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

<ul><li>Union Steel co-founder Ang Yew Chye ups stake Digital Core Reit Management also continued to buy back units of Digital Core Reit over three of the four sessions.</li><li>Between Mar 25 and 26, Union Steel Holdings executive director Ang Yew Chye bought 930,000 shares at S$0.47 per share.</li></ul>

Union Steel co-founder Ang Yew Chye ups stake Digital Core Reit Management also continued to buy back units of Digital Core Reit over three of the four sessions.Between Mar 25 and 26, Union Steel Holdings executive director Ang Yew Chye bought 930,000 shares at S$0.47 per share.

Union Steel co-founder Ang Yew Chye ups stake

<ul><li>Share buybacks by primary-listed companies Institutions were net buyers of Singapore stocks over the five trading sessions through to Mar 21, with S$257 million of net institutional inflow, as 23 primary-listed companies conducted buybacks with a total consideration of S$26.5 million.</li><li>This followed her acquisition of 13,900 shares at an average price of S$0.48 per share on Mar 7, and 191,500 shares at S$0.49 per share on Mar 11.</li></ul>

Share buybacks by primary-listed companies Institutions were net buyers of Singapore stocks over the five trading sessions through to Mar 21, with S$257 million of net institutional inflow, as 23 primary-listed companies conducted buybacks with a total consideration of S$26.5 million.This followed her acquisition of 13,900 shares at an average price of S$0.48 per share on Mar 7, and 191,500 shares at S$0.49 per share on Mar 11.

Raffles Medical chair continues purchases; Sam Goi ups PSC stake

<ul><li>REIT Watch - Frasers Centrepoint Trust to join STI from Mar 18 At a market capitalisation of S$3.9 billion, FCT will join the STI with an approximate weight of 0.8 per cent.</li><li>FCT is also the second Frasers Property-sponsored Reit to join the benchmark after Frasers Logistics & Commercial Trust.</li><li>The STI reserve list, which consists of the five highest ranking non-constituents of the STI, will be: CapitaLand Ascott Trust, ComfortDelGro, Keppel DC Reit, Keppel Reit, and Suntec Reit.</li></ul>

REIT Watch - Frasers Centrepoint Trust to join STI from Mar 18 At a market capitalisation of S$3.9 billion, FCT will join the STI with an approximate weight of 0.8 per cent.FCT is also the second Frasers Property-sponsored Reit to join the benchmark after Frasers Logistics & Commercial Trust.The STI reserve list, which consists of the five highest ranking non-constituents of the STI, will be: CapitaLand Ascott Trust, ComfortDelGro, Keppel DC Reit, Keppel Reit, and Suntec Reit.

REIT Watch - Frasers Centrepoint Trust to join STI from Mar 18

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There were a few rebalance announcements in the last week and the <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">SSE STAR50 (STAR50 INDEX)</a> and STAR100 Index rebalances were implemented at the close on Friday.</li>
<li>There are a lot of rebalances that will be implemented at the close on the coming Thursday and Friday.</li>
<li>Another big week of inflows for onshore China ETFs with Central Huijin likely behind the big flows to ETFs tracking the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">Shanghai Shenzhen CSI 300 Inde (SHSZ300 INDEX)</a>. </li>
</ul>


There were a few rebalance announcements in the last week and the SSE STAR50 (STAR50 INDEX) and STAR100 Index rebalances were implemented at the close on Friday.
There are a lot of rebalances that will be implemented at the close on the coming Thursday and Friday.
Another big week of inflows for onshore China ETFs with Central Huijin likely behind the big flows to ETFs tracking the Shanghai Shenzhen CSI 300 Inde (SHSZ300 INDEX). 


Index Rebalance & ETF Flow Recap: NKY, ASX, CSI300, A50, STTF, LowVol30, Value Up

Hygon Information Technology C / Event-Driven

<ul>
<li>The changes for the <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">SSE STAR50 (STAR50 INDEX)</a> and STAR100 Index were announced post market close on Friday.</li>
<li>The coming week is a full one with capping cutoffs, review cutoffs, announcements and implementations apart from futures expiries.</li>
<li>With China open after Lunar New Year, the National Team is back pouring money into ETFs with the largest inflows to the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300</a>, <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI 500</a>, <a href="https://www.smartkarma.com/entities/chinext-index" target="_blank" data-smartkarma-citation="entities:25483:1" rel="noopener">ChiNext</a> and <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50</a> indices.</li>
</ul>


The changes for the SSE STAR50 (STAR50 INDEX) and STAR100 Index were announced post market close on Friday.
The coming week is a full one with capping cutoffs, review cutoffs, announcements and implementations apart from futures expiries.
With China open after Lunar New Year, the National Team is back pouring money into ETFs with the largest inflows to the CSI 300, CSI 500, ChiNext and STAR50 indices.


Index Rebalance & ETF Flow Recap: HSCEI, HSCI, HSTECH, HSIII, STTF, Top50, Div+, FXI, FnGuide

Singapore

Keppel DC REIT is Asia's first pure-play data centre REIT listed on the Singapore Exchange. Keppel DC REIT's investment strategy is to principally invest, directly or indirectly, in a diversified portfolio of income-producing real estate assets which are used primarily for data centre purposes, as well as real estate related assets.

Suntec Real Estate Investment Trust is a commercial real estate investment trust. The Trust invests in income-producing real estate that is primarily used for retail and/or office purposes.

Keppel REIT operates as a commercial real estate investment trust. The Trust owns and invests in a portfolio of income-producing office buildings and related real estate assets. Keppel REIT offers its services in Asia and Australia.

FLT offers investors an opportunity to invest in logistics and industrial real estate assets strategically located within major logistics and industrial markets of Australia, Germany and the Netherlands.

Frasers Logistics & Commercial Trust (FLT SP)

SPH REIT is a Singapore-based REIT established principally to invest, directly or indirectly, in a portfolio of income-producing real estate which is used primarily for retail purposes in Asia-Pacific, as well as real estate-related assets.

ESR-LOGOS Real Estate Investment Trust (“ESR-LOGOS REIT”) is a leading New Economy and future-ready Asia Pacific S-REIT. Listed on the Singapore Exchange Securities Trading Limited since 25 July 2006, ESR-LOGOS REIT invests in quality income-producing industrial properties in key gateway markets.

As at 28 April 2022, ESR-LOGOS REIT holds interests in a diversified portfolio of logistics properties, high-specifications industrial properties, business parks and general industrial properties with total assets of approximately S$5.5 billion. Its portfolio comprises 84 properties located across the developed markets of Singapore (63 assets) and Australia (21 assets), with a total gross floor area of approximately 2.4 million sqm, as well as investments in three property funds in Australia. ESR-LOGOS REIT is also a constituent of the FTSE EPRA Nareit Global Real Estate Index. 

ESR-LOGOS REIT is managed by ESR-LOGOS Funds Management (S) Limited (the “Manager”) and sponsored by the ESR Group (“ESR”). The Manager is owned by ESR (67.3%), Shanghai Summit Pte. Ltd. (25.0%), and Mitsui & Co., Ltd (7.7%), respectively.

For further information on ESR-LOGOS REIT, please visit www.esr-logosreit.com.sg.

Parkway Life Real Estate Investment Trust (Parkway Life REIT) invests primarily in income producing real estate and real estate related assets in the Asia Pacific region. The trust's real estate is used primarily for healthcare and healthcare-related purposes.

OUE Commercial Real Estate Investment Trust (“OUE C-REIT”) is one of the largest diversified Singapore REITs (“S-REITs”) with total assets of S$6.0 billion as at 31 December 2022. With seven properties across the commercial and hospitality segments in Singapore and Shanghai, the property portfolio comprises more than 2.1 million square feet of prime office and retail space, and 1,643 upper upscale hotel rooms.

OUE C-REIT invests in income-producing real estate used primarily for commercial purposes (including real estate used primarily for office and/or retail purposes) in financial and business hubs, hospitality and/or hospitality-related purposes, as well as real estate-related assets.

Mapletree Industrial Trust is a Singapore-focused real estate investment trust with a large and diversified portfolio of industrial properties. The Trust invests in a diverse portfolio of industrial properties with the primary objective of achieving an attractive level of return from rental income and for long-term capital growth.

CDL Hospitality Trusts is a stapled group compromising H-REIT and HBT. H-REIT is a real estate investment trust that invest in a portfolio of income-producing properties and HBT is a business trust.

Japan Hotel REIT Investment Corporation is a real estate investment trust(REIT) which invests in securitized real estate products. The Company mainly invests in real estate properties used in hotels.

United Urban Investment Corporation is a real estate investment trust (REIT). The Company directly invests in real estate properties such as shopping centers, offices, hotels, and residential buildings.

ORIX JREIT Inc. is a real estate investment trust (REIT) which invests in securitized real estate products.  The Company directly invests in real estate properties such as offices, rental housings, and hotels.

Corporate Office Properties Trust is a real estate investment trust which focuses on the acquisition, ownership and operation of suburban office properties located in high-growth submarkets.

The Macerich Company is a fully integrated, self-administered and self-managed real estate investment trust.  The Company acquires, owns, redevelops, manages, and leases regional and community shopping centers located throughout the United States.

Invincible Investment Corp is a real estate investment trust (REIT) which  invests in securitized real estate products. TGR Investment invests in income  producing residential and office buildings.

Medical Properties Trust Inc. is a self-advised real estate investment trust formed to acquire and develop net-leased healthcare facilities. These facilities include inpatient rehabilitation hospitals, long-term acute care hospitals, regional acute care hospitals, ambulatory surgery centers, and other single-discipline healthcare facilities such as heart hospitals.

National Health Investors, Inc. invests in income producing health care properties primarily via property ownership and providing mortgage financing. It's major assets are in the long term care industry, followed by investments in acute care hospitals, medical office buildings, assisted living facilities, retirement centers and projects for the developmentally disabled.

KLCC Property Holdings Bhd comprises of units in a Real Estate Investment Trust (KLCC REIT) stapled together with the ordinary shares of KLCC Property Holdings Berhad. The Stapled Security, through the subsidiaries of KLCC Property Holdings Berhad, is engaged in providing facility management services and car parking management services.

EPR Properties is a real estate investment trust.  The Company acquires and develops properties leased to entertainment and entertainment related business operators generally under long-term triple net leases. The Company plans to focus primarily on megaplex theaters and entertainment themed retail centers.

Frasers Centrepoint Trust is a retail real estate investment trust focused on growing unitholder value through asset management, financial management and strategic investments.  The trust invests in retail properties in Singapore and overseas.

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Frasers Centrepoint Trust (FCT SP)

Union Steel co-founder Ang Yew Chye ups stake

Union Steel co-founder Ang Yew Chye ups stake Digital Core Reit Management also continued to buy back units of Digital Core Reit over three of the...

Singapore Exchange Ltd (SGX)

Raffles Medical chair continues purchases; Sam Goi ups PSC stake

Share buybacks by primary-listed companies Institutions were net buyers of Singapore stocks over the five trading sessions through to Mar 21, with...

Singapore Exchange Ltd (SGX)

REIT Watch - Frasers Centrepoint Trust to join STI from Mar 18

REIT Watch - Frasers Centrepoint Trust to join STI from Mar 18 At a market capitalisation of S$3.9 billion, FCT will join the STI with an...

Singapore Exchange Ltd (SGX)

Index Rebalance & ETF Flow Recap: NKY, ASX, CSI300, A50, STTF, LowVol30, Value Up

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Index Rebalance & ETF Flow Recap: HSCEI, HSCI, HSTECH, HSIII, STTF, Top50, Div+, FXI, FnGuide

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

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