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

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For the past 12 weeks, the 10 S-REITs recipient to the Sector’s highest net institutional inflows (proportionate to market capitalisation) included seven of the S-REIT Sector’s best performers over the period, including Keppel DC REIT which has been amongst the 25 strongest performing global REITs in the 2020 YTD. 
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These 10 S-REITs averaged a 6% total return from 9 June through to 28 August, whilst the remaining S-REITs averaged a 9% decline. The iEdge S-REIT Leaders Index generated a 3% decline over the 12 weeks, in-line with the global REIT market.  
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Sabana REIT saw the S-REITs’ highest proportionate net institutional inflows since 9 June. As the Manger reiterated on 28 Aug, the proposed ESR REIT merger offers opportunities for re-rating and for reducing the NAV discount in the long term as part of a larger, more liquid and scalable REIT, backed by a developer-sponsor.
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Globally there are more than 800 stocks that make up the REIT Sector, with a combined market capitalisation of US$1.8 trillion (S$2.4 trillion). The FTSE EPRA/NAREIT Global REIT Index represents approximately two-thirds of the S$1.8 trillion combined market capitalisation and has generated a declined a 17% decline in the 2020 year to 28 August. Like most equity benchmarks, the Index formed its post-23 March high on 9 June which coincided with the beginnings of the second wave of COVID-19 across the United States. Similarly, the iEdge S-REIT Leaders Index formed its post-23 March high on 9 June, and has since declined 3%. Over the 12 week period the S-REIT sector was recipient to S$147 million in net institutional outflows. A total of 13 trusts of the S-REIT Sector saw net institutional inflows over the 12 weeks. The 10 trusts with the highest net institutional inflows between 10 June to 28 June, proportionate to current market capitalisation included seven of the best performing REITs over the period. Together the 10 trusts generated an average gain of 6% over the 12 weeks, whilst the remaining REITs averaged a 9% decline. 
Sabana REIT saw the S-REIT Sectors’ highest proportionate net institutional inflows since 9 June. As the Manger reiterated on 28 August (click <a href="https://links.sgx.com/1.0.0/corporate-announcements/OZZOXHVNDL7FV4HU/94f78e53d56f79823f6693002a11cab7be59d2c671523099a4385830a84e4205">here</a>), the proposed ESR REIT merger offers opportunities for re-rating and for reducing the NAV discount in the long term as part of a larger, more liquid and scalable REIT, backed by a developer-sponsor. 
The table below sorts the S-REIT Sector to the highest net institutional inflows between proportionate to current market capitalisation between 10 June and 28 August 2020.

<table class="table table-striped"><tbody>
<tr>
<td>S-REIT Sector: REITS, Stapled Trusts and Business Trusts </td>
			<td>SGX Code</td>
			<td>Market Cap S$M</td>
			<td>Net Institutional Flow 10 June - 28 Aug / Mkt Cap</td>
			<td>Total Return 9 June - 28 August </td>
			<td>Total Return YTD</td>
		</tr>
<tr>
<td>Sabana REIT</td>
			<td>M1GU</td>
			<td>389.6</td>
			<td>1.00%</td>
			<td>-1%</td>
			<td>-17%</td>
		</tr>
<tr>
<td>Frasers L&amp;C Tr</td>
			<td>BUOU</td>
			<td>4607.8</td>
			<td>0.60%</td>
			<td>14%</td>
			<td>13%</td>
		</tr>
<tr>
<td>A-REIT</td>
			<td>A17U</td>
			<td>11983</td>
			<td>0.50%</td>
			<td>3%</td>
			<td>15%</td>
		</tr>
<tr>
<td>Mapletree Log Tr</td>
			<td>M44U</td>
			<td>7850.6</td>
			<td>0.40%</td>
			<td>8%</td>
			<td>22%</td>
		</tr>
<tr>
<td>SPH REIT</td>
			<td>SK6U</td>
			<td>2362.5</td>
			<td>0.40%</td>
			<td>-4%</td>
			<td>-19%</td>
		</tr>
<tr>
<td>Keppel Pac Oak REIT</td>
			<td>CMOU</td>
			<td>920.7</td>
			<td>0.40%</td>
			<td>4%</td>
			<td>-1%</td>
		</tr>
<tr>
<td>ARA LOGOS Log Tr</td>
			<td>K2LU</td>
			<td>691.6</td>
			<td>0.30%</td>
			<td>14%</td>
			<td>-6%</td>
		</tr>
<tr>
<td>Keppel DC REIT</td>
			<td>AJBU</td>
			<td>4719.4</td>
			<td>0.20%</td>
			<td>22%</td>
			<td>42%</td>
		</tr>
<tr>
<td>CapitaCom Trust</td>
			<td>C61U</td>
			<td>6333.5</td>
			<td>0.10%</td>
			<td>-10%</td>
			<td>-14%</td>
		</tr>
<tr>
<td>ParkwayLife REIT</td>
			<td>C2PU</td>
			<td>2268.8</td>
			<td>0.10%</td>
			<td>8%</td>
			<td>16%</td>
		</tr>
<tr>
<td>CDL H Trust</td>
			<td>J85</td>
			<td>1281</td>
			<td>0.10%</td>
			<td>-11%</td>
			<td>-32%</td>
		</tr>
<tr>
<td>Mapletree Ind Tr</td>
			<td>ME8U</td>
			<td>7138.6</td>
			<td>0.00%</td>
			<td>9%</td>
			<td>21%</td>
		</tr>
<tr>
<td>Ascott Trust</td>
			<td>HMN</td>
			<td>2747.3</td>
			<td>0.00%</td>
			<td>-19%</td>
			<td>-30%</td>
		</tr>
<tr>
<td>Far East H Trust</td>
			<td>Q5T</td>
			<td>1057.5</td>
			<td>0.00%</td>
			<td>-1%</td>
			<td>-24%</td>
		</tr>
<tr>
<td>Frasers H Trust</td>
			<td>ACV</td>
			<td>835.7</td>
			<td>0.00%</td>
			<td>-18%</td>
			<td>-38%</td>
		</tr>
<tr>
<td>Dasin Retail Tr**</td>
			<td>CEDU</td>
			<td>616.7</td>
			<td>0.00%</td>
			<td>-2%</td>
			<td>1%</td>
		</tr>
<tr>
<td>BHG Retail REIT</td>
			<td>BMGU</td>
			<td>295.5</td>
			<td>0.00%</td>
			<td>-9%</td>
			<td>-13%</td>
		</tr>
<tr>
<td>Mapletree NAC Tr</td>
			<td>RW0U</td>
			<td>3064.8</td>
			<td>-0.10%</td>
			<td>-4%</td>
			<td>-16%</td>
		</tr>
<tr>
<td>IREIT Global</td>
			<td>UD1U</td>
			<td>446.1</td>
			<td>-0.10%</td>
			<td>-3%</td>
			<td>-8%</td>
		</tr>
<tr>
<td>OUE Com REIT</td>
			<td>TS0U</td>
			<td>2030.5</td>
			<td>-0.20%</td>
			<td>-7%</td>
			<td>-30%</td>
		</tr>
<tr>
<td>EC World REIT</td>
			<td>BWCU</td>
			<td>550.7</td>
			<td>-0.20%</td>
			<td>-3%</td>
			<td>-4%</td>
		</tr>
<tr>
<td>Elite Com REIT GBP</td>
			<td>MXNU</td>
			<td>399</td>
			<td>-0.20%</td>
			<td>-1%</td>
			<td>N/A</td>
		</tr>
<tr>
<td>Mapletree Com Tr</td>
			<td>N2IU</td>
			<td>6395.9</td>
			<td>-0.30%</td>
			<td>-10%</td>
			<td>-18%</td>
		</tr>
<tr>
<td>Frasers Cpt Tr</td>
			<td>J69U</td>
			<td>2769.3</td>
			<td>-0.30%</td>
			<td>-5%</td>
			<td>-11%</td>
		</tr>
<tr>
<td>Soilbuild Biz REIT</td>
			<td>SV3U</td>
			<td>519.9</td>
			<td>-0.40%</td>
			<td>-1%</td>
			<td>-16%</td>
		</tr>
<tr>
<td>Keppel REIT</td>
			<td>K71U</td>
			<td>3568.9</td>
			<td>-0.50%</td>
			<td>-11%</td>
			<td>-12%</td>
		</tr>
<tr>
<td>Cromwell REIT EUR</td>
			<td>CNNU</td>
			<td>1819.5</td>
			<td>-0.50%</td>
			<td>3%</td>
			<td>-6%</td>
		</tr>
<tr>
<td>ESR-REIT</td>
			<td>J91U</td>
			<td>1361.5</td>
			<td>-0.50%</td>
			<td>-8%</td>
			<td>-24%</td>
		</tr>
<tr>
<td>Lendlease REIT</td>
			<td>JYEU</td>
			<td>749.9</td>
			<td>-0.50%</td>
			<td>-8%</td>
			<td>-28%</td>
		</tr>
<tr>
<td>Prime US REIT USD</td>
			<td>OXMU</td>
			<td>1119.3</td>
			<td>-0.60%</td>
			<td>-5%</td>
			<td>-12%</td>
		</tr>
<tr>
<td>Sasseur REIT</td>
			<td>CRPU</td>
			<td>919.1</td>
			<td>-0.60%</td>
			<td>-1%</td>
			<td>-8%</td>
		</tr>
<tr>
<td>Utd Hampshire REIT USD</td>
			<td>ODBU</td>
			<td>365.3</td>
			<td>-0.70%</td>
			<td>-8%</td>
			<td>N/A</td>
		</tr>
<tr>
<td>Lippo Malls Tr</td>
			<td>D5IU</td>
			<td>345.4</td>
			<td>-0.70%</td>
			<td>-22%</td>
			<td>-45%</td>
		</tr>
<tr>
<td>ARA H Trust USD</td>
			<td>XZL</td>
			<td>273.7</td>
			<td>-0.70%</td>
			<td>-24%</td>
			<td>-57%</td>
		</tr>
<tr>
<td>CapitaMall Trust</td>
			<td>C38U</td>
			<td>7011.3</td>
			<td>-0.80%</td>
			<td>-14%</td>
			<td>-21%</td>
		</tr>
<tr>
<td>First REIT</td>
			<td>AW9U</td>
			<td>430.4</td>
			<td>-0.80%</td>
			<td>-23%</td>
			<td>-43%</td>
		</tr>
<tr>
<td>Ascendas-iTrust**</td>
			<td>CY6U</td>
			<td>1514.7</td>
			<td>-0.90%</td>
			<td>-10%</td>
			<td>-12%</td>
		</tr>
<tr>
<td>Manulife REIT USD</td>
			<td>BTOU</td>
			<td>1588.6</td>
			<td>-1.00%</td>
			<td>-9%</td>
			<td>-21%</td>
		</tr>
<tr>
<td>Suntec REIT</td>
			<td>T82U</td>
			<td>3920.9</td>
			<td>-1.30%</td>
			<td>-11%</td>
			<td>-22%</td>
		</tr>
<tr>
<td>Starhill Global REIT</td>
			<td>P40U</td>
			<td>954.8</td>
			<td>-1.30%</td>
			<td>-24%</td>
			<td>-38%</td>
		</tr>
<tr>
<td>AIMS APAC REIT</td>
			<td>O5RU</td>
			<td>833.9</td>
			<td>-1.70%</td>
			<td>-4%</td>
			<td>-13%</td>
		</tr>
<tr>
<td>CapitaR China Tr</td>
			<td>AU8U</td>
			<td>1406.3</td>
			<td>-3.00%</td>
			<td>-14%</td>
			<td>-25%</td>
		</tr>
<tr>
<td>Average</td>
			<td> </td>
			<td> </td>
			<td> </td>
			<td>-5%</td>
			<td>-14%</td>
		</tr>
</tbody></table>
 ** note Business Trust. Source: SGX, Bloomberg, Refinitiv (Data as of 28 August 2020). Note table sort by highest net institutional buys to highest net institutional sells proportionate to current market capitalisation.

 

By comparison, the 10 trusts of the S-REIT sector that saw the highest net institutional inflow proportionate to market capitalisation following the major market lows of 23 March through to the post-low high of 9 June included First REIT, Ascendas REIT, Frasers Logistics &amp; Commercial Trust, Mapletree Logistics Trust, Soilbuild Business Space REIT, Keppel REIT, EC World REIT, Keppel Pacific Oak REIT, Ascott Trust and SPH REIT. During that period, the 10 trusts averaged a 54% Total Return compared to the remaining trusts of the S-REIT Sector gaining 45%.
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For the past 12 weeks, the 10 S-REITs recipient to the Sector’s highest net institutional inflows (proportionate to market capitalisation) included seven of the S-REIT Sector’s best performers over the period, including Keppel DC REIT which has been amongst the 25 strongest performing global REITs in the 2020 YTD.  
	 
	
These 10 S-REITs averaged a 6% total return from 9 June through to 28 August, whilst the remaining S-REITs averaged a 9% decline. The iEdge S-REIT Leaders Index generated a 3% decline over the 12 weeks, in-line with the global REIT market.   
	 
	
Sabana REIT saw the S-REITs’ highest proportionate net institutional inflows since 9 June. As the Manger reiterated on 28 Aug, the proposed ESR REIT merger offers opportunities for re-rating and for reducing the NAV discount in the long term as part of a larger, more liquid and scalable REIT, backed by a developer-sponsor.


 

Globally there are more than 800 stocks that make up the REIT Sector, with a combined market capitalisation of US$1.8 trillion (S$2.4 trillion). The FTSE EPRA/NAREIT Global REIT Index represents approximately two-thirds of the S$1.8 trillion combined market capitalisation and has generated a declined a 17% decline in the 2020 year to 28 August. Like most equity benchmarks, the Index formed its post-23 March high on 9 June which coincided with the beginnings of the second wave of COVID-19 across the United States.  Similarly, the iEdge S-REIT Leaders Index formed its post-23 March high on 9 June, and has since declined 3%. Over the 12 week period the S-REIT sector was recipient to S$147 million in net institutional outflows. A total of 13 trusts of the S-REIT Sector saw net institutional inflows over the 12 weeks. The 10 trusts with the highest net institutional inflows between 10 June to 28 June, proportionate to current market capitalisation included seven of the best performing REITs over the period. Together the 10 trusts generated an average gain of 6% over the 12 weeks, whilst the remaining REITs averaged a 9% decline.  
Sabana REIT saw the S-REIT Sectors’ highest proportionate net institutional inflows since 9 June. As the Manger reiterated on 28 August (click here), the proposed ESR REIT merger offers opportunities for re-rating and for reducing the NAV discount in the long term as part of a larger, more liquid and scalable REIT, backed by a developer-sponsor.  
The table below sorts the S-REIT Sector to the highest net institutional inflows between proportionate to current market capitalisation between 10 June and 28 August 2020.



S-REIT Sector: REITS, Stapled Trusts and Business Trusts 
			SGX Code
			Market Cap S$M
			Net Institutional Flow 10 June - 28 Aug / Mkt Cap
			Total Return 9 June - 28 August 
			Total Return YTD
		

Sabana REIT
			M1GU
			389.6
			1.00%
			-1%
			-17%
		

Frasers L&amp;C Tr
			BUOU
			4607.8
			0.60%
			14%
			13%
		

A-REIT
			A17U
			11983
			0.50%
			3%
			15%
		

Mapletree Log Tr
			M44U
			7850.6
			0.40%
			8%
			22%
		

SPH REIT
			SK6U
			2362.5
			0.40%
			-4%
			-19%
		

Keppel Pac Oak REIT
			CMOU
			920.7
			0.40%
			4%
			-1%
		

ARA LOGOS Log Tr
			K2LU
			691.6
			0.30%
			14%
			-6%
		

Keppel DC REIT
			AJBU
			4719.4
			0.20%
			22%
			42%
		

CapitaCom Trust
			C61U
			6333.5
			0.10%
			-10%
			-14%
		

ParkwayLife REIT
			C2PU
			2268.8
			0.10%
			8%
			16%
		

CDL H Trust
			J85
			1281
			0.10%
			-11%
			-32%
		

Mapletree Ind Tr
			ME8U
			7138.6
			0.00%
			9%
			21%
		

Ascott Trust
			HMN
			2747.3
			0.00%
			-19%
			-30%
		

Far East H Trust
			Q5T
			1057.5
			0.00%
			-1%
			-24%
		

Frasers H Trust
			ACV
			835.7
			0.00%
			-18%
			-38%
		

Dasin Retail Tr**
			CEDU
			616.7
			0.00%
			-2%
			1%
		

BHG Retail REIT
			BMGU
			295.5
			0.00%
			-9%
			-13%
		

Mapletree NAC Tr
			RW0U
			3064.8
			-0.10%
			-4%
			-16%
		

IREIT Global
			UD1U
			446.1
			-0.10%
			-3%
			-8%
		

OUE Com REIT
			TS0U
			2030.5
			-0.20%
			-7%
			-30%
		

EC World REIT
			BWCU
			550.7
			-0.20%
			-3%
			-4%
		

Elite Com REIT GBP
			MXNU
			399
			-0.20%
			-1%
			N/A
		

Mapletree Com Tr
			N2IU
			6395.9
			-0.30%
			-10%
			-18%
		

Frasers Cpt Tr
			J69U
			2769.3
			-0.30%
			-5%
			-11%
		

Soilbuild Biz REIT
			SV3U
			519.9
			-0.40%
			-1%
			-16%
		

Keppel REIT
			K71U
			3568.9
			-0.50%
			-11%
			-12%
		

Cromwell REIT EUR
			CNNU
			1819.5
			-0.50%
			3%
			-6%
		

ESR-REIT
			J91U
			1361.5
			-0.50%
			-8%
			-24%
		

Lendlease REIT
			JYEU
			749.9
			-0.50%
			-8%
			-28%
		

Prime US REIT USD
			OXMU
			1119.3
			-0.60%
			-5%
			-12%
		

Sasseur REIT
			CRPU
			919.1
			-0.60%
			-1%
			-8%
		

Utd Hampshire REIT USD
			ODBU
			365.3
			-0.70%
			-8%
			N/A
		

Lippo Malls Tr
			D5IU
			345.4
			-0.70%
			-22%
			-45%
		

ARA H Trust USD
			XZL
			273.7
			-0.70%
			-24%
			-57%
		

CapitaMall Trust
			C38U
			7011.3
			-0.80%
			-14%
			-21%
		

First REIT
			AW9U
			430.4
			-0.80%
			-23%
			-43%
		

Ascendas-iTrust**
			CY6U
			1514.7
			-0.90%
			-10%
			-12%
		

Manulife REIT USD
			BTOU
			1588.6
			-1.00%
			-9%
			-21%
		

Suntec REIT
			T82U
			3920.9
			-1.30%
			-11%
			-22%
		

Starhill Global REIT
			P40U
			954.8
			-1.30%
			-24%
			-38%
		

AIMS APAC REIT
			O5RU
			833.9
			-1.70%
			-4%
			-13%
		

CapitaR China Tr
			AU8U
			1406.3
			-3.00%
			-14%
			-25%
		

Average
			 
			 
			 
			-5%
			-14%
		

 ** note Business Trust. Source: SGX, Bloomberg, Refinitiv (Data as of 28 August 2020). Note table sort by highest net institutional buys to highest net institutional sells proportionate to current market capitalisation.

 

By comparison, the 10 trusts of the S-REIT sector that saw the highest net institutional inflow proportionate to market capitalisation following the major market lows of 23 March through to the post-low high of 9 June included First REIT, Ascendas REIT, Frasers Logistics &amp; Commercial Trust, Mapletree Logistics Trust, Soilbuild Business Space REIT, Keppel REIT, EC World REIT, Keppel Pacific Oak REIT, Ascott Trust and SPH REIT. During that period, the 10 trusts averaged a 54% Total Return compared to the remaining trusts of the S-REIT Sector gaining 45%.



S-REITs Most Sought by Institutions Since 9 June

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Technology has been the strongest segment of the global stock market in the 2020 year to 6 August, remaining at the forefront of innovation, global trade and trade bloc policy debate. The past 10 years saw the number of technology-related stocks that rank amongst the 30 biggest global stocks more than double from six to 14. 
	 </li>
	<li>
Singapore’s most traded technology stocks have generated gains in the current quarter-to-date, with respective average and median total returns of 21%. This has brought their longer-term median three year total return to 60%, led by AEM Holdings, Keppel DC REIT &amp; Frencken Group. 
	 </li>
	<li>The 11 stocks saw combined turnover rise 60% from 2019 levels, contributing 8% to stock market turnover in the 2020 YTD. Keppel DC REIT, Mapletree Ind Trust and AEM have each been recipient to similar net institutional inflows (c.S$55M) in the 2020 YTD while Venture was recipient to inflows of S$212 million. </li>
</ul>
 

Singapore’s Most Traded Technology Stocks up 20% in 2020, with trading turnover up 90% 
As many as 11 of Singapore’s 80 most traded stocks in the 2020 year to 6 August represent the Technology sector, with businesses that span data centres, semiconductors, electronics, precision engineering, e-commerce and data communications. 
Of the 11 stocks, 10 stocks generated gains in the first three sessions of August, with none of the 11 stocks generating declines from the end of June to 6 August. As many as nine of the 11 stocks generated gains in the 2020 year to 6 August, with respective average and median total returns of 25% and 21%. This has brought their median three year total return to 60%. Moreover, combined trading turnover of the 11 stocks has climbed to S$120 million a day for the 2020 year to 6 August, compared to a combined S$73 million a day for 2019. 
The performances and participation highlights of the 11 stocks are tabled below.

<table class="table table-striped"><tbody>
<tr>
<td>
			Most Traded Stocks in YTD with a Hi-Tech Focus
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Mkt Cap (S$M)
			</td>
			<td>
			Total Return MTD %
			</td>
			<td>
			QTD Total Return %
			</td>
			<td>
			YTD Total Return %
			</td>
			<td>
			260 Day Volatility %
			</td>
			<td>
			3-Year Total Return %
			</td>
			<td>
			2019 Average Daily Turnover (S$M)
			</td>
			<td>
			YTD Average Daily Turnover  (S$M)
			</td>
			<td>
			YTD Net Institutional Inflow (S$M)
			</td>
		</tr>
<tr>
<td>
			Mapletree Ind Trust *
			</td>
			<td>
			ME8U
			</td>
			<td>
			7,561
			</td>
			<td>
			-1
			</td>
			<td>
			12
			</td>
			<td>
			28
			</td>
			<td>
			39
			</td>
			<td>
			105
			</td>
			<td>
			11.3
			</td>
			<td>
			24.9
			</td>
			<td>
			54.8
			</td>
		</tr>
<tr>
<td>
			Venture
			</td>
			<td>
			V03
			</td>
			<td>
			5,487
			</td>
			<td>
			6
			</td>
			<td>
			17
			</td>
			<td>
			21
			</td>
			<td>
			33
			</td>
			<td>
			54
			</td>
			<td>
			19.9
			</td>
			<td>
			24.2
			</td>
			<td>
			212.1
			</td>
		</tr>
<tr>
<td>
			AEM Holdings
			</td>
			<td>
			AWX
			</td>
			<td>
			1,177
			</td>
			<td>
			20
			</td>
			<td>
			37
			</td>
			<td>
			114
			</td>
			<td>
			60
			</td>
			<td>
			563
			</td>
			<td>
			10.4
			</td>
			<td>
			21.7
			</td>
			<td>
			64.2
			</td>
		</tr>
<tr>
<td>
			Keppel DC REIT *
			</td>
			<td>
			AJBU
			</td>
			<td>
			4,948
			</td>
			<td>
			2
			</td>
			<td>
			21
			</td>
			<td>
			49
			</td>
			<td>
			34
			</td>
			<td>
			175
			</td>
			<td>
			8.7
			</td>
			<td>
			18.0
			</td>
			<td>
			57.9
			</td>
		</tr>
<tr>
<td>
			NetLink NBN Trust *
			</td>
			<td>
			CJLU
			</td>
			<td>
			3,780
			</td>
			<td>
			1
			</td>
			<td>
			0
			</td>
			<td>
			5
			</td>
			<td>
			26
			</td>
			<td>
			38
			</td>
			<td>
			7.8
			</td>
			<td>
			11.9
			</td>
			<td>
			-16.0
			</td>
		</tr>
<tr>
<td>
			UMS Holdings
			</td>
			<td>
			558
			</td>
			<td>
			576
			</td>
			<td>
			9
			</td>
			<td>
			22
			</td>
			<td>
			9
			</td>
			<td>
			49
			</td>
			<td>
			46
			</td>
			<td>
			3.0
			</td>
			<td>
			7.1
			</td>
			<td>
			13.0
			</td>
		</tr>
<tr>
<td>
			Hi-P International
			</td>
			<td>
			H17
			</td>
			<td>
			1,097
			</td>
			<td>
			6
			</td>
			<td>
			28
			</td>
			<td>
			-9
			</td>
			<td>
			53
			</td>
			<td>
			63
			</td>
			<td>
			7.0
			</td>
			<td>
			3.8
			</td>
			<td>
			-11.0
			</td>
		</tr>
<tr>
<td>
			Frencken
			</td>
			<td>
			E28
			</td>
			<td>
			502
			</td>
			<td>
			1
			</td>
			<td>
			38
			</td>
			<td>
			32
			</td>
			<td>
			49
			</td>
			<td>
			153
			</td>
			<td>
			1.4
			</td>
			<td>
			2.4
			</td>
			<td>
			3.4
			</td>
		</tr>
<tr>
<td>
			Valuetronics
			</td>
			<td>
			BN2
			</td>
			<td>
			254
			</td>
			<td>
			3
			</td>
			<td>
			6
			</td>
			<td>
			-29
			</td>
			<td>
			43
			</td>
			<td>
			-18
			</td>
			<td>
			1.9
			</td>
			<td>
			2.0
			</td>
			<td>
			-20.2
			</td>
		</tr>
<tr>
<td>
			Synagie
			</td>
			<td>
			V2Y
			</td>
			<td>
			60
			</td>
			<td>
			4
			</td>
			<td>
			9
			</td>
			<td>
			52
			</td>
			<td>
			57
			</td>
			<td>
			N/A
			</td>
			<td>
			0.8
			</td>
			<td>
			1.9
			</td>
			<td>
			1.3
			</td>
		</tr>
<tr>
<td>
			CSE Global
			</td>
			<td>
			544
			</td>
			<td>
			273
			</td>
			<td>
			11
			</td>
			<td>
			34
			</td>
			<td>
			0
			</td>
			<td>
			46
			</td>
			<td>
			57
			</td>
			<td>
			1.0
			</td>
			<td>
			1.9
			</td>
			<td>
			-17.6
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			6
			</td>
			<td>
			21
			</td>
			<td>
			25
			</td>
			<td>
			44
			</td>
			<td>
			124
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
		</tr>
<tr>
<td>
			Median
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			4
			</td>
			<td>
			21
			</td>
			<td>
			21
			</td>
			<td>
			46
			</td>
			<td>
			60
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
		</tr>
<tr>
<td>
			Total
			</td>
			<td>
			 
			</td>
			<td>
			25,717
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			62
			</td>
			<td>
			120
			</td>
			<td>
			342
			</td>
		</tr>
</tbody></table>
Source: SGX StockFacts, Bloomberg, Refinitiv (Data as of 6 August 2020)*Note Keppel DC REIT and Mapletree Industrial Trust are REITS and NetLink NBN Trust is a Business Trust. 
 

The 11 stocks have made a significant impact to the broader trading turnover of SGX-listed stocks in the 2020 year to the average daily turnover in the 2020 year to 6 August. The S$120 million in turnover a day, represents 8% of the trading turnover of all SGX-listed stocks for the period, while the 11 stocks represent 3% of the total market capitalisation of all stocks listed on SGX. Beyond the 11 stocks tabled above, the next most traded stocks with strong technology focus include Silverlake Axis, Broadway Industrial Group, Trendlines Group, iFAST, Fu Yu and Creative.  

As tabled above, Keppel DC REIT, Mapletree Industrial Trust and AEM Holdings have each been recipient to similar net institutional inflows in the 2020 year to 6 August, totalling S$176.9 million. 

 

<ul>
<li>The strongest of the 10 stocks in the first three sessions of August was also AEM Holdings. While not one of the 30 STI stocks, AEM Holdings has been the 25th most traded Singapore stock in the 2020 year to 6 August. AEM Holdings has built up its capabilities in advanced testing solutions over the past few years, enabling the company to tap on the growth of system-level testing from wafer level to package level, panels and interconnects. Last year AEM Holdings made it to the list to Forbes Asia’s 200 Best under A Billion List for the first time. Just recently the market value of the stock has risen above S$1 billion. AEM Holdings reported a record FY19 (ending 31 Dec) financial performance, achieving revenue of S$323 million, which has been followed by <a href="https://links.sgx.com/1.0.0/corporate-announcements/0QCEWVP56GIO9AE0/25d11e5adb297bac7b43d94b04e0ef6acda1824a98bc4c938cf30b5f45251235">S$274 million in revenue in 1H20</a> with revenue guidance for FY20 between S$460 million and S$480 million. Despite the stocks gains, Reuters data shows it maintains a lower forward P/E that its four main competitors in the business of test handlers and semiconductor tests that are listed in US, Japan and Taiwan which include Teradyne Inc, Cohu Inc, Advantest Corp and Chroma ATE Inc. 
	 </li>
	<li>
Keppel DC REIT is the largest stock on the STI Reserve List, for its <a href="https://links.sgx.com/1.0.0/corporate-announcements/ZM3TVOVT76RCPGNF/49f2654288bf099d41fc8987cceaa043c6f9fcbe8a3b94d96b0c90162fd77043">1HFY20 (ended 30 June)</a> the REIT reported Gross Revenue climbed 30% YoY. The REIT noted widespread lockdowns have contributed to an accelerated adoption of digital technology, Keppel DC REIT note the data centre industry remains resilient, supporting data storage and processing requirements of the digital economy. Internet Enterprises make up 48% of Keppel DC REIT rental income. Keppel DC REIT believes that the prospects for the data centre market remain robust, underpinned by strong digital trends such as rapid cloud adoption, smart technologies, big‐data analytics, and 5G deployment.  As Singapore’s data centre pure-play – Keppel DC REIT – has performed in-line with the FTSE NAREIT Sub-Sector Data Centres Index (+36%) in the 2020 year to date, in addition to the world’s largest Data Centre by market value, Equinix Inc (+39%). 
	 </li>
	<li>Mapletree Industrial Trust recently reported its <a href="https://links.sgx.com/1.0.0/corporate-announcements/3DVY9LOEP2KHIQ99/cff27432eb424016b946b403e79f5ed5744af26604c47ad2e51ec7d00f2524ec">1QFY20/21 (ended 30 June)</a> gross revenue declined 0.5% YoY. The REIT noted that revenue contributions from 7 Tai Seng Drive, The Strategy and 30A Kallang Place were offset by rental rebates extended to tenants as part of the COVID-19 Assistance and Relief Programme. Net property income improved marginally by 0.9% year-on-year to S$78.7 million. The REIT which joined the STI on 22 June, announced the next day that it was increasing its portfolio exposure to data centres from 31.6% to 39.0%, bringing its broader exposure to hi-tech buildings (including data centres) from 55.0% to 59.9%. The Private Placement was approximately 8.2 times covered at the top end of the Issue Price Range of S$2.800 per New Unit, after taking into account the exercise of the Upsize Option. The EGM is scheduled for 27 August – click <a href="https://links.sgx.com/1.0.0/corporate-announcements/4GJ56BK0T8XQRIRX/3680b5d07ffcd4a9b8b82de4ac32342062d380db1ef4c8a0634ac53c3ae29679">here</a> for more details. 
	 </li>
</ul>
Current Drivers of the Heavily Competitve Global Technology Sector 
Over the past 10 years the number of technology-related stocks that rank amongst the 30 biggest global stocks by market value have more than doubled from six to 14. Together, these 14 stocks now account for 12% of the global market capitalisation, with the majority of the companies household names such as Apple Inc, Amazon.com Inc and Alphabet Inc that maintain consumer-facing, e-commerce or communication businesses.  
These 14 stocks generated average total returns of 38.6% in the 2020 year to 4 August. Similarly the iEdge-FactSet Global Internet Index which includes six of the 14 stocks generated a 55.1% return for the period. The iEdge-FactSet Thematic Indices identify multiple market drivers including Cybersecurity, E-Commerce, Robotics &amp; Automation, Technology Advantage, Robotics &amp; Artificial Intelligence, 5G Cellular, Networks and Internet &amp; Digital Technology. 
Many of these key sub-themes have been highlighted in financial reports of technology-related companies listed on SGX. The scope of technology applications that support commercial services are also fast evolving and have become much more prevalanet in 2020 with economic containments.
</body></html>





Technology has been the strongest segment of the global stock market in the 2020 year to 6 August, remaining at the forefront of innovation, global trade and trade bloc policy debate. The past 10 years saw the number of technology-related stocks that rank amongst the 30 biggest global stocks more than double from six to 14.  
	 
	
Singapore’s most traded technology stocks have generated gains in the current quarter-to-date, with respective average and median total returns of 21%. This has brought their longer-term median three year total return to 60%, led by AEM Holdings, Keppel DC REIT &amp; Frencken Group.  
	 
	The 11 stocks saw combined turnover rise 60% from 2019 levels, contributing 8% to stock market turnover in the 2020 YTD. Keppel DC REIT, Mapletree Ind Trust and AEM have each been recipient to similar net institutional inflows (c.S$55M) in the 2020 YTD while Venture was recipient to inflows of S$212 million. 

 

Singapore’s Most Traded Technology Stocks up 20% in 2020, with trading turnover up 90%   
As many as 11 of Singapore’s 80 most traded stocks in the 2020 year to 6 August represent the Technology sector, with businesses that span data centres, semiconductors, electronics, precision engineering, e-commerce and data communications.  
Of the 11 stocks, 10 stocks generated gains in the first three sessions of August, with none of the 11 stocks generating declines from the end of June to 6 August. As many as nine of the 11 stocks generated gains in the 2020 year to 6 August, with respective average and median total returns of 25% and 21%. This has brought their median three year total return to 60%. Moreover, combined trading turnover of the 11 stocks has climbed to S$120 million a day for the 2020 year to 6 August, compared to a combined S$73 million a day for 2019.  
The performances and participation highlights of the 11 stocks are tabled below.




			Most Traded Stocks in YTD with a Hi-Tech Focus
			
			
			SGX Code
			
			
			Mkt Cap (S$M)
			
			
			Total Return MTD %
			
			
			QTD Total Return %
			
			
			YTD Total Return %
			
			
			260 Day Volatility %
			
			
			3-Year Total Return %
			
			
			2019 Average Daily Turnover (S$M)
			
			
			YTD Average Daily Turnover  (S$M)
			
			
			YTD Net Institutional Inflow (S$M)
			
		


			Mapletree Ind Trust *
			
			
			ME8U
			
			
			7,561
			
			
			-1
			
			
			12
			
			
			28
			
			
			39
			
			
			105
			
			
			11.3
			
			
			24.9
			
			
			54.8
			
		


			Venture
			
			
			V03
			
			
			5,487
			
			
			6
			
			
			17
			
			
			21
			
			
			33
			
			
			54
			
			
			19.9
			
			
			24.2
			
			
			212.1
			
		


			AEM Holdings
			
			
			AWX
			
			
			1,177
			
			
			20
			
			
			37
			
			
			114
			
			
			60
			
			
			563
			
			
			10.4
			
			
			21.7
			
			
			64.2
			
		


			Keppel DC REIT *
			
			
			AJBU
			
			
			4,948
			
			
			2
			
			
			21
			
			
			49
			
			
			34
			
			
			175
			
			
			8.7
			
			
			18.0
			
			
			57.9
			
		


			NetLink NBN Trust *
			
			
			CJLU
			
			
			3,780
			
			
			1
			
			
			0
			
			
			5
			
			
			26
			
			
			38
			
			
			7.8
			
			
			11.9
			
			
			-16.0
			
		


			UMS Holdings
			
			
			558
			
			
			576
			
			
			9
			
			
			22
			
			
			9
			
			
			49
			
			
			46
			
			
			3.0
			
			
			7.1
			
			
			13.0
			
		


			Hi-P International
			
			
			H17
			
			
			1,097
			
			
			6
			
			
			28
			
			
			-9
			
			
			53
			
			
			63
			
			
			7.0
			
			
			3.8
			
			
			-11.0
			
		


			Frencken
			
			
			E28
			
			
			502
			
			
			1
			
			
			38
			
			
			32
			
			
			49
			
			
			153
			
			
			1.4
			
			
			2.4
			
			
			3.4
			
		


			Valuetronics
			
			
			BN2
			
			
			254
			
			
			3
			
			
			6
			
			
			-29
			
			
			43
			
			
			-18
			
			
			1.9
			
			
			2.0
			
			
			-20.2
			
		


			Synagie
			
			
			V2Y
			
			
			60
			
			
			4
			
			
			9
			
			
			52
			
			
			57
			
			
			N/A
			
			
			0.8
			
			
			1.9
			
			
			1.3
			
		


			CSE Global
			
			
			544
			
			
			273
			
			
			11
			
			
			34
			
			
			0
			
			
			46
			
			
			57
			
			
			1.0
			
			
			1.9
			
			
			-17.6
			
		


			Average
			
			
			 
			
			
			 
			
			
			6
			
			
			21
			
			
			25
			
			
			44
			
			
			124
			
			
			 
			
			
			 
			
			
			 
			
		


			Median
			
			
			 
			
			
			 
			
			
			4
			
			
			21
			
			
			21
			
			
			46
			
			
			60
			
			
			 
			
			
			 
			
			
			 
			
		


			Total
			
			
			 
			
			
			25,717
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			62
			
			
			120
			
			
			342
			
		

Source: SGX StockFacts, Bloomberg, Refinitiv (Data as of 6 August 2020)*Note Keppel DC REIT and Mapletree Industrial Trust are REITS and NetLink NBN Trust is a Business Trust. 
 

The 11 stocks have made a significant impact to the broader trading turnover of SGX-listed stocks in the 2020 year to the average daily turnover in the 2020 year to 6 August. The S$120 million in turnover a day, represents 8% of the trading turnover of all SGX-listed stocks for the period, while the 11 stocks represent 3% of the total market capitalisation of all stocks listed on SGX. Beyond the 11 stocks tabled above, the next most traded stocks with strong technology focus include Silverlake Axis, Broadway Industrial Group, Trendlines Group, iFAST, Fu Yu and Creative.  

As tabled above, Keppel DC REIT, Mapletree Industrial Trust and AEM Holdings have each been recipient to similar net institutional inflows in the 2020 year to 6 August, totalling S$176.9 million. 

 


The strongest of the 10 stocks in the first three sessions of August was also AEM Holdings. While not one of the 30 STI stocks, AEM Holdings has been the 25th most traded Singapore stock in the 2020 year to 6 August. AEM Holdings has built up its capabilities in advanced testing solutions over the past few years, enabling the company to tap on the growth of system-level testing from wafer level to package level, panels and interconnects. Last year AEM Holdings made it to the list to Forbes Asia’s 200 Best under A Billion List for the first time. Just recently the market value of the stock has risen above S$1 billion. AEM Holdings reported a record FY19 (ending 31 Dec) financial performance, achieving revenue of S$323 million, which has been followed by S$274 million in revenue in 1H20 with revenue guidance for FY20 between S$460 million and S$480 million. Despite the stocks gains, Reuters data shows it maintains a lower forward P/E that its four main competitors in the business of test handlers and semiconductor tests that are listed in US, Japan and Taiwan which include Teradyne Inc, Cohu Inc, Advantest Corp and Chroma ATE Inc. 
	 
	
Keppel DC REIT is the largest stock on the STI Reserve List, for its 1HFY20 (ended 30 June) the REIT reported Gross Revenue climbed 30% YoY. The REIT noted widespread lockdowns have contributed to an accelerated adoption of digital technology, Keppel DC REIT note the data centre industry remains resilient, supporting data storage and processing requirements of the digital economy. Internet Enterprises make up 48% of Keppel DC REIT rental income. Keppel DC REIT believes that the prospects for the data centre market remain robust, underpinned by strong digital trends such as rapid cloud adoption, smart technologies, big‐data analytics, and 5G deployment.  As Singapore’s data centre pure-play – Keppel DC REIT – has performed in-line with the FTSE NAREIT Sub-Sector Data Centres Index (+36%) in the 2020 year to date, in addition to the world’s largest Data Centre by market value, Equinix Inc (+39%). 
	 
	Mapletree Industrial Trust recently reported its 1QFY20/21 (ended 30 June) gross revenue declined 0.5% YoY. The REIT noted that revenue contributions from 7 Tai Seng Drive, The Strategy and 30A Kallang Place were offset by rental rebates extended to tenants as part of the COVID-19 Assistance and Relief Programme. Net property income improved marginally by 0.9% year-on-year to S$78.7 million. The REIT which joined the STI on 22 June, announced the next day that it was increasing its portfolio exposure to data centres from 31.6% to 39.0%, bringing its broader exposure to hi-tech buildings (including data centres) from 55.0% to 59.9%. The Private Placement was approximately 8.2 times covered at the top end of the Issue Price Range of S$2.800 per New Unit, after taking into account the exercise of the Upsize Option. The EGM is scheduled for 27 August – click here for more details.  
	 

Current Drivers of the Heavily Competitve Global Technology Sector  
Over the past 10 years the number of technology-related stocks that rank amongst the 30 biggest global stocks by market value have more than doubled from six to 14. Together, these 14 stocks now account for 12% of the global market capitalisation, with the majority of the companies household names such as Apple Inc, Amazon.com Inc and Alphabet Inc that maintain consumer-facing, e-commerce or communication businesses.   
These 14 stocks generated average total returns of 38.6% in the 2020 year to 4 August. Similarly the iEdge-FactSet Global Internet Index which includes six of the 14 stocks generated a 55.1% return for the period. The iEdge-FactSet Thematic Indices identify multiple market drivers including Cybersecurity, E-Commerce, Robotics &amp; Automation, Technology Advantage, Robotics &amp; Artificial Intelligence, 5G Cellular, Networks and Internet &amp; Digital Technology.  
Many of these key sub-themes have been highlighted in financial reports of technology-related companies listed on SGX. The scope of technology applications that support commercial services are also fast evolving and have become much more prevalanet in 2020 with economic containments.



Singapore Technology Stocks Rallied 20% on Increased Participation Since June  

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<ul>
<li>
Of the trusts listed on SGX, three largest belonging to the Keppel group are Keppel DC REIT (KDC REIT), Keppel REIT (K-REIT), and Keppel Infrastructure Trust (KIT). In 2H July, the trio unveiled earnings for the six months ended 30 June 2020. 
	 </li>
	<li>
For 1H 2020, KDC REIT reported a 13.6% YoY rise in DPU to 4.375 Singapore cents, while K-REIT posted a 0.7% YoY increase in DPU to 2.80 cents. KIT unveiled a DPU of 1.86 cents, unchanged YoY. 
	 </li>
	<li>As at 30 June 2020, KDC REIT, K-REIT and KIT reported an average aggregate leverage ratio of 34.8%, compared with an average 33.1% as at 31 December 2019. </li>
</ul>
 

 

Of the trusts on SGX, three largest belonging to the Keppel group are Keppel DC REIT (KDC REIT), Keppel REIT (K-REIT), and Keppel Infrastructure Trust (KIT).

<a href="https://www.keppeldcreit.com/en/home.aspx">Keppel DC REIT</a>'s (KDC REIT) portfolio comprises 18 high-quality data centres strategically located in key data centre hubs, spanning 11 cities in eight countries in Asia Pacific and Europe. The REIT is managed by Keppel DC REIT Management. Keppel Capital holds 50% interest in the Manager, and the remainder is held by Keppel Telecommunications &amp; Transportation (Keppel T&amp;T), the REIT’s Sponsor.

<a href="https://www.keppelreit.com/">Keppel REIT</a> (K-REIT) has assets under management of approximately $8 billion in Singapore, key Australian cities of Sydney, Melbourne, Brisbane and Perth, as well as Seoul. Keppel REIT is sponsored by Keppel Land and managed by Keppel REIT Management, a wholly owned subsidiary of Keppel Capital.

<a href="https://www.kepinfratrust.com/">Keppel Infrastructure Trust</a> (KIT) is the largest diversified business trust listed in Singapore with over $5 billion in assets under management. Its portfolio comprises strategic businesses and assets in three core segments – Distribution &amp; Network, Energy and Waste &amp; Water. Keppel Infrastructure Fund Management, a wholly owned subsidiary of Keppel Capital, is the Manager of KIT, while Keppel Infrastructure Holdings, a wholly owned subsidiary of Keppel Corporation, is KIT’s Sponsor.

In the second half of July, the trio unveiled earnings for the six months ended 30 June 2020.

DPU Highlights  
For the six months ended 30 June 2020, KDC REIT reported a 13.6% YoY rise in distribution per unit (DPU) to 4.375 Singapore cents, while K-REIT posted a 0.7% increase in DPU to 2.80 cents. KIT unveiled a DPU of 1.86 cents, unchanged from the year-ago period.

KDC REIT and K-REIT reported a 32.1% gain and 6.6% decline in net property income to S$114.2 million and S$50.6 million respectively. Gross revenue for the pair rose 29.8% and fell 5.6% to S$124.0 million and S$75.5 million respectively. For KIT, it reported a 20.3% rise in distributable cash flows (DCF) to S$113.3 million for the period.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			DPU (SG cts)
			</td>
			<td>
			YoY Chg (%)
			</td>
			<td>
			Net Property Income (S$M)
			</td>
			<td>
			YoY Chg (%)
			</td>
			<td>
			Gross Revenue (S$M)
			</td>
			<td>
			YoY Chg (%)
			</td>
		</tr>
<tr>
<td>
			KEPPEL DC REIT
			</td>
			<td>
			4.375
			</td>
			<td>
			13.6
			</td>
			<td>
			114.2
			</td>
			<td>
			32.1
			</td>
			<td>
			124.0
			</td>
			<td>
			29.8
			</td>
		</tr>
<tr>
<td>
			KEPPEL REIT
			</td>
			<td>
			2.800
			</td>
			<td>
			0.7
			</td>
			<td>
			50.6
			</td>
			<td>
			-6.6
			</td>
			<td>
			75.5
			</td>
			<td>
			-5.6
			</td>
		</tr>
</tbody></table>
 

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			DPU (SG cts)
			</td>
			<td>
			YoY Chg (%)
			</td>
			<td>
			Distributable Cash Flows (S$M)
			</td>
			<td>
			YoY Chg (%)
			</td>
		</tr>
<tr>
<td>
			KEPPEL INFRASTRUCTURE TRUST
			</td>
			<td>
			1.860
			</td>
			<td>
			0.0
			</td>
			<td>
			113.3
			</td>
			<td>
			20.3
			</td>
		</tr>
</tbody></table>
Source: Company data

 

Debt Profiles

 
As at 30 June 2020, KDC REIT, K-REIT and KIT reported an average aggregate leverage ratio of 34.8%, compared with an average 33.1% as at 31 December 2019. K-REIT had the highest aggregate leverage ratio of 36.3%, while KIT scored the lowest with 33.6%. Interest cover for KDC REIT and K-REIT stood at 12.8 times and 3.5 times respectively as at 30 June 2020, versus 13.3 times and 3.8 times as at 31 December 2019.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			Aggregate Leverage Ratio (%) as at 30 June 2020
			</td>
			<td>
			Aggregate Leverage Ratio (%) as at 31 Dec 2019
			</td>
			<td>
			Interest Coverage Ratio (x) as at 30 June 2020
			</td>
			<td>
			Interest Coverage Ratio (x) as at 31 Dec 2019
			</td>
		</tr>
<tr>
<td>
			KEPPEL DC REIT
			</td>
			<td>
			34.5
			</td>
			<td>
			30.7
			</td>
			<td>
			12.8
			</td>
			<td>
			13.3
			</td>
		</tr>
<tr>
<td>
			KEPPEL REIT
			</td>
			<td>
			36.3
			</td>
			<td>
			35.8
			</td>
			<td>
			3.5
			</td>
			<td>
			3.8
			</td>
		</tr>
<tr>
<td>
			KEPPEL INFRASTRUCTURE TRUST
			</td>
			<td>
			33.6
			</td>
			<td>
			32.8
			</td>
			<td>
			NA
			</td>
			<td>
			NA
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			34.8
			</td>
			<td>
			33.1
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
Source: Company data

Outlook

Keppel DC REIT 

<ul>
<li>As data centres are critical infrastructure of the digital economy, the Manager has put in place heightened controls and safety measures to protect its clients and employees, while ensuring that its assets continue to operate with zero downtime</li>
	<li>Beyond the regulations set out by respective governments, the Manager has also equipped its colocation facilities with sufficient supplies and set up alternative network operating centres, where practicable, in case of an infection</li>
	<li>Following the two‐month lockdown by the Irish government, asset enhancement works at Keppel DC Dublin 1 have resumed, and are expected to be completed in 2H 2020, subject to any further delays from the pandemic 
	 
	<ul>
<li>The Manager has also commenced works to convert additional space at Keppel DC Dublin 2 into a data hall, with expected completion in 1H 2021</li>
	</ul>
</li>
</ul>
<ul>
<li>In Singapore, the additional power capacity at Keppel DC Singapore 5 has been fully committed by an existing client in the facility 
	 
	<ul>
<li>Asset enhancement works at Keppel DC Singapore 5 and DC1 remained suspended. The Manager will monitor the situation and should construction works remain suspended in the near term, delays in the completion of the asset enhancement works can be expected</li>
	</ul>
</li>
	<li>KDC REIT has in May 2020 refinanced its short‐term EUR loan to a four‐year term loan at favourable margins and secured refinancing of the AUD loan due in 3Q 2020 to 2024</li>
	<li>To mitigate exposure to interest-rate fluctuations, the Manager has hedged 69.0% of its borrowings as at 30 June 2020 through floating‐to‐fixed interest rate swaps, with the remaining unhedged borrowings in EUR 
	 
	<ul>
<li>Forecasted foreign sourced distributions have also been substantially hedged till 2H 2021 with foreign currency forward contracts, mitigating the impact of currency fluctuations</li>
	</ul>
</li>
</ul>
<ul>
<li>The technology sector continues to do well, as the widespread lockdowns have contributed to accelerated adoption of digital technology, and the data centre industry remains resilient 
	 
	<ul>
<li>The Manager believes prospects for the data centre market remain robust, underpinned by strong digital trends such as rapid cloud adoption, smart technologies, big‐data analytics, and 5G deployment</li>
	</ul>
</li>
	<li>The Manager will continue to leverage its competencies in investment, asset and capital management, and build on Keppel Group’s capabilities in project development and facilities management, to seek opportunities and strengthen its presence across key data centre hubs globally</li>
</ul>
Click <a href="https://links.sgx.com/1.0.0/corporate-announcements/ZM3TVOVT76RCPGNF/Keppel%20DC%20REIT%201H%202020%20Results_SGXNET.pdf">here</a> for full results release.

 

Keppel REIT 

<ul>
<li>As at 30 June 2020, all of K-REIT’s 2020 loans have been refinanced; the all‐in interest rate was lower at 2.48% pa compared to 2.86% pa for the same period in 2019, and the interest rates of 79% of total borrowings are fixed</li>
</ul>
<ul>
<li>As at 30 June 2020, K-REIT had approximately S$938 million of undrawn credit facilities available, including S$369 million of committed facilities</li>
</ul>
<ul>
<li>The REIT also has capital gains available from prior divestments that could be used to enhance the stability of distributions 
	 </li>
	<li>With increased government measures and the extended outbreak, the Manager has increased targeted tenant support measures for tenants over this last quarter</li>
</ul>
<ul>
<li>In Australia, partial rent waivers and deferrals are being progressively granted to qualifying SME tenants as guided by the Australian National Cabinet. Australian SMEs constitute approximately 1.4% of Keppel REIT’s portfolio 
	 </li>
	<li>In South Korea, none of Keppel REIT’s tenants qualify for mandatory relief measures 
	 </li>
	<li>K-REIT’s tenant support measures are estimated to amount to approximately $12.5 million as at 30 June 2020 – these include the full pass‐through of property tax rebates and cash grants from the Singapore 
	Government which is estimated to amount to approximately S$9.2 million 
	 </li>
	<li>As at 30 June 2020, it has allowed $1.6 million of rents to be deferred; the Manager will continue to review the situation and provide further targeted support where required</li>
</ul>
<ul>
<li>While telecommuting has become widely adopted during the outbreak, the Manager believes that physical offices will remain a necessity, although the form and functions of the office will evolve 
	 
	<ul>
<li>The Manager will continue to optimise the portfolio and calibrate K-REIT’s leasing strategy to meet potential shifts in occupier demand</li>
	</ul>
</li>
	<li>Industry data for the office market: 
	 
	<ul>
<li>According to CBRE, Singapore average Grade A office rents registered a decrease in 2Q 2020, from $11.50 psf pm to $11.15 psf pm, while average occupancy decreased from 95.4% as at end March 2020 to 94.4% as at end June 2020 
		 </li>
		<li>In Australia, JLL Research reported a slight decrease in the national CBD office market occupancy from 91.7% as at end December 2019 to 91.6% as at end March 2020 
		 </li>
		<li>In Seoul, JLL Research observed an improvement in CBD Grade A occupancy from 90.7% as at end December 2019 to 91.2% as at end March 2020</li>
	</ul>
</li>
</ul>
<ul>
<li>The COVID‐19 pandemic continues to present unprecedented challenges to the business community, and its impact on the global economy is yet to be fully determined 
	 </li>
	<li>The Manager remains focused on maintaining stable and sustainable distributions to unitholders, and achieving long‐term growth 
	 </li>
	<li>K-REIT’s high portfolio committed occupancy, long WALE and established tenants from diversified sectors will continue to support income resilience</li>
</ul>
Click <a href="https://links.sgx.com/1.0.0/corporate-announcements/X4TMP2WJZSJYCNGT/Keppel%20REIT%202Q20%20Financial%20Results.pdf">here</a> for full results release.

 

Keppel Infrastructure Trust 

<ul>
<li>On 24 June 2020, KIT and Keppel Energy Pte Ltd (KE) secured a seven-year S$700 million sustainability-linked loan for its jointly owned Keppel Merlimau Cogen Plant 
	 
	<ul>
<li>The loan, one of the largest sustainability-linked loans in Singapore and the first in the energy sector to-date, is linked to carbon emission targets for the Keppel Merlimau Cogen Plant, including benchmarking of the plant’s carbon emissions intensity against national indices, as well as demonstrating continuous improvement in the plant’s carbon emissions intensity 
		 </li>
		<li>If these pre-set targets are met, the interest rate on the facility will be subsequently reduced on a tiered basis</li>
	</ul>
</li>
	<li>The COVID-19 pandemic continues to create headwinds and uncertainties for the global economy; the Trustee-Manager will continue to monitor the situation closely as countries start to slowly regain their footing 
	 </li>
	<li>KIT’s well-diversified and highly-defensive portfolio of businesses and assets, providing essential products and services, is well-positioned to weather this unprecedented period of uncertainty and continue to deliver long term sustainable distributions and returns to unitholders 
	 </li>
	<li>Supported by its healthy balance sheet and available debt headroom, the Trustee-Manager continues to review a pipeline of potential acquisition opportunities that will further strengthen KIT’s long-term income stream</li>
</ul>
Click <a href="https://links.sgx.com/1.0.0/corporate-announcements/9SQGO7U17S5PGDUP/KIT%202Q20%20Financial%20Statements.pdf">here</a> for full results release.
</body></html>





Of the trusts listed on SGX, three largest belonging to the Keppel group are Keppel DC REIT (KDC REIT), Keppel REIT (K-REIT), and Keppel Infrastructure Trust (KIT). In 2H July, the trio unveiled earnings for the six months ended 30 June 2020. 
	 
	
For 1H 2020, KDC REIT reported a 13.6% YoY rise in DPU to 4.375 Singapore cents, while K-REIT posted a 0.7% YoY increase in DPU to 2.80 cents. KIT unveiled a DPU of 1.86 cents, unchanged YoY. 
	 
	As at 30 June 2020, KDC REIT, K-REIT and KIT reported an average aggregate leverage ratio of 34.8%, compared with an average 33.1% as at 31 December 2019. 

 

 

Of the trusts on SGX, three largest belonging to the Keppel group are Keppel DC REIT (KDC REIT), Keppel REIT (K-REIT), and Keppel Infrastructure Trust (KIT).

Keppel DC REIT's (KDC REIT) portfolio comprises 18 high-quality data centres strategically located in key data centre hubs, spanning 11 cities in eight countries in Asia Pacific and Europe. The REIT is managed by Keppel DC REIT Management. Keppel Capital holds 50% interest in the Manager, and the remainder is held by Keppel Telecommunications &amp; Transportation (Keppel T&amp;T), the REIT’s Sponsor.

Keppel REIT (K-REIT) has assets under management of approximately $8 billion in Singapore, key Australian cities of Sydney, Melbourne, Brisbane and Perth, as well as Seoul. Keppel REIT is sponsored by Keppel Land and managed by Keppel REIT Management, a wholly owned subsidiary of Keppel Capital.

Keppel Infrastructure Trust (KIT) is the largest diversified business trust listed in Singapore with over $5 billion in assets under management. Its portfolio comprises strategic businesses and assets in three core segments – Distribution &amp; Network, Energy and Waste &amp; Water. Keppel Infrastructure Fund Management, a wholly owned subsidiary of Keppel Capital, is the Manager of KIT, while Keppel Infrastructure Holdings, a wholly owned subsidiary of Keppel Corporation, is KIT’s Sponsor.

In the second half of July, the trio unveiled earnings for the six months ended 30 June 2020.

DPU Highlights  
For the six months ended 30 June 2020, KDC REIT reported a 13.6% YoY rise in distribution per unit (DPU) to 4.375 Singapore cents, while K-REIT posted a 0.7% increase in DPU to 2.80 cents. KIT unveiled a DPU of 1.86 cents, unchanged from the year-ago period.

KDC REIT and K-REIT reported a 32.1% gain and 6.6% decline in net property income to S$114.2 million and S$50.6 million respectively. Gross revenue for the pair rose 29.8% and fell 5.6% to S$124.0 million and S$75.5 million respectively. For KIT, it reported a 20.3% rise in distributable cash flows (DCF) to S$113.3 million for the period.




			Name
			
			
			DPU (SG cts)
			
			
			YoY Chg (%)
			
			
			Net Property Income (S$M)
			
			
			YoY Chg (%)
			
			
			Gross Revenue (S$M)
			
			
			YoY Chg (%)
			
		


			KEPPEL DC REIT
			
			
			4.375
			
			
			13.6
			
			
			114.2
			
			
			32.1
			
			
			124.0
			
			
			29.8
			
		


			KEPPEL REIT
			
			
			2.800
			
			
			0.7
			
			
			50.6
			
			
			-6.6
			
			
			75.5
			
			
			-5.6
			
		

 




			Name
			
			
			DPU (SG cts)
			
			
			YoY Chg (%)
			
			
			Distributable Cash Flows (S$M)
			
			
			YoY Chg (%)
			
		


			KEPPEL INFRASTRUCTURE TRUST
			
			
			1.860
			
			
			0.0
			
			
			113.3
			
			
			20.3
			
		

Source: Company data

 

Debt Profiles

 
As at 30 June 2020, KDC REIT, K-REIT and KIT reported an average aggregate leverage ratio of 34.8%, compared with an average 33.1% as at 31 December 2019. K-REIT had the highest aggregate leverage ratio of 36.3%, while KIT scored the lowest with 33.6%. Interest cover for KDC REIT and K-REIT stood at 12.8 times and 3.5 times respectively as at 30 June 2020, versus 13.3 times and 3.8 times as at 31 December 2019.




			Name
			
			
			Aggregate Leverage Ratio (%) as at 30 June 2020
			
			
			Aggregate Leverage Ratio (%) as at 31 Dec 2019
			
			
			Interest Coverage Ratio (x) as at 30 June 2020
			
			
			Interest Coverage Ratio (x) as at 31 Dec 2019
			
		


			KEPPEL DC REIT
			
			
			34.5
			
			
			30.7
			
			
			12.8
			
			
			13.3
			
		


			KEPPEL REIT
			
			
			36.3
			
			
			35.8
			
			
			3.5
			
			
			3.8
			
		


			KEPPEL INFRASTRUCTURE TRUST
			
			
			33.6
			
			
			32.8
			
			
			NA
			
			
			NA
			
		


			Average
			
			
			34.8
			
			
			33.1
			
			
			 
			
			
			 
			
		

Source: Company data

Outlook

Keppel DC REIT 


As data centres are critical infrastructure of the digital economy, the Manager has put in place heightened controls and safety measures to protect its clients and employees, while ensuring that its assets continue to operate with zero downtime
	Beyond the regulations set out by respective governments, the Manager has also equipped its colocation facilities with sufficient supplies and set up alternative network operating centres, where practicable, in case of an infection
	Following the two‐month lockdown by the Irish government, asset enhancement works at Keppel DC Dublin 1 have resumed, and are expected to be completed in 2H 2020, subject to any further delays from the pandemic 
	 
	
The Manager has also commenced works to convert additional space at Keppel DC Dublin 2 into a data hall, with expected completion in 1H 2021
	



In Singapore, the additional power capacity at Keppel DC Singapore 5 has been fully committed by an existing client in the facility 
	 
	
Asset enhancement works at Keppel DC Singapore 5 and DC1 remained suspended. The Manager will monitor the situation and should construction works remain suspended in the near term, delays in the completion of the asset enhancement works can be expected
	

	KDC REIT has in May 2020 refinanced its short‐term EUR loan to a four‐year term loan at favourable margins and secured refinancing of the AUD loan due in 3Q 2020 to 2024
	To mitigate exposure to interest-rate fluctuations, the Manager has hedged 69.0% of its borrowings as at 30 June 2020 through floating‐to‐fixed interest rate swaps, with the remaining unhedged borrowings in EUR 
	 
	
Forecasted foreign sourced distributions have also been substantially hedged till 2H 2021 with foreign currency forward contracts, mitigating the impact of currency fluctuations
	



The technology sector continues to do well, as the widespread lockdowns have contributed to accelerated adoption of digital technology, and the data centre industry remains resilient 
	 
	
The Manager believes prospects for the data centre market remain robust, underpinned by strong digital trends such as rapid cloud adoption, smart technologies, big‐data analytics, and 5G deployment
	

	The Manager will continue to leverage its competencies in investment, asset and capital management, and build on Keppel Group’s capabilities in project development and facilities management, to seek opportunities and strengthen its presence across key data centre hubs globally

Click here for full results release.

 

Keppel REIT 


As at 30 June 2020, all of K-REIT’s 2020 loans have been refinanced; the all‐in interest rate was lower at 2.48% pa compared to 2.86% pa for the same period in 2019, and the interest rates of 79% of total borrowings are fixed


As at 30 June 2020, K-REIT had approximately S$938 million of undrawn credit facilities available, including S$369 million of committed facilities


The REIT also has capital gains available from prior divestments that could be used to enhance the stability of distributions 
	 
	With increased government measures and the extended outbreak, the Manager has increased targeted tenant support measures for tenants over this last quarter


In Australia, partial rent waivers and deferrals are being progressively granted to qualifying SME tenants as guided by the Australian National Cabinet. Australian SMEs constitute approximately 1.4% of Keppel REIT’s portfolio 
	 
	In South Korea, none of Keppel REIT’s tenants qualify for mandatory relief measures 
	 
	K-REIT’s tenant support measures are estimated to amount to approximately $12.5 million as at 30 June 2020 – these include the full pass‐through of property tax rebates and cash grants from the Singapore 
	Government which is estimated to amount to approximately S$9.2 million 
	 
	As at 30 June 2020, it has allowed $1.6 million of rents to be deferred; the Manager will continue to review the situation and provide further targeted support where required


While telecommuting has become widely adopted during the outbreak, the Manager believes that physical offices will remain a necessity, although the form and functions of the office will evolve 
	 
	
The Manager will continue to optimise the portfolio and calibrate K-REIT’s leasing strategy to meet potential shifts in occupier demand
	

	Industry data for the office market: 
	 
	
According to CBRE, Singapore average Grade A office rents registered a decrease in 2Q 2020, from $11.50 psf pm to $11.15 psf pm, while average occupancy decreased from 95.4% as at end March 2020 to 94.4% as at end June 2020 
		 
		In Australia, JLL Research reported a slight decrease in the national CBD office market occupancy from 91.7% as at end December 2019 to 91.6% as at end March 2020 
		 
		In Seoul, JLL Research observed an improvement in CBD Grade A occupancy from 90.7% as at end December 2019 to 91.2% as at end March 2020
	



The COVID‐19 pandemic continues to present unprecedented challenges to the business community, and its impact on the global economy is yet to be fully determined 
	 
	The Manager remains focused on maintaining stable and sustainable distributions to unitholders, and achieving long‐term growth 
	 
	K-REIT’s high portfolio committed occupancy, long WALE and established tenants from diversified sectors will continue to support income resilience

Click here for full results release.

 

Keppel Infrastructure Trust 


On 24 June 2020, KIT and Keppel Energy Pte Ltd (KE) secured a seven-year S$700 million sustainability-linked loan for its jointly owned Keppel Merlimau Cogen Plant 
	 
	
The loan, one of the largest sustainability-linked loans in Singapore and the first in the energy sector to-date, is linked to carbon emission targets for the Keppel Merlimau Cogen Plant, including benchmarking of the plant’s carbon emissions intensity against national indices, as well as demonstrating continuous improvement in the plant’s carbon emissions intensity 
		 
		If these pre-set targets are met, the interest rate on the facility will be subsequently reduced on a tiered basis
	

	The COVID-19 pandemic continues to create headwinds and uncertainties for the global economy; the Trustee-Manager will continue to monitor the situation closely as countries start to slowly regain their footing 
	 
	KIT’s well-diversified and highly-defensive portfolio of businesses and assets, providing essential products and services, is well-positioned to weather this unprecedented period of uncertainty and continue to deliver long term sustainable distributions and returns to unitholders 
	 
	Supported by its healthy balance sheet and available debt headroom, the Trustee-Manager continues to review a pipeline of potential acquisition opportunities that will further strengthen KIT’s long-term income stream

Click here for full results release.



1H2020 Earnings of Three Largest Keppel Trusts

Mapletree Industrial Trust / Equity Bottom-Up

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<li>
Effective the June 22 open, Mapletree Industrial Trust will join the STI with an indicative index weight of 1.6%. This will bring the total of number of REITs in the STI to six, with an indicative combined weighting near 12.5%. 
	 </li>
	<li>
Since listing in October 2010, Mapletree Industrial Trust has generated average annualised total returns of 19% and grown its portfolio from 70 properties valued at S$2.1 billion, to 114 properties valued at S$5.9 billion (including joint ventures). 
	 </li>
	<li>
The STI Reserve List, which has averaged 3% total returns in the 2020 year to 5 June on S$122 million on net institutional inflow, will include Keppel DC REIT, Suntec REIT, NetLink NBN Trust, Frasers Logistics &amp; Commercial Trust and Keppel REIT. 
	 
	Last week, the Straits Times Index (“STI”) was the strongest benchmark across Asia Pacific, generating a total return of 9.6%, bringing its 2020 year-to-date decline in total return to 13.2%. After the Thursday close, FTSE Russell announced that as part of the quarterly rebalancing, Mapletree Industrial Trust was added to the STI, with Singapore Press Holdings (“SPH”) omitted. Quarterly STI reviews are a highly competitive process with the Index maintaining a fixed number of 30 constituents. The process involves ranking stocks of the broader FTSE ST All-Share Index by market capitalisation and a stock will be inserted into the STI at the quarterly review if it rises to 20th position or above when the eligible securities are ranked by full market capitalisation or will be deleted at the quarterly review if it falls to 41st position or below.   Mapletree Industrial Trust’s 19.4% Annualised Total Returns since IPO 
	This year, Mapletree Industrial Trust has generated a total return of 8.2% through to 5 June, on S$33.5 million of net institutional inflow. This has brought Mapletree Industrial Trust’s annualised total returns since listing in October 2010 to 19.4% and has seen its market capitalisation rise from approximately S$1.7 billion on its debut, to S$6.0 billion at present. 
	Since the end of 2010, the S-REIT Sector total market capitalisation has grown from S$35 billion to approximately S$100 billion as of 5 June 2020. The same period of time has seen the number of REITs in the STI rise from one to six effective 22 June. SPH has also been a part of the significant expansion of the S-REIT Sector over the past 10 years, with the spin-off of Paragon and The Clementi Mall into SPH REIT in July 2013. From 23 July 2013, through to 5 June 2020, SPH REIT has since delivered investors 5.1% average annualised total returns. SPH REIT currently maintains a market capitalisation of S$2.5 billion, in comparison to SPH’s S$2.2 billion. As noted in its FY19 Annual Report (click <a href="http://sphreit.listedcompany.com/ar.html">here</a>) as of 10 October 2019, SPH maintained a 70% deemed interest (approximately S$1.75 billion on the 5 June close) in SPH REIT. As detailed in the table below Mapletree Industrial Trust will join the STI on the 22 June open with an indicative index weight of 1.6%. This will bring the total of number of REITs in the STI to six, with an indicative combined weighting close to 12.5%.
	 

	<table class="table table-striped"><tbody>
<tr>
<td>
				STI Stocks
				</td>
				<td>
				STI Code
				</td>
				<td>
				31 March 2020 Index Weight
				</td>
				<td>
				New Indicative Weight for 22 June, based on 31 March 2020 data
				</td>
				<td>
				Sector/Industry
				</td>
			</tr>
<tr>
<td>
				Ascendas REIT
				</td>
				<td>
				A17U
				</td>
				<td>
				3.61%
				</td>
				<td>
				3.60%
				</td>
				<td>
				REITs
				</td>
			</tr>
<tr>
<td>
				CapitaCom Trust
				</td>
				<td>
				C61U
				</td>
				<td>
				1.81%
				</td>
				<td>
				1.80%
				</td>
				<td>
				REITs
				</td>
			</tr>
<tr>
<td>
				CapitaLand
				</td>
				<td>
				C31
				</td>
				<td>
				3.09%
				</td>
				<td>
				3.08%
				</td>
				<td>
				Financials
				</td>
			</tr>
<tr>
<td>
				CapitaMall Trust
				</td>
				<td>
				C38U
				</td>
				<td>
				1.87%
				</td>
				<td>
				1.86%
				</td>
				<td>
				REITs
				</td>
			</tr>
<tr>
<td>
				CityDev
				</td>
				<td>
				C09
				</td>
				<td>
				1.47%
				</td>
				<td>
				1.46%
				</td>
				<td>
				Financials
				</td>
			</tr>
<tr>
<td>
				ComfortDelGro
				</td>
				<td>
				C52
				</td>
				<td>
				1.36%
				</td>
				<td>
				1.35%
				</td>
				<td>
				Consumer Services
				</td>
			</tr>
<tr>
<td>
				DairyFarm USD
				</td>
				<td>
				D01
				</td>
				<td>
				0.86%
				</td>
				<td>
				0.86%
				</td>
				<td>
				Consumer Services
				</td>
			</tr>
<tr>
<td>
				DBS
				</td>
				<td>
				D05
				</td>
				<td>
				14.52%
				</td>
				<td>
				14.47%
				</td>
				<td>
				Banks
				</td>
			</tr>
<tr>
<td>
				Genting Sing
				</td>
				<td>
				G13
				</td>
				<td>
				1.74%
				</td>
				<td>
				1.73%
				</td>
				<td>
				Consumer Services
				</td>
			</tr>
<tr>
<td>
				HongkongLand USD
				</td>
				<td>
				H78
				</td>
				<td>
				2.69%
				</td>
				<td>
				2.68%
				</td>
				<td>
				Financials
				</td>
			</tr>
<tr>
<td>
				Jardine C&amp;C
				</td>
				<td>
				C07
				</td>
				<td>
				0.85%
				</td>
				<td>
				0.85%
				</td>
				<td>
				Consumer Services
				</td>
			</tr>
<tr>
<td>
				JMH USD
				</td>
				<td>
				J36
				</td>
				<td>
				6.49%
				</td>
				<td>
				6.47%
				</td>
				<td>
				Industrials
				</td>
			</tr>
<tr>
<td>
				JSH USD
				</td>
				<td>
				J37
				</td>
				<td>
				2.50%
				</td>
				<td>
				2.49%
				</td>
				<td>
				Industrials
				</td>
			</tr>
<tr>
<td>
				Keppel Corp
				</td>
				<td>
				BN4
				</td>
				<td>
				3.29%
				</td>
				<td>
				3.28%
				</td>
				<td>
				Oil &amp; Gas
				</td>
			</tr>
<tr>
<td>
				Mapletree Com Trust
				</td>
				<td>
				N2IU
				</td>
				<td>
				1.74%
				</td>
				<td>
				1.73%
				</td>
				<td>
				REITs
				</td>
			</tr>
<tr>
<td>
				Mapletree Log Trust
				</td>
				<td>
				M44U
				</td>
				<td>
				1.75%
				</td>
				<td>
				1.74%
				</td>
				<td>
				REITs
				</td>
			</tr>
<tr>
<td>
				OCBC Bank
				</td>
				<td>
				O39
				</td>
				<td>
				12.93%
				</td>
				<td>
				12.88%
				</td>
				<td>
				Banks
				</td>
			</tr>
<tr>
<td>
				SATS
				</td>
				<td>
				S58
				</td>
				<td>
				0.87%
				</td>
				<td>
				0.87%
				</td>
				<td>
				Industrials
				</td>
			</tr>
<tr>
<td>
				Sembcorp Ind
				</td>
				<td>
				U96
				</td>
				<td>
				0.61%
				</td>
				<td>
				0.61%
				</td>
				<td>
				Utilities
				</td>
			</tr>
<tr>
<td>
				SGX
				</td>
				<td>
				S68
				</td>
				<td>
				3.28%
				</td>
				<td>
				3.27%
				</td>
				<td>
				Financials
				</td>
			</tr>
<tr>
<td>
				SIA
				</td>
				<td>
				C6L
				</td>
				<td>
				1.27%
				</td>
				<td>
				1.27%
				</td>
				<td>
				Consumer Services
				</td>
			</tr>
<tr>
<td>
				Singtel
				</td>
				<td>
				Z74
				</td>
				<td>
				8.21%
				</td>
				<td>
				8.18%
				</td>
				<td>
				Telecommunications
				</td>
			</tr>
<tr>
<td>
				ST Engineering
				</td>
				<td>
				S63
				</td>
				<td>
				2.07%
				</td>
				<td>
				2.06%
				</td>
				<td>
				Industrials
				</td>
			</tr>
<tr>
<td>
				ThaiBev
				</td>
				<td>
				Y92
				</td>
				<td>
				2.58%
				</td>
				<td>
				2.57%
				</td>
				<td>
				Consumer Goods
				</td>
			</tr>
<tr>
<td>
				UOB
				</td>
				<td>
				U11
				</td>
				<td>
				10.86%
				</td>
				<td>
				10.82%
				</td>
				<td>
				Banks
				</td>
			</tr>
<tr>
<td>
				UOL
				</td>
				<td>
				U14
				</td>
				<td>
				1.41%
				</td>
				<td>
				1.40%
				</td>
				<td>
				Real Estate
				</td>
			</tr>
<tr>
<td>
				Venture
				</td>
				<td>
				V03
				</td>
				<td>
				1.53%
				</td>
				<td>
				1.52%
				</td>
				<td>
				Industrials
				</td>
			</tr>
<tr>
<td>
				Wilmar Intl
				</td>
				<td>
				F34
				</td>
				<td>
				2.73%
				</td>
				<td>
				2.72%
				</td>
				<td>
				Consumer Goods
				</td>
			</tr>
<tr>
<td>
				YZJ Shipbldg SGD
				</td>
				<td>
				BS6
				</td>
				<td>
				0.76%
				</td>
				<td>
				0.76%
				</td>
				<td>
				Industrials
				</td>
			</tr>
<tr>
<td>
				SPH
				</td>
				<td>
				T39
				</td>
				<td>
				1.27%
				</td>
				<td>
				-
				</td>
				<td>
				Consumer Services
				</td>
			</tr>
<tr>
<td>
				Mapletree Ind Trust
				</td>
				<td>
				ME8U
				</td>
				<td>
				-
				</td>
				<td>
				1.61%
				</td>
				<td>
				REITs
				</td>
			</tr>
</tbody></table>
	Source: FTSE Russell (<a href="http://www.ftse.com/products/indices/SGX-ST">www.ftse.com/products/indices/SGX-ST</a>), SGX My Gateway, SGX StockFacts. Note weights above are only indicative and based on relative weightings on 31 March 2020 with Mapletree Industrial Trust free float on 31 March provided in the relevant FTSE ST Singapore Shariah Index. 
	 
	STI Reserve List 
	Effective 22 June, the STI Reserve List will include Keppel DC REIT, Suntec REIT, NetLink NBN Trust, Frasers Logistics &amp; Commercial Trust and Keppel REIT. Four of the five STI Reserve List stocks have been recipient of net institutional inflows in the 2020 year to June 5 as illustrated below. The five stocks have also averaged 3% total returns in the 2020 year to 5 June.
	</li>
</ul></body></html>

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2020-06/Capture_5.PNG' alt='capture' />
 </figure>
 <div class='content-caption'>capture</div>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>The STI Reserve List is used in the event that one or more of the STI constituents are deleted during the period up to the next quarterly review. As detailed in the STI Ground Rules, when a company is going to be removed from the STI, the vacancy will be filled by selecting the highest ranking security by full market value in the Reserve List as at the close of the index calculation two days prior to the deletion.</body></html>




Effective the June 22 open, Mapletree Industrial Trust will join the STI with an indicative index weight of 1.6%. This will bring the total of number of REITs in the STI to six, with an indicative combined weighting near 12.5%.  
	 
	
Since listing in October 2010, Mapletree Industrial Trust has generated average annualised total returns of 19% and grown its portfolio from 70 properties valued at S$2.1 billion, to 114 properties valued at S$5.9 billion (including joint ventures). 
	 
	
The STI Reserve List, which has averaged 3% total returns in the 2020 year to 5 June on S$122 million on net institutional inflow, will include Keppel DC REIT, Suntec REIT, NetLink NBN Trust, Frasers Logistics &amp; Commercial Trust and Keppel REIT. 
	 
	Last week, the Straits Times Index (“STI”) was the strongest benchmark across Asia Pacific, generating a total return of 9.6%, bringing its 2020 year-to-date decline in total return to 13.2%. After the Thursday close, FTSE Russell announced that as part of the quarterly rebalancing, Mapletree Industrial Trust was added to the STI, with Singapore Press Holdings (“SPH”) omitted.  Quarterly STI reviews are a highly competitive process with the Index maintaining a fixed number of 30 constituents. The process involves ranking stocks of the broader FTSE ST All-Share Index by market capitalisation and a stock will be inserted into the STI at the quarterly review if it rises to 20th position or above when the eligible securities are ranked by full market capitalisation or will be deleted at the quarterly review if it falls to 41st position or below.    Mapletree Industrial Trust’s 19.4% Annualised Total Returns since IPO  
	This year, Mapletree Industrial Trust has generated a total return of 8.2% through to 5 June, on S$33.5 million of net institutional inflow. This has brought Mapletree Industrial Trust’s annualised total returns since listing in October 2010 to 19.4% and has seen its market capitalisation rise from approximately S$1.7 billion on its debut, to S$6.0 billion at present.  
	Since the end of 2010, the S-REIT Sector total market capitalisation has grown from S$35 billion to approximately S$100 billion as of 5 June 2020. The same period of time has seen the number of REITs in the STI rise from one to six effective 22 June.  SPH has also been a part of the significant expansion of the S-REIT Sector over the past 10 years, with the spin-off of Paragon and The Clementi Mall into SPH REIT in July 2013. From 23 July 2013, through to 5 June 2020, SPH REIT has since delivered investors 5.1% average annualised total returns. SPH REIT currently maintains a market capitalisation of S$2.5 billion, in comparison to SPH’s S$2.2 billion. As noted in its FY19 Annual Report (click here) as of 10 October 2019, SPH maintained a 70% deemed interest (approximately S$1.75 billion on the 5 June close) in SPH REIT.  As detailed in the table below Mapletree Industrial Trust will join the STI on the 22 June open with an indicative index weight of 1.6%. This will bring the total of number of REITs in the STI to six, with an indicative combined weighting close to 12.5%.
	 

	


				STI Stocks
				
				
				STI Code
				
				
				31 March 2020 Index Weight
				
				
				New Indicative Weight for 22 June, based on 31 March 2020 data
				
				
				Sector/Industry
				
			


				Ascendas REIT
				
				
				A17U
				
				
				3.61%
				
				
				3.60%
				
				
				REITs
				
			


				CapitaCom Trust
				
				
				C61U
				
				
				1.81%
				
				
				1.80%
				
				
				REITs
				
			


				CapitaLand
				
				
				C31
				
				
				3.09%
				
				
				3.08%
				
				
				Financials
				
			


				CapitaMall Trust
				
				
				C38U
				
				
				1.87%
				
				
				1.86%
				
				
				REITs
				
			


				CityDev
				
				
				C09
				
				
				1.47%
				
				
				1.46%
				
				
				Financials
				
			


				ComfortDelGro
				
				
				C52
				
				
				1.36%
				
				
				1.35%
				
				
				Consumer Services
				
			


				DairyFarm USD
				
				
				D01
				
				
				0.86%
				
				
				0.86%
				
				
				Consumer Services
				
			


				DBS
				
				
				D05
				
				
				14.52%
				
				
				14.47%
				
				
				Banks
				
			


				Genting Sing
				
				
				G13
				
				
				1.74%
				
				
				1.73%
				
				
				Consumer Services
				
			


				HongkongLand USD
				
				
				H78
				
				
				2.69%
				
				
				2.68%
				
				
				Financials
				
			


				Jardine C&amp;C
				
				
				C07
				
				
				0.85%
				
				
				0.85%
				
				
				Consumer Services
				
			


				JMH USD
				
				
				J36
				
				
				6.49%
				
				
				6.47%
				
				
				Industrials
				
			


				JSH USD
				
				
				J37
				
				
				2.50%
				
				
				2.49%
				
				
				Industrials
				
			


				Keppel Corp
				
				
				BN4
				
				
				3.29%
				
				
				3.28%
				
				
				Oil &amp; Gas
				
			


				Mapletree Com Trust
				
				
				N2IU
				
				
				1.74%
				
				
				1.73%
				
				
				REITs
				
			


				Mapletree Log Trust
				
				
				M44U
				
				
				1.75%
				
				
				1.74%
				
				
				REITs
				
			


				OCBC Bank
				
				
				O39
				
				
				12.93%
				
				
				12.88%
				
				
				Banks
				
			


				SATS
				
				
				S58
				
				
				0.87%
				
				
				0.87%
				
				
				Industrials
				
			


				Sembcorp Ind
				
				
				U96
				
				
				0.61%
				
				
				0.61%
				
				
				Utilities
				
			


				SGX
				
				
				S68
				
				
				3.28%
				
				
				3.27%
				
				
				Financials
				
			


				SIA
				
				
				C6L
				
				
				1.27%
				
				
				1.27%
				
				
				Consumer Services
				
			


				Singtel
				
				
				Z74
				
				
				8.21%
				
				
				8.18%
				
				
				Telecommunications
				
			


				ST Engineering
				
				
				S63
				
				
				2.07%
				
				
				2.06%
				
				
				Industrials
				
			


				ThaiBev
				
				
				Y92
				
				
				2.58%
				
				
				2.57%
				
				
				Consumer Goods
				
			


				UOB
				
				
				U11
				
				
				10.86%
				
				
				10.82%
				
				
				Banks
				
			


				UOL
				
				
				U14
				
				
				1.41%
				
				
				1.40%
				
				
				Real Estate
				
			


				Venture
				
				
				V03
				
				
				1.53%
				
				
				1.52%
				
				
				Industrials
				
			


				Wilmar Intl
				
				
				F34
				
				
				2.73%
				
				
				2.72%
				
				
				Consumer Goods
				
			


				YZJ Shipbldg SGD
				
				
				BS6
				
				
				0.76%
				
				
				0.76%
				
				
				Industrials
				
			


				SPH
				
				
				T39
				
				
				1.27%
				
				
				-
				
				
				Consumer Services
				
			


				Mapletree Ind Trust
				
				
				ME8U
				
				
				-
				
				
				1.61%
				
				
				REITs
				
			

	Source: FTSE Russell (www.ftse.com/products/indices/SGX-ST), SGX My Gateway, SGX StockFacts. Note weights above are only indicative and based on relative weightings on 31 March 2020 with Mapletree Industrial Trust free float on 31 March provided in the relevant FTSE ST Singapore Shariah Index. 
	 
	STI Reserve List  
	Effective 22 June, the STI Reserve List will include Keppel DC REIT, Suntec REIT, NetLink NBN Trust, Frasers Logistics &amp; Commercial Trust and Keppel REIT. Four of the five STI Reserve List stocks have been recipient of net institutional inflows in the 2020 year to June 5 as illustrated below. The five stocks have also averaged 3% total returns in the 2020 year to 5 June.
	



      
    
    capture

The STI Reserve List is used in the event that one or more of the STI constituents are deleted during the period up to the next quarterly review. As detailed in the STI Ground Rules, when a company is going to be removed from the STI, the vacancy will be filled by selecting the highest ranking security by full market value in the Reserve List as at the close of the index calculation two days prior to the deletion.


Sixth REIT, Mapletree Industrial Trust, to Join STI on 22 June

CapitaLand Ascendas REIT / Equity Bottom-Up





Keppel DC REIT, Mapletree Logistics Trust &amp; Parkway Life REIT have generated gains in the 2020 YTD, leading the overall S-REIT Sector which has averaged a 22% decline over the period, with an average 38% decline to 23 March, and an average 28% gain from 23 March to 27 April.  
	 
	
Keppel DC REIT, Mapletree Logistics Trust &amp; Parkway Life REIT are also amongst the 22 S-REITs that report more than a third of their revenue to Singapore. Of the 22 S-REITs, 14 have been listed for the past 10 years with average annualised total returns of 7%.   
	 
	
In line with its capital recycling strategy and in order to realise profits that can be redeployed to capture new opportunities, Keppel T&amp;T has entered into a Sale and Purchase Agreement with a placement agent for the sale of 38 million units in Keppel DC REIT at S$2.42 per Sale Unit. 


 

With a combined market value of S$90 billion, S-REITs make up 11% of the market capitalisation of all stocks in Singapore. Growing investor participation in recent years has seen REITs contributing 29% of daily turnover in the 2020 year to 27 April.

The majority of the S-REIT market capitalisation and S$425 million in average daily turnover in the 2020 year to 27 April is made up of the 22 REITs or Stapled Trusts that report at least one-third of their revenue to Singapore.



      
    
    Revenue Exposure

There has been less distinction in the 2020 year-to-date total returns, with the 22 S-REITs that report more than a third of their revenue to Singapore seeing similar swings as the S-REITs that report less than a third to none of their revenue to Singapore. As illustrated below, the two genres of S-REITs saw similar declines in the 2020 year through to 23 March, and similar partial recoveries from 23 March to 27 April.


      
    
    Reits Revenue


For a more detailed breakdown of the S-REIT Sector, investors can refer to the SREIT &amp; Property Trusts Chartbook - April 2020 here.  

Trio of REITs that have Lodged Gains in 2020 YTD

The 22 S-REITs that report more than a third of their revenue to Singapore included the three strongest S-REITs in the 2020 year through to 27 April that bucked the global trend of declines.

Keppel DC REIT generated a 22.2% total return in the 2020 year through to 27 April, with Mapletree Logistics Trust (“MLT”) gaining 4.2% and Parkway Life REIT (“PLIFE REIT”) gaining 0.9%. Both Keppel DC REIT and MLT were amongst the three S-REITs that saw the highest net institutional inflows over the 17 weeks.

Keppel T&amp;T Realising Profits in Keppel DC REIT

In its 1QFY20 Key Business and Operational Update (click here), Keppel DC REIT reported its 1QFY20 (ended 31 Mar)  gross revenue rose 25.5% from 1QFY19.

Prior to the 28 April session, Keppel Corporation announced that Keppel Telecommunications &amp; Transportation (“Keppel T&amp;T”), through its indirect wholly-owned subsidiary, Keppel DC Investment Holdings had on 27 April 2020 entered into a sale and purchase agreement with Credit Suisse (Singapore) Limited as the placement agent for the sale of 38 million units in Keppel DC REIT.

These sales units represent approximately 2.33% of the total issued units in Keppel DC REIT, with a consideration of S$2.42 per sale unit. In line with the Group’s capital recycling strategy, the sale allows Keppel T&amp;T to realise profits that can be redeployed to capture new opportunities. As maintained in the announcement (click here) Keppel T&amp;T continues to be the single largest unitholder of Keppel DC REIT with a unitholding of 20.58%

Mapletree Logisitics Trust Performance Underpinned by Stable Operations &amp; Accretive Acquisition

On 23 April, MLT reported its FY19/20 (ended 31 Mar) DPU rose 2.5% from FY18/19 to 8.142 cents. The Managers of MLT maintained that currently most of its tenants across its eight markets are operational: In MLT’s top three core markets, for Hong Kong SAR ;and Japan, all tenants remain fully operational, while for Singapore about 5% of its tenant base is impacted.  The Managers added that there are strict government measures in certain markets, its tenants’ operations have remained largely intact:


Overall, tenants from the retail, hospitality and travel industries, which account for about 10% of MLT’s revenue, are the hardest hit by COVID-19; while
	Tenants who serve essential daily needs, such as food and beverage products, consumer staples and healthcare, continue to see healthy levels of activity, especially for the ecommerce operators. These sectors account for over 30% of MLT’s revenue.

For more details click here.

PLife REIT Reported Stable Performance Amidst COVID-19 Outbreak in 1Q20 

On 22 April, PLife REIT reported its DPU in 1QFY20 (ended 31 Mar) grew by 1.4% to 3.32 Singapore cents, from 3.28 Singapore cents in 1QFY19. Gross revenue rose 5.2% year-on-year (“Y-O-Y”) to S$29.9 million in 1Q 2020. Growth was largely attributed to additional revenue contribution from the three Japan properties acquired in 4QFY19, upward revision of the minimum guaranteed rent for Singapore hospitals by 1.61% as well as the appreciation of Japanese Yen (“JPY”). The Group also noted it is setting aside S$1.7 million to provide targeted assistance and support measures for affected tenants as needed. As part of PLife REIT’s ongoing efforts to strengthen its balance sheet through proactive debt management, the Group successfully secured a six-year up to S$82.0 million committed loan facility during the quarter. For more details click here. 
 

Singapore Focused S-REITs Average 10 year Annualised Total Returns of 7.4%

The 22 REITs that report more than a third of their revenue to Singapore are tabled below. While the 22 trusts have averaged a 20.8% decline in the 2020 year-to-date, the 14 trusts that have been listed for the full duration of 10 years have averaged annualised total returns of 7.4% for those 10 years. The 22 stocks have also been recipient of S$161 million in net institutional inflow in the 2020 year to 27 April, while overall, S-REITs have seen a combined  S$26 million in net institutional outflow over the period.




			REIT &amp; Stapled Trust with 1/3 revenue in Singapore
			
			
			Code
			
			
			Mkt Cap S$M
			
			
			Net Insti Inflow YTD (S$M)
			
			
			Total Return YTD %
			
			
			Total Return 31 Dec 19 - 23 Mar 20
			
			
			Total Return 23 Mar 20 - 27 Apr 20
			
			
			10 Year Annualised Total Return 

			%
			
		


			KEPPEL DC REIT
			
			
			AJBU
			
			
			4,115
			
			
			67
			
			
			22.2
			
			
			-4.0
			
			
			27.3
			
			
			N/A
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			6,840
			
			
			68
			
			
			4.2
			
			
			-28.2
			
			
			45.2
			
			
			14.5
			
		


			PARKWAYLIFE REAL ESTATE
			
			
			C2PU
			
			
			2,009
			
			
			0
			
			
			0.9
			
			
			-16.4
			
			
			20.7
			
			
			15.2
			
		


			ASCENDAS REAL ESTATE INV TRT
			
			
			A17U
			
			
			10,203
			
			
			227
			
			
			-4.0
			
			
			-22.1
			
			
			23.1
			
			
			10.5
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			5,370
			
			
			63
			
			
			-5.0
			
			
			-25.6
			
			
			27.7
			
			
			N/A
			
		


			KEPPEL REIT
			
			
			K71U
			
			
			3,650
			
			
			30
			
			
			-11.9
			
			
			-33.9
			
			
			33.3
			
			
			6.1
			
		


			AIMS APAC REIT
			
			
			O5RU
			
			
			820
			
			
			6
			
			
			-17.5
			
			
			-33.8
			
			
			24.7
			
			
			9.9
			
		


			FRASERS COMMERCIAL TRUST
			
			
			ND8U
			
			
			1,189
			
			
			12
			
			
			-20.5
			
			
			-41.3
			
			
			35.4
			
			
			13.1
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			N2IU
			
			
			5,987
			
			
			-41
			
			
			-23.7
			
			
			-31.7
			
			
			11.7
			
			
			N/A
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			C61U
			
			
			5,716
			
			
			30
			
			
			-24.2
			
			
			-29.4
			
			
			7.2
			
			
			8.2
			
		


			CACHE LOGISTICS TRUST
			
			
			K2LU
			
			
			558
			
			
			-4
			
			
			-26.6
			
			
			-48.7
			
			
			43.1
			
			
			1.7
			
		


			SPH REIT
			
			
			SK6U
			
			
			2,151
			
			
			-18
			
			
			-26.8
			
			
			-33.2
			
			
			9.5
			
			
			N/A
			
		


			SOILBUILD BUSINESS SPACE REIT
			
			
			SV3U
			
			
			461
			
			
			3
			
			
			-26.9
			
			
			-53.0
			
			
			55.6
			
			
			N/A
			
		


			FRASERS CENTREPOINT TRUST
			
			
			J69U
			
			
			2,239
			
			
			-2
			
			
			-28.1
			
			
			-34.6
			
			
			9.9
			
			
			9.7
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			6,347
			
			
			-94
			
			
			-29.2
			
			
			-33.7
			
			
			6.8
			
			
			4.1
			
		


			SUNTEC REIT
			
			
			T82U
			
			
			3,605
			
			
			-42
			
			
			-29.5
			
			
			-38.9
			
			
			15.3
			
			
			5.3
			
		


			SABANA SHARIAH COMP IND REIT
			
			
			M1GU
			
			
			332
			
			
			1
			
			
			-30.4
			
			
			-48.1
			
			
			34.0
			
			
			N/A
			
		


			OUE COMMERCIAL REIT
			
			
			TS0U
			
			
			2,076
			
			
			-14
			
			
			-30.4
			
			
			-46.7
			
			
			30.5
			
			
			N/A
			
		


			FAR EAST HOSPITALITY TRUST*
			
			
			Q5T
			
			
			953
			
			
			-14
			
			
			-32.8
			
			
			-47.9
			
			
			28.9
			
			
			N/A
			
		


			STARHILL GLOBAL REIT
			
			
			P40U
			
			
			1,028
			
			
			-20
			
			
			-34.1
			
			
			-45.4
			
			
			20.5
			
			
			3.5
			
		


			ESR-REIT
			
			
			J91U
			
			
			1,104
			
			
			-21
			
			
			-39.6
			
			
			-54.0
			
			
			31.3
			
			
			3.0
			
		


			CDL HOSPITALITY TRUSTS*
			
			
			J85
			
			
			1,092
			
			
			-75
			
			
			-42.7
			
			
			-56.4
			
			
			31.4
			
			
			-0.9
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			-20.8
			
			
			-36.7
			
			
			26.1
			
			
			7.4
			
		

Source: SGX StockFacts, Bloomberg, Thomson Reuters (Data as of 27 April 2020). Note this is based on revenue segmented to Singapore in the last FY.

 
The broader S-REIT performances are tabled below, with the table sort by the S-REITs with the highest average daily turnover in the 2020 year to 27 April.  




			All S-REITs (incl. REITs, Stapled Trusts* and Business Trusts**)
			
			
			Code
			
			
			Mkt Cap S$M
			
			
			Net Insti Inflow YTD (S$M)
			
			
			Total Return YTD %
			
			
			Total Return 31 Dec 19 - 23 Mar 20 %
			
			
			Total Return 23 Mar 20 - 27 Apr 20

			%
			
			
			10 Year Annualised Total Return 

			%
			
		


			ASCENDAS REAL ESTATE INV TRT
			
			
			A17U
			
			
			10,203
			
			
			227
			
			
			-4.0
			
			
			-22.1
			
			
			23.1
			
			
			10
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			6,347
			
			
			-94
			
			
			-29.2
			
			
			-33.7
			
			
			6.8
			
			
			4
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			N2IU
			
			
			5,987
			
			
			-41
			
			
			-23.7
			
			
			-31.7
			
			
			11.7
			
			
			N/A
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			6,840
			
			
			68
			
			
			4.2
			
			
			-28.2
			
			
			45.2
			
			
			15
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			C61U
			
			
			5,716
			
			
			30
			
			
			-24.2
			
			
			-29.4
			
			
			7.2
			
			
			8
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			5,370
			
			
			63
			
			
			-5.0
			
			
			-25.6
			
			
			27.7
			
			
			N/A
			
		


			SUNTEC REIT
			
			
			T82U
			
			
			3,605
			
			
			-42
			
			
			-29.5
			
			
			-38.9
			
			
			15.3
			
			
			5
			
		


			KEPPEL DC REIT
			
			
			AJBU
			
			
			4,115
			
			
			67
			
			
			22.2
			
			
			-4.0
			
			
			27.3
			
			
			N/A
			
		


			MAPLETREE NORTH ASIA COM TRUST
			
			
			RW0U
			
			
			2,827
			
			
			-9
			
			
			-22.8
			
			
			-38.7
			
			
			25.9
			
			
			N/A
			
		


			FRASERS LOGISTICS &amp; INDUSTRIAL
			
			
			BUOU
			
			
			2,228
			
			
			28
			
			
			-20.6
			
			
			-46.4
			
			
			48.1
			
			
			N/A
			
		


			KEPPEL REIT
			
			
			K71U
			
			
			3,650
			
			
			30
			
			
			-11.9
			
			
			-33.9
			
			
			33.3
			
			
			6
			
		


			ASCOTT RESIDENCE TRUST*
			
			
			HMN
			
			
			2,565
			
			
			-35
			
			
			-35.6
			
			
			-46.8
			
			
			21.2
			
			
			4
			
		


			FRASERS CENTREPOINT TRUST
			
			
			J69U
			
			
			2,239
			
			
			-2
			
			
			-28.1
			
			
			-34.6
			
			
			9.9
			
			
			10
			
		


			ESR-REIT
			
			
			J91U
			
			
			1,104
			
			
			-21
			
			
			-39.6
			
			
			-54.0
			
			
			31.3
			
			
			3
			
		


			CDL HOSPITALITY TRUSTS*
			
			
			J85
			
			
			1,092
			
			
			-75
			
			
			-42.7
			
			
			-56.4
			
			
			31.4
			
			
			-1
			
		


			MANULIFE US REIT
			
			
			BTOU
			
			
			1,561
			
			
			-3
			
			
			-25.0
			
			
			-39.0
			
			
			22.8
			
			
			N/A
			
		


			CAPITALAND RETAIL CHINA TRUST
			
			
			AU8U
			
			
			1,626
			
			
			-38
			
			
			-15.4
			
			
			-37.4
			
			
			35.0
			
			
			8
			
		


			CROMWELL EUROPEAN REIT
			
			
			CNNU
			
			
			1,472
			
			
			1
			
			
			-26.7
			
			
			-42.1
			
			
			26.8
			
			
			N/A
			
		


			LENDLEASE GLOBAL COMMERCIAL
			
			
			JYEU
			
			
			643
			
			
			-50
			
			
			-40.0
			
			
			-41.6
			
			
			2.8
			
			
			N/A
			
		


			FRASERS COMMERCIAL TRUST
			
			
			ND8U
			
			
			1,189
			
			
			12
			
			
			-20.5
			
			
			-41.3
			
			
			35.4
			
			
			13
			
		


			SPH REIT
			
			
			SK6U
			
			
			2,151
			
			
			-18
			
			
			-26.8
			
			
			-33.2
			
			
			9.5
			
			
			N/A
			
		


			SASSEUR REIT
			
			
			CRPU
			
			
			851
			
			
			-22
			
			
			-18.1
			
			
			-35.4
			
			
			26.8
			
			
			N/A
			
		


			PARKWAYLIFE REIT
			
			
			C2PU
			
			
			2,009
			
			
			0
			
			
			0.9
			
			
			-16.4
			
			
			20.7
			
			
			15
			
		


			ASCENDAS INDIA TRUST**
			
			
			CY6U
			
			
			1,398
			
			
			6
			
			
			-21.0
			
			
			-35.3
			
			
			22.0
			
			
			9
			
		


			KEPPEL PACIFIC OAK US REIT
			
			
			CMOU
			
			
			764
			
			
			-13
			
			
			-21.1
			
			
			-38.7
			
			
			28.7
			
			
			N/A
			
		


			AIMS APAC REIT
			
			
			O5RU
			
			
			820
			
			
			6
			
			
			-17.5
			
			
			-33.8
			
			
			24.7
			
			
			10
			
		


			PRIME US REIT
			
			
			OXMU
			
			
			1,015
			
			
			-3
			
			
			-22.7
			
			
			-38.7
			
			
			26.2
			
			
			N/A
			
		


			FIRST REAL ESTATE INVT TRUST
			
			
			AW9U
			
			
			624
			
			
			-18
			
			
			-19.9
			
			
			-41.0
			
			
			35.7
			
			
			9
			
		


			FAR EAST HOSPITALITY TRUST*
			
			
			Q5T
			
			
			953
			
			
			-14
			
			
			-32.8
			
			
			-47.9
			
			
			28.9
			
			
			N/A
			
		


			STARHILL GLOBAL REIT
			
			
			P40U
			
			
			1,028
			
			
			-20
			
			
			-34.1
			
			
			-45.4
			
			
			20.5
			
			
			4
			
		


			IREIT GLOBAL
			
			
			UD1U
			
			
			415
			
			
			-4
			
			
			-17.2
			
			
			-47.2
			
			
			56.6
			
			
			N/A
			
		


			OUE COMMERCIAL REIT
			
			
			TS0U
			
			
			2,076
			
			
			-14
			
			
			-30.4
			
			
			-46.7
			
			
			30.5
			
			
			N/A
			
		


			CACHE LOGISTICS TRUST
			
			
			K2LU
			
			
			558
			
			
			-4
			
			
			-26.6
			
			
			-48.7
			
			
			43.1
			
			
			2
			
		


			EAGLE HOSPITALITY TRUST*
			
			
			LIW
			
			
			170
			
			
			-9
			
			
			-73.5
			
			
			-72.7
			
			
			-2.6
			
			
			N/A
			
		


			LIPPO MALLS INDONESIA RETAIL
			
			
			D5IU
			
			
			416
			
			
			-9
			
			
			-35.4
			
			
			-51.7
			
			
			34.0
			
			
			-2
			
		


			EC WORLD REIT
			
			
			BWCU
			
			
			522
			
			
			-12
			
			
			-10.6
			
			
			-39.5
			
			
			47.7
			
			
			N/A
			
		


			ELITE COMMERCIAL REIT
			
			
			MXNU
			
			
			389
			
			
			3
			
			
			0.0
			
			
			0.0
			
			
			28.7
			
			
			N/A
			
		


			SOILBUILD BUSINESS SPACE REIT
			
			
			SV3U
			
			
			461
			
			
			3
			
			
			-26.9
			
			
			-53.0
			
			
			55.6
			
			
			N/A
			
		


			FRASERS HOSPITALITY TRUST*
			
			
			ACV
			
			
			907
			
			
			-5
			
			
			-33.1
			
			
			-50.7
			
			
			35.7
			
			
			N/A
			
		


			SABANA SHARIAH COMP IND REIT
			
			
			M1GU
			
			
			332
			
			
			1
			
			
			-30.4
			
			
			-48.1
			
			
			34.0
			
			
			N/A
			
		


			UNITED HAMPSHIRE US REIT
			
			
			ODBU
			
			
			437
			
			
			-2
			
			
			0.0
			
			
			0.0
			
			
			29.5
			
			
			N/A
			
		


			ARA US HOSPITALITY TRUST*
			
			
			XZL
			
			
			342
			
			
			5
			
			
			-45.7
			
			
			-58.0
			
			
			29.4
			
			
			N/A
			
		


			DASIN RETAIL TRUST**
			
			
			CEDU
			
			
			519
			
			
			1
			
			
			-1.7
			
			
			-2.4
			
			
			0.6
			
			
			N/A
			
		


			BHG RETAIL REIT
			
			
			BMGU
			
			
			311
			
			
			0
			
			
			-8.2
			
			
			-33.8
			
			
			38.6
			
			
			N/A
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			-22.1
			
			
			-37.4
			
			
			27.1
			
			
			6.9
			
		

 Source: SGX StockFacts, Bloomberg, Thomson Reuters (Data as of 27 April 2020)



Keppel DC REIT, MLT & PLife REIT Lodge Gains in 2020 YTD

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.

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