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 Logistics Trust / Equity Bottom-Up

<ul><li>Hospitality S-Reits among April’s top performers, averaging 6% gains However, by sub-segments within the index, hospitality S-Reits were the best performing segment with average total returns of 6.1 per cent followed by data centre S-Reits at 1.7 per cent.</li><li>The top five performing trusts and their respective total returns were: CapitaLand Ascott Trust (8.5 per cent), Frasers Hospitality Trust (6.7 per cent), Mapletree Logistics Trust (5.6 per cent), Far East Hospitality Trust (5.1 per cent) and CDL Hospitality Trusts (4.2 per cent).</li></ul>

Hospitality S-Reits among April’s top performers, averaging 6% gains However, by sub-segments within the index, hospitality S-Reits were the best performing segment with average total returns of 6.1 per cent followed by data centre S-Reits at 1.7 per cent.The top five performing trusts and their respective total returns were: CapitaLand Ascott Trust (8.5 per cent), Frasers Hospitality Trust (6.7 per cent), Mapletree Logistics Trust (5.6 per cent), Far East Hospitality Trust (5.1 per cent) and CDL Hospitality Trusts (4.2 per cent).

REIT Watch - Hospitality S-Reits among April’s top performers, averaging 6% gains

<ul><li>The STI generated a 2.4% total return over the first 15 weeks of 2023, with 20 gainers, one stock unchanged and nine decliners.</li><li>The five strongest performers of the STI in the YTD included Sembcorp Ind, Keppel Corp, Genting Sing, Keppel DC REIT and Mapletree Log Tr, with the five stocks averaging 22% total returns, while the decliners were led by CityDev, YZJ Shipbldg, ThaiBev, Singtel and HongkongLand, which averaged a 6% decline in total returns.</li><li>Following a 73% total return on S$220 million of net institutional inflow in 2022, Sembcorp Industries has generated a 27% total return on S$90 million of net institutional inflow.</li></ul>

The STI generated a 2.4% total return over the first 15 weeks of 2023, with 20 gainers, one stock unchanged and nine decliners.The five strongest performers of the STI in the YTD included Sembcorp Ind, Keppel Corp, Genting Sing, Keppel DC REIT and Mapletree Log Tr, with the five stocks averaging 22% total returns, while the decliners were led by CityDev, YZJ Shipbldg, ThaiBev, Singtel and HongkongLand, which averaged a 6% decline in total returns.Following a 73% total return on S$220 million of net institutional inflow in 2022, Sembcorp Industries has generated a 27% total return on S$90 million of net institutional inflow.

STI Maintains 2.4% YTD Total Return as GDP Growth Slows 

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

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a>'s restructuring news caused some exiciting in the IPO market this week, with Hong Kong filings picking up as well. </li>
<li>On the placements front, all eyes remain on <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> and whether <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a> will do a placement.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Alibaba (ADR) (BABA US)'s restructuring news caused some exiciting in the IPO market this week, with Hong Kong filings picking up as well. 
On the placements front, all eyes remain on Meituan (3690 HK) and whether Prosus (PRX NA) will do a placement.


ECM Weekly (2nd Apr 2023) - Meituan, Rakuten Bank, SBI, Merdeka, ZJLD, Trial Hol, DPC, WCP, MLT

Mapletree Logistics Trust / Equity Capital Markets

<ul>
<li>Mapletree Logistics Trust (MLT SP) plans to raise around US$150 (S$200m) to partially fund the acquisition of logistics properties in Japan, Australia and South Korea.</li>
<li>We have earlier covered the previous six placements for the REIT since 2017. Most of the past deals have done well except for the two most recent ones.</li>
<li>In this note, we will run the deal through our ECM framework and talk about deal dynamics.</li>
</ul>


Mapletree Logistics Trust (MLT SP) plans to raise around US$150 (S$200m) to partially fund the acquisition of logistics properties in Japan, Australia and South Korea.
We have earlier covered the previous six placements for the REIT since 2017. Most of the past deals have done well except for the two most recent ones.
In this note, we will run the deal through our ECM framework and talk about deal dynamics.


MLT Placement - Small Deal but Recent Deals Didn’t Do Well

<ul><li>REIT Watch – Industrial S-Reits record positive rental reversions Mapletree Logistics Trust (MLT), Aims Apac Reit (AAReit) and Mapletree Industrial Trust (MIT) received the most institutional net inflows this year-to-date totalling S$12 million, while ESR-Logos Reit (E-Log), MIT and Sabana Industrial Reit received the most net retail inflows totalling S$22 million.</li><li>Sabana Industrial Reit, the only industrial S-Reit with all of its assets in Singapore, saw FY22 gross revenue rise by 15.9 per cent yoy, while NPI rose 2.6 per cent yoy.</li></ul>

REIT Watch – Industrial S-Reits record positive rental reversions Mapletree Logistics Trust (MLT), Aims Apac Reit (AAReit) and Mapletree Industrial Trust (MIT) received the most institutional net inflows this year-to-date totalling S$12 million, while ESR-Logos Reit (E-Log), MIT and Sabana Industrial Reit received the most net retail inflows totalling S$22 million.Sabana Industrial Reit, the only industrial S-Reit with all of its assets in Singapore, saw FY22 gross revenue rise by 15.9 per cent yoy, while NPI rose 2.6 per cent yoy.

REIT Watch – Industrial S-Reits record positive rental reversions

Singapore

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.

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Mapletree Logistics Trust (MLT SP)

REIT Watch - Hospitality S-Reits among April’s top performers, averaging 6% gains

Hospitality S-Reits among April’s top performers, averaging 6% gains However, by sub-segments within the index, hospitality S-Reits were the best...

Singapore Exchange Ltd (SGX)

STI Maintains 2.4% YTD Total Return as GDP Growth Slows

The STI generated a 2.4% total return over the first 15 weeks of 2023, with 20 gainers, one stock unchanged and nine decliners. The five strongest...

Singapore Exchange Ltd (SGX)

ECM Weekly (2nd Apr 2023) - Meituan, Rakuten Bank, SBI, Merdeka, ZJLD, Trial Hol, DPC, WCP, MLT

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

MLT Placement - Small Deal but Recent Deals Didn’t Do Well

Mapletree Logistics Trust (MLT SP) plans to raise around US$150 (S$200m) to partially fund the acquisition of logistics properties in Japan,...

Sumeet Singh

REIT Watch – Industrial S-Reits record positive rental reversions

REIT Watch – Industrial S-Reits record positive rental reversions Mapletree Logistics Trust (MLT), Aims Apac Reit (AAReit) and Mapletree...

Singapore Exchange Ltd (SGX)

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