SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

ARA US Hospitality Trust / Equity Bottom-Up

<ul><li>Recent acquisitions made by CapitaLand India Trust and ARA US Hospitality Trust Singapore-listed real estate investment trust (S-Reit) acquisitions continue into 2023 with ARA US Hospitality Trust’s recent proposed acquisition of a Colorado Hilton-branded hotel in the US for US$29 million.</li><li>This was after CapitaLand India Trust (Clint) had announced two more acquisitions and a memorandum of understanding (MOU) in December 2022 to end the year.</li></ul>

Recent acquisitions made by CapitaLand India Trust and ARA US Hospitality Trust Singapore-listed real estate investment trust (S-Reit) acquisitions continue into 2023 with ARA US Hospitality Trust’s recent proposed acquisition of a Colorado Hilton-branded hotel in the US for US$29 million.This was after CapitaLand India Trust (Clint) had announced two more acquisitions and a memorandum of understanding (MOU) in December 2022 to end the year.

REIT Watch - Recent acquisitions made by CapitaLand India Trust and ARA US Hospitality Trust

Capitaland India Trust / Equity Bottom-Up

<ul><li>REIT Watch - CapitaLand Reits see operational growth in Q3 CLI’s funds business comprises five real estate investment trusts (Reits) and business trusts listed on the Singapore Exchange (SGX).</li><li>Ascendas Reit is now known as CapitaLand Ascendas Reit; Ascott Residence Trust is now known as CapitaLand Ascott Trust; while Ascendas India Trust is changed to CapitaLand India Trust.</li></ul>

REIT Watch - CapitaLand Reits see operational growth in Q3 CLI’s funds business comprises five real estate investment trusts (Reits) and business trusts listed on the Singapore Exchange (SGX).Ascendas Reit is now known as CapitaLand Ascendas Reit; Ascott Residence Trust is now known as CapitaLand Ascott Trust; while Ascendas India Trust is changed to CapitaLand India Trust.

REIT Watch - CapitaLand Reits see operational growth in Q3

CapitaLand Ascendas REIT / Equity Bottom-Up

<ul><li>REIT Watch - Latest S-Reit acquisitions in industrial and hospitality sectors A number of acquisitions announced were in sectors such as industrial/logistics, office properties, data centres, and hospitality sectors.</li><li>Cromwell European Reit (CEReit) in July announced the proposed acquisition of its third logistics asset in the United Kingdom.</li></ul>

REIT Watch - Latest S-Reit acquisitions in industrial and hospitality sectors A number of acquisitions announced were in sectors such as industrial/logistics, office properties, data centres, and hospitality sectors.Cromwell European Reit (CEReit) in July announced the proposed acquisition of its third logistics asset in the United Kingdom.

REIT Watch - Latest S-Reit acquisitions in industrial and hospitality sectors

Frasers Logistics & Commercial Trust / Equity Bottom-Up

<ul><li>GLOBAL stock markets have been led by technology, consumer cyclicals and Reit sectors in Q3 2022-to-date.</li><li>These 3 sub-segments averaged 12 per cent, 8.2 per cent and 4 per cent respectively in total returns in the Q3 2022-to-date.</li><li>The top 5 performing trusts in Q3 2022-to-date were Digital Core Reit, Daiwa House Logistics Trust, EC World Reit, Frasers Logistics & Commercial Trust and Ascendas India Trust.</li></ul>

GLOBAL stock markets have been led by technology, consumer cyclicals and Reit sectors in Q3 2022-to-date.These 3 sub-segments averaged 12 per cent, 8.2 per cent and 4 per cent respectively in total returns in the Q3 2022-to-date.The top 5 performing trusts in Q3 2022-to-date were Digital Core Reit, Daiwa House Logistics Trust, EC World Reit, Frasers Logistics & Commercial Trust and Ascendas India Trust.

REIT Watch - Data centre, industrial as well as diversified S-Reits leading Q3 2022 performance

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> 1Q23 Business Updates – VivoCity rebounded strongly, Office assets remained steady</li><li><a href="https://www.smartkarma.com/entities/ascendas-india-trust" target="_blank" data-smartkarma-citation="entities:935" rel="noopener">Ascendas India Trust (AIT SP)</a> 1H22 DPU +2.0% YoY; Strong recovery in occupancy as park population rose</li><li><a href="https://www.smartkarma.com/entities/first-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:15848" rel="noopener">First REIT (FIRT SP) </a>2Q22 DPU +1.5% YoY; Boosted by recent acquisition of Japan nursing homes</li></ul>

Mapletree Commercial Trust (MCT SP) 1Q23 Business Updates – VivoCity rebounded strongly, Office assets remained steadyAscendas India Trust (AIT SP) 1H22 DPU +2.0% YoY; Strong recovery in occupancy as park population roseFirst REIT (FIRT SP) 2Q22 DPU +1.5% YoY; Boosted by recent acquisition of Japan nursing homes

ASEAN Builder's Scoop (1Aug22) - MCT Strong Metrics from VivoCity

Singapore

Capitaland India Trust operates as a property trust. The Trust acquires, owns, and develops income-producing real estates such as IT business parks, logistics space, and industrial facilities. Capitaland India Trust serves customers in India.

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Capitaland India Trust (CLINT SP)

REIT Watch - Recent acquisitions made by CapitaLand India Trust and ARA US Hospitality Trust

Recent acquisitions made by CapitaLand India Trust and ARA US Hospitality Trust Singapore-listed real estate investment trust (S-Reit)...

Singapore Exchange Ltd (SGX)

REIT Watch - CapitaLand Reits see operational growth in Q3

REIT Watch - CapitaLand Reits see operational growth in Q3 CLI’s funds business comprises five real estate investment trusts (Reits) and business...

Singapore Exchange Ltd (SGX)

REIT Watch - Latest S-Reit acquisitions in industrial and hospitality sectors

REIT Watch - Latest S-Reit acquisitions in industrial and hospitality sectors A number of acquisitions announced were in sectors such as...

Singapore Exchange Ltd (SGX)

REIT Watch - Data centre, industrial as well as diversified S-Reits leading Q3 2022 performance

GLOBAL stock markets have been led by technology, consumer cyclicals and Reit sectors in Q3 2022-to-date. These 3 sub-segments averaged 12 per...

Singapore Exchange Ltd (SGX)

ASEAN Builder's Scoop (1Aug22) - MCT Strong Metrics from VivoCity

AIT rising park population drove occupancy higher; FIRT boosted by acquisitions; EREIT divests Pandan Log Hub; Suburban malls' rents to outperform...

SCCM Asia Research

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