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

Capitaland Integrated Commercial Trust / Equity Bottom-Up

<ul><li>Within the S-REIT Sector, the hospitality segment booked the highest net fund inflows and highest average total returns over the past 13 sessions, followed by the two pure-play data centre REITs.</li><li>This follows the stapled hospitality trusts averaging flat total returns in 2022, while also drawing net fund inflows.</li><li>The first 13 sessions of 2023 saw the same 15 trusts average 2.2% gains while booking S$10 million of net fund inflows.</li></ul>

Within the S-REIT Sector, the hospitality segment booked the highest net fund inflows and highest average total returns over the past 13 sessions, followed by the two pure-play data centre REITs.This follows the stapled hospitality trusts averaging flat total returns in 2022, while also drawing net fund inflows.The first 13 sessions of 2023 saw the same 15 trusts average 2.2% gains while booking S$10 million of net fund inflows.

S-REITs In Focus as Earnings Season Begins

Lendlease Global Commercial REIT / Equity Bottom-Up

<ul><li>October’s retail sales increased 10.4 per cent year on year (yoy), extending September’s 11.3 per cent growth and marking its seventh consecutive month of double-digit yoy growth.</li><li>The estimated total retail sales value in October was S$4.0 billion, of which online retail sales made up an estimated 13.0 per cent, compared to the 13.9 per cent recorded in September.</li><li>CapitaLand Integrated Commercial Trust reported 21.3 per cent y-o-y growth in tenant sales and 21.9 per cent y-o-y growth in shopper traffic for 9M 2022.</li></ul>

October’s retail sales increased 10.4 per cent year on year (yoy), extending September’s 11.3 per cent growth and marking its seventh consecutive month of double-digit yoy growth.The estimated total retail sales value in October was S$4.0 billion, of which online retail sales made up an estimated 13.0 per cent, compared to the 13.9 per cent recorded in September.CapitaLand Integrated Commercial Trust reported 21.3 per cent y-o-y growth in tenant sales and 21.9 per cent y-o-y growth in shopper traffic for 9M 2022.

REIT Watch - Recovery continues for S-Reits with Singapore retail assets

<ul><li>REIT Watch - Singapore-based office S-Reits see growth in occupancy and rent reversions S-Reits with Singapore based office assets reported growth in rental reversions and improvements in occupancy rates.</li><li>Its Singapore offices recorded a 7.9 per cent growth in rent reversion in 9M 2022 while portfolio occupancy increased from 92.9 per cent in Q2 2022 to the current 96 per cent.</li></ul>

REIT Watch - Singapore-based office S-Reits see growth in occupancy and rent reversions S-Reits with Singapore based office assets reported growth in rental reversions and improvements in occupancy rates.Its Singapore offices recorded a 7.9 per cent growth in rent reversion in 9M 2022 while portfolio occupancy increased from 92.9 per cent in Q2 2022 to the current 96 per cent.

REIT Watch - Singapore-based office S-Reits see growth in occupancy and rent reversions

CapitaLand Ascendas REIT / Equity Bottom-Up

<ul><li>With global inflation set to outpace global growth by 5% in 2022, the FTSE ST REIT Index has generated a 10% decline in total return this year, with the FTSE EPRA/NAREIT Developed Index declining 22%.</li><li>This has brought the 5-year total return of the FTSE ST REIT Index to 15%, compared to 8% for the FTSE EPRA/NAREIT Developed Index.</li><li>The partial rebound of the S-REIT Sector over the past month has also pared the FTSE ST REIT Index decline in total return for the 2022 year to 18 Nov to 10%, compared to the FTSE EPRA/NAREIT Developed Index declining 22%.</li></ul>

With global inflation set to outpace global growth by 5% in 2022, the FTSE ST REIT Index has generated a 10% decline in total return this year, with the FTSE EPRA/NAREIT Developed Index declining 22%.This has brought the 5-year total return of the FTSE ST REIT Index to 15%, compared to 8% for the FTSE EPRA/NAREIT Developed Index.The partial rebound of the S-REIT Sector over the past month has also pared the FTSE ST REIT Index decline in total return for the 2022 year to 18 Nov to 10%, compared to the FTSE EPRA/NAREIT Developed Index declining 22%.

S-REITs Narrow Discount to Book Value on Global Rate Outlook

<ul><li>REIT Watch - Retail S-Reits see double-digit pickup; downtown malls shine Retail sales in Singapore went up by 13 per cent year on year (yoy) in August, marking its fifth consecutive month of double-digit yoy growth.</li><li>CapitaLand Integrated Commercial Trust reported 15.9 per cent yoy growth in retail tenant sales and 12.5 per cent yoy growth in shopper traffic for H1 2022.</li></ul>

REIT Watch - Retail S-Reits see double-digit pickup; downtown malls shine Retail sales in Singapore went up by 13 per cent year on year (yoy) in August, marking its fifth consecutive month of double-digit yoy growth.CapitaLand Integrated Commercial Trust reported 15.9 per cent yoy growth in retail tenant sales and 12.5 per cent yoy growth in shopper traffic for H1 2022.

REIT Watch - Retail S-Reits see double-digit pickup; downtown malls shine

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)

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Mapletree Pan Asia Commercial Trust (MCT SP)

S-REITs In Focus as Earnings Season Begins

Within the S-REIT Sector, the hospitality segment booked the highest net fund inflows and highest average total returns over the past 13 sessions,...

Singapore Exchange Ltd (SGX)

REIT Watch - Recovery continues for S-Reits with Singapore retail assets

October’s retail sales increased 10.4 per cent year on year (yoy), extending September’s 11.3 per cent growth and marking its seventh consecutive...

Singapore Exchange Ltd (SGX)

REIT Watch - Singapore-based office S-Reits see growth in occupancy and rent reversions

REIT Watch - Singapore-based office S-Reits see growth in occupancy and rent reversions S-Reits with Singapore based office assets reported growth...

Singapore Exchange Ltd (SGX)

S-REITs Narrow Discount to Book Value on Global Rate Outlook

With global inflation set to outpace global growth by 5% in 2022, the FTSE ST REIT Index has generated a 10% decline in total return this year,...

Singapore Exchange Ltd (SGX)

REIT Watch - Retail S-Reits see double-digit pickup; downtown malls shine

REIT Watch - Retail S-Reits see double-digit pickup; downtown malls shine Retail sales in Singapore went up by 13 per cent year on year (yoy) in...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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