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.

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Equity Bottom-Up

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 - S-REIT earnings and updates schedule for this reporting season Some 33 S-Reits and property trusts have confirmed dates of their upcoming financial results or business updates for this reporting season, with SPH Reit 0% kicking off the release of its full year FY22 financial results, along with Sabana Industrial Reit’s +1.28% Q3 FY22 business update.</li><li>Sabana Industrial Reit updated that it reached portfolio occupancy levels of 89.1 per cent, a new high since Q3FY17.</li></ul>

REIT Watch - S-REIT earnings and updates schedule for this reporting season Some 33 S-Reits and property trusts have confirmed dates of their upcoming financial results or business updates for this reporting season, with SPH Reit 0% kicking off the release of its full year FY22 financial results, along with Sabana Industrial Reit’s +1.28% Q3 FY22 business update.Sabana Industrial Reit updated that it reached portfolio occupancy levels of 89.1 per cent, a new high since Q3FY17.

REIT Watch - S-Reits confirm schedule for latest results and updates

Capitaland Integrated Commercial Trust / Equity Bottom-Up

<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

<ul><li>On average, S-Reits have maintained an average gearing ratio of 36.8 per cent, based on latest company filings which were extracted in mid-August 2022.</li><li>The 5 S-Reits with the lowest gearing ratios reported are Digital Core Reit, Sasseur Reit, Frasers Logistics & Commercial Trust, SPH Reit, and IReit Global.</li><li>Gearing ratio, also known as aggregated leverage, is the ratio of a Reit’s total debt to its total assets.</li></ul>

On average, S-Reits have maintained an average gearing ratio of 36.8 per cent, based on latest company filings which were extracted in mid-August 2022.The 5 S-Reits with the lowest gearing ratios reported are Digital Core Reit, Sasseur Reit, Frasers Logistics & Commercial Trust, SPH Reit, and IReit Global.Gearing ratio, also known as aggregated leverage, is the ratio of a Reit’s total debt to its total assets.

REIT Watch - Five S-Reits with the lowest gearing ratios

Keppel Pacific Oak US REIT / Equity Bottom-Up

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 <div class='content-caption'>REIT Watch 12 Jul</div>
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Thirteen Singapore real estate investment trusts (S-Reits) have announced dates of their upcoming earnings releases or business updates, with SPH Reit kicking off the current reporting season for the sector with the release of its third-quarter FY2022 business update (ended May 31, 2022) on Jul 7, 2022.

Of the 13, 9 will be reporting first-half financial results for the year, while 3 will be releasing business updates for their respective periods ending Jun 30, 2022.

The rest of the sector will be unveiling dates of their earnings or business updates over the coming weeks.

SPH Reit in its latest Q3 FY2022 business updates announced a distribution per unit (DPU) of 1.45 Singapore cents, which represents a 5.1 per cent year-on-year increase and brings the annualised distribution yield to 5.81 per cent.

Ascribing to high vaccination rates and the ease of safe distancing measures in both Singapore and Australia, SPH Reit highlighted overall improvement in financial performance, with year-to-date Q3 FY2022 gross revenue recording a 0.9 per cent year-on-year increase to S$211.6 million.

Sales for the same period increased by 12 per cent and 2 per cent in Singapore and Australia respectively.

Across SPH Reit’s portfolio, occupancy rate maintained at 97.6 per cent, while weighted average lease expiry (WALE) stood at 5.4 years by net lettable area and 2.9 years by gross rental income.

In Singapore, its Paragon property saw marked recovery following the relaxation of restrictions in March/April 2022 as tenant sales for the quarter grew 45 per cent year-on-year and exceeded pre-Covid levels.

The Clementi Mall recorded a 6.3 per cent improvement in tenant sales supported by strong food and beverage (F&amp;B) performance.

Its Australia properties also observed recovery in tenant sales post the spike in cases earlier this year.

The iEdge S-Reit Index, a benchmark for Singapore Reits, maintained resiliency for H1 2022 with flat total returns, compared to the FTSE EPRA Nareit Developed Index (a benchmark for global Reits) which declined 18 per cent. 

REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/sph-reit-kicks-off-reporting-calendar-with-marked-recovery-in-tenant-sales">read </a>the original version.
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    REIT Watch 12 Jul


Thirteen Singapore real estate investment trusts (S-Reits) have announced dates of their upcoming earnings releases or business updates, with SPH Reit kicking off the current reporting season for the sector with the release of its third-quarter FY2022 business update (ended May 31, 2022) on Jul 7, 2022.

Of the 13, 9 will be reporting first-half financial results for the year, while 3 will be releasing business updates for their respective periods ending Jun 30, 2022.

The rest of the sector will be unveiling dates of their earnings or business updates over the coming weeks.

SPH Reit in its latest Q3 FY2022 business updates announced a distribution per unit (DPU) of 1.45 Singapore cents, which represents a 5.1 per cent year-on-year increase and brings the annualised distribution yield to 5.81 per cent.

Ascribing to high vaccination rates and the ease of safe distancing measures in both Singapore and Australia, SPH Reit highlighted overall improvement in financial performance, with year-to-date Q3 FY2022 gross revenue recording a 0.9 per cent year-on-year increase to S$211.6 million.

Sales for the same period increased by 12 per cent and 2 per cent in Singapore and Australia respectively.

Across SPH Reit’s portfolio, occupancy rate maintained at 97.6 per cent, while weighted average lease expiry (WALE) stood at 5.4 years by net lettable area and 2.9 years by gross rental income.

In Singapore, its Paragon property saw marked recovery following the relaxation of restrictions in March/April 2022 as tenant sales for the quarter grew 45 per cent year-on-year and exceeded pre-Covid levels.

The Clementi Mall recorded a 6.3 per cent improvement in tenant sales supported by strong food and beverage (F&amp;B) performance.

Its Australia properties also observed recovery in tenant sales post the spike in cases earlier this year.

The iEdge S-Reit Index, a benchmark for Singapore Reits, maintained resiliency for H1 2022 with flat total returns, compared to the FTSE EPRA Nareit Developed Index (a benchmark for global Reits) which declined 18 per cent. 

REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - SPH Reit kicks off reporting calendar with marked recovery in tenant sales

Singapore

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.

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SPH REIT (SPHREIT SP)

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 - S-Reits confirm schedule for latest results and updates

REIT Watch - S-REIT earnings and updates schedule for this reporting season Some 33 S-Reits and property trusts have confirmed dates of their...

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)

REIT Watch - Five S-Reits with the lowest gearing ratios

On average, S-Reits have maintained an average gearing ratio of 36.8 per cent, based on latest company filings which were extracted in mid-August...

Singapore Exchange Ltd (SGX)

REIT Watch - SPH Reit kicks off reporting calendar with marked recovery in tenant sales

Thirteen Singapore real estate investment trusts (S-Reits) have announced dates of their upcoming earnings releases or business...

Singapore Exchange Ltd (SGX)

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52-week Range

Market Cap (USDm)

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