SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>THE first seven months of 2023 saw the iEdge S-Reit Index gain 3.9 per cent in total return terms, reversing its 11.9 per cent decline in 2022.</li><li>This was followed by hospitality S-Reits with 5.8 per cent average total returns, after being the best performing sub-segment last year.</li><li>PLife Reit declared a distribution per unit (DPU) of 7.29 Singapore cents for H1 2023, representing an increase of 3.3 per cent year on year.</li></ul>

THE first seven months of 2023 saw the iEdge S-Reit Index gain 3.9 per cent in total return terms, reversing its 11.9 per cent decline in 2022.This was followed by hospitality S-Reits with 5.8 per cent average total returns, after being the best performing sub-segment last year.PLife Reit declared a distribution per unit (DPU) of 7.29 Singapore cents for H1 2023, representing an increase of 3.3 per cent year on year.

REIT Watch - Healthcare S-REITs remain committed to expansion strategies

<ul><li>5 S-Reits with year-on-year improvements in H1 2023 DPU Among them, 10 S-Reits reported higher year-on-year (yoy) net property income (NPI) for the half-year period ended Jun 30, 2023.</li><li>CDL Hospitality Trusts’ H1 2023 NPI increased by 23.3 per cent yoy, largely attributed to Singapore, Japan, Australia, Europe and UK markets.</li></ul>

5 S-Reits with year-on-year improvements in H1 2023 DPU Among them, 10 S-Reits reported higher year-on-year (yoy) net property income (NPI) for the half-year period ended Jun 30, 2023.CDL Hospitality Trusts’ H1 2023 NPI increased by 23.3 per cent yoy, largely attributed to Singapore, Japan, Australia, Europe and UK markets.

REIT Watch - Hospitality trusts report higher DPU for H1 2023

Mapletree Logistics Trust / Equity Bottom-Up

<ul><li>REIT Watch - Performance of S-Reits within the STI On Thursday night (Oct 12), the US Consumer Price Index (CPI) came in slightly higher than markets had anticipated, leading to higher expectations that the Federal Reserve will likely implement one more interest rate hike before the year ends.</li><li>The three S-Reits with the lowest gearing ratios are: Sasseur Reit (26.2 per cent), Frasers Logistics & Commercial Trust (28.6 per cent) and Paragon Reit (29.8 per cent).</li></ul>

REIT Watch - Performance of S-Reits within the STI On Thursday night (Oct 12), the US Consumer Price Index (CPI) came in slightly higher than markets had anticipated, leading to higher expectations that the Federal Reserve will likely implement one more interest rate hike before the year ends.The three S-Reits with the lowest gearing ratios are: Sasseur Reit (26.2 per cent), Frasers Logistics & Commercial Trust (28.6 per cent) and Paragon Reit (29.8 per cent).

REIT Watch - S-Reits among top gainers in STI for week starting Oct 9

Mapletree Industrial Trust / Equity Bottom-Up

<ul><li>INVESTMENT in artificial intelligence (AI) is booming worldwide – the frenzy fuelled by the release of ChatGPT last November has led to a surge in demand for data centres as well as the real estate investment trusts (Reits) that invest in them.</li><li>NVIDIA shares marked an intra-day record high on Aug 24 of US$502.66 per share two days after the company’s earnings exceeded expectations.</li><li>Singapore Reits with substantial data centre assets include Keppel DC Reit (KDCReit) and Digital Core Reit (DC Reit).</li></ul>

INVESTMENT in artificial intelligence (AI) is booming worldwide – the frenzy fuelled by the release of ChatGPT last November has led to a surge in demand for data centres as well as the real estate investment trusts (Reits) that invest in them.NVIDIA shares marked an intra-day record high on Aug 24 of US$502.66 per share two days after the company’s earnings exceeded expectations.Singapore Reits with substantial data centre assets include Keppel DC Reit (KDCReit) and Digital Core Reit (DC Reit).

REIT Watch - Data centre S-Reits under spotlight as investors look for ways to ride AI wave

<ul><li>In terms of net fund flows over the month, retail investors net bought S$8.2 million of S-Reits while institutional investors net sold S$86.4 million in the sector.</li><li>However, there were 10 S-Reits and property trusts which recorded net institutional inflows in the month of July.</li><li>They were Keppel DC Reit, CapitaLand Integrated Commercial Trust (CICT), CapitaLand India Trust (Clint), ESR-Logos Reit, Far East Hospitality Trust, Digital Core Reit, Paragon Reit, Sasseur Reit, First Reit, and BHG Retail Reit.</li></ul>

In terms of net fund flows over the month, retail investors net bought S$8.2 million of S-Reits while institutional investors net sold S$86.4 million in the sector.However, there were 10 S-Reits and property trusts which recorded net institutional inflows in the month of July.They were Keppel DC Reit, CapitaLand Integrated Commercial Trust (CICT), CapitaLand India Trust (Clint), ESR-Logos Reit, Far East Hospitality Trust, Digital Core Reit, Paragon Reit, Sasseur Reit, First Reit, and BHG Retail Reit.

REIT Watch - Institutional investors net buyers of these 10 S-Reits in July

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 - Healthcare S-REITs remain committed to expansion strategies

THE first seven months of 2023 saw the iEdge S-Reit Index gain 3.9 per cent in total return terms, reversing its 11.9 per cent decline in...

Singapore Exchange Ltd (SGX)

REIT Watch - Hospitality trusts report higher DPU for H1 2023

5 S-Reits with year-on-year improvements in H1 2023 DPU Among them, 10 S-Reits reported higher year-on-year (yoy) net property income (NPI) for...

Singapore Exchange Ltd (SGX)

REIT Watch - S-Reits among top gainers in STI for week starting Oct 9

REIT Watch - Performance of S-Reits within the STI On Thursday night (Oct 12), the US Consumer Price Index (CPI) came in slightly higher than...

Singapore Exchange Ltd (SGX)

REIT Watch - Data centre S-Reits under spotlight as investors look for ways to ride AI wave

INVESTMENT in artificial intelligence (AI) is booming worldwide – the frenzy fuelled by the release of ChatGPT last November has led to a surge in...

Singapore Exchange Ltd (SGX)

REIT Watch - Institutional investors net buyers of these 10 S-Reits in July

In terms of net fund flows over the month, retail investors net bought S$8.2 million of S-Reits while institutional investors net sold S$86.4...

Singapore Exchange Ltd (SGX)

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