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)

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Equity Bottom-Up

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

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.

Capitaland Integrated Commercial Trust / Equity Bottom-Up

<div>
The Ministry of Finance (MOF), the Inland Revenue Authority of Singapore (IRAS), and the Monetary Authority of Singapore (MAS) yesterday announced a set of new measures to provide REITs with greater flexibility to manage their cash flows.
In this insight, I'll talk about the likely implications of the same.
Links to my previous insights on SREITs are below:
<ul>
<li>In <a href="https://www.smartkarma.com/insights/singapore-reits-what-s-been-cooking-this-year" target="_blank" rel="noopener">Singapore REITs - What’s Been Cooking This Year</a> I spoke about how the REITs have performed this year and touched upon some of the factors that have been driving them.</li>
<li>In my follow-up insight, <a href="https://www.smartkarma.com/insights/trade-ideas-for-sgreits-retail-reits-share-price-has-been-more-resilient-than-it-should-be" target="_blank" rel="noopener">Trade Ideas for SGREITs - Retail REITs Share Price Has Been More Resilient than It Should Be,</a> I spoke about the factors that have been impacting retail REITs.</li>
<li>In <a href="https://www.smartkarma.com/insights/trade-ideas-sg-office-reits-this-time-it-s-different" target="_blank" rel="noopener">Trade Ideas SG Office REITs - This Time It’s Different</a> I spoke about how the office REITs might fare better.</li>
<li>In <a href="https://www.smartkarma.com/insights/trade-ideas-sg-industrial-reits-bigger-names-have-been-holding-up-a-little-too-well" target="_blank" rel="noopener">Trade Ideas SG Industrial REITs - Bigger Names Have Been Holding up a Little Too Well</a> I spoke about how the larger industrial REITs appear to be a little too expensive.</li>
</ul>
</div>


The Ministry of Finance (MOF), the Inland Revenue Authority of Singapore (IRAS), and the Monetary Authority of Singapore (MAS) yesterday announced a set of new measures to provide REITs with greater flexibility to manage their cash flows.
In this insight, I'll talk about the likely implications of the same.
Links to my previous insights on SREITs are below:

In Singapore REITs - What’s Been Cooking This Year I spoke about how the REITs have performed this year and touched upon some of the factors that have been driving them.
In my follow-up insight, Trade Ideas for SGREITs - Retail REITs Share Price Has Been More Resilient than It Should Be, I spoke about the factors that have been impacting retail REITs.
In Trade Ideas SG Office REITs - This Time It’s Different I spoke about how the office REITs might fare better.
In Trade Ideas SG Industrial REITs - Bigger Names Have Been Holding up a Little Too Well I spoke about how the larger industrial REITs appear to be a little too expensive.



Singapore REITs - Get Out of Jail Free Card, for the Tenants

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
SGX lists a total of 45 REITs and trusts with a combined market cap of over S$100 billion. Two REITs - United Hampshire US REIT and Elite Commercial REIT - listed on SGX earlier this year. 
	 </li>
	<li>
SPH REIT kicked off the current financial reporting season for Singapore REITs on 1 April with the release of its fiscal 2Q ended 29 February 2020 earnings. 
	 </li>
	<li>Another six REITs – Soilbuild Business Space REIT, ParkwayLife REIT, Frasers Centrepoint Trust, Mapletree Industrial Trust, Mapletree North Asia Commercial Trust, and Lendlease Global Commercial REIT – have confirmed they will unveil results for the quarter ended 31 March 2020 over the next three weeks.</li>
</ul>
 

 

SGX lists a total of 45 REITs and trusts with a combined market capitalisation of over S$100 billion. Two REITs that listed on SGX so far this year were United Hampshire US REIT – Asia’s first US grocery-anchored shopping centre and self-storage REIT, and Elite Commercial REIT, SGX’s first UK-focused REIT.

SPH REIT kicked off the current financial reporting season for Singapore REITs on 1 April with the release of its fiscal 2Q ended 29 February 2020 <a href="https://links.sgx.com/FileOpen/SPH%20REIT%20-%20Press%20Release%20Q2FY20.ashx?App=Announcement&amp;FileID=603461">earnings</a>. Another six REITs have confirmed that they will unveil results for the quarter ended 31 March 2020 on the following dates:

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			Date
			</td>
		</tr>
<tr>
<td>
			Soilbuild Business Space REIT
			</td>
			<td>
			16-Apr-20
			</td>
		</tr>
<tr>
<td>
			ParkwayLife REIT                                                           
			</td>
			<td>
			22-Apr-20
			</td>
		</tr>
<tr>
<td>
			 Frasers Centrepoint Trust                                     
			</td>
			<td>
			23-Apr-20
			</td>
		</tr>
<tr>
<td>
			Mapletree Industrial Trust                                          
			</td>
			<td>
			27-Apr-20
			</td>
		</tr>
<tr>
<td>
			Mapletree North Asia Commercial Trust                
			</td>
			<td>
			29-Apr-20
			</td>
		</tr>
<tr>
<td>
			 Lendlease Global Commercial REIT                          
			</td>
			<td>
			5-May-20
			</td>
		</tr>
</tbody></table>
 

For updated earnings releases by other REITs, check out the weekly <a href="https://www.sgxacademy.com/economiccalendar/">Economic Calendar</a>.

The table below details released, confirmed and estimated dates of earnings reports of the REITs and trusts listed on SGX, sorted by date.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			Market Cap (S$)
			</td>
			<td>
			Date
			</td>
			<td>
			Date Type
			</td>
		</tr>
<tr>
<td>
			SPH REIT
			</td>
			<td>
			1,930,503,296
			</td>
			<td>
			1-Apr-20
			</td>
			<td>
			Released
			</td>
		</tr>
<tr>
<td>
			FIRST REIT
			</td>
			<td>
			551,995,136
			</td>
			<td>
			10-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			SOILBUILD BUSINESS SPACE REIT
			</td>
			<td>
			398,129,504
			</td>
			<td>
			16-Apr-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			KEPPEL REIT
			</td>
			<td>
			3,160,128,512
			</td>
			<td>
			17-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			KEPPEL PACIFIC OAK US REIT
			</td>
			<td>
			444,553,344
			</td>
			<td>
			20-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			SABANA SHARIAH COMP IND REIT
			</td>
			<td>
			279,067,136
			</td>
			<td>
			20-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			KEPPEL DC REIT
			</td>
			<td>
			3,837,041,920
			</td>
			<td>
			21-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			MAPLETREE COMMERCIAL TRUST
			</td>
			<td>
			5,225,866,752
			</td>
			<td>
			22-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			PARKWAYLIFE REIT
			</td>
			<td>
			1,857,357,312
			</td>
			<td>
			22-Apr-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			LIPPO MALLS INDONESIA RETAIL TRUST
			</td>
			<td>
			307,313,472
			</td>
			<td>
			22-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			FRASERS CENTREPOINT TRUST
			</td>
			<td>
			1,981,422,976
			</td>
			<td>
			23-Apr-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			FRASERS COMMERCIAL TRUST
			</td>
			<td>
			1,033,832,640
			</td>
			<td>
			23-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			CAPITALAND MALL TRUST
			</td>
			<td>
			5,978,050,560
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			MAPLETREE LOGISTICS TRUST
			</td>
			<td>
			5,890,423,808
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			CAPITALAND COMMERCIAL TRUST
			</td>
			<td>
			5,406,626,816
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			SUNTEC REIT
			</td>
			<td>
			3,317,148,672
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			CAPITALAND RETAIL CHINA TRUST
			</td>
			<td>
			1,381,844,992
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			ESR-REIT
			</td>
			<td>
			858,982,528
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			STARHILL GLOBAL REIT
			</td>
			<td>
			831,022,272
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			AIMS APAC REIT
			</td>
			<td>
			720,795,840
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			CACHE LOGISTICS TRUST
			</td>
			<td>
			509,525,984
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			ASCENDAS INDIA TRUST
			</td>
			<td>
			1,282,978,688
			</td>
			<td>
			25-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			MANULIFE US REIT
			</td>
			<td>
			1,045,450,560
			</td>
			<td>
			25-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			FAR EAST HOSPITALITY TRUST
			</td>
			<td>
			788,035,584
			</td>
			<td>
			25-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			MAPLETREE INDUSTRIAL TRUST
			</td>
			<td>
			4,886,224,896
			</td>
			<td>
			27-Apr-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			ASCENDAS REIT
			</td>
			<td>
			9,660,561,408
			</td>
			<td>
			29-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			MAPLETREE NORTH ASIA COMMERCIAL TRUST
			</td>
			<td>
			2,510,982,400
			</td>
			<td>
			29-Apr-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			ASCOTT RESIDENCE TRUST
			</td>
			<td>
			2,394,727,168
			</td>
			<td>
			30-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			FRASERS LOGISTICS &amp; INDUSTRIAL TRUST
			</td>
			<td>
			1,866,202,752
			</td>
			<td>
			30-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			CDL HOSPITALITY TRUSTS
			</td>
			<td>
			904,039,232
			</td>
			<td>
			30-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			FRASERS HOSPITALITY TRUST
			</td>
			<td>
			706,573,504
			</td>
			<td>
			30-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			LENDLEASE GLOBAL COMMERCIAL REIT
			</td>
			<td>
			543,808,384
			</td>
			<td>
			5-May-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			OUE COMMERCIAL REIT
			</td>
			<td>
			1,806,473,856
			</td>
			<td>
			8-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			EC WORLD REIT
			</td>
			<td>
			441,592,608
			</td>
			<td>
			8-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			BHG RETAIL REIT
			</td>
			<td>
			259,839,936
			</td>
			<td>
			8-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			DASIN RETAIL TRUST
			</td>
			<td>
			531,875,200
			</td>
			<td>
			11-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			CROMWELL EUROPEAN REIT
			</td>
			<td>
			869,067,392
			</td>
			<td>
			13-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			SASSEUR REIT
			</td>
			<td>
			671,260,032
			</td>
			<td>
			13-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			IREIT GLOBAL
			</td>
			<td>
			331,949,568
			</td>
			<td>
			15-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			ARA US HOSPITALITY TRUST
			</td>
			<td>
			181,549,872
			</td>
			<td>
			15-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			PRIME US REIT
			</td>
			<td>
			631,062,336
			</td>
			<td>
			31-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			UNITED HAMPSHIRE US REIT
			</td>
			<td>
			239,239,344
			</td>
			<td>
			Unknown
			</td>
			<td>
			Listed 12 March 2020
			</td>
		</tr>
<tr>
<td>
			ELITE COMMERCIAL REIT
			</td>
			<td>
			197,670,896
			</td>
			<td>
			Unknown
			</td>
			<td>
			Listed 6 Feb 2020
			</td>
		</tr>
</tbody></table>
 Source: Bloomberg &amp; SGX (data as of 8 Apr 20)

Note: Manulife US REIT is traded in USD, IREIT Global is traded in EUR, with their SGD equivalents shown in the table

Note: Excluded from the list are RHT Health Trust, a pure cash trust that has been suspended since 28 Nov 19, and Eagle Hospitality Trust, which requested for an indefinite trading suspension from 24 Mar 20
</body></html>





SGX lists a total of 45 REITs and trusts with a combined market cap of over S$100 billion. Two REITs - United Hampshire US REIT and Elite Commercial REIT - listed on SGX earlier this year. 
	 
	
SPH REIT kicked off the current financial reporting season for Singapore REITs on 1 April with the release of its fiscal 2Q ended 29 February 2020 earnings. 
	 
	Another six REITs – Soilbuild Business Space REIT, ParkwayLife REIT, Frasers Centrepoint Trust, Mapletree Industrial Trust, Mapletree North Asia Commercial Trust, and Lendlease Global Commercial REIT – have confirmed they will unveil results for the quarter ended 31 March 2020 over the next three weeks.

 

 

SGX lists a total of 45 REITs and trusts with a combined market capitalisation of over S$100 billion. Two REITs that listed on SGX so far this year were United Hampshire US REIT – Asia’s first US grocery-anchored shopping centre and self-storage REIT, and Elite Commercial REIT, SGX’s first UK-focused REIT.

SPH REIT kicked off the current financial reporting season for Singapore REITs on 1 April with the release of its fiscal 2Q ended 29 February 2020 earnings. Another six REITs have confirmed that they will unveil results for the quarter ended 31 March 2020 on the following dates:




			Name
			
			
			Date
			
		


			Soilbuild Business Space REIT
			
			
			16-Apr-20
			
		


			ParkwayLife REIT                                                           
			
			
			22-Apr-20
			
		


			 Frasers Centrepoint Trust                                     
			
			
			23-Apr-20
			
		


			Mapletree Industrial Trust                                          
			
			
			27-Apr-20
			
		


			Mapletree North Asia Commercial Trust                
			
			
			29-Apr-20
			
		


			 Lendlease Global Commercial REIT                          
			
			
			5-May-20
			
		

 

For updated earnings releases by other REITs, check out the weekly Economic Calendar.

The table below details released, confirmed and estimated dates of earnings reports of the REITs and trusts listed on SGX, sorted by date.




			Name
			
			
			Market Cap (S$)
			
			
			Date
			
			
			Date Type
			
		


			SPH REIT
			
			
			1,930,503,296
			
			
			1-Apr-20
			
			
			Released
			
		


			FIRST REIT
			
			
			551,995,136
			
			
			10-Apr-20
			
			
			Estimated
			
		


			SOILBUILD BUSINESS SPACE REIT
			
			
			398,129,504
			
			
			16-Apr-20
			
			
			Confirmed
			
		


			KEPPEL REIT
			
			
			3,160,128,512
			
			
			17-Apr-20
			
			
			Estimated
			
		


			KEPPEL PACIFIC OAK US REIT
			
			
			444,553,344
			
			
			20-Apr-20
			
			
			Estimated
			
		


			SABANA SHARIAH COMP IND REIT
			
			
			279,067,136
			
			
			20-Apr-20
			
			
			Estimated
			
		


			KEPPEL DC REIT
			
			
			3,837,041,920
			
			
			21-Apr-20
			
			
			Estimated
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			5,225,866,752
			
			
			22-Apr-20
			
			
			Estimated
			
		


			PARKWAYLIFE REIT
			
			
			1,857,357,312
			
			
			22-Apr-20
			
			
			Confirmed
			
		


			LIPPO MALLS INDONESIA RETAIL TRUST
			
			
			307,313,472
			
			
			22-Apr-20
			
			
			Estimated
			
		


			FRASERS CENTREPOINT TRUST
			
			
			1,981,422,976
			
			
			23-Apr-20
			
			
			Confirmed
			
		


			FRASERS COMMERCIAL TRUST
			
			
			1,033,832,640
			
			
			23-Apr-20
			
			
			Estimated
			
		


			CAPITALAND MALL TRUST
			
			
			5,978,050,560
			
			
			24-Apr-20
			
			
			Estimated
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			5,890,423,808
			
			
			24-Apr-20
			
			
			Estimated
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			5,406,626,816
			
			
			24-Apr-20
			
			
			Estimated
			
		


			SUNTEC REIT
			
			
			3,317,148,672
			
			
			24-Apr-20
			
			
			Estimated
			
		


			CAPITALAND RETAIL CHINA TRUST
			
			
			1,381,844,992
			
			
			24-Apr-20
			
			
			Estimated
			
		


			ESR-REIT
			
			
			858,982,528
			
			
			24-Apr-20
			
			
			Estimated
			
		


			STARHILL GLOBAL REIT
			
			
			831,022,272
			
			
			24-Apr-20
			
			
			Estimated
			
		


			AIMS APAC REIT
			
			
			720,795,840
			
			
			24-Apr-20
			
			
			Estimated
			
		


			CACHE LOGISTICS TRUST
			
			
			509,525,984
			
			
			24-Apr-20
			
			
			Estimated
			
		


			ASCENDAS INDIA TRUST
			
			
			1,282,978,688
			
			
			25-Apr-20
			
			
			Estimated
			
		


			MANULIFE US REIT
			
			
			1,045,450,560
			
			
			25-Apr-20
			
			
			Estimated
			
		


			FAR EAST HOSPITALITY TRUST
			
			
			788,035,584
			
			
			25-Apr-20
			
			
			Estimated
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			4,886,224,896
			
			
			27-Apr-20
			
			
			Confirmed
			
		


			ASCENDAS REIT
			
			
			9,660,561,408
			
			
			29-Apr-20
			
			
			Estimated
			
		


			MAPLETREE NORTH ASIA COMMERCIAL TRUST
			
			
			2,510,982,400
			
			
			29-Apr-20
			
			
			Confirmed
			
		


			ASCOTT RESIDENCE TRUST
			
			
			2,394,727,168
			
			
			30-Apr-20
			
			
			Estimated
			
		


			FRASERS LOGISTICS &amp; INDUSTRIAL TRUST
			
			
			1,866,202,752
			
			
			30-Apr-20
			
			
			Estimated
			
		


			CDL HOSPITALITY TRUSTS
			
			
			904,039,232
			
			
			30-Apr-20
			
			
			Estimated
			
		


			FRASERS HOSPITALITY TRUST
			
			
			706,573,504
			
			
			30-Apr-20
			
			
			Estimated
			
		


			LENDLEASE GLOBAL COMMERCIAL REIT
			
			
			543,808,384
			
			
			5-May-20
			
			
			Confirmed
			
		


			OUE COMMERCIAL REIT
			
			
			1,806,473,856
			
			
			8-May-20
			
			
			Estimated
			
		


			EC WORLD REIT
			
			
			441,592,608
			
			
			8-May-20
			
			
			Estimated
			
		


			BHG RETAIL REIT
			
			
			259,839,936
			
			
			8-May-20
			
			
			Estimated
			
		


			DASIN RETAIL TRUST
			
			
			531,875,200
			
			
			11-May-20
			
			
			Estimated
			
		


			CROMWELL EUROPEAN REIT
			
			
			869,067,392
			
			
			13-May-20
			
			
			Estimated
			
		


			SASSEUR REIT
			
			
			671,260,032
			
			
			13-May-20
			
			
			Estimated
			
		


			IREIT GLOBAL
			
			
			331,949,568
			
			
			15-May-20
			
			
			Estimated
			
		


			ARA US HOSPITALITY TRUST
			
			
			181,549,872
			
			
			15-May-20
			
			
			Estimated
			
		


			PRIME US REIT
			
			
			631,062,336
			
			
			31-May-20
			
			
			Estimated
			
		


			UNITED HAMPSHIRE US REIT
			
			
			239,239,344
			
			
			Unknown
			
			
			Listed 12 March 2020
			
		


			ELITE COMMERCIAL REIT
			
			
			197,670,896
			
			
			Unknown
			
			
			Listed 6 Feb 2020
			
		

 Source: Bloomberg &amp; SGX (data as of 8 Apr 20)

Note: Manulife US REIT is traded in USD, IREIT Global is traded in EUR, with their SGD equivalents shown in the table

Note: Excluded from the list are RHT Health Trust, a pure cash trust that has been suspended since 28 Nov 19, and Eagle Hospitality Trust, which requested for an indefinite trading suspension from 24 Mar 20



Singapore REITs have been on a tear for most of the past decade, however, the recent market turmoil has resulted in most of them correcting more than the market.
In this insight, I'll provide an overview of how the Singapore REITs (SGREITs) have performed this year, outlining the main out/under performers.

Singapore REITs have been on a tear for most of the past decade, however, the recent market turmoil has resulted in most of them correcting more than the market.
In this insight, I'll provide an overview of how the Singapore REITs (SGREITs) have performed this year, outlining the main out/under performers.

Singapore REITs - What's Been Cooking This Year

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

The Arb Grids have had to be adjusted because of dramatic falls in price in <a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel Corp Ltd (KEP SP)</a>.  A few people have requested them, so I have provided them, but it has been three weeks since I published a set, As the other insight published today <a href="https://www.smartkarma.com/insights/keppel-corp-update-implied-likelihood-up-as-market-falls-meaning" target="_blank" data-smartkarma-citation="insights:37630" rel="noopener">Keppel Corp Update - Implied Likelihood Up As Market Falls, Meaning...</a> shows, the Implied Likelihood of the Partial Offer going through has risen sharply from near zero a week ago to close to 50% today because of the sharp fall in the proxies. The back end pricing, based on pure price, PER, PBR, EV/EBITDA, and other funkier metrics are shown below.

The Arb Grids have had to be adjusted because of dramatic falls in price in Keppel Corp Ltd (KEP SP).  A few people have requested them, so I have provided them, but it has been three weeks since I published a set, As the other insight published today Keppel Corp Update - Implied Likelihood Up As Market Falls, Meaning... shows, the Implied Likelihood of the Partial Offer going through has risen sharply from near zero a week ago to close to 50% today because of the sharp fall in the proxies. The back end pricing, based on pure price, PER, PBR, EV/EBITDA, and other funkier metrics are shown below.

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)

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

Keppel DC REIT, Mapletree Logistics Trust & Parkway Life REIT have generated gains in the 2020 YTD, leading the overall S-REIT Sector which...

Singapore Exchange Ltd (SGX)

Singapore REITs - Get Out of Jail Free Card, for the Tenants

The Ministry of Finance (MOF), the Inland Revenue Authority of Singapore (IRAS), and the Monetary Authority of Singapore (MAS) yesterday announced...

Sumeet Singh

March Quarter S-REIT Earnings Schedule

SGX lists a total of 45 REITs and trusts with a combined market cap of over S$100 billion. Two REITs - United Hampshire US REIT and Elite...

Singapore Exchange Ltd (SGX)

Singapore REITs - What's Been Cooking This Year

Singapore REITs have been on a tear for most of the past decade, however, the recent market turmoil has resulted in most of them correcting more...

Sumeet Singh

Keppel Corp Arb Grids - Updated 20 March

The Arb Grids have had to be adjusted because of dramatic falls in price in Keppel Corp Ltd (KEP SP). A few people have requested them, so I have...

Travis Lundy

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