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>For the first 12 weeks of 2023 the iEdge S-REIT Index generated a 3% total return, with the FTSE EPRA/NAREIT Global REITs Index declining 4%.</li><li>Within the S-REIT Sector, Industrial S-REITs averaged the highest median total returns over the past 12 weeks at 4%, while Office REITs booked the highest median decline in total return at -8%.</li><li>The 27 trusts of the Sector that booked net institutional outflow over the past 12 weeks represent 52% of the combined S-REIT Sector market value.</li></ul>

For the first 12 weeks of 2023 the iEdge S-REIT Index generated a 3% total return, with the FTSE EPRA/NAREIT Global REITs Index declining 4%.Within the S-REIT Sector, Industrial S-REITs averaged the highest median total returns over the past 12 weeks at 4%, while Office REITs booked the highest median decline in total return at -8%.The 27 trusts of the Sector that booked net institutional outflow over the past 12 weeks represent 52% of the combined S-REIT Sector market value.

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sabana-industrial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:911:1" rel="noopener">Sabana Industrial REIT (SSREIT SP)</a>’s partial offer from Volare of S$0.4504 per unit (S$0.465 in cash – S$0.0146 2H2022 distribution) is now unconditional. The final closing date is 24 March.</li>
<li>On the assumption that ESR Cayman and Quarz Capital did not tender, acceptances representing 16.16% of outstanding units imply current proration is 61.87%.</li>
<li>Based on the current proration of 61.87% and at the last close price of S$0.420 per unit, the breakeven price is S$0.373 per unit.</li>
</ul>



Sabana Industrial REIT (SSREIT SP)’s partial offer from Volare of S$0.4504 per unit (S$0.465 in cash – S$0.0146 2H2022 distribution) is now unconditional. The final closing date is 24 March.
On the assumption that ESR Cayman and Quarz Capital did not tender, acceptances representing 16.16% of outstanding units imply current proration is 61.87%.
Based on the current proration of 61.87% and at the last close price of S$0.420 per unit, the breakeven price is S$0.373 per unit.


Sabana REIT (SSREIT SP): Volare’s Partial Offer Unconditional

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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>NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Nexus Select Trust (NST IN)  is looking to raise up to US$500m in its upcoming India IPO. 
NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.
In this note, we will talk about the positive aspects of the deal.


Nexus Select Trust Pre-IPO - The Positives - Forecasting Robust Growth

<ul><li>S-REITs increase exposure to data centre assets Recently, CapitaLand Investment (CLI) also announced the establishment of a China data centre development fund, which has committed to invest in two hyperscale data centre development projects in Greater Beijing.</li><li>Its data centre exposure increased from 41.2 per cent of AUM back in March 2021, to 53.5 per cent as at Dec 31, 2022.</li></ul>

S-REITs increase exposure to data centre assets Recently, CapitaLand Investment (CLI) also announced the establishment of a China data centre development fund, which has committed to invest in two hyperscale data centre development projects in Greater Beijing.Its data centre exposure increased from 41.2 per cent of AUM back in March 2021, to 53.5 per cent as at Dec 31, 2022.

REIT Watch - S-REITs increase exposure to data centre assets

<ul><li>5 S-Reits among top 10 institutional net buy stocks for the week Five Singapore Reits took up spots among the 10 stocks which recorded the largest institutional net inflows for most of last week.</li><li>The five S-Reits were CapitaLand Ascendas Reit, Keppel DC Reit, Mapletree Logistics Trust, Mapletree Industrial Trust, and Keppel Reit.</li></ul>

5 S-Reits among top 10 institutional net buy stocks for the week Five Singapore Reits took up spots among the 10 stocks which recorded the largest institutional net inflows for most of last week.The five S-Reits were CapitaLand Ascendas Reit, Keppel DC Reit, Mapletree Logistics Trust, Mapletree Industrial Trust, and Keppel Reit.

REIT Watch - 5 S-Reits among top 10 institutional net buy stocks for the week

Singapore

Mapletree Pan Asia Commercial Trust is a Singapore-focused real estate investment trust. The Trust invests on a long-term basis, directly or indirectly, in a diversified portfolio of income-producing real estate used primarily for office and/or retail purposes, whether wholly or partially, as well as real estate-related assets.

Mapletree Pan Asia Commercial Trust (MCT SP)

Mapletree Logistics Trust is an Asia-focused logistics real estate investment trust. The Company invests in a diversified portfolio of income-producing real estate which is used for logistics purposes.

Suntec Real Estate Investment Trust is a commercial real estate investment trust. The Trust invests in income-producing real estate that is primarily used for retail and/or office purposes.

Frasers Centrepoint Trust is a retail real estate investment trust focused on growing unitholder value through asset management, financial management and strategic investments.  The trust invests in retail properties in Singapore and overseas.

FLT offers investors an opportunity to invest in logistics and industrial real estate assets strategically located within major logistics and industrial markets of Australia, Germany and the Netherlands.

Frasers Logistics & Commercial Trust (FLT SP)

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.

Keppel REIT operates as a commercial real estate investment trust. The Trust owns and invests in a portfolio of income-producing office buildings and related real estate assets. Keppel REIT offers its services in Asia and Australia.

SPH REIT is a Singapore-based REIT established principally to invest, directly or indirectly, in a portfolio of income-producing real estate which is used primarily for retail purposes in Asia-Pacific, as well as real estate-related assets.

ESR-LOGOS Real Estate Investment Trust (“ESR-LOGOS REIT”) is a leading New Economy and future-ready Asia Pacific S-REIT. Listed on the Singapore Exchange Securities Trading Limited since 25 July 2006, ESR-LOGOS REIT invests in quality income-producing industrial properties in key gateway markets.

As at 28 April 2022, ESR-LOGOS REIT holds interests in a diversified portfolio of logistics properties, high-specifications industrial properties, business parks and general industrial properties with total assets of approximately S$5.5 billion. Its portfolio comprises 84 properties located across the developed markets of Singapore (63 assets) and Australia (21 assets), with a total gross floor area of approximately 2.4 million sqm, as well as investments in three property funds in Australia. ESR-LOGOS REIT is also a constituent of the FTSE EPRA Nareit Global Real Estate Index. 

ESR-LOGOS REIT is managed by ESR-LOGOS Funds Management (S) Limited (the “Manager”) and sponsored by the ESR Group (“ESR”). The Manager is owned by ESR (67.3%), Shanghai Summit Pte. Ltd. (25.0%), and Mitsui & Co., Ltd (7.7%), respectively.

For further information on ESR-LOGOS REIT, please visit www.esr-logosreit.com.sg.

Parkway Life Real Estate Investment Trust (Parkway Life REIT) invests primarily in income producing real estate and real estate related assets in the Asia Pacific region. The trust's real estate is used primarily for healthcare and healthcare-related purposes.

GPT Group is an active owner and manager of a diversified portfolio of Australian retail, office and industrial property assets. The Group's property portfolio include the MLC Centre, Australia Square, Rouse Hill Town Centre and Melbourne Central.

Vicinity Centres retails asset and property management services. The Company offers a retail property investment and services organization involved in the ownership, management, and development of retail properties. The Company operates shopping centers across Australia.

Dexus provides real estate services. The Company manages and invests in a portfolio of diversified properties, including office and industrial buildings, retail shopping centers, and car parks. Dexus serves customers in Australia and New Zealand.

Japan Metropolitan Fund Investment Corporation operates real estate investment trust. The Company provides securitized real estate investment, real estate leasing, shopping centers investment, and other services. Japan Metropolitan Fund Investment provides its services throughout Japan.

Japan Metropolitan Fund Investment Corporation (8953 JP)

Japan Metropolitan Fund Investment Corporation

Ryman Hospitality Properties, Inc. is a real estate investment trust specializing in group-oriented, destination hotel assets in urban and resort markets.

Sabra Health Care REIT, Inc. is a real estate investment trust.  The trust owns nursing homes, rehabilitation centers, assisted living facilities, and independent living centers.

The Macerich Company is a fully integrated, self-administered and self-managed real estate investment trust.  The Company acquires, owns, redevelops, manages, and leases regional and community shopping centers located throughout the United States.

Independence Realty Trust, Inc. is an externally managed and advised apartment REIT focused on acquiring and owning well-located garden-style and mid-rise apartment properties throughout the United States.

Kite Realty Group Trust is a full-service, vertically integrated real estate company focused primarily on the development, construction, acquisition, ownership and operation of neighborhood and community shopping centers.  The company own properties in Indiana, Florida, Texas, Washington, Oregon, New Jersey, Illinois and Georgia.

Charter Hall Group invests in and develops real estate.  The Company manages real estate investment funds and develops commercial, residential, and industrial properties.

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)

S-REIT Flows and Performances in 1Q23

For the first 12 weeks of 2023 the iEdge S-REIT Index generated a 3% total return, with the FTSE EPRA/NAREIT Global REITs Index declining...

Singapore Exchange Ltd (SGX)

Sabana REIT (SSREIT SP): Volare’s Partial Offer Unconditional

Based on the current proration of 61.87% and at the last close price of S$0.420 per unit, the breakeven price is S$0.373 per unit. The final...

Arun George

Nexus Select Trust Pre-IPO - The Positives - Forecasting Robust Growth

Nexus Select Trust, backed by Blackstoner, is looking to raise up to US$500m in its upcoming India IPO. In this note, we will talk about the...

Sumeet Singh

REIT Watch - S-REITs increase exposure to data centre assets

S-REITs increase exposure to data centre assets Recently, CapitaLand Investment (CLI) also announced the establishment of a China data centre...

Singapore Exchange Ltd (SGX)

REIT Watch - 5 S-Reits among top 10 institutional net buy stocks for the week

5 S-Reits among top 10 institutional net buy stocks for the week Five Singapore Reits took up spots among the 10 stocks which recorded the largest...

Singapore Exchange Ltd (SGX)

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