Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

On Friday 9 September, <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP)</a> shareholders voted to approve the Media Business Spinoff and the Proposed Restructuring which will allow SPH to spin off the various media assets and some supporting assets it has heretofore controlled into a new non-profit Company Limited by Guarantee.The idea is that the "lifting" of the restrictions of the Newspaper Printing and Presses Act (“NPPA”) would then provide SPH "with greater financial flexibility to tailor its capital and shareholding structure to unlock and maximise value for all shareholders."As discussed first in <a href="https://www.smartkarma.com/insights/singapore-press-own-time-own-target-restructuring-lor-come-i-clap-for-you" target="_blank" data-smartkarma-citation="insights:51141" rel="noopener">Singapore Press Own Time Own Target Restructuring Lor... (Come I Clap For You)</a>, the upside did not seem huge. A few months later SPH decided that the rest of the business would be taken over by <a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel Corp (KEP SP)</a> in return for a basket of cash, units of <a href="https://www.smartkarma.com/entities/sph-reit" target="_blank" data-smartkarma-citation="entities:5994:1" rel="noopener">SPH REIT (SPHREIT SP)</a> and units in <a href="https://www.smartkarma.com/entities/keppel-reit" target="_blank" data-smartkarma-citation="entities:192:1" rel="noopener">Keppel REIT (KREIT SP)</a>. This was discussed in <a href="https://www.smartkarma.com/insights/alamak-sph-restructuring-restructured-as-keppel-bo-jios-sph-holders" target="_blank" data-smartkarma-citation="insights:55370" rel="noopener">Alamak! SPH Restructuring Restructured as Keppel Bo Jios SPH Holders</a>, and at that, the upside did not seem huge. The price jumped from a div-adjusted S$1.88/share before the Keppel news to S$1.92/unit to close some of the gap. The remaining spread is now quite small at a bit less than 10cts on a forward div-adjusted basis, or about 5%.<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/229/249/original/Screenshot+2021-09-11+at+2.04.22+PM.png?1631340279" class="editor-image img-responsive" data-smartkarma-image-id="229249"></figure></section>From the day before the Keppel announcement until now, the value of the non-cash portion of the Consideration (i.e. the 0.596 units of KREIT and the 0.782 units of SPH REIT) have fallen 2.55% in value while the value of an equal weighted Peer Basket of REITs has fallen 2.45%. That tells you that despite the first-day drop in the value of SPH REIT and Keppel REIT resulting from market participants' expectation that hedging pressure on those two REITs would cause them to underperform the market, the underperformance has been minimal. I expect the high cost of borrow and relative illiquidity of S-REITs has limited the appeal of the arb to arbitrageurs.Now we wait for the EGM to approve the distribution of SPH REIT units and the Scheme Meeting to dispose of the SPH business in return for KREIT units and cash. That should happen in the October/November timeframe.In the meantime, we check progress of the arb, and what the value of the Consideration is compared to a comparable Peer Basket.

On Friday 9 September, Singapore Press Holdings (SPH SP) shareholders voted to approve the Media Business Spinoff and the Proposed Restructuring which will allow SPH to spin off the various media assets and some supporting assets it has heretofore controlled into a new non-profit Company Limited by Guarantee.The idea is that the "lifting" of the restrictions of the Newspaper Printing and Presses Act (“NPPA”) would then provide SPH "with greater financial flexibility to tailor its capital and shareholding structure to unlock and maximise value for all shareholders."As discussed first in Singapore Press Own Time Own Target Restructuring Lor... (Come I Clap For You), the upside did not seem huge. A few months later SPH decided that the rest of the business would be taken over by Keppel Corp (KEP SP) in return for a basket of cash, units of SPH REIT (SPHREIT SP) and units in Keppel REIT (KREIT SP). This was discussed in Alamak! SPH Restructuring Restructured as Keppel Bo Jios SPH Holders, and at that, the upside did not seem huge. The price jumped from a div-adjusted S$1.88/share before the Keppel news to S$1.92/unit to close some of the gap. The remaining spread is now quite small at a bit less than 10cts on a forward div-adjusted basis, or about 5%.From the day before the Keppel announcement until now, the value of the non-cash portion of the Consideration (i.e. the 0.596 units of KREIT and the 0.782 units of SPH REIT) have fallen 2.55% in value while the value of an equal weighted Peer Basket of REITs has fallen 2.45%. That tells you that despite the first-day drop in the value of SPH REIT and Keppel REIT resulting from market participants' expectation that hedging pressure on those two REITs would cause them to underperform the market, the underperformance has been minimal. I expect the high cost of borrow and relative illiquidity of S-REITs has limited the appeal of the arb to arbitrageurs.Now we wait for the EGM to approve the distribution of SPH REIT units and the Scheme Meeting to dispose of the SPH business in return for KREIT units and cash. That should happen in the October/November timeframe.In the meantime, we check progress of the arb, and what the value of the Consideration is compared to a comparable Peer Basket.

SPH Shareholders Approve Spinoff - There's Still a Spread To Earn

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

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/capitaland-integrated-commercial-trust" target="_blank" data-smartkarma-citation="entities:105" rel="noopener">Capitaland Integrated Commercial Trust (CICT SP)</a> – Capitalizing on post-Covid trends (BUY; TP S$2.57/unit)</h3>The transformative merger between CCT and CMT puts forth stronger value propositions: (i) Largest proxy to SG commercial real estate with a diversified and resilient portfolio; (ii) Potential synergies to unlock and benefit from economies of scale; and (iii) Greater financial flexibility and investment opportunities. With recovery underway, we resume coverage with BUY rating and TP $2.57/unit. CICT currently trades at 5.8% FY22E yield and 1.0x P/B.

SingaporeCapitaland Integrated Commercial Trust (CICT SP) – Capitalizing on post-Covid trends (BUY; TP S$2.57/unit)The transformative merger between CCT and CMT puts forth stronger value propositions: (i) Largest proxy to SG commercial real estate with a diversified and resilient portfolio; (ii) Potential synergies to unlock and benefit from economies of scale; and (iii) Greater financial flexibility and investment opportunities. With recovery underway, we resume coverage with BUY rating and TP $2.57/unit. CICT currently trades at 5.8% FY22E yield and 1.0x P/B.

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

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2021-08/Capture_19.PNG' alt='Top 5 S-REITs with largest yoy increase in DPU for 1H2021' />
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 <div class='content-caption'>Top 5 S-REITs with largest yoy increase in DPU for 1H2021</div>
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As the earnings season conclude, REITs and Property Trusts listed in Singapore have announced financial results or published business updates for the period ending 30 June 2021. Of the S-REITs which declared distributions for the first half of calendar year 2021, average change in distribution per unit (DPU) increased by 36 per cent year-on-year (y-o-y).

The five S-REITs with the highest y-o-y DPU increments for the period Jan to Jun 2021 are: SPH REIT (228 per cent), Sabana Shari'ah Compliant Industrial REIT (215 per cent), Starhill Global REIT (196 per cent), Ascott Residence Trust (95 per cent) and CapitaLand Integrated Commercial Trust (75 per cent).

SPH REIT declared a DPU of 1.38 Singapore cents for Q3 FY2021 ended 31 May, bringing its DPU for the period of Dec 2020 to May 2021 to 2.62 Singapore cents - a 228 per cent increase y-o-y. In its latest business update for 3Q FY2021, the REIT noted gradual recovery with improvements in gross revenue of 22.2 per cent y-o-y to S$209.6 million. This was led by recovery in performance across all assets while supported by additional quarter of contribution from Westfield Marion compared to the same period last year and a decrease in rent reliefs to Singapore and Australia eligible tenants.

Sabana Shari'ah Compliant Industrial REIT (Sabana REIT) reported DPU of 1.48 Singapore cents for 1H 2021, representing a 215 per cent y-o-y increase. This was mainly due to the temporary retainment of 55.0 per cent of its distributable income in 1H 2020 to conserve capital. The REIT also reported a 14.1 per cent y-o-y increase in gross revenue, mainly due to higher contribution from New Tech Park, 23 Serangoon North Avenue 5 and 10 Changi South Street 2 on higher occupancy. During the period, Sabana REIT announced the removal of its Shari’ah compliance requirement in order to accommodate the changing profile of tenants and enhance its flexibility for the next phase of growth.

Starhill Global REIT (SGREIT) reported 2H FY2020/2021 DPU of 2.07 Singapore cents, representing a y-o-y increase of 196 per cent, mainly due to the release of retained income for working capital requirements. SGREIT noted that gross revenue for the period increased 10.5 per cent y-o-y, resulting in a 20.2 per cent increase in its net property income (NPI). This was mainly attributed to lower rental assistance for eligible tenants affected by the COVID-19 pandemic and the appreciation of the Australian dollar against the Singapore dollar.

Ascott Residence Trust (ART) raised its DPU for 1H 2021 by 95 per cent y-o-y, attributable to active portfolio optimisation. The trust noted that distributable income for 1H 2021 included a one-off partial distribution of divestment gains of S$20 million to share divestment gains with unitholders, replace income loss from divested assets and mitigate the impact of COVID-19 on distributions.

CapitaLand Integrated Commercial Trust (CICT) announced a DPU of 5.18 Singapore cents for 1H 2021, representing a 75 per cent increase y-o-y. The REIT reported a 103 per cent and 118 per cent y-o-y increase in gross revenue and NPI respectively. In 1H 2021, CICT granted S$18.9 million of rental waivers for tenants affected by COVID-19, particularly during Singapore’s first Phase 2 (Heightened Alert) from 16 May to 13 June 2021. For more research and information on Singapore’s REIT sector, visit <a href="https://www.sgx.com/research-education/sectors">sgx.com/research-education/sectors</a> for the monthly SREITs &amp; Property Trusts Chartbook
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    Top 5 S-REITs with largest yoy increase in DPU for 1H2021


As the earnings season conclude, REITs and Property Trusts listed in Singapore have announced financial results or published business updates for the period ending 30 June 2021. Of the S-REITs which declared distributions for the first half of calendar year 2021, average change in distribution per unit (DPU) increased by 36 per cent year-on-year (y-o-y).

The five S-REITs with the highest y-o-y DPU increments for the period Jan to Jun 2021 are: SPH REIT (228 per cent), Sabana Shari'ah Compliant Industrial REIT (215 per cent), Starhill Global REIT (196 per cent), Ascott Residence Trust (95 per cent) and CapitaLand Integrated Commercial Trust (75 per cent).

SPH REIT declared a DPU of 1.38 Singapore cents for Q3 FY2021 ended 31 May, bringing its DPU for the period of Dec 2020 to May 2021 to 2.62 Singapore cents - a 228 per cent increase y-o-y. In its latest business update for 3Q FY2021, the REIT noted gradual recovery with improvements in gross revenue of 22.2 per cent y-o-y to S$209.6 million. This was led by recovery in performance across all assets while supported by additional quarter of contribution from Westfield Marion compared to the same period last year and a decrease in rent reliefs to Singapore and Australia eligible tenants.

Sabana Shari'ah Compliant Industrial REIT (Sabana REIT) reported DPU of 1.48 Singapore cents for 1H 2021, representing a 215 per cent y-o-y increase. This was mainly due to the temporary retainment of 55.0 per cent of its distributable income in 1H 2020 to conserve capital. The REIT also reported a 14.1 per cent y-o-y increase in gross revenue, mainly due to higher contribution from New Tech Park, 23 Serangoon North Avenue 5 and 10 Changi South Street 2 on higher occupancy. During the period, Sabana REIT announced the removal of its Shari’ah compliance requirement in order to accommodate the changing profile of tenants and enhance its flexibility for the next phase of growth.

Starhill Global REIT (SGREIT) reported 2H FY2020/2021 DPU of 2.07 Singapore cents, representing a y-o-y increase of 196 per cent, mainly due to the release of retained income for working capital requirements. SGREIT noted that gross revenue for the period increased 10.5 per cent y-o-y, resulting in a 20.2 per cent increase in its net property income (NPI). This was mainly attributed to lower rental assistance for eligible tenants affected by the COVID-19 pandemic and the appreciation of the Australian dollar against the Singapore dollar.

Ascott Residence Trust (ART) raised its DPU for 1H 2021 by 95 per cent y-o-y, attributable to active portfolio optimisation. The trust noted that distributable income for 1H 2021 included a one-off partial distribution of divestment gains of S$20 million to share divestment gains with unitholders, replace income loss from divested assets and mitigate the impact of COVID-19 on distributions.

CapitaLand Integrated Commercial Trust (CICT) announced a DPU of 5.18 Singapore cents for 1H 2021, representing a 75 per cent increase y-o-y. The REIT reported a 103 per cent and 118 per cent y-o-y increase in gross revenue and NPI respectively. In 1H 2021, CICT granted S$18.9 million of rental waivers for tenants affected by COVID-19, particularly during Singapore’s first Phase 2 (Heightened Alert) from 16 May to 13 June 2021.  For more research and information on Singapore’s REIT sector, visit sgx.com/research-education/sectors for the monthly SREITs &amp; Property Trusts Chartbook



REIT Watch - S-REITs release retained earnings, 1H2021 DPU up 36%

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.

Equity Capital Markets

<div>
Keppel DC REIT (KDCREIT SP) plans to raise up to US$151m (S$204m) via a mix of a private placement. The company will use the proceeds to fund the recent acquisition of its first China data centre and to pay down debt. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
We have covered the listing and previous placements for KDC in our earlier notes:
</div><div><ul style="list-style-type: disc;">
<li>Sep 2019 placement for US$273m: <a href="https://www.smartkarma.com/insights/keppel-dc-reit-placement-just-in-time-for-the-index-inclusion" target="_blank" rel="noopener">Keppel DC REIT Placement - Just in Time for the Index Inclusion</a>
</li>
<li>May 2018 placement for US$228m: <a href="https://www.smartkarma.com/insights/keppel-dc-reit-placement-accretive-acquisition-and-probably-expected-dilution" target="_blank" rel="noopener">Keppel DC REIT Placement - Accretive Acquisition and Probably Expected Dilution</a>
</li>
<li>IPO: <a href="https://www.smartkarma.com/insights/first-of-its-kind-exposure-to-rapidly-growing-data-centers" target="_blank" rel="noopener">First of its kind exposure to rapidly growing data centers</a>
</li>
</ul></div>


Keppel DC REIT (KDCREIT SP) plans to raise up to US$151m (S$204m) via a mix of a private placement. The company will use the proceeds to fund the recent acquisition of its first China data centre and to pay down debt. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
We have covered the listing and previous placements for KDC in our earlier notes:

Sep 2019 placement for US$273m: Keppel DC REIT Placement - Just in Time for the Index Inclusion

May 2018 placement for US$228m: Keppel DC REIT Placement - Accretive Acquisition and Probably Expected Dilution

IPO: First of its kind exposure to rapidly growing data centers



Keppel DC REIT Placement - Most of the past Deals Have Done Well, Though This Won’t Be Accretive

<h2>Singapore</h2>
<h3>SREITs results in a glance (see detailed spreadsheet and calendar attached)</h3>
<table class="table table-striped">
<tbody>
<tr>
<td style="width: 147.562px;">
 
</td>
<td style="width: 144.797px;">
AAREIT
</td>
<td style="width: 144.328px;">
CICT
</td>
<td style="width: 142.125px;">
KREIT
</td>
<td style="width: 147.188px;">
MINT
</td>
</tr>
<tr>
<td style="width: 147.562px;">
Period
</td>
<td style="width: 144.797px;">
1Q22
</td>
<td style="width: 144.328px;">
1H21
</td>
<td style="width: 142.125px;">
1H21
</td>
<td style="width: 147.188px;">
1Q22
</td>
</tr>
<tr>
<td style="width: 147.562px;">
Gross Revenue (S$ m)
</td>
<td style="width: 144.797px;">
31.8 (+16.8% YoY)
</td>
<td style="width: 144.328px;">
645.7 (+102.8% YoY)
</td>
<td style="width: 142.125px;">
105.8 (+40.2% YoY)
</td>
<td style="width: 147.188px;">
128.1 (29.2% YoY)
</td>
</tr>
<tr>
<td style="width: 147.562px;">
NPI (S$ m)
</td>
<td style="width: 144.797px;">
23.1 (+23.9% YoY)
</td>
<td style="width: 144.328px;">
472.2 (+118% YoY)
</td>
<td style="width: 142.125px;">
84.4 (+43.1% YoY)
</td>
<td style="width: 147.188px;">
104.7 (33.1% YoY)
</td>
</tr>
<tr>
<td style="width: 147.562px;">
DPU (S$ c)
</td>
<td style="width: 144.797px;">
2.25 (+12.5% YoY)
</td>
<td style="width: 144.328px;">
5.18 (+75% YoY)
</td>
<td style="width: 142.125px;">
2.94 (+5.0% YoY)
</td>
<td style="width: 147.188px;">
3.35 (+16.7% YoY)
</td>
</tr>
<tr>
<td style="width: 147.562px;">
NAV per Unit (S$)
</td>
<td style="width: 144.797px;">
1.35
</td>
<td style="width: 144.328px;">
2.05
</td>
<td style="width: 142.125px;">
1.29
</td>
<td style="width: 147.188px;">
1.75
</td>
</tr>
<tr>
<td style="width: 147.562px;">
P/B (x)
</td>
<td style="width: 144.797px;">
1.15
</td>
<td style="width: 144.328px;">
1.02
</td>
<td style="width: 142.125px;">
0.93
</td>
<td style="width: 147.188px;">
1.65
</td>
</tr>
<tr>
<td style="width: 147.562px;">
Occupancy (%)
</td>
<td style="width: 144.797px;">
95.7
</td>
<td style="width: 144.328px;">
94.9
</td>
<td style="width: 142.125px;">
96.7
</td>
<td style="width: 147.188px;">
94.3 (Overall)
97.8 (North American Portfolio)
93.4 (Singapore Portfolio)
</td>
</tr>
<tr>
<td style="width: 147.562px;">
Reversion (%)
</td>
<td style="width: 144.797px;">
Not disclosed
</td>
<td style="width: 144.328px;">
-9.1 (retail)
</td>
<td style="width: 142.125px;">
6.91
</td>
<td style="width: 147.188px;">
Not Disclosed
</td>
</tr>
<tr>
<td style="width: 147.562px;">
Gearing (%)
</td>
<td style="width: 144.797px;">
34.3
</td>
<td style="width: 144.328px;">
40.5
</td>
<td style="width: 142.125px;">
38.9
</td>
<td style="width: 147.188px;">
31.0
</td>
</tr>
<tr>
<td style="width: 147.562px;">
Cost of Debt (%)
</td>
<td style="width: 144.797px;">
2.8
</td>
<td style="width: 144.328px;">
2.4
</td>
<td style="width: 142.125px;">
1.97
</td>
<td style="width: 147.188px;">
2.7
</td>
</tr>
<tr>
<td style="width: 147.562px;">
1 Yr Fwd Yield (%)
</td>
<td style="width: 144.797px;">
6.1
</td>
<td style="width: 144.328px;">
5.19
</td>
<td style="width: 142.125px;">
4.92
</td>
<td style="width: 147.188px;">
1.51
</td>
</tr>
<tr>
<td style="width: 147.562px;">
Debt Hedged (%)
</td>
<td style="width: 144.797px;">
77.2
</td>
<td style="width: 144.328px;">
85
</td>
<td style="width: 142.125px;">
68
</td>
<td style="width: 147.188px;">
95.8
</td>
</tr>
<tr>
<td style="width: 147.562px;">
Target Price
</td>
<td style="width: 144.797px;">
Under Review
</td>
<td style="width: 144.328px;">
N/A
</td>
<td style="width: 142.125px;">
N/A
</td>
<td style="width: 147.188px;">
N/A
</td>
</tr>
<tr>
<td style="width: 147.562px;">
Rating
</td>
<td style="width: 144.797px;">
Under Review
</td>
<td style="width: 144.328px;">
N/A
</td>
<td style="width: 142.125px;">
N/A
</td>
<td style="width: 147.188px;">
N/A
</td>
</tr>
</tbody>
</table>

Singapore
SREITs results in a glance (see detailed spreadsheet and calendar attached)




 


AAREIT


CICT


KREIT


MINT




Period


1Q22


1H21


1H21


1Q22




Gross Revenue (S$ m)


31.8 (+16.8% YoY)


645.7 (+102.8% YoY)


105.8 (+40.2% YoY)


128.1 (29.2% YoY)




NPI (S$ m)


23.1 (+23.9% YoY)


472.2 (+118% YoY)


84.4 (+43.1% YoY)


104.7 (33.1% YoY)




DPU (S$ c)


2.25 (+12.5% YoY)


5.18 (+75% YoY)


2.94 (+5.0% YoY)


3.35 (+16.7% YoY)




NAV per Unit (S$)


1.35


2.05


1.29


1.75




P/B (x)


1.15


1.02


0.93


1.65




Occupancy (%)


95.7


94.9


96.7


94.3 (Overall)
97.8 (North American Portfolio)
93.4 (Singapore Portfolio)




Reversion (%)


Not disclosed


-9.1 (retail)


6.91


Not Disclosed




Gearing (%)


34.3


40.5


38.9


31.0




Cost of Debt (%)


2.8


2.4


1.97


2.7




1 Yr Fwd Yield (%)


6.1


5.19


4.92


1.51




Debt Hedged (%)


77.2


85


68


95.8




Target Price


Under Review


N/A


N/A


N/A




Rating


Under Review


N/A


N/A


N/A





ASEAN Builder's Scoop (28Jul21) - AAREIT Stable Performance

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)

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

Capitaland Integrated Commercial Trust (CICT SP)

SPH Shareholders Approve Spinoff - There's Still a Spread To Earn

SPH shareholders approve the Media Biz spinoff, now there are ~4mos left until payout (assuming EGM/Scheme Mtg in Oct/Nov gives the thumbs up)....

Travis Lundy

ASEAN Builder's Scoop (10Sep21)

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SCCM Asia Research

REIT Watch - S-REITs release retained earnings, 1H2021 DPU up 36%

As the earnings season conclude, REITs and Property Trusts listed in Singapore have announced financial results or published...

Singapore Exchange Ltd (SGX)

Keppel DC REIT Placement - Most of the past Deals Have Done Well, Though This Won’t Be Accretive

Keppel DC REIT (KDCREIT SP) plans to raise up to US$151m (S$204m) via a mix of a private placement. The company will use the proceeds to fund the...

Sumeet Singh

ASEAN Builder's Scoop (28Jul21) - AAREIT Stable Performance

AAREIT stable performance; CICT office outshines retail; KREIT cautiously optimistic; MINT acq-driven growth; KORE expands with 2 new US acq; CPG...

SCCM Asia Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)