREE COMMERCIAL TRUST*
			</td>
			<td>
			N2IU
			</td>
			<td>
			5,963
			</td>
			<td>
			29.9
			</td>
			<td>
			41.3
			</td>
			<td>
			66.3
			</td>
			<td>
			4.4
			</td>
			<td>
			1.1
			</td>
		</tr>
<tr>
<td>
			CAPITALAND COMMERCIAL TRUST
			</td>
			<td>
			C61U
			</td>
			<td>
			8,100
			</td>
			<td>
			26.9
			</td>
			<td>
			36.9
			</td>
			<td>
			79.3
			</td>
			<td>
			4.0
			</td>
			<td>
			1.0
			</td>
		</tr>
<tr>
<td>
			FRASERS COMMERCIAL TRUST
			</td>
			<td>
			ND8U
			</td>
			<td>
			1,522
			</td>
			<td>
			26.0
			</td>
			<td>
			30.3
			</td>
			<td>
			63.8
			</td>
			<td>
			5.8
			</td>
			<td>
			0.9
			</td>
		</tr>
<tr>
<td>
			KEPPEL REIT
			</td>
			<td>
			K71U
			</td>
			<td>
			4,287
			</td>
			<td>
			13.1
			</td>
			<td>
			20.1
			</td>
			<td>
			43.0
			</td>
			<td>
			4.3
			</td>
			<td>
			0.8
			</td>
		</tr>
<tr>
<td>
			OUE COMMERCIAL REIT
			</td>
			<td>
			TS0U
			</td>
			<td>
			1,461
			</td>
			<td>
			12.6
			</td>
			<td>
			-11.9
			</td>
			<td>
			5.1
			</td>
			<td>
			6.4
			</td>
			<td>
			0.6
			</td>
		</tr>
<tr>
<td>
			SUNTEC REIT
			</td>
			<td>
			T82U
			</td>
			<td>
			5,422
			</td>
			<td>
			12.4
			</td>
			<td>
			17.5
			</td>
			<td>
			33.3
			</td>
			<td>
			5.0
			</td>
			<td>
			0.9
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			20.2
			</td>
			<td>
			22.4
			</td>
			<td>
			48.5
			</td>
			<td>
			5.0
			</td>
			<td>
			0.9
			</td>
		</tr>
</tbody></table>
Source: Bloomberg &amp; StockFacts (data as of 28 June 2019) 
*Note: VivoCity mall accounts for 48% of the trust’s FY18/19 gross revenue

Office Rentals Seen Climbing Amidst Tapering Supply

According to a <a href="https://research.sginvestors.io/2019/05/office-reits-uob-kay-hian-research-2019-05-30.html">report</a> dated 30 May 2019 by UOB-Kay Hian Research, Singapore’s office market, which bottomed out in the first half of 2017, is now in its second year of recovery, and continued upside for office rentals will likely be supported by tapering supply.

Occupancy for Grade A office space within the core Central Business District has seen a V-shaped recovery, rebounding to a healthy 95.2% in 1Q 2019 from the trough of 91.6% in 3Q 2017, the report noted.

New supply for core CBD office space in the city-state is estimated at 5.33 million square feet between 2019 and 2022, representing an average of 1.36 million square feet per annum, 29% below the 10-year average of 1.91 million square feet, it added.

Likewise, in a 21 June 2019 <a href="https://www.colliers.com/en-gb/singapore/about/media/2019-06-21-top-micro-markets-sg">report</a>, Colliers International projected that rents for Grade A office buildings in Singapore’s CBD will rise by 8% this year and 5% in 2020.  It expects new supply in 2019-2021 to average 614,000 square feet per annum or 2% of stock, versus 5% over the past five years. This is anticipated to keep vacancies tight in 2019 through 2021, the report added.

It also noted that growth of the technology, media and telecoms (TMT) and flexible workspace sectors has accounted for most of the net absorption of office space in 2018 and the 2019 year-to-date.
</body></html>





Singapore REITs was the top net buy sector in 6M2019, drawing net institutional inflows of S$396.3 million over the period. In June, S-REITs was the top net buy sector, attracting inflows of S$223.1 million, with CapitaLand Commercial Trust topping the net buy list. 
	 
	
Of the 34 REITs listed on SGX, 10 are engaged in the acquisition, development, ownership, leasing, management and operation of office properties located in Asia-Pacific, Europe and the US. These 10 office REITs have a market cap of more than S$30 billion. 
	 
	Among the 10 commercial REITs, six own Singapore office assets. In Jan-June 2019, the three best performers among the six were: Mapletree Commercial Trust (+29.9%), CapitaLand Commercial Trust (+26.9%) and Frasers Commercial Trust (+26.0%). The trio averaged a YTD total return of 27.6%.

Singapore Exchange lists 34 REITs, seven stapled trusts and three property trusts with a combined market cap of over S$100 billion. Two stapled trusts – ARA US Hospitality Trust and Eagle Hospitality Trust – listed on SGX in May.

Singapore REITs was the top net buy sector in the first six months of 2019, drawing net institutional inflows of S$396.3 million over the period. S-REITs was the top net buy sector in June, after being May’s second top net buy sector. CapitaLand Commercial Trust topped the institutional net buy list in June, drawing inflows of S$58.6 million.

      
    
    Institutional Flows for S-REITs 
Source: SGX data

Of the 34 REITs on SGX, 10 are engaged in the acquisition, development, ownership, leasing, management and operation of office properties, located in Singapore, Malaysia, South Korea, Australia, Europe, and the United States. These 10 commercial/office REITs have a combined market cap of more than S$30 billion. Among them, Mapletree Commercial Trust and Suntec REIT also have retail assets in their portfolios.

Among them are six REITs with Singapore office assets: CapitaLand Commercial Trust, Mapletree Commercial Trust, Suntec REIT, Keppel REIT, Frasers Commercial Trust and OUE Commercial REIT. Over January-June 2019, the three best performers among the six were: Mapletree Commercial Trust (+29.9%), CapitaLand Commercial Trust (+26.9%) and Frasers Commercial Trust (+26.0%). The trio averaged a YTD total return of 27.6% and a 12-month dividend indicated yield of 4.7%.

The table below details the six REITs with Singapore office assets, sorted by YTD total return.




			Name
			
			
			SGX Code
			
			
			Market Cap (S$M)
			
			
			Total Return YTD (%)
			
			
			Total Return 1Y (%)
			
			
			Total Return 3Y (%)
			
			
			12M Div Ind Yld (%)
			
			
			P/B (x)
			
		


			MAPLETREE COMMERCIAL TRUST*
			
			
			N2IU
			
			
			5,963
			
			
			29.9
			
			
			41.3
			
			
			66.3
			
			
			4.4
			
			
			1.1
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			C61U
			
			
			8,100
			
			
			26.9
			
			
			36.9
			
			
			79.3
			
			
			4.0
			
			
			1.0
			
		


			FRASERS COMMERCIAL TRUST
			
			
			ND8U
			
			
			1,522
			
			
			26.0
			
			
			30.3
			
			
			63.8
			
			
			5.8
			
			
			0.9
			
		


			KEPPEL REIT
			
			
			K71U
			
			
			4,287
			
			
			13.1
			
			
			20.1
			
			
			43.0
			
			
			4.3
			
			
			0.8
			
		


			OUE COMMERCIAL REIT
			
			
			TS0U
			
			
			1,461
			
			
			12.6
			
			
			-11.9
			
			
			5.1
			
			
			6.4
			
			
			0.6
			
		


			SUNTEC REIT
			
			
			T82U
			
			
			5,422
			
			
			12.4
			
			
			17.5
			
			
			33.3
			
			
			5.0
			
			
			0.9
			
		


			Average
			
			
			 
			
			
			 
			
			
			20.2
			
			
			22.4
			
			
			48.5
			
			
			5.0
			
			
			0.9
			
		

Source: Bloomberg &amp; StockFacts (data as of 28 June 2019) 
*Note: VivoCity mall accounts for 48% of the trust’s FY18/19 gross revenue

Office Rentals Seen Climbing Amidst Tapering Supply

According to a report dated 30 May 2019 by UOB-Kay Hian Research, Singapore’s office market, which bottomed out in the first half of 2017, is now in its second year of recovery, and continued upside for office rentals will likely be supported by tapering supply.

Occupancy for Grade A office space within the core Central Business District has seen a V-shaped recovery, rebounding to a healthy 95.2% in 1Q 2019 from the trough of 91.6% in 3Q 2017, the report noted.

New supply for core CBD office space in the city-state is estimated at 5.33 million square feet between 2019 and 2022, representing an average of 1.36 million square feet per annum, 29% below the 10-year average of 1.91 million square feet, it added.

Likewise, in a 21 June 2019 report, Colliers International projected that rents for Grade A office buildings in Singapore’s CBD will rise by 8% this year and 5% in 2020.  It expects new supply in 2019-2021 to average 614,000 square feet per annum or 2% of stock, versus 5% over the past five years. This is anticipated to keep vacancies tight in 2019 through 2021, the report added.

It also noted that growth of the technology, media and telecoms (TMT) and flexible workspace sectors has accounted for most of the net absorption of office space in 2018 and the 2019 year-to-date.



Three Best-Performing Singapore Office REITs Returned 28% in YTD





Real Estate, Manufacturing and Food &amp; Beverage stocks made up close to half of Singapore’s top 200 stocks by turnover in the first 5 months of 2019. The stocks representing tech–laden Manufacturing were the best performers in 2019 YTD and preceding two years, with F&amp;B the best performer in 2016. 
	 
	
Distinct drivers of the three sectors included interest rate outlooks and property prices for Real Estate, technological advancements, value chain integration and global trade for Manufacturing while incomes, tastes, preferences and tourism drove Food &amp; Beverage sales.  
	 
	
Real estate stocks showed the most consistency in returns, with the least standard deviation amongst the individual stock performances, followed by food &amp; beverage stocks, with the individual manufacturing stocks showing the most performance deviation in past years.  
	 
	Returns amongst the relevant 23 manufacturing stocks have been more constant in the 2019 YTD, with the 18% average total return generated by  19 gainers and four decliners, and a median total return of 19%. Hi-P Int, Frencken &amp; Sunpower led the manufacturers over the 23 weeks. 

As 2019 rapidly approaches the halftime mark of 30 June, clear drivers of investor sentiment in the year thus far have included concerns of global growth deceleration at home and abroad, resumption of trade frictions amongst the world’s two largest economies in early May, and a more dovish outlook for US interest rates.

In Singapore, the Straits Times index (“STI”) has generated  a total return of 6.8% in the 2019 year-to-date, in-line with the FTSE ASEAN All Share Index which has gained 7.4%. 

Looking beyond the STI, the 200 most actively traded stocks have generated an average total return of 8.0%. This does not include the average total returns of RHT Health Trust, Memtech International and Indofood Agri Resources which averaged 89.2% gains on premium cash offers for these businesses.

60 Real Estate Stocks Amongst Top 200 Stocks by Turnover 

Singapore’s strong property and infrastructure fundamentals have provided beachheads for Singapore’s listed Real Estate Sector. For the first five months of 2019, the 60 Real Estate stocks amongst the 200 most active traded stocks by turnover accounted for the most day-to-day market turnover, which was followed by Financial Services. As discussed recently (click here) this year Singapore REITs have attracted investment flows from global funds which has included private equity funds.

The 23 manufacturing stocks that were amongst the 200 stocks by turnover accounted for the most day-to-day turnover after the 11 financial services stocks. After Real Estate’s 60 stocks, the 23 manufacturing stocks led by the likes of Yangzijiang Shipbuilding, Venture Corporation and Singapore Tech Engineering, contributed the next most number of stocks in the top 200 by turnover. Note these manufacturing stocks do not include Food Manufacturers or Processors, and span diverse business from advanced electronics to healthcare products.

With Food and Beverage (“F&amp;B”) contributing 14 stocks to the top 200 by turnover, and the next highest number of stocks after Manufacturing, the three sectors of Real Estate, Manufacturing and F&amp;B together made up 97 stocks. This was close to half the top 200 stocks by turnover. The average total returns of the three genres of stocks over recent years are illustrated in the chart below. 

      
    
    Total Returns of Three Genres
The average total returns illustrated above were built on various levels of consistency across the performances of each of the Sector’s stocks. For instance, the 60 real estate stocks showed the most consistency, with the least standard deviation amongst the individual stock performances in all four time periods.

This was followed by F&amp;B, which saw more consistency in the performances across its relevant 14 stocks than Manufacturing over the past three years ending 2018. As noted above, Singapore manufacturing stocks span a wide range of industries, with the diversification exponentiated by the geographical reach of these businesses. This was a contributing factor to the individual manufacturing stocks showing the most performance deviation over the preceding three years.  However, in the 2019 year to date, performances across manufacturing stocks have seen marginally less deviation than the F&amp;B stocks. 

The comparative performances of the relevant stocks are tabled below, with each table sorted by stocks with the most turnover over the first five months of 2019.  The 60 real estate stocks maintain a combined market capitalisation of S$175 billion, the 23 manufacturing stocks maintain a total market capitalisation of S$35 billion and the 14 F&amp;B stocks maintain a total market capitalisation of S$60 billion. Note the designated F&amp;B stocks do not include Palm Oil producers.




			Real Estate
			
			
			Stock

			Code
			
			
			2016 TR %
			
			
			2017 TR %
			
			
			TR 2018 %
			
			
			2019 TR to 11 June %
			
		


			ASCENDAS REAL ESTATE INV TRT
			
			
			A17U
			
			
			4.6
			
			
			27.4
			
			
			0.3
			
			
			18.7
			
		


			CAPITALAND
			
			
			C31
			
			
			-7.2
			
			
			20.1
			
			
			-9.0
			
			
			13.4
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			C61U
			
			
			16.6
			
			
			42.1
			
			
			-5.0
			
			
			19.3
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			3.0
			
			
			19.5
			
			
			12.7
			
			
			16.3
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			10.8
			
			
			38.7
			
			
			1.5
			
			
			24.9
			
		


			HONGKONG LAND HOLDINGS
			
			
			H78
			
			
			-4.8
			
			
			5.5
			
			
			-6.1
			
			
			10.8
			
		


			CITY DEVELOPMENTS
			
			
			C09
			
			
			10.3
			
			
			53.1
			
			
			-33.8
			
			
			12.9
			
		


			SUNTEC REIT
			
			
			T82U
			
			
			13.2
			
			
			37.6
			
			
			-12.8
			
			
			9.5
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			N2IU
			
			
			14.9
			
			
			23.0
			
			
			7.6
			
			
			25.5
			
		


			UOL GROUP
			
			
			U14
			
			
			-1.5
			
			
			51.2
			
			
			-28.8
			
			
			18.7
			
		


			MAPLETREE NORTH ASIA COMMERC
			
			
			RW0U
			
			
			11.7
			
			
			38.3
			
			
			-1.1
			
			
			22.9
			
		


			KEPPEL REIT
			
			
			K71U
			
			
			17.0
			
			
			30.1
			
			
			-5.2
			
			
			11.3
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			15.8
			
			
			32.2
			
			
			-0.7
			
			
			15.5
			
		


			FRASERS LOGISTICS &amp; INDUSTRI
			
			
			BUOU
			
			
			0.0
			
			
			34.0
			
			
			-4.2
			
			
			19.1
			
		


			KEPPEL DC REIT
			
			
			AJBU
			
			
			26.1
			
			
			27.0
			
			
			-0.7
			
			
			24.6
			
		


			FRASERS CENTREPOINT TRUST
			
			
			J69U
			
			
			9.1
			
			
			24.8
			
			
			2.2
			
			
			20.3
			
		


			ASCOTT RESIDENCE TRUST
			
			
			A68U
			
			
			2.4
			
			
			20.2
			
			
			-6.1
			
			
			22.6
			
		


			FRASERS COMMERCIAL TRUST
			
			
			ND8U
			
			
			7.0
			
			
			27.1
			
			
			-1.7
			
			
			17.7
			
		


			CDL HOSPITALITY TRUSTS
			
			
			J85
			
			
			8.7
			
			
			39.9
			
			
			-8.6
			
			
			13.6
			
		


			YANLORD LAND GROUP
			
			
			Z25
			
			
			33.1
			
			
			25.6
			
			
			-21.6
			
			
			7.9
			
		


			CAPITALAND RETAIL CHINA TRUS
			
			
			AU8U
			
			
			-1.0
			
			
			29.4
			
			
			-12.5
			
			
			16.3
			
		


			ESR-REIT
			
			
			J91U
			
			
			3.6
			
			
			12.0
			
			
			-1.8
			
			
			12.7
			
		


			CROMWELL EUROPEAN REIT
			
			
			CNNU
			
			
			0.0
			
			
			0.0
			
			
			-13.3
			
			
			16.0
			
		


			STARHILL GLOBAL REIT
			
			
			P40U
			
			
			4.7
			
			
			11.6
			
			
			-6.5
			
			
			13.7
			
		


			YING LI INTERNATIONAL REAL E
			
			
			5DM
			
			
			-10.2
			
			
			1.3
			
			
			-23.2
			
			
			20.7
			
		


			CACHE LOGISTICS TRUST
			
			
			K2LU
			
			
			-3.5
			
			
			19.0
			
			
			-12.2
			
			
			12.4
			
		


			FAR EAST HOSPITALITY TRUST
			
			
			Q5T
			
			
			-3.1
			
			
			27.9
			
			
			-10.8
			
			
			9.8
			
		


			MANULIFE US REAL ESTATE INV
			
			
			BTOU
			
			
			0.0
			
			
			18.3
			
			
			-7.2
			
			
			18.5
			
		


			ASCENDAS INDIA TRUST
			
			
			CY6U
			
			
			23.3
			
			
			19.1
			
			
			0.2
			
			
			27.7
			
		


			OUE HOSPITALITY TRUST
			
			
			SK7
			
			
			-1.1
			
			
			38.2
			
			
			-16.0
			
			
			6.6
			
		


			SASSEUR REAL ESTATE INVESTME
			
			
			CRPU
			
			
			0.0
			
			
			0.0
			
			
			0.0
			
			
			31.7
			
		


			OXLEY HOLDINGS
			
			
			5UX
			
			
			1.0
			
			
			71.9
			
			
			-44.7
			
			
			8.0
			
		


			SPH REIT
			
			
			SK6U
			
			
			5.4
			
			
			16.8
			
			
			0.6
			
			
			7.8
			
		


			APAC REALTY
			
			
			CLN
			
			
			0.0
			
			
			0.0
			
			
			-46.4
			
			
			27.8
			
		


			HONG FOK CORP
			
			
			H30
			
			
			-2.4
			
			
			38.2
			
			
			-19.9
			
			
			23.9
			
		


			ASCENDAS HOSPITALITY TRUST
			
			
			Q1P
			
			
			2.9
			
			
			30.8
			
			
			-3.6
			
			
			25.8
			
		


			LIPPO MALLS INDONESIA RETAIL
			
			
			D5IU
			
			
			27.3
			
			
			17.5
			
			
			-50.6
			
			
			28.6
			
		


			WING TAI HOLDINGS
			
			
			W05
			
			
			-6.1
			
			
			47.1
			
			
			-11.8
			
			
			5.2
			
		


			KEPPEL-KBS US REIT
			
			
			CMOU
			
			
			0.0
			
			
			0.0
			
			
			-23.9
			
			
			28.3
			
		


			FRASERS HOSPITALITY TRUST
			
			
			ACV
			
			
			-1.8
			
			
			29.3
			
			
			-4.7
			
			
			4.6
			
		


			AIMS APAC REIT
			
			
			O5RU
			
			
			3.4
			
			
			13.5
			
			
			3.9
			
			
			10.1
			
		


			ACCORDIA GOLF TRUST
			
			
			ADQU
			
			
			31.0
			
			
			17.0
			
			
			-21.1
			
			
			11.1
			
		


			OUE COMMERCIAL REAL ESTATE I
			
			
			TS0U
			
			
			14.6
			
			
			11.0
			
			
			-22.6
			
			
			9.3
			
		


			SOILBUILD BUSINESS SPACE REI
			
			
			SV3U
			
			
			-8.7
			
			
			14.2
			
			
			-6.2
			
			
			8.9
			
		


			OUE
			
			
			LJ3
			
			
			0.5
			
			
			8.2
			
			
			-22.2
			
			
			12.2
			
		


			FRASERS PROPERTY
			
			
			TQ5
			
			
			-1.2
			
			
			39.0
			
			
			-17.4
			
			
			15.1
			
		


			SABANA SHARIAH COMP IND REIT
			
			
			M1GU
			
			
			-33.5
			
			
			12.2
			
			
			6.8
			
			
			18.2
			
		


			TUAN SING HOLDINGS
			
			
			T24
			
			
			-10.6
			
			
			60.8
			
			
			-18.9
			
			
			2.3
			
		


			GUOCOLAND
			
			
			F17
			
			
			4.4
			
			
			28.1
			
			
			-16.3
			
			
			10.0
			
		


			EC WORLD REIT
			
			
			BWCU
			
			
			0.0
			
			
			8.0
			
			
			-1.2
			
			
			16.1
			
		


			DASIN RETAIL TRUST
			
			
			CEDU
			
			
			0.0
			
			
			0.0
			
			
			7.3
			
			
			5.4
			
		


			BUKIT SEMBAWANG ESTATES
			
			
			B61
			
			
			6.7
			
			
			47.1
			
			
			-7.0
			
			
			-1.4
			
		


			IREIT GLOBAL
			
			
			UD1U
			
			
			12.9
			
			
			17.3
			
			
			0.8
			
			
			8.1
			
		


			HO BEE LAND
			
			
			H13
			
			
			3.8
			
			
			24.3
			
			
			0.1
			
			
			4.5
			
		


			PROPNEX
			
			
			OYY
			
			
			0.0
			
			
			0.0
			
			
			0.0
			
			
			18.2
			
		


			UNITED INDUSTRIAL CORP
			
			
			U06
			
			
			-2.8
			
			
			20.6
			
			
			-16.8
			
			
			8.9
			
		


			FORTUNE REIT
			
			
			F25U
			
			
			17.5
			
			
			8.0
			
			
			-0.4
			
			
			23.6
			
		


			BOUSTEAD SINGAPORE
			
			
			F9D
			
			
			-0.6
			
			
			9.8
			
			
			-3.4
			
			
			-2.5
			
		


			SINGHAIYI GROUP
			
			
			5H0
			
			
			-13.4
			
			
			30.7
			
			
			-22.5
			
			
			11.8
			
		


			CENTURION CORP
			
			
			OU8
			
			
			-10.7
			
			
			65.9
			
			
			-16.5
			
			
			1.1
			
		


			Average:
			
			
			 
			
			
			4.1
			
			
			24.7
			
			
			-10.0
			
			
			14.7
			
		

 




			Manufacturing
			
			
			Stock

			Code
			
			
			2016 TR %
			
			
			2017 TR %
			
			
			TR 2018 %
			
			
			2019 TR to 11 June %
			
		


			YANGZIJIANG SHIPBUILDING
			
			
			BS6
			
			
			-22.3
			
			
			86.3
			
			
			-11.4
			
			
			19.2
			
		


			VENTURE CORP
			
			
			V03
			
			
			28.0
			
			
			115.4
			
			
			-29.1
			
			
			19.1
			
		


			SINGAPORE TECH ENGINEERING
			
			
			S63
			
			
			12.3
			
			
			5.0
			
			
			11.8
			
			
			20.3
			
		


			AEM HOLDINGS
			
			
			AWX
			
			
			195.3
			
			
			498.6
			
			
			1.5
			
			
			22.4
			
		


			SEMBCORP MARINE
			
			
			S51
			
			
			-19.3
			
			
			34.9
			
			
			-15.9
			
			
			-1.9
			
		


			HI-P INTERNATIONAL
			
			
			H17
			
			
			4.6
			
			
			326.5
			
			
			-50.8
			
			
			57.1
			
		


			VALUETRONICS HOLDINGS
			
			
			BN2
			
			
			34.3
			
			
			103.5
			
			
			-22.8
			
			
			-2.3
			
		


			SUNPOWER GROUP
			
			
			5GD
			
			
			57.4
			
			
			-11.6
			
			
			-27.6
			
			
			53.0
			
		


			CREATIVE TECHNOLOGY
			
			
			C76
			
			
			-11.9
			
			
			10.9
			
			
			254.2
			
			
			0.5
			
		


			FRENCKEN GROUP
			
			
			E28
			
			
			30.3
			
			
			132.4
			
			
			-18.9
			
			
			53.9
			
		


			HAW PAR CORP
			
			
			H02
			
			
			14.9
			
			
			27.2
			
			
			7.9
			
			
			18.8
			
		


			SUNNINGDALE TECH
			
			
			BHQ
			
			
			22.4
			
			
			83.6
			
			
			-21.9
			
			
			-2.8
			
		


			FU YU CORP
			
			
			F13
			
			
			27.2
			
			
			6.6
			
			
			10.1
			
			
			13.2
			
		


			SARINE TECHNOLOGIES
			
			
			U77
			
			
			20.9
			
			
			-42.4
			
			
			-52.0
			
			
			-29.2
			
		


			RIVERSTONE HOLDINGS
			
			
			AP4
			
			
			-25.0
			
			
			25.6
			
			
			7.9
			
			
			-17.9
			
		


			INNOTEK
			
			
			M14
			
			
			48.6
			
			
			32.7
			
			
			18.3
			
			
			30.0
			
		


			MANUFACTURING INTEGRATION TE
			
			
			M11
			
			
			-25.7
			
			
			48.3
			
			
			18.1
			
			
			22.0
			
		


			CHUAN HUP HOLDINGS
			
			
			C33
			
			
			-15.7
			
			
			37.5
			
			
			-3.7
			
			
			32.1
			
		


			JEP HOLDINGS
			
			
			1J4
			
			
			-31.0
			
			
			86.2
			
			
			-3.6
			
			
			12.6
			
		


			HANWELL HOLDINGS
			
			
			DM0
			
			
			-9.4
			
			
			31.3
			
			
			-43.6
			
			
			41.5
			
		


			MIYOSHI
			
			
			M03
			
			
			19.0
			
			
			62.8
			
			
			-39.6
			
			
			4.9
			
		


			AVARGA
			
			
			U09
			
			
			64.7
			
			
			1.8
			
			
			-23.4
			
			
			20.7
			
		


			HALCYON AGRI CORP
			
			
			5VJ
			
			
			-8.3
			
			
			-5.7
			
			
			-29.8
			
			
			24.4
			
		


			Average:
			
			
			 
			
			
			17.9
			
			
			73.8
			
			
			-2.8
			
			
			17.9
			
		

 




			F&amp;B
			
			
			Stock

			Code
			
			
			2016 TR %
			
			
			2017 TR %
			
			
			TR 2018 %
			
			
			2019 TR to 11 June %
			
		


			THAI BEVERAGE PCL
			
			
			Y92
			
			
			27.2
			
			
			11.3
			
			
			-31.7
			
			
			40.8
			
		


			WILMAR INTERNATIONAL
			
			
			F34
			
			
			25.0
			
			
			-12.1
			
			
			4.3
			
			
			10.8
			
		


			SATS
			
			
			S58
			
			
			30.9
			
			
			10.9
			
			
			-7.2
			
			
			8.2
			
		


			JAPFA
			
			
			UD2
			
			
			94.0
			
			
			-42.8
			
			
			44.6
			
			
			-19.6
			
		


			OLAM INTERNATIONAL
			
			
			O32
			
			
			12.2
			
			
			6.5
			
			
			-15.9
			
			
			15.7
			
		


			KOUFU GROUP
			
			
			VL6
			
			
			0.0
			
			
			0.0
			
			
			0.0
			
			
			14.8
			
		


			SINO GRANDNESS FOOD INDUSTRY
			
			
			T4B
			
			
			-33.8
			
			
			-8.9
			
			
			-38.2
			
			
			-61.0
			
		


			DELFI
			
			
			P34
			
			
			12.0
			
			
			-35.1
			
			
			-5.3
			
			
			-6.8
			
		


			QAF
			
			
			Q01
			
			
			37.8
			
			
			-16.4
			
			
			-45.0
			
			
			36.5
			
		


			JUMBO GROUP
			
			
			42R
			
			
			49.4
			
			
			-9.6
			
			
			-31.4
			
			
			1.7
			
		


			FRASER AND NEAVE
			
			
			F99
			
			
			2.8
			
			
			26.0
			
			
			-32.1
			
			
			4.4
			
		


			BREADTALK GROUP
			
			
			CTN
			
			
			5.4
			
			
			52.1
			
			
			-1.6
			
			
			-2.5
			
		


			JB FOODS
			
			
			BEW
			
			
			32.0
			
			
			69.2
			
			
			38.7
			
			
			11.3
			
		


			KIMLY
			
			
			1D0
			
			
			0.0
			
			
			0.0
			
			
			-30.6
			
			
			2.8
			
		


			Average:
			
			
			 
			
			
			21.1
			
			
			3.7
			
			
			-10.8
			
			
			4.1
			
		

Source: SGX StockFacts, Bloomberg (Data as of 11 June 2019). Note TR = Total Return which assumes dividends are reinvested.

Distinct drivers of the three sectors included interest rate outlooks and property prices for real estate, technological advancements, value chain integration and global trade for manufacturing while incomes, tastes, preferences and tourism drive F&amp;B sales.



Real Estate, Manufacturing and F&B Shares on the Move in 1H19    

Singapore

CapitaLand Commercial Trust (CCT or the Trust) was the first commercial (office) REIT listed on Singapore Exchange Securities Trading Limited (SGXST) with a market capitalisation of S$7.7 billion as at 31 December 2019. CCT aims to own and invest in quality, income producing commercial real estate and real estate-related assets, to secure stable earnings and ensure sustainable returns to unitholders of CCT (Unitholders). CCT remains predominantly focused in Singapore and the Manager has guided that CCT will look to invest in key gateway cities in other developed markets over time. CCT’s overseas exposure is currently in Germany and accounts for 8% of its portfolio property value. The total deposited properties of CCT was S$11.8 billion as at 31 December 2019, comprising a portfolio of 10 prime commercial properties in Singapore and Germany, including joint ventures.

Listed on SGX-ST since 11 May 2004, CCT was created through a distribution in specie by Singapore-listed CapitaLand Limited (CapitaLand) to its shareholders.

The Trust is managed by CapitaLand Commercial Trust Management Limited (CCTML, or the Manager), which is a wholly owned subsidiary of CapitaLand, one of Asia’s largest diversified real estate groups.

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