SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

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Equity Bottom-Up

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    <div class='content-caption'>Top 5 S-REITs with largest yoy increase in DPU for 1H2021</div>
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<p>As the earnings season conclude, REITs and Property Trusts listed in Singapore have announced financial results or published business updates for the period ending 30 June 2021. Of the S-REITs which declared distributions for the first half of calendar year 2021, average change in distribution per unit (DPU) increased by 36 per cent year-on-year (y-o-y).</p>

<p>The five S-REITs with the highest y-o-y DPU increments for the period Jan to Jun 2021 are: SPH REIT (228 per cent), Sabana Shari'ah Compliant Industrial REIT (215 per cent), Starhill Global REIT (196 per cent), Ascott Residence Trust (95 per cent) and CapitaLand Integrated Commercial Trust (75 per cent).</p>

<p>SPH REIT declared a DPU of 1.38 Singapore cents for Q3 FY2021 ended 31 May, bringing its DPU for the period of Dec 2020 to May 2021 to 2.62 Singapore cents - a 228 per cent increase y-o-y. In its latest business update for 3Q FY2021, the REIT noted gradual recovery with improvements in gross revenue of 22.2 per cent y-o-y to S$209.6 million. This was led by recovery in performance across all assets while supported by additional quarter of contribution from Westfield Marion compared to the same period last year and a decrease in rent reliefs to Singapore and Australia eligible tenants.</p>

<p>Sabana Shari'ah Compliant Industrial REIT (Sabana REIT) reported DPU of 1.48 Singapore cents for 1H 2021, representing a 215 per cent y-o-y increase. This was mainly due to the temporary retainment of 55.0 per cent of its distributable income in 1H 2020 to conserve capital. The REIT also reported a 14.1 per cent y-o-y increase in gross revenue, mainly due to higher contribution from New Tech Park, 23 Serangoon North Avenue 5 and 10 Changi South Street 2 on higher occupancy. During the period, Sabana REIT announced the removal of its Shari’ah compliance requirement in order to accommodate the changing profile of tenants and enhance its flexibility for the next phase of growth.</p>

<p>Starhill Global REIT (SGREIT) reported 2H FY2020/2021 DPU of 2.07 Singapore cents, representing a y-o-y increase of 196 per cent, mainly due to the release of retained income for working capital requirements. SGREIT noted that gross revenue for the period increased 10.5 per cent y-o-y, resulting in a 20.2 per cent increase in its net property income (NPI). This was mainly attributed to lower rental assistance for eligible tenants affected by the COVID-19 pandemic and the appreciation of the Australian dollar against the Singapore dollar.</p>

<p>Ascott Residence Trust (ART) raised its DPU for 1H 2021 by 95 per cent y-o-y, attributable to active portfolio optimisation. The trust noted that distributable income for 1H 2021 included a one-off partial distribution of divestment gains of S$20 million to share divestment gains with unitholders, replace income loss from divested assets and mitigate the impact of COVID-19 on distributions.</p>

<p>CapitaLand Integrated Commercial Trust (CICT) announced a DPU of 5.18 Singapore cents for 1H 2021, representing a 75 per cent increase y-o-y. The REIT reported a 103 per cent and 118 per cent y-o-y increase in gross revenue and NPI respectively. In 1H 2021, CICT granted S$18.9 million of rental waivers for tenants affected by COVID-19, particularly during Singapore’s first Phase 2 (Heightened Alert) from 16 May to 13 June 2021.<br><br><strong><em>For more research and information on Singapore’s REIT sector, visit <a href="https://www.sgx.com/research-education/sectors">sgx.com/research-education/sectors</a> for the monthly SREITs &amp; Property Trusts Chartbook</em></strong></p>
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    Top 5 S-REITs with largest yoy increase in DPU for 1H2021


As the earnings season conclude, REITs and Property Trusts listed in Singapore have announced financial results or published business updates for the period ending 30 June 2021. Of the S-REITs which declared distributions for the first half of calendar year 2021, average change in distribution per unit (DPU) increased by 36 per cent year-on-year (y-o-y).

The five S-REITs with the highest y-o-y DPU increments for the period Jan to Jun 2021 are: SPH REIT (228 per cent), Sabana Shari'ah Compliant Industrial REIT (215 per cent), Starhill Global REIT (196 per cent), Ascott Residence Trust (95 per cent) and CapitaLand Integrated Commercial Trust (75 per cent).

SPH REIT declared a DPU of 1.38 Singapore cents for Q3 FY2021 ended 31 May, bringing its DPU for the period of Dec 2020 to May 2021 to 2.62 Singapore cents - a 228 per cent increase y-o-y. In its latest business update for 3Q FY2021, the REIT noted gradual recovery with improvements in gross revenue of 22.2 per cent y-o-y to S$209.6 million. This was led by recovery in performance across all assets while supported by additional quarter of contribution from Westfield Marion compared to the same period last year and a decrease in rent reliefs to Singapore and Australia eligible tenants.

Sabana Shari'ah Compliant Industrial REIT (Sabana REIT) reported DPU of 1.48 Singapore cents for 1H 2021, representing a 215 per cent y-o-y increase. This was mainly due to the temporary retainment of 55.0 per cent of its distributable income in 1H 2020 to conserve capital. The REIT also reported a 14.1 per cent y-o-y increase in gross revenue, mainly due to higher contribution from New Tech Park, 23 Serangoon North Avenue 5 and 10 Changi South Street 2 on higher occupancy. During the period, Sabana REIT announced the removal of its Shari’ah compliance requirement in order to accommodate the changing profile of tenants and enhance its flexibility for the next phase of growth.

Starhill Global REIT (SGREIT) reported 2H FY2020/2021 DPU of 2.07 Singapore cents, representing a y-o-y increase of 196 per cent, mainly due to the release of retained income for working capital requirements. SGREIT noted that gross revenue for the period increased 10.5 per cent y-o-y, resulting in a 20.2 per cent increase in its net property income (NPI). This was mainly attributed to lower rental assistance for eligible tenants affected by the COVID-19 pandemic and the appreciation of the Australian dollar against the Singapore dollar.

Ascott Residence Trust (ART) raised its DPU for 1H 2021 by 95 per cent y-o-y, attributable to active portfolio optimisation. The trust noted that distributable income for 1H 2021 included a one-off partial distribution of divestment gains of S$20 million to share divestment gains with unitholders, replace income loss from divested assets and mitigate the impact of COVID-19 on distributions.

CapitaLand Integrated Commercial Trust (CICT) announced a DPU of 5.18 Singapore cents for 1H 2021, representing a 75 per cent increase y-o-y. The REIT reported a 103 per cent and 118 per cent y-o-y increase in gross revenue and NPI respectively. In 1H 2021, CICT granted S$18.9 million of rental waivers for tenants affected by COVID-19, particularly during Singapore’s first Phase 2 (Heightened Alert) from 16 May to 13 June 2021.  For more research and information on Singapore’s REIT sector, visit sgx.com/research-education/sectors for the monthly SREITs &amp; Property Trusts Chartbook



REIT Watch - S-REITs release retained earnings, 1H2021 DPU up 36%

<p><em><strong>Non- SGX Report: These equity research reports are not written by the SGX.</strong> SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.</em></p>
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<h2>SG REITs 2Q2021 Review</h2>
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<h3>Overview</h3>
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<p>SG REITs outperformed the STI in 2Q2021. Total return of the SG REITs sector was 2.3% vs the STI’s - 0.4%. However, on the half year basis, SG REITs continued to underperform the STI. Total sector returns were 8.3% in 1H2021 as compared to STI’s 11.1%.</p>
<p>Over the course of 1H2021, SG REITs raised ~S$2.3 billion in various equity fund-raising exercises and an additional ~S$2.6 billion through debt issuance. Of which, Mapletree Industrial Trust raised the largest amount of approximately ~S$1.2 billion. Most of these fund-raising activities are related to asset acquisitions. SG REITs announced 20 acquisitions in 1H2021 valued at over ~S$6.5 billion. This could be partially explained by SG REITs taking advantage of the low interest rates environment and higher debt capacity as they look to diversify their geographical and earning exposure.</p>
<p>Singapore government bond yields have fallen slightly by 13bps to 1.46% while SG REITs average yield has fallen by 24bps since our last update. SG REITs are currently trading at average annualized yields of 5.64%, 418 bps above SG Government bond yields of 1.46%. Real yields are at ~5.01%.</p>
<p>The road to recovery continues to defer across the different REIT sectors, which is largely reflected by the rental conditions based on the latest announcements. In general, Industrial REITs, particularly those with logistics assets, such as Mapletree Logistics Trust (+2.2%) and ARA Logos Logistics Trust (+2.4%), have seen a positive rental reversion. Office assets are also faring better as countries gradually open up and more workers return back to office. Manulife US REIT, Prime US REIT, Keppel Pacific Oak US REIT and Elite Commercial REIT have all reported positive rental reversions as the US and UK take the first steps to return to normalcy. On the other hand, SG retail REITs continue to suffer as the country tightens its restriction measures sporadically. The hospitality REIT sector is affected by a lack of international tourists as RerPAR in 1H2021 continues to decline. However, ARA US Hospitality Trust has seen higher RerPAR as business travel resumes in the US. Overall, assets valuation has picked up as more REITS reported higher AUM as compared to the last reported figures.</p>
<p>The COVID pandemic continues to pose as a big threat to the REIT sector. However, as Singapore achieves its vaccination target and gradually reopens its city-state, we foresee that the resumption of business activities will greatly boost the overall REIT sector in the second half of the year. Potential border re-opening should also help to lift the hospitality sector, although this will likely to come at a later stage as new virus variants result in new waves of COVID infections in different countries.</p>
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Non- SGX Report: These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.




SG REITs 2Q2021 Review








Overview




SG REITs outperformed the STI in 2Q2021. Total return of the SG REITs sector was 2.3% vs the STI’s - 0.4%. However, on the half year basis, SG REITs continued to underperform the STI. Total sector returns were 8.3% in 1H2021 as compared to STI’s 11.1%.
Over the course of 1H2021, SG REITs raised ~S$2.3 billion in various equity fund-raising exercises and an additional ~S$2.6 billion through debt issuance. Of which, Mapletree Industrial Trust raised the largest amount of approximately ~S$1.2 billion. Most of these fund-raising activities are related to asset acquisitions. SG REITs announced 20 acquisitions in 1H2021 valued at over ~S$6.5 billion. This could be partially explained by SG REITs taking advantage of the low interest rates environment and higher debt capacity as they look to diversify their geographical and earning exposure.
Singapore government bond yields have fallen slightly by 13bps to 1.46% while SG REITs average yield has fallen by 24bps since our last update. SG REITs are currently trading at average annualized yields of 5.64%, 418 bps above SG Government bond yields of 1.46%. Real yields are at ~5.01%.
The road to recovery continues to defer across the different REIT sectors, which is largely reflected by the rental conditions based on the latest announcements. In general, Industrial REITs, particularly those with logistics assets, such as Mapletree Logistics Trust (+2.2%) and ARA Logos Logistics Trust (+2.4%), have seen a positive rental reversion. Office assets are also faring better as countries gradually open up and more workers return back to office. Manulife US REIT, Prime US REIT, Keppel Pacific Oak US REIT and Elite Commercial REIT have all reported positive rental reversions as the US and UK take the first steps to return to normalcy. On the other hand, SG retail REITs continue to suffer as the country tightens its restriction measures sporadically. The hospitality REIT sector is affected by a lack of international tourists as RerPAR in 1H2021 continues to decline. However, ARA US Hospitality Trust has seen higher RerPAR as business travel resumes in the US. Overall, assets valuation has picked up as more REITS reported higher AUM as compared to the last reported figures.
The COVID pandemic continues to pose as a big threat to the REIT sector. However, as Singapore achieves its vaccination target and gradually reopens its city-state, we foresee that the resumption of business activities will greatly boost the overall REIT sector in the second half of the year. Potential border re-opening should also help to lift the hospitality sector, although this will likely to come at a later stage as new virus variants result in new waves of COVID infections in different countries.









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    <div class='content-caption'>Institutional investors net fund flow in SREITS</div>
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<html><body><p>There are seven S-Reits in the Straits Times Index (STI), making up close to 14 per cent of the benchmark.<br><br>
The seven S-Reits generated an average total return of 5.2 per cent in the third quarter-to-date till Aug 5, outperforming the STI which gained 1.6 per cent over the same period.<br><br>
Keppel DC REIT (+6.8 per cent), Ascendas REIT (+6.8 per cent) and Mapletree Industrial Trust (+6.1 per cent) were the top three S-REITs performers in the STI.<br><br>
The sector's outperformance was not limited to S-Reits within the STI, but also extended to the broader S-Reits and property trusts sector in Singapore. The iEdge S-Reit Index generated a total return of 3.6 per cent since the end of June, which is more than double that of the STI's 1.6 per cent gains.<br><br>
In July 2021, institutional investors were net buyers of the sector with net inflows of S$54.1 million, after being net sellers for six consecutive months in 2021.<br><br>
ARA LOGOS Logistics Trust (+S$46.7 million), Keppel REIT (+S$25.8 million), OUE Commercial REIT (+S$19.1 million), Lendlease Global Commercial REIT (+S$17.2 million) and Starhill Global REIT (+S$14.4 million) were the top five S-REITs that received the highest net institutional inflows in the first seven months of 2021.<br><br>
Starhill Global Reit (SGReit) announced that its full year gross revenue grew 0.3 per cent year on year (yoy) to S$181.3 million in FY20/21. Its net property income (NPI) increased by 2.0 per cent yoy to S$134.7 million in FY20/21. The Reit's FY20/21 distribution per unit (DPU) grew 33.4 per cent yoy to 3.95 cents. SGReit noted that despite the uncertainty of the Covid-19 situation, its retail portfolio occupancy, based on committed leases, remained stable at 97.5 per cent as at June 30, 2021.<br><br>
On Aug 4, Lendlease Global Commercial Reit (LReit) completed the acquisition of 53 per cent interest in Lendlease Jem Partners Fund and will make a further announcement on the status of the acquisition of a 5 per cent interest in Lendlease Asian Retail Investment Fund 3.<br><br>
Upon completion of these acquisitions, LReit will hold an effective indirect interest of up to 31.8 per cent in Jem. LReit is scheduled to report its full year financial results on Aug 10, 2021.<br><br>
OUE Commercial Reit (OUE C-Reit) reported a 3.1 per cent decline in NPI for 2021 due to the completion of divestment of a 50 per cent interest in OUE Bayfront in March 2021.<br><br>
The performance of OUE Bayfront is no longer consolidated and is recognised as share of joint venture results.<br><br>
With lower interest expense and including the share of joint venture results from OUE Bayfront, the amount available for distribution to OUE C-Reit's unitholders in H1 2021 was 3.0 per cent higher yoy, translating to a DPU of 1.23 cents, which is 23.0 per cent higher yoy.<br><br><strong><em>REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/institutional-investors-return-to-s-reits-in-q32021">read </a>the original version.</em></strong></p></body></html>



      
    
    Institutional investors net fund flow in SREITS

There are seven S-Reits in the Straits Times Index (STI), making up close to 14 per cent of the benchmark.  
The seven S-Reits generated an average total return of 5.2 per cent in the third quarter-to-date till Aug 5, outperforming the STI which gained 1.6 per cent over the same period.  
Keppel DC REIT (+6.8 per cent), Ascendas REIT (+6.8 per cent) and Mapletree Industrial Trust (+6.1 per cent) were the top three S-REITs performers in the STI.  
The sector's outperformance was not limited to S-Reits within the STI, but also extended to the broader S-Reits and property trusts sector in Singapore. The iEdge S-Reit Index generated a total return of 3.6 per cent since the end of June, which is more than double that of the STI's 1.6 per cent gains.  
In July 2021, institutional investors were net buyers of the sector with net inflows of S$54.1 million, after being net sellers for six consecutive months in 2021.  
ARA LOGOS Logistics Trust (+S$46.7 million), Keppel REIT (+S$25.8 million), OUE Commercial REIT (+S$19.1 million), Lendlease Global Commercial REIT (+S$17.2 million) and Starhill Global REIT (+S$14.4 million) were the top five S-REITs that received the highest net institutional inflows in the first seven months of 2021.  
Starhill Global Reit (SGReit) announced that its full year gross revenue grew 0.3 per cent year on year (yoy) to S$181.3 million in FY20/21. Its net property income (NPI) increased by 2.0 per cent yoy to S$134.7 million in FY20/21. The Reit's FY20/21 distribution per unit (DPU) grew 33.4 per cent yoy to 3.95 cents. SGReit noted that despite the uncertainty of the Covid-19 situation, its retail portfolio occupancy, based on committed leases, remained stable at 97.5 per cent as at June 30, 2021.  
On Aug 4, Lendlease Global Commercial Reit (LReit) completed the acquisition of 53 per cent interest in Lendlease Jem Partners Fund and will make a further announcement on the status of the acquisition of a 5 per cent interest in Lendlease Asian Retail Investment Fund 3.  
Upon completion of these acquisitions, LReit will hold an effective indirect interest of up to 31.8 per cent in Jem. LReit is scheduled to report its full year financial results on Aug 10, 2021.  
OUE Commercial Reit (OUE C-Reit) reported a 3.1 per cent decline in NPI for 2021 due to the completion of divestment of a 50 per cent interest in OUE Bayfront in March 2021.  
The performance of OUE Bayfront is no longer consolidated and is recognised as share of joint venture results.  
With lower interest expense and including the share of joint venture results from OUE Bayfront, the amount available for distribution to OUE C-Reit's unitholders in H1 2021 was 3.0 per cent higher yoy, translating to a DPU of 1.23 cents, which is 23.0 per cent higher yoy.  REIT Watch is a weekly column on The Business Times, read the original version.


REIT Watch - Institutional investors return to S-Reits in Q32021

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2>
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<a href="https://www.smartkarma.com/entities/starhill-global-reit" target="_blank" data-smartkarma-citation="entities:10791" rel="noopener">Starhill Global REIT (SGREIT SP)</a> – Starting FY22E on a high note (BUY; TP S$0.71/Unit)</h3>
<p>2H21 Revenue/NPI have recovered to 90%/88% of 2H19’s. Recent resurgence of Covid-19 cases could weigh against rental reversions and demand further rental assistance. However, SGREIT’s resilient occupancy and master lease structure should offer DPU support. Reiterate BUY with higher TP $0.71/unit, as we rollover our valuations to FY22E. Faster than expected reopening of SG economy and tourism revival would be potential re-rating catalyst in FY22E.</p>
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<li>Positive surprise with rental rebates reversals and lower expenses. 2H21 revenue and NPI increased 10.5% and 20.2% YoY to S$92.9m and S$69.8m, respectively, mainly due to lower rental assistance and stronger AUD. FY21 revenue and NPI grew 0.3% and 2.0% YoY to S$181.3m and S$134.7m, respectively. S$3.2m of rental rebates reversals from Ngee Ann City and AUS assets were offset by higher rental rebates given to Wisma Atria tenants in 2H21. Overall, rental assistance amounted to c.S$9.6m in FY21 (vs. S$17m in FY20). Combined with adjustment to reflect timing difference of property tax refunds in SG, the absence of S$3.7m one-off capital allowance claim in 2H20, and release of S$4.6m deferred FY20 DI, 2H21 DPU was 195.7% higher at S$2.07c, bringing FY21 DPU 33.4% YoY higher to S$3.95c. The S$7.7m retained FY20 DI has been fully been released with S$0.14c in 1H21 and S$0.21c in 2H21. Excluding the deferred FY20 DI, DPU increased 77.1% and 8.8% YoY in 2H21 and FY21, respectively. FY21 revenue, NPI and DPU exceeded our full-year forecasts by 3.7%, 5.4%, and 12.1%, respectively</li>
<li>Sales has yet to recover to pre-Covid level but occupancies offer silver linings. Pressure at WA (Retail) persists with lower occupancy, lower rent and higher OpEx in 2H21. FY21 rent reversion for Retail came in at -11% vs. Office at -6%. Nonetheless, we take comfort in the resilient portfolio occupancy at 96.7% and committed SG Retail occupancy at 99.3%, supported by new tenant demand. With 15.1% of GRI is due for expiry in FY22E (of which, 11.6% are Retail leases and 3.6% are Office leases), mgmt. expects rent reversion, particularly for Retail’s, to be slight negative, alongside further rental rebates and lease restructuring in view of the renewed movement restrictions in SG and AUS</li>
<li>Reiterate BUY with higher TP of S$0.71/unit, as we roll over our valuations to FY22E. 36.1% gearing level would provide SGREIT financial flexibility in executing its long[1]term strategy to diversify into assets that generate stable cash flows and offers attractive yields. Mgmt. targets to acquire offi ce properties in key gateway cities in SG, AUS and JP, thus bringing revenue mix of Retail vs. Office to 50:50 (currently at 86:14) over the next 3-5 years. Potential launches of travel bubble, further easing of safe distancing measures, and greater proportion of workers returning to office should expedite SGREIT’s recovery in FY22E.</li>
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Singapore

Starhill Global REIT (SGREIT SP) – Starting FY22E on a high note (BUY; TP S$0.71/Unit)
2H21 Revenue/NPI have recovered to 90%/88% of 2H19’s. Recent resurgence of Covid-19 cases could weigh against rental reversions and demand further rental assistance. However, SGREIT’s resilient occupancy and master lease structure should offer DPU support. Reiterate BUY with higher TP $0.71/unit, as we rollover our valuations to FY22E. Faster than expected reopening of SG economy and tourism revival would be potential re-rating catalyst in FY22E.

Positive surprise with rental rebates reversals and lower expenses. 2H21 revenue and NPI increased 10.5% and 20.2% YoY to S$92.9m and S$69.8m, respectively, mainly due to lower rental assistance and stronger AUD. FY21 revenue and NPI grew 0.3% and 2.0% YoY to S$181.3m and S$134.7m, respectively. S$3.2m of rental rebates reversals from Ngee Ann City and AUS assets were offset by higher rental rebates given to Wisma Atria tenants in 2H21. Overall, rental assistance amounted to c.S$9.6m in FY21 (vs. S$17m in FY20). Combined with adjustment to reflect timing difference of property tax refunds in SG, the absence of S$3.7m one-off capital allowance claim in 2H20, and release of S$4.6m deferred FY20 DI, 2H21 DPU was 195.7% higher at S$2.07c, bringing FY21 DPU 33.4% YoY higher to S$3.95c. The S$7.7m retained FY20 DI has been fully been released with S$0.14c in 1H21 and S$0.21c in 2H21. Excluding the deferred FY20 DI, DPU increased 77.1% and 8.8% YoY in 2H21 and FY21, respectively. FY21 revenue, NPI and DPU exceeded our full-year forecasts by 3.7%, 5.4%, and 12.1%, respectively
Sales has yet to recover to pre-Covid level but occupancies offer silver linings. Pressure at WA (Retail) persists with lower occupancy, lower rent and higher OpEx in 2H21. FY21 rent reversion for Retail came in at -11% vs. Office at -6%. Nonetheless, we take comfort in the resilient portfolio occupancy at 96.7% and committed SG Retail occupancy at 99.3%, supported by new tenant demand. With 15.1% of GRI is due for expiry in FY22E (of which, 11.6% are Retail leases and 3.6% are Office leases), mgmt. expects rent reversion, particularly for Retail’s, to be slight negative, alongside further rental rebates and lease restructuring in view of the renewed movement restrictions in SG and AUS
Reiterate BUY with higher TP of S$0.71/unit, as we roll over our valuations to FY22E. 36.1% gearing level would provide SGREIT financial flexibility in executing its long[1]term strategy to diversify into assets that generate stable cash flows and offers attractive yields. Mgmt. targets to acquire offi ce properties in key gateway cities in SG, AUS and JP, thus bringing revenue mix of Retail vs. Office to 50:50 (currently at 86:14) over the next 3-5 years. Potential launches of travel bubble, further easing of safe distancing measures, and greater proportion of workers returning to office should expedite SGREIT’s recovery in FY22E.


ASEAN Builder's Scoop (06Aug21) - SGREIT Starting FY22E on a High Note

Yoma Strategic Holdings / Equity Bottom-Up

Key Singapore Market Moves and Flows in July

Singapore

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

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Starhill Global REIT (SGREIT SP)

REIT Watch - S-REITs release retained earnings, 1H2021 DPU up 36%

As the earnings season conclude, REITs and Property Trusts listed in Singapore have announced financial results or published...

Singapore Exchange Ltd (SGX)

(Non-SGX Report) SG REITs 2Q2021 Review

Non- SGX Report: These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external...

Singapore Exchange Ltd (SGX)

REIT Watch - Institutional investors return to S-Reits in Q32021

There are seven S-Reits in the Straits Times Index (STI), making up close to 14 per cent of the benchmark. The seven S-Reits...

Singapore Exchange Ltd (SGX)

ASEAN Builder's Scoop (06Aug21) - SGREIT Starting FY22E on a High Note

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SCCM Asia Research

Key Singapore Market Moves and Flows in July

The STI’s 1.2% gain in July brought its price gain over the first seven months to 11.4%, with dividends boosting the total return to 13.2%,...

Singapore Exchange Ltd (SGX)

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