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

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

Mapletree Pan Asia Commercial Trust / Equity Bottom-Up

<ul><li>REIT Watch - S-Reit sector’s PB ratio is at almost 20% discount to its longer-term average Despite this, the S-REIT sector is now trading at a discount of close to 20 per cent compared to its longer-term average in terms of price-to-book ratio.</li><li>This is indicated by the iEdge S-REIT Index currently trading at a price-to-book (PB) ratio of 0.87 times, against the index’s five-year average PB ratio of 1.04 times – which showed a discount of 16 per cent.</li></ul>

REIT Watch - S-Reit sector’s PB ratio is at almost 20% discount to its longer-term average Despite this, the S-REIT sector is now trading at a discount of close to 20 per cent compared to its longer-term average in terms of price-to-book ratio.This is indicated by the iEdge S-REIT Index currently trading at a price-to-book (PB) ratio of 0.87 times, against the index’s five-year average PB ratio of 1.04 times – which showed a discount of 16 per cent.

REIT Watch - S-REIT sector’s PB ratio is at almost 20% discount to its longer-term average

<ul><li>Union Steel co-founder Ang Yew Chye ups stake Digital Core Reit Management also continued to buy back units of Digital Core Reit over three of the four sessions.</li><li>Between Mar 25 and 26, Union Steel Holdings executive director Ang Yew Chye bought 930,000 shares at S$0.47 per share.</li></ul>

Union Steel co-founder Ang Yew Chye ups stake Digital Core Reit Management also continued to buy back units of Digital Core Reit over three of the four sessions.Between Mar 25 and 26, Union Steel Holdings executive director Ang Yew Chye bought 930,000 shares at S$0.47 per share.

Union Steel co-founder Ang Yew Chye ups stake

<ul><li>Director filings and buyback momentum return Singapore Technologies Engineering (ST Engg) led the buyback consideration tally, repurchasing 500,000 shares at an average price of S$3.97 each on Feb 29.</li><li>On Feb 26, LHT Holdings managing director Yap Mui Kee acquired 61,000 shares at an average price of S$1.05 per share.</li></ul>

Director filings and buyback momentum return Singapore Technologies Engineering (ST Engg) led the buyback consideration tally, repurchasing 500,000 shares at an average price of S$3.97 each on Feb 29.On Feb 26, LHT Holdings managing director Yap Mui Kee acquired 61,000 shares at an average price of S$1.05 per share.

Director filings and buyback momentum return

Capitaland India Trust / Equity Bottom-Up

<ul><li>REIT Watch - Data centre S-Reits positive about riding AI wave The exponential progress of artificial intelligence (AI) and machine learning is expected to create unprecedented demand for global data centres, noted JLL in its Data Centres 2024 Global Outlook.</li><li>MIT’s portfolio occupancy for its data centre segment is at 91.0 per cent (as at Dec 31, 2023), 2.4 percentage points lower quarter on quarter.</li></ul>

REIT Watch - Data centre S-Reits positive about riding AI wave The exponential progress of artificial intelligence (AI) and machine learning is expected to create unprecedented demand for global data centres, noted JLL in its Data Centres 2024 Global Outlook.MIT’s portfolio occupancy for its data centre segment is at 91.0 per cent (as at Dec 31, 2023), 2.4 percentage points lower quarter on quarter.

REIT Watch - Data centre S-Reits positive about riding AI wave

Singapore

Mapletree Industrial Trust is a Singapore-focused real estate investment trust with a large and diversified portfolio of industrial properties. The Trust invests in a diverse portfolio of industrial properties with the primary objective of achieving an attractive level of return from rental income and for long-term capital growth.

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Mapletree Industrial Trust (MINT SP)

REIT Watch - S-REIT sector’s PB ratio is at almost 20% discount to its longer-term average

REIT Watch - S-Reit sector’s PB ratio is at almost 20% discount to its longer-term average Despite this, the S-REIT sector is now trading at a...

Singapore Exchange Ltd (SGX)

Union Steel co-founder Ang Yew Chye ups stake

Union Steel co-founder Ang Yew Chye ups stake Digital Core Reit Management also continued to buy back units of Digital Core Reit over three of the...

Singapore Exchange Ltd (SGX)

Director filings and buyback momentum return

Director filings and buyback momentum return Singapore Technologies Engineering (ST Engg) led the buyback consideration tally, repurchasing...

Singapore Exchange Ltd (SGX)

REIT Watch - Data centre S-Reits positive about riding AI wave

REIT Watch - Data centre S-Reits positive about riding AI wave The exponential progress of artificial intelligence (AI) and machine learning is...

Singapore Exchange Ltd (SGX)

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52-week Range

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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

REIT Watch - S-REIT sector’s PB ratio is at almost 20% discount to its longer-term average

REIT Watch - S-Reit sector’s PB ratio is at almost 20% discount to its longer-term average Despite this, the S-REIT sector is now trading at a...

Singapore Exchange Ltd (SGX)

Union Steel co-founder Ang Yew Chye ups stake

Union Steel co-founder Ang Yew Chye ups stake Digital Core Reit Management also continued to buy back units of Digital Core Reit over three of the...

Singapore Exchange Ltd (SGX)

Director filings and buyback momentum return

Director filings and buyback momentum return Singapore Technologies Engineering (ST Engg) led the buyback consideration tally, repurchasing...

Singapore Exchange Ltd (SGX)

REIT Watch - Data centre S-Reits positive about riding AI wave

REIT Watch - Data centre S-Reits positive about riding AI wave The exponential progress of artificial intelligence (AI) and machine learning is...

Singapore Exchange Ltd (SGX)

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