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 Ascendas REIT / Equity Bottom-Up

SGX is one of Asia’s regional hub for Real Estate Investment Trusts (REITs) &amp; Property Trusts. Based on the FTSE ST REIT Index, the dividend yield for Singapore REITs have been 4.2 – 6.8% over a period of 5 years (Source: Bloomberg, 2014-2018). Over 80% of Singapore REITs &amp; Property Trusts own offshore assets across Asia Pacific, US &amp; Europe.&nbsp;
As of end Sep 2019, SGX lists 44 REITs &amp; Property Trusts with a combined market capitalisation of over S$100 billion, representing c.12% of Singapore’s overall market
SGX’s REITs &amp; Property Trusts offer wide diversity across property sub-segments REIT Indices:
<ul>
<li>FTSE ST REIT Index: 37 out of the 44 trusts represented</li>
<li>iEdge S-REIT Index: 36 out of the 44 trusts represented</li>
</ul>
<h2>Key Statistics At a Glance</h2>
<ul>
<li>Average dividend yield of 6.2%</li>
<li>Average 3-year annualised total return of 10.8%</li>
<li>Average gearing ratio of 34.5%</li>
<li>10 year market cap CAGR of 22%</li>
</ul>

SGX is one of Asia’s regional hub for Real Estate Investment Trusts (REITs) &amp; Property Trusts. Based on the FTSE ST REIT Index, the dividend yield for Singapore REITs have been 4.2 – 6.8% over a period of 5 years (Source: Bloomberg, 2014-2018). Over 80% of Singapore REITs &amp; Property Trusts own offshore assets across Asia Pacific, US &amp; Europe.&nbsp;
As of end Sep 2019, SGX lists 44 REITs &amp; Property Trusts with a combined market capitalisation of over S$100 billion, representing c.12% of Singapore’s overall market
SGX’s REITs &amp; Property Trusts offer wide diversity across property sub-segments REIT Indices:

FTSE ST REIT Index: 37 out of the 44 trusts represented
iEdge S-REIT Index: 36 out of the 44 trusts represented

Key Statistics At a Glance

Average dividend yield of 6.2%
Average 3-year annualised total return of 10.8%
Average gearing ratio of 34.5%
10 year market cap CAGR of 22%


Chartbook: SREITs & Property Trusts -  October 2019

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
Singapore lists over 100 stocks and trusts with market cap above S$1 billion, of which 32 have 12M dividend indicated yields of 4.5% and above, vs the STI’s yield of about 4.2%. Among these, 22 are REITs, stapled and/or business trusts, while 10 are companies. 
	 </li>
	<li>
Among the 32, the five highest-yielding REITs and business trusts are: Hutchison Port Holdings Trust (9.6%), CapitaLand Retail China Trust (6.7%), Frasers Logistics Trust (6.5%), OUE Commercial REIT (6.4%) and Frasers Hospitality Trust (6.4%). They average a 12M dividend indicated yield of 7.1%. 
	 </li>
	<li>
Among the 32, the five highest-yielding companies are: StarHub (9.5%), Yanlord Land (6.3%), Hong Leong Finance (5.8%), Yangzijiang Shipbuilding (5.7%) and Singtel (5.6%). They average a 12M indicated yield of 6.6%. 
	 </li>
	<li>
Of the more than 100 stocks and trusts on SGX with market cap above S$1 billion, the five best performers in the YTD were: TPV Tech (+237.6%), SBS Transit (+55.3%), Thai Bev (+50.9%), Ascendas Hospitality Trust (+43.9%) and Keppel DC REIT (+39.1%). They averaged a YTD total return of +85.4%. 
	 </li>
</ul>
Singapore lists over 100 stocks and trusts with a market capitalisation above S$1 billion. These stocks/trusts provide a wide range of investment choices, spanning both local and international businesses that operate across different sectors and industries. 
 

Best-Yielding Billionaire Plays

In this list of more than 100 stocks/trusts, 32 have 12-month dividend indicated yields of 4.5% and above, compared with the STI’s current yield of about 4.2%. Among these, 22 are categorised as REITs, stapled and/or business trusts, while 10 are companies. Seven are constituents of the benchmark Straits Times Index (STI). 
 

Among the 32, the five highest-yielding REITs and business trusts are: Hutchison Port Holdings Trust (9.6%), CapitaLand Retail China Trust (6.7%), Frasers Logistics Trust (6.5%), OUE Commercial REIT (6.4%) and Frasers Hospitality Trust (6.4%). These five trusts average a 12M indicated yield of 7.1%, and are categorised to the industrial, retail, office and hospitality segments.

 

The table below details the 22 REITs and business trusts with market cap above S$1 billion and 12M indicated yields of 4.5% and above, sorted by yield.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Market Cap (S$M)
			</td>
			<td>
			12M Ind Yld (%)
			</td>
			<td>
			Total Return YTD (%)
			</td>
			<td>
			Total Return 1Y (%)
			</td>
			<td>
			Total Return 3Y (%)
			</td>
		</tr>
<tr>
<td>
			HUTCHISON PORT HLDGS TRUST^
			</td>
			<td>
			NS8U
			</td>
			<td>
			1,936
			</td>
			<td>
			9.6
			</td>
			<td>
			-28.1
			</td>
			<td>
			-28.0
			</td>
			<td>
			-52.7
			</td>
		</tr>
<tr>
<td>
			CAPITALAND RETAIL CHINA TRUST
			</td>
			<td>
			AU8U
			</td>
			<td>
			1,688
			</td>
			<td>
			6.7
			</td>
			<td>
			21.3
			</td>
			<td>
			13.8
			</td>
			<td>
			15.9
			</td>
		</tr>
<tr>
<td>
			FRASERS LOGISTICS TRUST
			</td>
			<td>
			BWQU
			</td>
			<td>
			2,721
			</td>
			<td>
			6.5
			</td>
			<td>
			27.2
			</td>
			<td>
			60.8
			</td>
			<td>
			48.5
			</td>
		</tr>
<tr>
<td>
			OUE COMMERCIAL REIT
			</td>
			<td>
			TS0U
			</td>
			<td>
			1,477
			</td>
			<td>
			6.4
			</td>
			<td>
			20.9
			</td>
			<td>
			-8.4
			</td>
			<td>
			6.9
			</td>
		</tr>
<tr>
<td>
			FRASERS HOSPITALITY TRUST
			</td>
			<td>
			ACV
			</td>
			<td>
			1,326
			</td>
			<td>
			6.4
			</td>
			<td>
			3.1
			</td>
			<td>
			5.1
			</td>
			<td>
			14.7
			</td>
		</tr>
<tr>
<td>
			ASCENDAS HOSPITALITY TRUST
			</td>
			<td>
			Q1P
			</td>
			<td>
			1,206
			</td>
			<td>
			6.0
			</td>
			<td>
			43.9
			</td>
			<td>
			40.9
			</td>
			<td>
			80.8
			</td>
		</tr>
<tr>
<td>
			STARHILL GLOBAL REIT
			</td>
			<td>
			P40U
			</td>
			<td>
			1,625
			</td>
			<td>
			6.0
			</td>
			<td>
			13.8
			</td>
			<td>
			13.3
			</td>
			<td>
			10.9
			</td>
		</tr>
<tr>
<td>
			FRASERS COMMERCIAL TRUST
			</td>
			<td>
			ND8U
			</td>
			<td>
			1,479
			</td>
			<td>
			5.9
			</td>
			<td>
			24.7
			</td>
			<td>
			24.2
			</td>
			<td>
			46.4
			</td>
		</tr>
<tr>
<td>
			OUE HOSPITALITY TRUST
			</td>
			<td>
			SK7
			</td>
			<td>
			1,332
			</td>
			<td>
			5.9
			</td>
			<td>
			13.7
			</td>
			<td>
			0.1
			</td>
			<td>
			29.4
			</td>
		</tr>
<tr>
<td>
			MAPLETREE NORTH ASIA COMMERCIAL TRUST
			</td>
			<td>
			RW0U
			</td>
			<td>
			4,136
			</td>
			<td>
			5.7
			</td>
			<td>
			20.1
			</td>
			<td>
			21.1
			</td>
			<td>
			45.7
			</td>
		</tr>
<tr>
<td>
			KEPPEL INFRASTRUCTURE TRUST
			</td>
			<td>
			A7RU
			</td>
			<td>
			2,338
			</td>
			<td>
			5.6
			</td>
			<td>
			12.6
			</td>
			<td>
			8.1
			</td>
			<td>
			28.0
			</td>
		</tr>
<tr>
<td>
			NETLINK NBN TRUST
			</td>
			<td>
			CJLU
			</td>
			<td>
			3,449
			</td>
			<td>
			5.6
			</td>
			<td>
			18.5
			</td>
			<td>
			18.3
			</td>
			<td>
			0.0
			</td>
		</tr>
<tr>
<td>
			FAR EAST HOSPITALITY TRUST
			</td>
			<td>
			Q5T
			</td>
			<td>
			1,268
			</td>
			<td>
			5.6
			</td>
			<td>
			13.0
			</td>
			<td>
			7.9
			</td>
			<td>
			30.4
			</td>
		</tr>
<tr>
<td>
			MAPLETREE INDUSTRIAL TRUST
			</td>
			<td>
			ME8U
			</td>
			<td>
			4,554
			</td>
			<td>
			5.5
			</td>
			<td>
			23.6
			</td>
			<td>
			21.8
			</td>
			<td>
			53.8
			</td>
		</tr>
<tr>
<td>
			ASCOTT RESIDENCE TRUST
			</td>
			<td>
			A68U
			</td>
			<td>
			2,830
			</td>
			<td>
			5.3
			</td>
			<td>
			27.9
			</td>
			<td>
			25.6
			</td>
			<td>
			42.5
			</td>
		</tr>
<tr>
<td>
			ASCENDAS REIT
			</td>
			<td>
			A17U
			</td>
			<td>
			9,463
			</td>
			<td>
			5.3
			</td>
			<td>
			23.5
			</td>
			<td>
			20.3
			</td>
			<td>
			47.0
			</td>
		</tr>
<tr>
<td>
			MAPLETREE LOGISTICS TRUST
			</td>
			<td>
			M44U
			</td>
			<td>
			5,569
			</td>
			<td>
			5.2
			</td>
			<td>
			29.0
			</td>
			<td>
			31.0
			</td>
			<td>
			77.1
			</td>
		</tr>
<tr>
<td>
			CDL HOSPITALITY TRUSTS
			</td>
			<td>
			J85
			</td>
			<td>
			1,902
			</td>
			<td>
			5.2
			</td>
			<td>
			15.2
			</td>
			<td>
			8.5
			</td>
			<td>
			39.5
			</td>
		</tr>
<tr>
<td>
			ASCENDAS INDIA TRUST
			</td>
			<td>
			CY6U
			</td>
			<td>
			1,523
			</td>
			<td>
			5.2
			</td>
			<td>
			38.2
			</td>
			<td>
			31.9
			</td>
			<td>
			60.6
			</td>
		</tr>
<tr>
<td>
			SPH REIT
			</td>
			<td>
			SK6U
			</td>
			<td>
			2,850
			</td>
			<td>
			5.1
			</td>
			<td>
			14.4
			</td>
			<td>
			16.6
			</td>
			<td>
			31.5
			</td>
		</tr>
<tr>
<td>
			KEPPEL REIT
			</td>
			<td>
			K71U
			</td>
			<td>
			4,178
			</td>
			<td>
			4.5
			</td>
			<td>
			11.7
			</td>
			<td>
			8.3
			</td>
			<td>
			33.2
			</td>
		</tr>
<tr>
<td>
			SUNTEC REIT
			</td>
			<td>
			T82U
			</td>
			<td>
			5,232
			</td>
			<td>
			4.5
			</td>
			<td>
			9.3
			</td>
			<td>
			6.0
			</td>
			<td>
			29.2
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td> </td>
			<td>
			5.8
			</td>
			<td>
			18.1
			</td>
			<td>
			15.8
			</td>
			<td>
			32.7
			</td>
		</tr>
</tbody></table>
Source: Bloomberg &amp; StockFacts (data as of 28 Aug 2019)

^traded in USD with SGD equivalents shown in table
Among the 32, the five highest-yielding companies are: StarHub (9.5%), Yanlord Land Group (6.3%), Hong Leong Finance (5.8%), Yangzijiang Shipbuilding (5.7%) and Singtel (5.6%). They average a 12M indicated yield of 6.6%, and are categorised to the industrials, communications services, real estate and financial services sectors. 
 

The table below details the 10 companies with market cap above S$1 billion and 12M indicated yields above 4.5%, sorted by yield.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Market Cap (S$M)
			</td>
			<td>
			12M Ind Yld %)
			</td>
			<td>
			Total Return YTD (%)
			</td>
			<td>
			Total Return 1Y (%)
			</td>
			<td>
			Total Return 3Y (%)
			</td>
		</tr>
<tr>
<td>
			STARHUB LTD
			</td>
			<td>
			CC3
			</td>
			<td>
			2,320
			</td>
			<td>
			9.5
			</td>
			<td>
			-20.8
			</td>
			<td>
			-14.2
			</td>
			<td>
			-56.5
			</td>
		</tr>
<tr>
<td>
			YANLORD LAND GROUP
			</td>
			<td>
			Z25
			</td>
			<td>
			2,125
			</td>
			<td>
			6.3
			</td>
			<td>
			-6.8
			</td>
			<td>
			-24.7
			</td>
			<td>
			-4.6
			</td>
		</tr>
<tr>
<td>
			HONG LEONG FINANCE
			</td>
			<td>
			S41
			</td>
			<td>
			1,155
			</td>
			<td>
			5.8
			</td>
			<td>
			7.4
			</td>
			<td>
			4.9
			</td>
			<td>
			32.5
			</td>
		</tr>
<tr>
<td>
			YANGZIJIANG SHIPBLDG
			</td>
			<td>
			BS6
			</td>
			<td>
			3,559
			</td>
			<td>
			5.7
			</td>
			<td>
			-26.7
			</td>
			<td>
			-18.2
			</td>
			<td>
			25.6
			</td>
		</tr>
<tr>
<td>
			SINGTEL
			</td>
			<td>
			Z74
			</td>
			<td>
			52,253
			</td>
			<td>
			5.6
			</td>
			<td>
			11.0
			</td>
			<td>
			3.6
			</td>
			<td>
			-12.4
			</td>
		</tr>
<tr>
<td>
			DBS GROUP HLDGS
			</td>
			<td>
			D05
			</td>
			<td>
			61,745
			</td>
			<td>
			5.0
			</td>
			<td>
			6.0
			</td>
			<td>
			-1.1
			</td>
			<td>
			82.0
			</td>
		</tr>
<tr>
<td>
			FRASERS PROPERTY
			</td>
			<td>
			TQ5
			</td>
			<td>
			5,169
			</td>
			<td>
			4.9
			</td>
			<td>
			11.9
			</td>
			<td>
			10.6
			</td>
			<td>
			33.7
			</td>
		</tr>
<tr>
<td>
			SILVERLAKE AXIS
			</td>
			<td>
			5CP
			</td>
			<td>
			1,283
			</td>
			<td>
			4.7
			</td>
			<td>
			10.1
			</td>
			<td>
			2.0
			</td>
			<td>
			-8.6
			</td>
		</tr>
<tr>
<td>
			SIA ENGINEERING
			</td>
			<td>
			S59
			</td>
			<td>
			2,711
			</td>
			<td>
			4.6
			</td>
			<td>
			8.0
			</td>
			<td>
			-16.2
			</td>
			<td>
			-29.7
			</td>
		</tr>
<tr>
<td>
			OCBC BANK
			</td>
			<td>
			O39
			</td>
			<td>
			45,680
			</td>
			<td>
			4.6
			</td>
			<td>
			-2.6
			</td>
			<td>
			-4.5
			</td>
			<td>
			35.7
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			5.7
			</td>
			<td>
			-0.2
			</td>
			<td>
			-5.8
			</td>
			<td>
			9.8
			</td>
		</tr>
</tbody></table>
Source: Bloomberg &amp; StockFacts (data as of 28 Aug 2019)

 

Billionaire YTD Performers 

Among the more than 100 stocks and trusts on SGX with market cap above S$1 billion, the five best performers in the 2019 year-to-date were: TPV Technology (+237.6%), SBS Transit (+55.3%), Thai Beverage PCL (+50.9%), Ascendas Hospitality Trust (+43.9%) and Keppel DC REIT (+39.1%). The five have averaged a total return of +85.4% in the YTD, bringing their one-year and three-year total returns to +110.6% and +75.0% respectively.

 

These stocks are categorised to the technology, transport services and consumer staples sectors, while the trusts are focused on the hospitality and industrials segments.

 

The table below details the 10 best-performing stocks/trusts with market cap above S$1 billion in the YTD, sorted by YTD total return.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Market Cap (S$M)
			</td>
			<td>
			Total Return YTD (%)
			</td>
			<td>
			Total Return 1Y (%)
			</td>
			<td>
			Total Return 3Y (%)
			</td>
		</tr>
<tr>
<td>
			TPV TECHNOLOGY*
			</td>
			<td>
			T18
			</td>
			<td>
			1,525
			</td>
			<td>
			237.6
			</td>
			<td>
			366.9
			</td>
			<td>
			126.3
			</td>
		</tr>
<tr>
<td>
			SBS TRANSIT
			</td>
			<td>
			S61
			</td>
			<td>
			1,281
			</td>
			<td>
			55.3
			</td>
			<td>
			63.8
			</td>
			<td>
			94.8
			</td>
		</tr>
<tr>
<td>
			THAI BEVERAGE
			</td>
			<td>
			Y92
			</td>
			<td>
			22,602
			</td>
			<td>
			50.9
			</td>
			<td>
			47.2
			</td>
			<td>
			-1.5
			</td>
		</tr>
<tr>
<td>
			ASCENDAS HOSPITALITY TRUST#
			</td>
			<td>
			Q1P
			</td>
			<td>
			1,206
			</td>
			<td>
			43.9
			</td>
			<td>
			40.9
			</td>
			<td>
			80.8
			</td>
		</tr>
<tr>
<td>
			KEPPEL DC REIT
			</td>
			<td>
			AJBU
			</td>
			<td>
			2,394
			</td>
			<td>
			39.1
			</td>
			<td>
			34.1
			</td>
			<td>
			74.5
			</td>
		</tr>
<tr>
<td>
			ASCENDAS INDIA TRUST
			</td>
			<td>
			CY6U
			</td>
			<td>
			1,523
			</td>
			<td>
			38.2
			</td>
			<td>
			31.9
			</td>
			<td>
			60.6
			</td>
		</tr>
<tr>
<td>
			MAPLETREE COMMERCIAL TRUST
			</td>
			<td>
			N2IU
			</td>
			<td>
			6,139
			</td>
			<td>
			37.7
			</td>
			<td>
			42.2
			</td>
			<td>
			67.1
			</td>
		</tr>
<tr>
<td>
			FRASERS CENTREPOINT TRUST
			</td>
			<td>
			J69U
			</td>
			<td>
			3,024
			</td>
			<td>
			29.9
			</td>
			<td>
			24.7
			</td>
			<td>
			45.6
			</td>
		</tr>
<tr>
<td>
			MAPLETREE LOGISTICS TRUST
			</td>
			<td>
			M44U
			</td>
			<td>
			5,569
			</td>
			<td>
			29.0
			</td>
			<td>
			31.0
			</td>
			<td>
			77.1
			</td>
		</tr>
<tr>
<td>
			MANULIFE US REIT^
			</td>
			<td>
			BTOU
			</td>
			<td>
			1,747
			</td>
			<td>
			28.4
			</td>
			<td>
			17.8
			</td>
			<td>
			48.6
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			59.0
			</td>
			<td>
			70.1
			</td>
			<td>
			67.4
			</td>
		</tr>
</tbody></table>
Source: Bloomberg &amp; StockFacts (data as of 28 Aug 2019)

^traded in USD with SGD equivalents shown in table

*privatisation offer #merger proposal
Earlier this month, electrical components firm CEIEC (HK) and parties acting in concert with it have proposed to take TPV Technology private through a scheme of arrangement.

 

Note also that Ascendas Hospitality Trust and Ascott Residence Trust last month jointly proposed a merger to form Asia Pacific’s largest hospitality trust and the world’s 8th largest, with an asset value of more than S$7 billion.

 

In the YTD, the five least-performing stocks/trusts with market cap above S$1 billion on SGX were: Mandarin Oriental (-29.4%), Hutchison Port Holdings Trust (-28.1%), Sembcorp Marine (-27.9%), Yangzijiang Shipbuilding (-26.7%) and Shangri-La Asia (-24.2%).
</body></html>





Singapore lists over 100 stocks and trusts with market cap above S$1 billion, of which 32 have 12M dividend indicated yields of 4.5% and above, vs the STI’s yield of about 4.2%. Among these, 22 are REITs, stapled and/or business trusts, while 10 are companies. 
	 
	
Among the 32, the five highest-yielding REITs and business trusts are: Hutchison Port Holdings Trust (9.6%), CapitaLand Retail China Trust (6.7%), Frasers Logistics Trust (6.5%), OUE Commercial REIT (6.4%) and Frasers Hospitality Trust (6.4%). They average a 12M dividend indicated yield of 7.1%. 
	 
	
Among the 32, the five highest-yielding companies are: StarHub (9.5%), Yanlord Land (6.3%), Hong Leong Finance (5.8%), Yangzijiang Shipbuilding (5.7%) and Singtel (5.6%). They average a 12M indicated yield of 6.6%. 
	 
	
Of the more than 100 stocks and trusts on SGX with market cap above S$1 billion, the five best performers in the YTD were: TPV Tech (+237.6%), SBS Transit (+55.3%), Thai Bev (+50.9%), Ascendas Hospitality Trust (+43.9%) and Keppel DC REIT (+39.1%). They averaged a YTD total return of +85.4%. 
	 

Singapore lists over 100 stocks and trusts with a market capitalisation above S$1 billion. These stocks/trusts provide a wide range of investment choices, spanning both local and international businesses that operate across different sectors and industries. 
 

Best-Yielding Billionaire Plays

In this list of more than 100 stocks/trusts, 32 have 12-month dividend indicated yields of 4.5% and above, compared with the STI’s current yield of about 4.2%. Among these, 22 are categorised as REITs, stapled and/or business trusts, while 10 are companies. Seven are constituents of the benchmark Straits Times Index (STI). 
 

Among the 32, the five highest-yielding REITs and business trusts are: Hutchison Port Holdings Trust (9.6%), CapitaLand Retail China Trust (6.7%), Frasers Logistics Trust (6.5%), OUE Commercial REIT (6.4%) and Frasers Hospitality Trust (6.4%). These five trusts average a 12M indicated yield of 7.1%, and are categorised to the industrial, retail, office and hospitality segments.

 

The table below details the 22 REITs and business trusts with market cap above S$1 billion and 12M indicated yields of 4.5% and above, sorted by yield.




			Name
			
			
			SGX Code
			
			
			Market Cap (S$M)
			
			
			12M Ind Yld (%)
			
			
			Total Return YTD (%)
			
			
			Total Return 1Y (%)
			
			
			Total Return 3Y (%)
			
		


			HUTCHISON PORT HLDGS TRUST^
			
			
			NS8U
			
			
			1,936
			
			
			9.6
			
			
			-28.1
			
			
			-28.0
			
			
			-52.7
			
		


			CAPITALAND RETAIL CHINA TRUST
			
			
			AU8U
			
			
			1,688
			
			
			6.7
			
			
			21.3
			
			
			13.8
			
			
			15.9
			
		


			FRASERS LOGISTICS TRUST
			
			
			BWQU
			
			
			2,721
			
			
			6.5
			
			
			27.2
			
			
			60.8
			
			
			48.5
			
		


			OUE COMMERCIAL REIT
			
			
			TS0U
			
			
			1,477
			
			
			6.4
			
			
			20.9
			
			
			-8.4
			
			
			6.9
			
		


			FRASERS HOSPITALITY TRUST
			
			
			ACV
			
			
			1,326
			
			
			6.4
			
			
			3.1
			
			
			5.1
			
			
			14.7
			
		


			ASCENDAS HOSPITALITY TRUST
			
			
			Q1P
			
			
			1,206
			
			
			6.0
			
			
			43.9
			
			
			40.9
			
			
			80.8
			
		


			STARHILL GLOBAL REIT
			
			
			P40U
			
			
			1,625
			
			
			6.0
			
			
			13.8
			
			
			13.3
			
			
			10.9
			
		


			FRASERS COMMERCIAL TRUST
			
			
			ND8U
			
			
			1,479
			
			
			5.9
			
			
			24.7
			
			
			24.2
			
			
			46.4
			
		


			OUE HOSPITALITY TRUST
			
			
			SK7
			
			
			1,332
			
			
			5.9
			
			
			13.7
			
			
			0.1
			
			
			29.4
			
		


			MAPLETREE NORTH ASIA COMMERCIAL TRUST
			
			
			RW0U
			
			
			4,136
			
			
			5.7
			
			
			20.1
			
			
			21.1
			
			
			45.7
			
		


			KEPPEL INFRASTRUCTURE TRUST
			
			
			A7RU
			
			
			2,338
			
			
			5.6
			
			
			12.6
			
			
			8.1
			
			
			28.0
			
		


			NETLINK NBN TRUST
			
			
			CJLU
			
			
			3,449
			
			
			5.6
			
			
			18.5
			
			
			18.3
			
			
			0.0
			
		


			FAR EAST HOSPITALITY TRUST
			
			
			Q5T
			
			
			1,268
			
			
			5.6
			
			
			13.0
			
			
			7.9
			
			
			30.4
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			4,554
			
			
			5.5
			
			
			23.6
			
			
			21.8
			
			
			53.8
			
		


			ASCOTT RESIDENCE TRUST
			
			
			A68U
			
			
			2,830
			
			
			5.3
			
			
			27.9
			
			
			25.6
			
			
			42.5
			
		


			ASCENDAS REIT
			
			
			A17U
			
			
			9,463
			
			
			5.3
			
			
			23.5
			
			
			20.3
			
			
			47.0
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			5,569
			
			
			5.2
			
			
			29.0
			
			
			31.0
			
			
			77.1
			
		


			CDL HOSPITALITY TRUSTS
			
			
			J85
			
			
			1,902
			
			
			5.2
			
			
			15.2
			
			
			8.5
			
			
			39.5
			
		


			ASCENDAS INDIA TRUST
			
			
			CY6U
			
			
			1,523
			
			
			5.2
			
			
			38.2
			
			
			31.9
			
			
			60.6
			
		


			SPH REIT
			
			
			SK6U
			
			
			2,850
			
			
			5.1
			
			
			14.4
			
			
			16.6
			
			
			31.5
			
		


			KEPPEL REIT
			
			
			K71U
			
			
			4,178
			
			
			4.5
			
			
			11.7
			
			
			8.3
			
			
			33.2
			
		


			SUNTEC REIT
			
			
			T82U
			
			
			5,232
			
			
			4.5
			
			
			9.3
			
			
			6.0
			
			
			29.2
			
		


			Average
			
			
			 
			
			 
			
			5.8
			
			
			18.1
			
			
			15.8
			
			
			32.7
			
		

Source: Bloomberg &amp; StockFacts (data as of 28 Aug 2019)

^traded in USD with SGD equivalents shown in table
Among the 32, the five highest-yielding companies are: StarHub (9.5%), Yanlord Land Group (6.3%), Hong Leong Finance (5.8%), Yangzijiang Shipbuilding (5.7%) and Singtel (5.6%). They average a 12M indicated yield of 6.6%, and are categorised to the industrials, communications services, real estate and financial services sectors. 
 

The table below details the 10 companies with market cap above S$1 billion and 12M indicated yields above 4.5%, sorted by yield.




			Name
			
			
			SGX Code
			
			
			Market Cap (S$M)
			
			
			12M Ind Yld %)
			
			
			Total Return YTD (%)
			
			
			Total Return 1Y (%)
			
			
			Total Return 3Y (%)
			
		


			STARHUB LTD
			
			
			CC3
			
			
			2,320
			
			
			9.5
			
			
			-20.8
			
			
			-14.2
			
			
			-56.5
			
		


			YANLORD LAND GROUP
			
			
			Z25
			
			
			2,125
			
			
			6.3
			
			
			-6.8
			
			
			-24.7
			
			
			-4.6
			
		


			HONG LEONG FINANCE
			
			
			S41
			
			
			1,155
			
			
			5.8
			
			
			7.4
			
			
			4.9
			
			
			32.5
			
		


			YANGZIJIANG SHIPBLDG
			
			
			BS6
			
			
			3,559
			
			
			5.7
			
			
			-26.7
			
			
			-18.2
			
			
			25.6
			
		


			SINGTEL
			
			
			Z74
			
			
			52,253
			
			
			5.6
			
			
			11.0
			
			
			3.6
			
			
			-12.4
			
		


			DBS GROUP HLDGS
			
			
			D05
			
			
			61,745
			
			
			5.0
			
			
			6.0
			
			
			-1.1
			
			
			82.0
			
		


			FRASERS PROPERTY
			
			
			TQ5
			
			
			5,169
			
			
			4.9
			
			
			11.9
			
			
			10.6
			
			
			33.7
			
		


			SILVERLAKE AXIS
			
			
			5CP
			
			
			1,283
			
			
			4.7
			
			
			10.1
			
			
			2.0
			
			
			-8.6
			
		


			SIA ENGINEERING
			
			
			S59
			
			
			2,711
			
			
			4.6
			
			
			8.0
			
			
			-16.2
			
			
			-29.7
			
		


			OCBC BANK
			
			
			O39
			
			
			45,680
			
			
			4.6
			
			
			-2.6
			
			
			-4.5
			
			
			35.7
			
		


			Average
			
			
			 
			
			
			 
			
			
			5.7
			
			
			-0.2
			
			
			-5.8
			
			
			9.8
			
		

Source: Bloomberg &amp; StockFacts (data as of 28 Aug 2019)

 

Billionaire YTD Performers 

Among the more than 100 stocks and trusts on SGX with market cap above S$1 billion, the five best performers in the 2019 year-to-date were: TPV Technology (+237.6%), SBS Transit (+55.3%), Thai Beverage PCL (+50.9%), Ascendas Hospitality Trust (+43.9%) and Keppel DC REIT (+39.1%). The five have averaged a total return of +85.4% in the YTD, bringing their one-year and three-year total returns to +110.6% and +75.0% respectively.

 

These stocks are categorised to the technology, transport services and consumer staples sectors, while the trusts are focused on the hospitality and industrials segments.

 

The table below details the 10 best-performing stocks/trusts with market cap above S$1 billion in the YTD, sorted by YTD total return.




			Name
			
			
			SGX Code
			
			
			Market Cap (S$M)
			
			
			Total Return YTD (%)
			
			
			Total Return 1Y (%)
			
			
			Total Return 3Y (%)
			
		


			TPV TECHNOLOGY*
			
			
			T18
			
			
			1,525
			
			
			237.6
			
			
			366.9
			
			
			126.3
			
		


			SBS TRANSIT
			
			
			S61
			
			
			1,281
			
			
			55.3
			
			
			63.8
			
			
			94.8
			
		


			THAI BEVERAGE
			
			
			Y92
			
			
			22,602
			
			
			50.9
			
			
			47.2
			
			
			-1.5
			
		


			ASCENDAS HOSPITALITY TRUST#
			
			
			Q1P
			
			
			1,206
			
			
			43.9
			
			
			40.9
			
			
			80.8
			
		


			KEPPEL DC REIT
			
			
			AJBU
			
			
			2,394
			
			
			39.1
			
			
			34.1
			
			
			74.5
			
		


			ASCENDAS INDIA TRUST
			
			
			CY6U
			
			
			1,523
			
			
			38.2
			
			
			31.9
			
			
			60.6
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			N2IU
			
			
			6,139
			
			
			37.7
			
			
			42.2
			
			
			67.1
			
		


			FRASERS CENTREPOINT TRUST
			
			
			J69U
			
			
			3,024
			
			
			29.9
			
			
			24.7
			
			
			45.6
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			5,569
			
			
			29.0
			
			
			31.0
			
			
			77.1
			
		


			MANULIFE US REIT^
			
			
			BTOU
			
			
			1,747
			
			
			28.4
			
			
			17.8
			
			
			48.6
			
		


			Average
			
			
			 
			
			
			 
			
			
			59.0
			
			
			70.1
			
			
			67.4
			
		

Source: Bloomberg &amp; StockFacts (data as of 28 Aug 2019)

^traded in USD with SGD equivalents shown in table

*privatisation offer #merger proposal
Earlier this month, electrical components firm CEIEC (HK) and parties acting in concert with it have proposed to take TPV Technology private through a scheme of arrangement.

 

Note also that Ascendas Hospitality Trust and Ascott Residence Trust last month jointly proposed a merger to form Asia Pacific’s largest hospitality trust and the world’s 8th largest, with an asset value of more than S$7 billion.

 

In the YTD, the five least-performing stocks/trusts with market cap above S$1 billion on SGX were: Mandarin Oriental (-29.4%), Hutchison Port Holdings Trust (-28.1%), Sembcorp Marine (-27.9%), Yangzijiang Shipbuilding (-26.7%) and Shangri-La Asia (-24.2%).



Highlights of Billionaire Plays on SGX      

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Singapore’s REIT Sector Averaged 19% YTD Total Returns

Singapore

Starhill Global REIT is a real estate investment trust.  The trust invests in retail and office buildings in Singapore and overseas.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Starhill Global REIT (SGREIT SP)

Chartbook: SREITs & Property Trusts - October 2019

SGX is one of Asia’s regional hub for Real Estate Investment Trusts (REITs) & Property Trusts. Based on the FTSE ST REIT Index, the dividend...

Singapore Exchange Ltd (SGX)

Highlights of Billionaire Plays on SGX

Singapore lists over 100 stocks and trusts with market cap above S$1 billion, of which 32 have 12M dividend indicated yields of 4.5% and above,...

Singapore Exchange Ltd (SGX)

Singapore’s REIT Sector Averaged 19% YTD Total Returns

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)