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

Mapletree Industrial Trust / Equity Bottom-Up

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 <div class='content-caption'>SREITs leaders index</div>
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In Singapore, the suite of iEdge S-Reit Indices measures the performance of Reits listed on SGX. The suite comprises the iEdge S-Reit index, widely regarded as one of S-Reits' barometers, and a narrower subset of it, the iEdge S-Reit Leaders Index.

The iEdge S-Reit Leaders Index is a narrow, tradable, adjusted free-float market capitalisation weighted index that measures the performance of the most liquid trusts in Singapore. Constituents must be listed on SGX and classified under Reits as defined by the Factset Revere Business Industry Classification System. The trust must also have free float of at least 20 per cent and a free float market capitalisation of at least S$500 million.

All eligible trusts are screened for liquidity at the semi-annual rebalancing in March and September. To enter the iEdge S-Reit Leaders Index, eligible trusts must trade at least US$500,000 in daily turnover and a 0.10 per cent daily trading velocity of the free float market capitalisation.

To maintain an existing place, constituents must maintain US$400,000 in daily turnover and a 0.08 per cent daily trading velocity of the free float market capitalisation. 
Following Lendlease Global Commercial REIT’s (LREIT) addition in March 2021, there are currently 27 constituents in the iEdge S-REIT Leaders Index. 
LReit has a diversified portfolio comprising of a leasehold interest in, 313@somerset, a prime retail property located in Singapore and a freehold interest in Sky Complex, which comprises three grade-A office buildings located in Milan.

In October 2020, LReit acquired a 5.0 per cent stake in Lendlease Asian Retail Investment Fund 3, which indirectly holds a 75.0 per cent interest in Jem, an integrated office and retail development in Singapore.

Comparing total returns, the iEdge S-Reit Leaders Index (-0.9 per cent), proved to be more resilient than the broader iEdge S-Reit Index (-2.6 per cent) and the FTSE EPRA/Nareit Global Reits Index (-12.0 per cent) last year.

Though the iEdge S-Reit Leaders Index (+4.0 per cent) lagged the global benchmark (+25.1 per cent) in 2021 year-to-date, it outperformed in the long term. The five-year total returns of the iEdge S-Reit Leaders Index came in at 60.6 per cent versus FTSE EPRA/Nareit Global Reit Index's 28.2 per cent. This was mostly led by S-Reits with data centre, industrial, and healthcare assets. 
The constituents with the highest five-year total returns include: Keppel DC REIT (+175.6 per cent), Mapletree Logistics Trust (+168.0 per cent), ParkwayLife REIT (+133.2 per cent), Mapletree Industrial Trust (+123.9 per cent) and Frasers Logistics and Commercial Trust (+113.8 per cent). Together, the five trusts make up approximately 36 per cent of the overall index weightage.

Products tracking the iEdge S-Reit Leaders Index include the SGX iEdge S-Reit Leaders Index Futures and the Syfe Reit+ portfolio. REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/iedge-s-reit-indices-barometers-for-s-reits">read </a>the original version.
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    SREITs leaders index


In Singapore, the suite of iEdge S-Reit Indices measures the performance of Reits listed on SGX. The suite comprises the iEdge S-Reit index, widely regarded as one of S-Reits' barometers, and a narrower subset of it, the iEdge S-Reit Leaders Index.

The iEdge S-Reit Leaders Index is a narrow, tradable, adjusted free-float market capitalisation weighted index that measures the performance of the most liquid trusts in Singapore. Constituents must be listed on SGX and classified under Reits as defined by the Factset Revere Business Industry Classification System. The trust must also have free float of at least 20 per cent and a free float market capitalisation of at least S$500 million.

All eligible trusts are screened for liquidity at the semi-annual rebalancing in March and September. To enter the iEdge S-Reit Leaders Index, eligible trusts must trade at least US$500,000 in daily turnover and a 0.10 per cent daily trading velocity of the free float market capitalisation.

To maintain an existing place, constituents must maintain US$400,000 in daily turnover and a 0.08 per cent daily trading velocity of the free float market capitalisation.  
Following Lendlease Global Commercial REIT’s (LREIT) addition in March 2021, there are currently 27 constituents in the iEdge S-REIT Leaders Index.  
LReit has a diversified portfolio comprising of a leasehold interest in, 313@somerset, a prime retail property located in Singapore and a freehold interest in Sky Complex, which comprises three grade-A office buildings located in Milan.

In October 2020, LReit acquired a 5.0 per cent stake in Lendlease Asian Retail Investment Fund 3, which indirectly holds a 75.0 per cent interest in Jem, an integrated office and retail development in Singapore.

Comparing total returns, the iEdge S-Reit Leaders Index (-0.9 per cent), proved to be more resilient than the broader iEdge S-Reit Index (-2.6 per cent) and the FTSE EPRA/Nareit Global Reits Index (-12.0 per cent) last year.

Though the iEdge S-Reit Leaders Index (+4.0 per cent) lagged the global benchmark (+25.1 per cent) in 2021 year-to-date, it outperformed in the long term. The five-year total returns of the iEdge S-Reit Leaders Index came in at 60.6 per cent versus FTSE EPRA/Nareit Global Reit Index's 28.2 per cent. This was mostly led by S-Reits with data centre, industrial, and healthcare assets.  
The constituents with the highest five-year total returns include: Keppel DC REIT (+175.6 per cent), Mapletree Logistics Trust (+168.0 per cent), ParkwayLife REIT (+133.2 per cent), Mapletree Industrial Trust (+123.9 per cent) and Frasers Logistics and Commercial Trust (+113.8 per cent). Together, the five trusts make up approximately 36 per cent of the overall index weightage.

Products tracking the iEdge S-Reit Leaders Index include the SGX iEdge S-Reit Leaders Index Futures and the Syfe Reit+ portfolio.  REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - iEdge S-Reit Indices: barometers for S-Reits

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With the support from rental reliefs and government incentives, the average occupancy rate of Singapore's Reit sector (excluding hospitality Reits) dipped marginally from approximately 96 per cent as at March 31, 2020 to 95 per cent as at March 31, 2021.

Pandemic-hit segments such as retail and office S-Reits saw the largest dip in occupancy rates of 2.1 and 1.9 percentages points (ppt) respectively over the year.

On the other hand, acceleration of structural trends such as work-from-home (WFH) and e-commerce provided tailwinds for the industrial and data centre segments. These two sub-sectors attained year-on-year growth in average occupancy rates of 1.4 and 3.1 ppt respectively.

In addition, 12 of the 15 acquisition announcements made during the first five months of 2021 involved industrial, logistics or data centre assets. 
Among the nine industrial and data centre Reits listed on the SGX, the three that saw the most improvements in occupancy rates, are AIMS Apac Reit (+6.0 ppt), Keppel DC Reit (+3.1 ppt), Mapletree Industrial Trust (+2.2 ppt). 
AIMS Apac Reit (AAReit), with a portfolio occupancy rate of 95.4 per cent as of March 31, 2021, holds a variety of assets including logistics &amp; warehouse, business park, hi tech space, light and general industrial properties.

The Reit noted that its logistics and warehouse segment (comprising more than half of portfolio gross rental income) is largely driven by stockpiling and inventory requirements due to Covid-19, which translated to robust demand for industrial space.

Since the start of 2020, AAReit completed the acquisition of a fully occupied logistics facility at 7 Bulim Street and proposed the acquisition of 315 Alexandra Road, a light industrial building with 98.3 per cent occupancy and a long weighted average lease expiry of 10 years by anchor tenant.

Keppel DC Reit, Singapore's first and only pure play data centre Reit to be listed, has an occupancy rate of 97.8 per cent as at March 31, 2021.

In its most recent business update, the Reit noted that the development of its Intellicentre 3 East Data Centre (IC3 East DC) is progressing as planned and a new 20-year triple net master lease with Macquarie Data Centres for Intellicentre 2 Data Centre and IC3 East DC will commence upon completion of the development.

The Reit believes that it is well-positioned for growth as global co-location market and enterprise spending on cloud infrastructure continue to expand.

As of March 31, 2021, Mapletree Industrial Trust (MIT) owns 115 properties across six property segments of which data centres comprise 41.2 per cent of its S$6.8 billion asset under management (AUM), up from 31.6 per cent a year ago.

MIT has a portfolio occupancy rate of 93.7 per cent, while the occupancy rate of its data centre segment stands at 98.2 per cent.

In the past 12 months, the Reit completed the acquisition of 60 per cent interest in 14 data centres in the US, a data centre at 8011 Villa Park Drive in Richmond, Virginia, and proposed the acquisition of an additional 29 data centres in the US.

This will bring MIT's AUM from S$6.8 billion to S$8.6 billion post-acquisition. The proportion of data centre assets in its portfolio will also increase from the current 41.2 per cent to 53.6 per cent.  REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/good-occupancy-for-industrial-data-centre-s-reits">read</a> the original version.
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    SREIT by Segment


With the support from rental reliefs and government incentives, the average occupancy rate of Singapore's Reit sector (excluding hospitality Reits) dipped marginally from approximately 96 per cent as at March 31, 2020 to 95 per cent as at March 31, 2021.

Pandemic-hit segments such as retail and office S-Reits saw the largest dip in occupancy rates of 2.1 and 1.9 percentages points (ppt) respectively over the year.

On the other hand, acceleration of structural trends such as work-from-home (WFH) and e-commerce provided tailwinds for the industrial and data centre segments. These two sub-sectors attained year-on-year growth in average occupancy rates of 1.4 and 3.1 ppt respectively.

In addition, 12 of the 15 acquisition announcements made during the first five months of 2021 involved industrial, logistics or data centre assets.  
Among the nine industrial and data centre Reits listed on the SGX, the three that saw the most improvements in occupancy rates, are AIMS Apac Reit (+6.0 ppt), Keppel DC Reit (+3.1 ppt), Mapletree Industrial Trust (+2.2 ppt).  
AIMS Apac Reit (AAReit), with a portfolio occupancy rate of 95.4 per cent as of March 31, 2021, holds a variety of assets including logistics &amp; warehouse, business park, hi tech space, light and general industrial properties.

The Reit noted that its logistics and warehouse segment (comprising more than half of portfolio gross rental income) is largely driven by stockpiling and inventory requirements due to Covid-19, which translated to robust demand for industrial space.

Since the start of 2020, AAReit completed the acquisition of a fully occupied logistics facility at 7 Bulim Street and proposed the acquisition of 315 Alexandra Road, a light industrial building with 98.3 per cent occupancy and a long weighted average lease expiry of 10 years by anchor tenant.

Keppel DC Reit, Singapore's first and only pure play data centre Reit to be listed, has an occupancy rate of 97.8 per cent as at March 31, 2021.

In its most recent business update, the Reit noted that the development of its Intellicentre 3 East Data Centre (IC3 East DC) is progressing as planned and a new 20-year triple net master lease with Macquarie Data Centres for Intellicentre 2 Data Centre and IC3 East DC will commence upon completion of the development.

The Reit believes that it is well-positioned for growth as global co-location market and enterprise spending on cloud infrastructure continue to expand.

As of March 31, 2021, Mapletree Industrial Trust (MIT) owns 115 properties across six property segments of which data centres comprise 41.2 per cent of its S$6.8 billion asset under management (AUM), up from 31.6 per cent a year ago.

MIT has a portfolio occupancy rate of 93.7 per cent, while the occupancy rate of its data centre segment stands at 98.2 per cent.

In the past 12 months, the Reit completed the acquisition of 60 per cent interest in 14 data centres in the US, a data centre at 8011 Villa Park Drive in Richmond, Virginia, and proposed the acquisition of an additional 29 data centres in the US.

This will bring MIT's AUM from S$6.8 billion to S$8.6 billion post-acquisition. The proportion of data centre assets in its portfolio will also increase from the current 41.2 per cent to 53.6 per cent.   REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - Good occupancy for industrial, data centre S-Reits

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

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

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

Equity Capital Markets

Mapletree Industrial Trust / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/mapletree-industrial-trust" target="_blank" data-smartkarma-citation="entities:40:1" rel="noopener">Mapletree Industrial Trust (MINT SP)</a> plans to raise around US$385m (S$513m) to partly fund the acquisition of 29 data centres located in the United States.We have covered three of the past placements for MINT:<ul>
<li dir="ltr" aria-level="1"><a href="https://www.smartkarma.com/insights/mint-placement-known-asset-more-data-centres-less-sme-exposure-heading-in-the-right-direction" target="_blank" rel="noopener">MINT Placement - Known Asset, More Data Centres, Less SME Exposure -&gt; Heading in the Right Direction</a></li>
<li dir="ltr" aria-level="1"><a href="https://www.smartkarma.com/insights/mint-placement-accretive-acquisition-but-look-out-for-the-rising-leverage" target="_blank" rel="noopener">MINT Placement - Accretive Acquisition but Look Out for the Rising Leverage</a></li>
<li dir="ltr" aria-level="1"><a href="https://www.smartkarma.com/insights/mint-placement-well-flagged-placement-but-only-marginally-accretive-past-deals-have-done-well" target="_blank" rel="noopener">MINT Placement - Well Flagged Placement but Only Marginally Accretive, Past Deals Have Done Well</a></li>
</ul>In this insight, we'll run the deal through our ECM framework and talk about deal dynamics.

Mapletree Industrial Trust (MINT SP) plans to raise around US$385m (S$513m) to partly fund the acquisition of 29 data centres located in the United States.We have covered three of the past placements for MINT:
MINT Placement - Known Asset, More Data Centres, Less SME Exposure -&gt; Heading in the Right Direction
MINT Placement - Accretive Acquisition but Look Out for the Rising Leverage
MINT Placement - Well Flagged Placement but Only Marginally Accretive, Past Deals Have Done Well
In this insight, we'll run the deal through our ECM framework and talk about deal dynamics.

Mapletree Industrial (MINT SP) Placement - Large but Accretive Deal, Becoming More like Keppel DC

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Chindata is a data centre operator. It is the largest carrier-neutral hyperscale data centre operator in Asia-Pacific emerging markets as measured by capacity in service, according to Frost &amp; Sullivan. The MSCI May 2021 review period has just wrapped up, and Chindata is among the stocks with the highest probability of inclusion in the MSCI Standard index and the largest buying impact from passive funds - <a href="https://www.smartkarma.com/insights/msci-may-2021-index-rebalance-preview-let-the-games-begin" target="_blank" data-smartkarma-citation="insights:50473" rel="noopener">MSCI May 2021 Index Rebalance Preview: Let The Games Begin</a>.  <div class="content-highlight">After touching $23.65 per ADS on 26 Feb 2021, Chindata has derated and is down 45% YTD. The last close price of $13.19 per ADS is 2% below the IPO price of $13.50 per ADS. The Asia-Pacific hyperscale data centre market remains a structural growth market in part due to the increasing prevalence of outsourcing data centre services, rising client demand for higher power density, and increasing regulatory requirements on data security. Overall, we think that Chindata remains an attractive play on these favourable market dynamics and the shares are worth a closer look. </div>

Chindata is a data centre operator. It is the largest carrier-neutral hyperscale data centre operator in Asia-Pacific emerging markets as measured by capacity in service, according to Frost &amp; Sullivan. The MSCI May 2021 review period has just wrapped up, and Chindata is among the stocks with the highest probability of inclusion in the MSCI Standard index and the largest buying impact from passive funds - MSCI May 2021 Index Rebalance Preview: Let The Games Begin.  After touching $23.65 per ADS on 26 Feb 2021, Chindata has derated and is down 45% YTD. The last close price of $13.19 per ADS is 2% below the IPO price of $13.50 per ADS. The Asia-Pacific hyperscale data centre market remains a structural growth market in part due to the increasing prevalence of outsourcing data centre services, rising client demand for higher power density, and increasing regulatory requirements on data security. Overall, we think that Chindata remains an attractive play on these favourable market dynamics and the shares are worth a closer look. 

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 <div class='content-caption'>S-REITS distributions</div>
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ENTERING the earnings season the first quarter of 2021, 14 S-Reits had reported their distributions per unit (DPUs) as at end April, averaging a 31 per cent increase year on year (yoy). Another 10 S-Reits are expected to announce quarterly business updates or financial results in May.

Of the 14 S-Reits that reported, 12 saw a yoy increase in DPU. The five S-Reits with the highest yoy DPU increments are: SPH Reit (+313.3 per cent), Mapletree Commercial Trust (+57.9 per cent), ARA Logos Logistics Trust (+35.7 per cent), Frasers Centrepoint Trust (28.4 per cent) and Keppel DC Reit (18.1 per cent).

SPH Reit declared a DPU of 1.24 Singapore cents for Q2 FY2021 ended Feb 28 - a 313.3 per cent increase yoy. Its near-term focus is to maintain healthy occupancy and sustainable rental income in partnership with tenants. SPH Reit's portfolio occupancy rate stands at 98 per cent as at Feb 28, compared to 98.9 per cent a year ago.

Mapletree Commercial Trust (MCT) declared a DPU of 5.32 Singapore cents for H2 FY21 ended March 31, up 57.9 per cent yoy, bringing full year DPU to 9.49 Singapore cents. The latest declared DPU includes the release of S$13.0 million from the retained cash carried forward from Q4 FY20.

MCT said monthly tenant sales in Q4 FY21 have recovered to more than 86 per cent of pre-Covid levels.

ARA Logos Logistics Trust (ALOG) declared a DPU of 1.353 Singapore cents for Q1 FY21, representing a 35.7 per cent increment yoy. The increase in DPU, though partly due to the retention of S$2.5 million distributable income in Q1 FY20, was also contributed by the 8.7 per cent yoy rise in NPI.

ALOG said the stronger portfolio performance was due to the commencement of new leases at several properties as well as higher revenue generated from the Australia portfolio on the back of the strengthening Australian dollar. As at end-March, ALOG's portfolio committed occupancy rose to 99.1 per cent.

Frasers Centrepoint Trust (FCT) declared H1 FY21 DPU of 5.996 Singapore cents, up 28.4 per cent yoy. This marks its first set of financial results since the acquisition of the remaining 63.11 per cent stake in AsiaRetail Fund Ltd in October. FCT said its retail portfolio occupancy remained stable at 96.1 per cent. FCT expects the vaccination programme in Singapore and continued re-opening of the economy to support the recovery of shopper traffic and tenants' sales.

Keppel DC Reit (KDCREIT) reported DPU of 2.462 Singapore cents for Q1 FY21, representing an 18.1 per cent yoy increase. The DPU increment was attributed to contributions from new accretive acquisitions and asset enhancement initiatives in 2020. Note that KDCREIT pays distributions on a semi-annual basis, and no distribution will be paid for Q1 FY2021. 

REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/14-s-reit-dpus-up-average-31-year-on-year">read</a><a href="https://www.businesstimes.com.sg/companies-markets/bulk-of-s-reits-in-key-global-real-estate-indices"> </a>the original version.
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    S-REITS distributions


ENTERING the earnings season the first quarter of 2021, 14 S-Reits had reported their distributions per unit (DPUs) as at end April, averaging a 31 per cent increase year on year (yoy). Another 10 S-Reits are expected to announce quarterly business updates or financial results in May.

Of the 14 S-Reits that reported, 12 saw a yoy increase in DPU. The five S-Reits with the highest yoy DPU increments are: SPH Reit (+313.3 per cent), Mapletree Commercial Trust (+57.9 per cent), ARA Logos Logistics Trust (+35.7 per cent), Frasers Centrepoint Trust (28.4 per cent) and Keppel DC Reit (18.1 per cent).

SPH Reit declared a DPU of 1.24 Singapore cents for Q2 FY2021 ended Feb 28 - a 313.3 per cent increase yoy. Its near-term focus is to maintain healthy occupancy and sustainable rental income in partnership with tenants. SPH Reit's portfolio occupancy rate stands at 98 per cent as at Feb 28, compared to 98.9 per cent a year ago.

Mapletree Commercial Trust (MCT) declared a DPU of 5.32 Singapore cents for H2 FY21 ended March 31, up 57.9 per cent yoy, bringing full year DPU to 9.49 Singapore cents. The latest declared DPU includes the release of S$13.0 million from the retained cash carried forward from Q4 FY20.

MCT said monthly tenant sales in Q4 FY21 have recovered to more than 86 per cent of pre-Covid levels.

ARA Logos Logistics Trust (ALOG) declared a DPU of 1.353 Singapore cents for Q1 FY21, representing a 35.7 per cent increment yoy. The increase in DPU, though partly due to the retention of S$2.5 million distributable income in Q1 FY20, was also contributed by the 8.7 per cent yoy rise in NPI.

ALOG said the stronger portfolio performance was due to the commencement of new leases at several properties as well as higher revenue generated from the Australia portfolio on the back of the strengthening Australian dollar. As at end-March, ALOG's portfolio committed occupancy rose to 99.1 per cent.

Frasers Centrepoint Trust (FCT) declared H1 FY21 DPU of 5.996 Singapore cents, up 28.4 per cent yoy. This marks its first set of financial results since the acquisition of the remaining 63.11 per cent stake in AsiaRetail Fund Ltd in October. FCT said its retail portfolio occupancy remained stable at 96.1 per cent. FCT expects the vaccination programme in Singapore and continued re-opening of the economy to support the recovery of shopper traffic and tenants' sales.

Keppel DC Reit (KDCREIT) reported DPU of 2.462 Singapore cents for Q1 FY21, representing an 18.1 per cent yoy increase. The DPU increment was attributed to contributions from new accretive acquisitions and asset enhancement initiatives in 2020. Note that KDCREIT pays distributions on a semi-annual basis, and no distribution will be paid for Q1 FY2021. 

REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - 14 S-Reit DPUs up average 31% year on year

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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Keppel DC REIT (KDCREIT SP)

REIT Watch - iEdge S-Reit Indices: barometers for S-Reits

In Singapore, the suite of iEdge S-Reit Indices measures the performance of Reits listed on SGX. The suite comprises the iEdge...

Singapore Exchange Ltd (SGX)

REIT Watch - Good occupancy for industrial, data centre S-Reits

With the support from rental reliefs and government incentives, the average occupancy rate of Singapore's Reit sector...

Singapore Exchange Ltd (SGX)

Mapletree Industrial (MINT SP) Placement - Large but Accretive Deal, Becoming More like Keppel DC

Mapletree Industrial Trust (MINT SP) plans to raise around US$385m (S$513m) to partly fund the acquisition of 29 data centres located in the United...

Sumeet Singh

Chindata Group: Data Centre Value

Chindata is among the stocks with the highest probability of inclusion in the MSCI Standard index but the shares are down 45% YTD. The valuation is...

Arun George

REIT Watch - 14 S-Reit DPUs up average 31% year on year

ENTERING the earnings season the first quarter of 2021, 14 S-Reits had reported their distributions per unit (DPUs) as at end...

Singapore Exchange Ltd (SGX)

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