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

Manulife US REIT (MUST) / Equity Bottom-Up

<ul><li>REIT Watch - Logistics real estate remains top segment despite slowdown in S-Reit acquisitions Global real estate investment trusts (Reits) faced challenges in 2023 led by the impact of higher interest rates.</li><li>In 2023, 11 S-Reits announced asset acquisitions valued at more than S$6 billion and exceeding S$3 billion in total purchase consideration.</li></ul>

REIT Watch - Logistics real estate remains top segment despite slowdown in S-Reit acquisitions Global real estate investment trusts (Reits) faced challenges in 2023 led by the impact of higher interest rates.In 2023, 11 S-Reits announced asset acquisitions valued at more than S$6 billion and exceeding S$3 billion in total purchase consideration.

REIT Watch - Logistics real estate remains top segment despite slowdown in S-Reit acquisitions

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>For the better part of two decades, Singaporean real estate investment trusts (REITs) have provided an efficient and popular exposure to quality large-scale commercial properties. </li>
<li>Yet as global central banks hike interest rates to address inflationary pressures, can REITs retain their attractiveness?</li>
<li>SREITs have corrected as Singaporean interest rates have increased. The question is whether higher interest rates are baked in, and which SREITs will hold up; and which ones will not?</li>
</ul>


For the better part of two decades, Singaporean real estate investment trusts (REITs) have provided an efficient and popular exposure to quality large-scale commercial properties. 
Yet as global central banks hike interest rates to address inflationary pressures, can REITs retain their attractiveness?
SREITs have corrected as Singaporean interest rates have increased. The question is whether higher interest rates are baked in, and which SREITs will hold up; and which ones will not?


S-REITs: Investing In An Inflationary Environment

Alpha-Centric ESG Research

Kyle Rudden

Thematic (Sector/Industry)

<ul><li>New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding <em>mandatory</em> Scope 3 emissions reporting.</li><li>The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.</li><li>Motivated by a strong "business case" for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.</li></ul>

New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding mandatory Scope 3 emissions reporting.The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.Motivated by a strong "business case" for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.

S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

<ul><li>Huationg Global CEO increases interest to 7.75% Olam Group bought back a total of three million shares at S$1.13 apiece over the four sessions.</li><li>Ng also maintained a 68.7 per cent deemed interest in Huationg Global by virtue of his 25 per cent shareholding interest in Dandelion Capital, which is the immediate and ultimate holding company of Huationg.</li></ul>

Huationg Global CEO increases interest to 7.75% Olam Group bought back a total of three million shares at S$1.13 apiece over the four sessions.Ng also maintained a 68.7 per cent deemed interest in Huationg Global by virtue of his 25 per cent shareholding interest in Dandelion Capital, which is the immediate and ultimate holding company of Huationg.

Huationg Global CEO increases interest to 7.75%

ARA US Hospitality Trust / Equity Bottom-Up

<ul><li>10 Top performing S-REITs and Trusts for Mar 18-22 MANULIFE US REAL ESTATE INV  The top five gainers among S-REITs and property trusts in the week ahead of the Friday afternoon session were: Manulife US REIT, Keppel Pacific Oak US REIT, ARA US Hospitality Trust, First REIT, and Far East Hospitality Trust.</li></ul>

10 Top performing S-REITs and Trusts for Mar 18-22 MANULIFE US REAL ESTATE INV  The top five gainers among S-REITs and property trusts in the week ahead of the Friday afternoon session were: Manulife US REIT, Keppel Pacific Oak US REIT, ARA US Hospitality Trust, First REIT, and Far East Hospitality Trust.

REIT Watch - S-REITs gain on Fed chair Powell reaffirming three rate cuts to come this year

Singapore

Lippo Malls Indonesia Retail Trust is a real estate investment trust that invests in malls and other retail locations.

Lippo Malls Indonesia Retail Trust (LMRT SP)

BHG Retail REIT is a real estate investment trust (REIT) in Singapore.

EC World Real Estate Investment Trust (EC World REIT) is the first Chinese specialised logistics and e-commerce logistics REIT listed on SGX-ST. 

It has a portfolio of quality properties located predominantly in one of the largest e-commerce clusters in the Yangtze River Delta which offers investors unique exposure to the logistics and e-commerce sectors in Hangzhou and Wuhan, China.
  
EC World REIT’s investment strategy is to invest principally, directly or indirectly, in a diversified portfolio of income-producing real estate which is used primarily for e-commerce, supply-chain management and logistics purposes, as well as real estate-related assets, with an initial geographical focus on the PRC. 

EC World REIT is listed in several indices. These include the FTSE ASEAN All-Share Index, FTSE ST All-Share Index, FTSE ST China Index and FTSE ST Singapore Shariah Index. For more information, please visit: http://www.ecwreit.com/ 

EC World REIT is managed by EC World Asset Management Pte. Ltd., which is an indirect wholly-owned subsidiary of the Sponsor – Forchn Holdings Group Co., Ltd.

Keppel Pacific Oak US REIT operates as a real estate investment trust with properties located in the United States. The Company invests in a diversified portfolio of income-producing commercial and real estate assets in key growth markets of the US.

Sabana Industrial Real Estate Investment Trust is a real estate investment trust. The Trust focuses on investments in income-producing real estate used for industrial purposes in Asia, as well as real estate-related assets, in line with Sabana investment principles.

IREIT Global is the first Singapore-listed real estate investment trust with the investment strategy of principally investing, directly or indirectly, in a portfolio of income-producing real estate in Europe which is used primarily for office, retail and industrial (including logistics) purposes, as well as real estate-related assets.

IREIT Global’s current portfolio comprises 5 freehold office properties in Germany, 5 freehold office properties in Spain and 27 freehold retail properties in France, with a total lettable area of approximately 384,000 sqm and a portfolio valuation of approximately €974.9 million.

IREIT Global is managed by IREIT Global Group Pte. Ltd., which is jointly owned by Tikehau Capital and City Developments Limited ("CDL"). Tikehau Capital is a global alternative asset management group listed in France, while CDL is a leading global real estate company listed in Singapore.

First Real Estate Investment Trust is a healthcare real estate investment trust. The Trust invests in and owns a diversified portfolio of healthcare and healthcare-related real-estate assets in Asia.

Frasers Hospitality Trust operates as a real estate investment trust. The Trust owns, operates and invests in hotels and serviced residences.

AIMS APAC REIT is a real estate investment trust. The Trust's principal investment objective is owning and investing in a diversified portfolio of income-producing industrial real estate assets throughout Asia Pacific, including warehousing and logistics, manufacturing, business parks and hi-tech spaces.

Starhill Global REIT is a real estate investment trust.  The trust invests in retail and office buildings in Singapore and overseas.

CP Tower Growth Leasehold Property Fund operates as a closed-end, real estate, investment fund. The Company invests in office space and commercial buildings.

CP Tower Growth Leasehold Property Fund (CPTGF TB)

UOA Real Estate Investment Trust is a real estate investment trust. The trust invests in and owns commercial real estate and real estate related assets.

LH Shopping Centers Leasehold Real Estate Investment Trust operates as a Real Estate Investment Trust out of Bangkok, Thailand.

US Masters Residential Property Fund is a property trust that invests in residential property in the US. The fund's Initial Target Investment Area is the New York metropolitan area, which is often referred to as the Tri-State Area, and in particular in the Hudson County area.

Us Masters Residential Property Fund (URF AU)

Cegereal S.A. owns interests in commercial properties in Paris.  The Company opted for the SIIC legal status in 2006.

Australian Unity Office Fund operates as a real estate investment trust. The Trust wholly owns a diversified portfolio of office properties located across Australian metropolitan and CBD markets in Sydney, Adelaide, Melbourne, Brisbane, and Canberra.

Garda Property Group operates as an asset management company. The Company invests in commercial offices and industrial facilities, as well as provides fund management and real estate advisory services. Garda Property Group serves customers in Australia.

China Merchants Commercial Real Estate Investment Trust operates as a Hong Kong collective investment scheme. The Company invests primarilyin income-generating properties and uses the income to provide stable returns to itsunitholders. China Merchants Commercial Real Estate Investment Trust provides services in Hong Kong.

China Merchants Commercial REIT (1503 HK)

Future Park Leasehold Property Fund is a closed-end property fund incorporated in Thailand. The Fund will invest in the long-term leasehold rights in the Leased Assets, certain of Future Park Rangsit Project Building in Bangkok.

Future Park Leasehold Prop F (FUTUREPF TB)

Franklin Street Properties Corp. operates an investment firm. The Company focuses on investments in commercial properties, mainly institutional quality office assets in the United States. FSP also provides real estate operations including property acquisitions and dispositions, short-term financing, leasing, development and asset management.

Manulife US REIT is a Singapore listed REIT established with the investment strategy principally to invest, directly or indirectly, in a portfolio of income-producing office real estate in key markets in the United States, as well as real estate-related assets.

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Manulife US REIT (MUST) (MUST SP)

REIT Watch - Logistics real estate remains top segment despite slowdown in S-Reit acquisitions

REIT Watch - Logistics real estate remains top segment despite slowdown in S-Reit acquisitions Global real estate investment trusts (Reits) faced...

Singapore Exchange Ltd (SGX)

S-REITs: Investing In An Inflationary Environment

Suntec, with one of the highest gearings in the office subsector, may need to go to the market cap in hand. That or divest some assets - in what is...

David Blennerhassett

Huationg Global CEO increases interest to 7.75%

Huationg Global CEO increases interest to 7.75% Olam Group bought back a total of three million shares at S$1.13 apiece over the four sessions. Ng...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REITs gain on Fed chair Powell reaffirming three rate cuts to come this year

10 Top performing S-REITs and Trusts for Mar 18-22 MANULIFE US REAL ESTATE INV The top five gainers among S-REITs and property trusts in the week...

Singapore Exchange Ltd (SGX)

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52-week Range

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Dividend (Yield)

REIT Watch - Logistics real estate remains top segment despite slowdown in S-Reit acquisitions

REIT Watch - Logistics real estate remains top segment despite slowdown in S-Reit acquisitions Global real estate investment trusts (Reits) faced...

Singapore Exchange Ltd (SGX)

S-REITs: Investing In An Inflationary Environment

Suntec, with one of the highest gearings in the office subsector, may need to go to the market cap in hand. That or divest some assets - in what is...

David Blennerhassett

S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

​New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding...

Kyle Rudden

Huationg Global CEO increases interest to 7.75%

Huationg Global CEO increases interest to 7.75% Olam Group bought back a total of three million shares at S$1.13 apiece over the four sessions. Ng...

Singapore Exchange Ltd (SGX)

REIT Watch - S-REITs gain on Fed chair Powell reaffirming three rate cuts to come this year

10 Top performing S-REITs and Trusts for Mar 18-22 MANULIFE US REAL ESTATE INV The top five gainers among S-REITs and property trusts in the week...

Singapore Exchange Ltd (SGX)

New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding...