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

Lendlease Global Commercial REIT / Equity Bottom-Up

<ul><li>October’s retail sales increased 10.4 per cent year on year (yoy), extending September’s 11.3 per cent growth and marking its seventh consecutive month of double-digit yoy growth.</li><li>The estimated total retail sales value in October was S$4.0 billion, of which online retail sales made up an estimated 13.0 per cent, compared to the 13.9 per cent recorded in September.</li><li>CapitaLand Integrated Commercial Trust reported 21.3 per cent y-o-y growth in tenant sales and 21.9 per cent y-o-y growth in shopper traffic for 9M 2022.</li></ul>

October’s retail sales increased 10.4 per cent year on year (yoy), extending September’s 11.3 per cent growth and marking its seventh consecutive month of double-digit yoy growth.The estimated total retail sales value in October was S$4.0 billion, of which online retail sales made up an estimated 13.0 per cent, compared to the 13.9 per cent recorded in September.CapitaLand Integrated Commercial Trust reported 21.3 per cent y-o-y growth in tenant sales and 21.9 per cent y-o-y growth in shopper traffic for 9M 2022.

REIT Watch - Recovery continues for S-Reits with Singapore retail assets

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

Nexus Select Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nexus-select-trust" target="_blank" data-smartkarma-citation="entities:36566:1" rel="noopener">Nexus Select Trust (NST IN)</a> is looking to raise up to US$500m in its upcoming India IPO. </li>
<li>The bookrunners on the deal are Axis, BofA, Citi, HSBC, IIFL, JM Fin, JPM, Kotak, MS and SBI Cap.</li>
<li>Nexus Select Trust (NST) is a REIT with a portfolio of 17 Grade A urban consumption centers.</li>
</ul>



Nexus Select Trust (NST IN) is looking to raise up to US$500m in its upcoming India IPO. 
The bookrunners on the deal are Axis, BofA, Citi, HSBC, IIFL, JM Fin, JPM, Kotak, MS and SBI Cap.
Nexus Select Trust (NST) is a REIT with a portfolio of 17 Grade A urban consumption centers.


Capitaland Integrated Commercial Trust / Equity Bottom-Up

<ul><li>REIT Watch - Retail S-Reits see double-digit pickup; downtown malls shine Retail sales in Singapore went up by 13 per cent year on year (yoy) in August, marking its fifth consecutive month of double-digit yoy growth.</li><li>CapitaLand Integrated Commercial Trust reported 15.9 per cent yoy growth in retail tenant sales and 12.5 per cent yoy growth in shopper traffic for H1 2022.</li></ul>

REIT Watch - Retail S-Reits see double-digit pickup; downtown malls shine Retail sales in Singapore went up by 13 per cent year on year (yoy) in August, marking its fifth consecutive month of double-digit yoy growth.CapitaLand Integrated Commercial Trust reported 15.9 per cent yoy growth in retail tenant sales and 12.5 per cent yoy growth in shopper traffic for H1 2022.

REIT Watch - Retail S-Reits see double-digit pickup; downtown malls shine

Mapletree Logistics Trust / Equity Bottom-Up

<ul><li>For the quarter, Singapore’s Reits and Property Trusts (S-Reits) sector declined 7 per cent in total returns, slightly outperforming the 10 per cent decline of the broader FTSE EPRA Nareit Developed Index.</li><li>Across the sub-sectors, industrial S-Reits saw the least declines, averaging -3 per cent total returns during the quarter, while office S-Reits saw the most declines, averaging -16 per cent total returns.</li><li>Digital Core Reit received net inflows of S$0.2 million from institutional investors and S million from retail investors.</li></ul>

For the quarter, Singapore’s Reits and Property Trusts (S-Reits) sector declined 7 per cent in total returns, slightly outperforming the 10 per cent decline of the broader FTSE EPRA Nareit Developed Index.Across the sub-sectors, industrial S-Reits saw the least declines, averaging -3 per cent total returns during the quarter, while office S-Reits saw the most declines, averaging -16 per cent total returns.Digital Core Reit received net inflows of S$0.2 million from institutional investors and S million from retail investors.

REIT Watch - 5 S-Reits with net institutional and retail inflows in Q3 2022

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In June-July I warned of a reinvestment trade into S-REITs due to the S$2.0-3.0bn cash-out by investors in Mapletree North Asia Commercial Trust and sellers into the SPHREIT Chain Offer.</li>
<li>Many investors who would need to re-allocate. The trade was to buy major S-REITs. From my last insight, a basket is up 5.3%. MCT has already topped out vs peers.</li>
<li>The question is.... is there still a trade left to run?</li>
</ul>


In June-July I warned of a reinvestment trade into S-REITs due to the S$2.0-3.0bn cash-out by investors in Mapletree North Asia Commercial Trust and sellers into the SPHREIT Chain Offer.
Many investors who would need to re-allocate. The trade was to buy major S-REITs. From my last insight, a basket is up 5.3%. MCT has already topped out vs peers.
The question is.... is there still a trade left to run?


Singapore

Lendlease Global Commercial REIT operates as a real estate investment trust. The Company invests in diversified portfolio of real estate assets. Lendlease Global Commercial REIT serves customers worldwide.

Lendlease Global Commercial REIT (LREIT SP)

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Lendlease Global Commercial REIT (LREIT SP)

REIT Watch - Recovery continues for S-Reits with Singapore retail assets

October’s retail sales increased 10.4 per cent year on year (yoy), extending September’s 11.3 per cent growth and marking its seventh consecutive...

Singapore Exchange Ltd (SGX)

Nexus Select Trust Pre-IPO Tearsheet

Nexus Select Trust (NST IN) is looking to raise up to US$500m in its upcoming India IPO. The bookrunners on the deal are Axis, BofA, Citi, HSBC,...

Clarence Chu

REIT Watch - Retail S-Reits see double-digit pickup; downtown malls shine

REIT Watch - Retail S-Reits see double-digit pickup; downtown malls shine Retail sales in Singapore went up by 13 per cent year on year (yoy) in...

Singapore Exchange Ltd (SGX)

REIT Watch - 5 S-Reits with net institutional and retail inflows in Q3 2022

For the quarter, Singapore’s Reits and Property Trusts (S-Reits) sector declined 7 per cent in total returns, slightly outperforming the 10 per...

Singapore Exchange Ltd (SGX)

Update on the S-REIT Re-Allocation Trade

The S-REIT Re-Allocation Basket is +5.3%(TR) from close after I wrote (25 July) to yesterday. Not enough excess value has traded. Should it run?...

Travis Lundy

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