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

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

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/glp-j-reit" target="_blank" data-smartkarma-citation="entities:11009:1" rel="noopener">GLP J-REIT (3281 JP)</a> is looking to raise  around US$220m in its placement to acquire five assets, and increase its stake in a sixth one.</li>
<li>We have covered a number of past deals by the company, almost all of which have done well.</li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



GLP J-REIT (3281 JP) is looking to raise  around US$220m in its placement to acquire five assets, and increase its stake in a sixth one.
We have covered a number of past deals by the company, almost all of which have done well.
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


GLP J-REIT Placement - Most of the past Deals Have Done Well, This One Could Be Tricky

Capitaland Integrated Commercial Trust / Equity Bottom-Up

<ul><li>REIT Watch - Retail S-Reits see double-digit pickup; downtown malls shine Retail sales in Singapore went up by 13 per cent year on year (yoy) in August, marking its fifth consecutive month of double-digit yoy growth.</li><li>CapitaLand Integrated Commercial Trust reported 15.9 per cent yoy growth in retail tenant sales and 12.5 per cent yoy growth in shopper traffic for H1 2022.</li></ul>

REIT Watch - Retail S-Reits see double-digit pickup; downtown malls shine Retail sales in Singapore went up by 13 per cent year on year (yoy) in August, marking its fifth consecutive month of double-digit yoy growth.CapitaLand Integrated Commercial Trust reported 15.9 per cent yoy growth in retail tenant sales and 12.5 per cent yoy growth in shopper traffic for H1 2022.

REIT Watch - Retail S-Reits see double-digit pickup; downtown malls shine

<ul><li>Increasing number of real estate plays among director acquisitions Overall, institutions were net buyers of Singapore stocks for the five sessions ending Oct 6, with more than S$110 million of net inflows, following the S$200 million of net inflows for the preceding five sessions.</li><li>On Sep 28, Yanlord Land Group Independent Non-Executive Director Hong Pian Tee acquired 100,000 shares at 97.0 cents per share.</li></ul>

Increasing number of real estate plays among director acquisitions Overall, institutions were net buyers of Singapore stocks for the five sessions ending Oct 6, with more than S$110 million of net inflows, following the S$200 million of net inflows for the preceding five sessions.On Sep 28, Yanlord Land Group Independent Non-Executive Director Hong Pian Tee acquired 100,000 shares at 97.0 cents per share.

Increasing Number of Real Estate Plays Among Director Acquisitions 

<ul><li>REIT Watch - S-Reits with Malaysia assets record stronger operating results Singapore lists 6 S-Reits with exposure to Malaysia assets – Ascott Residence Trust, Frasers Hospitality Trust, Keppel DC Reit, Mapletree Logistics Trust, ParkwayLife Reit, and Starhill Global Reit.</li><li>According to Retail Group Malaysia (RGM), Malaysia retail sales rose 62.5 per cent yoy to new record levels in Q2 2022, following an 18.3 per cent yoy growth seen in Q1 2022.</li></ul>

REIT Watch - S-Reits with Malaysia assets record stronger operating results Singapore lists 6 S-Reits with exposure to Malaysia assets – Ascott Residence Trust, Frasers Hospitality Trust, Keppel DC Reit, Mapletree Logistics Trust, ParkwayLife Reit, and Starhill Global Reit.According to Retail Group Malaysia (RGM), Malaysia retail sales rose 62.5 per cent yoy to new record levels in Q2 2022, following an 18.3 per cent yoy growth seen in Q1 2022.

REIT Watch - S-Reits with Malaysia assets record stronger operating results

Singapore

Capitaland Integrated Commercial Trust operates as a retail estate investment trust. The Compnay invests in retail and office properties and integrated developments. Capitaland Integrated Commercial Trust serves clients in Asia Pacific.

Capitaland Integrated Commercial Trust (CICT SP)

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Capitaland Integrated Commercial Trust (CICT SP)

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)

GLP J-REIT Placement - Most of the past Deals Have Done Well, This One Could Be Tricky

GLP J-REIT is looking to raise around US$220m in its placement to acquire five assets, and increase its stake in a sixth one. In this note, we...

Sumeet Singh

REIT Watch - Retail S-Reits see double-digit pickup; downtown malls shine

REIT Watch - Retail S-Reits see double-digit pickup; downtown malls shine Retail sales in Singapore went up by 13 per cent year on year (yoy) in...

Singapore Exchange Ltd (SGX)

Increasing Number of Real Estate Plays Among Director Acquisitions

Increasing number of real estate plays among director acquisitions Overall, institutions were net buyers of Singapore stocks for the five sessions...

Singapore Exchange Ltd (SGX)

REIT Watch - S-Reits with Malaysia assets record stronger operating results

REIT Watch - S-Reits with Malaysia assets record stronger operating results Singapore lists 6 S-Reits with exposure to Malaysia assets – Ascott...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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