Real Estate, General Equities

Will Tan

Thematic (Sector/Industry)

<p>This is a weekly summary covering the week of 25 Sept 2017 on news flow reported in the media and updates on the Singapore REIT (S-REIT) sector, along with a recap on notable research by the Smartkarma community.</p>

This is a weekly summary covering the week of 25 Sept 2017 on news flow reported in the media and updates on the Singapore REIT (S-REIT) sector, along with a recap on notable research by the Smartkarma community.

S-REIT Weekly: What Transpired in the S-REIT Scene - Credit Rating Downgrades, Office Positive

<p>This is a weekly summary of news flow reported in the media and updates on the Singapore REIT (S-REIT) sector, along with a recap on notable research by the Smartkarma community.</p><h2><strong>The Works - Newsflow, updates and our take</strong></h2><ul class=""><li>Reported in the media, it is confirmed that a KBS Realty-Keppel JV is targeting to raise US$500 million from IPO of US office assets later this year in 2017. Keppel Capital and KBS Pacific Advisors would jointly sponsor this upcoming REIT, which would be the second US REIT…</li></ul>

This is a weekly summary of news flow reported in the media and updates on the Singapore REIT (S-REIT) sector, along with a recap on notable research by the Smartkarma community.The Works - Newsflow, updates and our takeReported in the media, it is confirmed that a KBS Realty-Keppel JV is targeting to raise US$500 million from IPO of US office assets later this year in 2017. Keppel Capital and KBS Pacific Advisors would jointly sponsor this upcoming REIT, which would be the second US REIT…

Weekly Summary: What Transpired in the S-REIT Scene

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.

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Singapore’s REIT Sector Averaged 19% YTD Total Returns

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

NetLink NBN Trust / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/23683" target="_blank" data-smartkarma-citation="entities:23683:1">NetLink Trust (NLT SP)</a> is raising US$1,683 - 1,956m in its upcoming IPO. Proceeds raised will be used to pay down debt and acquire units of NLT from <a href="https://www.smartkarma.com/entities/20" target="_blank" data-smartkarma-citation="entities:20:1">Singapore Telecommunications Limited (ST SP)</a>.</p><p>We have already written some early thoughts on NLT, summarizing the industry and reviewing the business, its history, main source of revenue, and brief financials in <a href="https://www.smartkarma.com/insights/netlink-trust-ipo-early-thoughts-a-monopoly-with-stable-cash-flow" target="_blank" data-smartkarma-citation="insights:8745">NetLink Trust IPO Early Thoughts - A Monopoly with Stable Cash Flow</a>.</p><p>In this insight, we will analyze in detail the business trust's competitive advantage, industry dynamics, growth opportunities and compare its valuation against other business trusts and REITs in Singapore. We will also run the deal through our ECM framework.</p>

NetLink Trust (NLT SP) is raising US$1,683 - 1,956m in its upcoming IPO. Proceeds raised will be used to pay down debt and acquire units of NLT from Singapore Telecommunications Limited (ST SP).We have already written some early thoughts on NLT, summarizing the industry and reviewing the business, its history, main source of revenue, and brief financials in NetLink Trust IPO Early Thoughts - A Monopoly with Stable Cash Flow.In this insight, we will analyze in detail the business trust's competitive advantage, industry dynamics, growth opportunities and compare its valuation against other business trusts and REITs in Singapore. We will also run the deal through our ECM framework.

NetLink Trust IPO Review - A Monopoly with Regulated Returns Makes It Seem More like a Bond

Deciphering real estate markets globally., Rems Advisors

TAN Kok Keong

Deciphering real estate markets globally.

Rems Advisors

<p>We visited the newly completed residential project, The Crest on 17th Mar 2017. The Crest is developed by <a href="https://www.smartkarma.com/entities/19015" target="_blank" data-smartkarma-citation="entities:19015:1">Wing Tai Holdings Ltd (WINGT SP)</a> and designed by award-winning Japanese architect Toyo Ito. The Crest is located at the high-end Jervois precinct, fronted by the ultra-high end Good Class Bungalow estates of Chatsworth and Bishop Gate.  The project has just obtained Temporary Occupation Permit and the developer held a briefing and site visit for real estate agents. </p><h2>What is on offer? </h2><p>The…</p>

We visited the newly completed residential project, The Crest on 17th Mar 2017. The Crest is developed by Wing Tai Holdings Ltd (WINGT SP) and designed by award-winning Japanese architect Toyo Ito. The Crest is located at the high-end Jervois precinct, fronted by the ultra-high end Good Class Bungalow estates of Chatsworth and Bishop Gate.  The project has just obtained Temporary Occupation Permit and the developer held a briefing and site visit for real estate agents. What is on offer? The…

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)

S-REIT Weekly: What Transpired in the S-REIT Scene - Credit Rating Downgrades, Office Positive

This is a weekly summary covering the week of 25 Sept 2017 on news flow reported in the media and updates on the Singapore REIT (S-REIT) sector,...

Will Tan

Weekly Summary: What Transpired in the S-REIT Scene

This is a weekly summary of news flow reported in the media and updates on the Singapore REIT (S-REIT) sector, along with a recap on notable...

Will Tan

Singapore’s REIT Sector Averaged 19% YTD Total Returns

Singapore Exchange Ltd (SGX)

NetLink Trust IPO Review - A Monopoly with Regulated Returns Makes It Seem More like a Bond

NetLink Trust (NLT SP) is raising US$1,683 - 1,956m in its upcoming IPO. Proceeds raised will be used to pay down debt and acquire units of NLT...

Zhen Zhou, Toh

On Site: The Crest by WingTai Holdings

We visited the newly completed residential project, The Crest on 17th Mar 2017. The Crest is developed by Wing Tai Holdings Ltd (WINGT SP) and...

TAN Kok Keong

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