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

Frasers Centrepoint Trust / Equity Bottom-Up

<ul><li>S-Reit acquisitions continue with Clar’s S$218 million buy Earlier last week, CapitaLand Ascendas Reit (Clar) announced the proposed acquisition of an integrated high-specification research and development (R&D) facility and business park property from Seagate Singapore International Headquarters for a purchase consideration of S$218.2 million.</li><li>In April, MLT announced the acquisition of six logistics assets located in Japan, and one logistics property in Sydney, Australia.</li></ul>

S-Reit acquisitions continue with Clar’s S$218 million buy Earlier last week, CapitaLand Ascendas Reit (Clar) announced the proposed acquisition of an integrated high-specification research and development (R&D) facility and business park property from Seagate Singapore International Headquarters for a purchase consideration of S$218.2 million.In April, MLT announced the acquisition of six logistics assets located in Japan, and one logistics property in Sydney, Australia.

REIT Watch - S-Reit acquisitions continue with Clar’s S$218 million buy

APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

CapitaLand Ascendas REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/capitaland-ascendas-reit" target="_blank" data-smartkarma-citation="entities:39:1" rel="noopener">CapitaLand Ascendas REIT (CLAR SP)</a> is looking to raise up to S$459m (US$344m) in its primary placement. The proceeds will be used for acquisition, redevelopment and debt repayment purposes. </li>
<li>The deal will be a large one to digest at 15.8 days of three month ADV and 3.9% dilution.  </li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



CapitaLand Ascendas REIT (CLAR SP) is looking to raise up to S$459m (US$344m) in its primary placement. The proceeds will be used for acquisition, redevelopment and debt repayment purposes. 
The deal will be a large one to digest at 15.8 days of three month ADV and 3.9% dilution.  
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


Capitaland Ascendas REIT Placement - Good Track Record and Most Deals Have Performed Well

Mapletree Logistics Trust / Equity Bottom-Up

<ul><li>Listed in Singapore, the UOB Apac Green Reit ETF (stock codes: GRN and GRE) is a Reit ETF that provides portfolio exposure into higher-yielding Reits in Asia-Pacific with a focus on environmental performance based on the Global Real Estate Sustainability Benchmark’s (GRESB’s) assessment.</li><li>Since inception, the ETF has recorded a net inflow of S$87 million with S$18 million shares traded.</li><li>The Reit ETF tracks the iEdge-UOB Apac Yield Focus Green Reit Index which comprises 50 constituents that meet certain environment factors across indicators such as energy and water consumptions, greenhouse gas (GHG) emissions, and green building certifications, while also maintaining a highly competitive dividend yield.</li></ul>

Listed in Singapore, the UOB Apac Green Reit ETF (stock codes: GRN and GRE) is a Reit ETF that provides portfolio exposure into higher-yielding Reits in Asia-Pacific with a focus on environmental performance based on the Global Real Estate Sustainability Benchmark’s (GRESB’s) assessment.Since inception, the ETF has recorded a net inflow of S$87 million with S$18 million shares traded.The Reit ETF tracks the iEdge-UOB Apac Yield Focus Green Reit Index which comprises 50 constituents that meet certain environment factors across indicators such as energy and water consumptions, greenhouse gas (GHG) emissions, and green building certifications, while also maintaining a highly competitive dividend yield.

REIT Watch - Three more S-Reits added to iEdge-UOB Apac Yield Focus Green Reit Index

<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 

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.

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)

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.

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.

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.

Nippon Building Fund Inc. is a real estate investment trust (REIT) which mainly invests in real estate and securitized real estate products. Properties are mainly Business offices and are located in Tokyo Major 5 wards and Kanto area.

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 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 - S-Reit acquisitions continue with Clar’s S$218 million buy

S-Reit acquisitions continue with Clar’s S$218 million buy Earlier last week, CapitaLand Ascendas Reit (Clar) announced the proposed acquisition...

Singapore Exchange Ltd (SGX)

Capitaland Ascendas REIT Placement - Good Track Record and Most Deals Have Performed Well

CapitaLand Ascendas REIT (CLAR SP) is looking to raise up to S$459m (US$344m) in its primary placement. In this note, we'll run the deal through...

Ethan Aw

REIT Watch - Three more S-Reits added to iEdge-UOB Apac Yield Focus Green Reit Index

Listed in Singapore, the UOB Apac Green Reit ETF (stock codes: GRN and GRE) is a Reit ETF that provides portfolio exposure into higher-yielding...

Singapore Exchange Ltd (SGX)

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)

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