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.

Asia’s leading multi-asset exchange

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

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Equity Bottom-Up

Capitaland Commercial Trust / Equity Bottom-Up

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Effective 19 October, CapitaLand Commercial Trust will be deleted from the STI in preparation for its merger with CapitaLand Mall Trust. Keppel DC REIT, the largest stock on the STI Reserve List (as at 14 Oct 2020), is scheduled to join the STI. 
	 </li>
	<li>
Keppel DC REIT, which debuted on SGX in 2014 as the first pure data centre REIT to list in Asia, has since grown its portfolio from 8 assets valued at $1.0 billion, to 18 assets valued at $2.8 billion. The stock has generated a 330% total return since listing. 
	 </li>
	<li>Following the changes on 19 October, the combined indicative weighting of REITs in the STI will be 14%, remaining as the third largest sector in the index (behind Financial Services and Industrials). Fraser Logistics &amp; Commercial Trust will also become the largest stock in the STI Reserve List.</li>
</ul>
 

The Straits Times Index (“STI”) generated 4.1% total returns the month-to-date ending 13 October, slightly outperforming the FTSE ASEAN All-Share index which generated 3.8% total returns. On the evening of 13 Oct 2020, FTSE Russell announced that due to the upcoming merger of CapitaLand Mall Trust (“CMT”) and CapitaLand Commercial Trust (“CCT”), CCT’s last trading day is expected to be on 16 Oct and will be deleted from the STI on 19 Oct. A replacement stock from the STI Reserve List will be added to the index at the start of trading on 19 Oct. 
According to STI Ground Rule 7.4.1, the replacement stock for STI will be selected by the highest ranking security by full market value in the Reserve List as at the close of the index calculation two days prior to the deletion., i.e. 14 Oct 2020. As of the end of trading day on 14 Oct, Keppel DC REIT with market capitalisation S$4,817 million is the largest stock on the STI Reserve list, and is expected to join the STI on the coming Monday. Frasers Logistics &amp; Commercial Trust, with market capitalisation of S$4,711 million, was a closer second in terms of the size on the Reserve List. Keppel DC REIT was top performing S-REIT in 2020 YTD 
Keppel DC REIT debuted on SGX in 2014 as the first pure data centre REIT to list in Asia and remained till today as the only pure data centre S-REIT on SGX. It invests in a diversified portfolio of income-producing real estate assets which are used primarily for data centre purposes. The REIT’s portfolio grew from 8 assets valued at $1.0 billion at IPO, to 18 assets across Asia Pacific and Europe valued at $2.8 billion as of 30 Jun 2020. 
S-REITs sector’s market capitalisation has grown at a compound annual growth rate of 15% over the last 10 years and has been one of the best performing REIT markets globally with iEdge S-REIT Index total returns declining 5.4% in 9M2020 (vs. average of -16.9% across other REIT markets). Keppel DC REIT, has been the top performing S-REIT in YTD 2020 till 14 Oct with 45.3% total returns, receiving net institutional inflows of S$46.4 million. Click <a href="https://api2.sgx.com/sites/default/files/2020-10/SGX%20Research%20-%20SREIT%20%26%20Property%20Trusts%20Chartbook%20-%20October%202020.pdf">here</a> to download the October 2020 SREITs &amp; Property Trusts Chartbook for more information. Merger of CMT and CCT 
The merger of CCT and CMT will form a new combined entity called CapitaLand Integrated Commercial Trust (CICT), which is expected to be one of the largest REITs in Singapore and in Asia Pacific. On 12 October 2020, CCT announced that the Trust Scheme (CMT to acquire all the issued units in CCT in the form of cash and new CMT units) has been sanctioned by the court and that the last trading day of CCT will be 16 October 2020. CCT unitholders will receive $0.259 in cash and 0.72 new CMT units for each CCT unit they hold. Click <a href="https://links.sgx.com/1.0.0/corporate-announcements/TIYP86FVDZNQRXYD/44dc90298527644604dd8e15adb28f8bf8433e5f118b704c82364dd486a3e688">here</a> for the full indicative timetable of the Trust Scheme. Potential New STI Weights 
As detailed in the table below Keppel DC REIT will have an indicative index weight of 1.2% (based on 30 June 2020 data) it joins the STI on the 19 October open. According to FTSE Russell, a CMT Temporary Line will be added to the STI on the open of 19 October and will be deleted once its shares are amalgamated with CMT at the close of the distribution ex-date. FTSE Russell will issue a further notice in due course.

<table class="table table-striped"><tbody>
<tr>
<td>
			STI Stock
			</td>
			<td>
			Stock Code
			</td>
			<td>
			30 Jun 2020 Index Weight
			</td>
			<td>
			New Indicative Weight for 19 Oct 2020, based on 30 Jun 2020 data
			</td>
			<td>
			Sector/Industry
			</td>
		</tr>
<tr>
<td>
			DBS
			</td>
			<td>
			D05
			</td>
			<td>
			15.21%
			</td>
			<td>
			15.1%
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			OCBC
			</td>
			<td>
			O39
			</td>
			<td>
			12.66%
			</td>
			<td>
			12.5%
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			UOB
			</td>
			<td>
			U11
			</td>
			<td>
			10.64%
			</td>
			<td>
			10.5%
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			Singtel
			</td>
			<td>
			Z74
			</td>
			<td>
			7.49%
			</td>
			<td>
			7.4%
			</td>
			<td>
			Telecommunications
			</td>
		</tr>
<tr>
<td>
			Jardine Matheson
			</td>
			<td>
			J36
			</td>
			<td>
			5.00%
			</td>
			<td>
			5.0%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Ascendas REIT
			</td>
			<td>
			A17U
			</td>
			<td>
			3.82%
			</td>
			<td>
			3.8%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Keppel Corporation
			</td>
			<td>
			BN4
			</td>
			<td>
			3.50%
			</td>
			<td>
			3.5%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Wilmar International
			</td>
			<td>
			F34
			</td>
			<td>
			3.27%
			</td>
			<td>
			3.2%
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			CapitaLand
			</td>
			<td>
			C31
			</td>
			<td>
			2.99%
			</td>
			<td>
			3.0%
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			SGX
			</td>
			<td>
			S68
			</td>
			<td>
			2.80%
			</td>
			<td>
			2.8%
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			Hongkong Land
			</td>
			<td>
			H78
			</td>
			<td>
			2.74%
			</td>
			<td>
			2.7%
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			Thai Beverage
			</td>
			<td>
			Y92
			</td>
			<td>
			2.71%
			</td>
			<td>
			2.7%
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			Jardine Strategic 
			</td>
			<td>
			J37
			</td>
			<td>
			2.24%
			</td>
			<td>
			2.2%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			ST Engineering
			</td>
			<td>
			S63
			</td>
			<td>
			2.06%
			</td>
			<td>
			2.0%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Mapletree Logistics Tr
			</td>
			<td>
			M44U
			</td>
			<td>
			2.02%
			</td>
			<td>
			2.0%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			SIA
			</td>
			<td>
			C6L
			</td>
			<td>
			1.95%
			</td>
			<td>
			1.9%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			CapitaLand Mall Trust
			</td>
			<td>
			C38U
			</td>
			<td>
			1.93%
			</td>
			<td>
			1.9%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Genting Singapore
			</td>
			<td>
			G13
			</td>
			<td>
			1.80%
			</td>
			<td>
			1.8%
			</td>
			<td>
			Consumer Cyclicals
			</td>
		</tr>
<tr>
<td>
			Mapletree Industrial Trust
			</td>
			<td>
			N2IU
			</td>
			<td>
			1.80%
			</td>
			<td>
			1.8%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Mapletree Commercial Trust
			</td>
			<td>
			N2IU
			</td>
			<td>
			1.73%
			</td>
			<td>
			1.7%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Venture Corporation
			</td>
			<td>
			V03
			</td>
			<td>
			1.72%
			</td>
			<td>
			1.7%
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
		</tr>
<tr>
<td>
			City Developments
			</td>
			<td>
			C09
			</td>
			<td>
			1.61%
			</td>
			<td>
			1.6%
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			UOL
			</td>
			<td>
			U14
			</td>
			<td>
			1.37%
			</td>
			<td>
			1.4%
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			ComfortDelGro
			</td>
			<td>
			C52
			</td>
			<td>
			1.22%
			</td>
			<td>
			1.2%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Jardine Cycle &amp; Carriage
			</td>
			<td>
			C07
			</td>
			<td>
			0.82%
			</td>
			<td>
			0.8%
			</td>
			<td>
			Consumer Cyclicals
			</td>
		</tr>
<tr>
<td>
			Dairy Farm International 
			</td>
			<td>
			D01
			</td>
			<td>
			0.80%
			</td>
			<td>
			0.8%
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			Yangzijiang Shipbuilding
			</td>
			<td>
			BS6
			</td>
			<td>
			0.80%
			</td>
			<td>
			0.8%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			SATS
			</td>
			<td>
			S58
			</td>
			<td>
			0.74%
			</td>
			<td>
			0.7%
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Sembcorp Industries
			</td>
			<td>
			U96
			</td>
			<td>
			0.65%
			</td>
			<td>
			0.6%
			</td>
			<td>
			Utilities
			</td>
		</tr>
<tr>
<td>
			CapitaLand Commercial Trust
			</td>
			<td>
			C61U
			</td>
			<td>
			1.89%
			</td>
			<td>
			 
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			CMT Temporary Line
			</td>
			<td>
			C38U
			</td>
			<td>
			-
			</td>
			<td>
			1.6%
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Keppel DC REIT 
			</td>
			<td>
			AJBU
			</td>
			<td>
			-
			</td>
			<td>
			1.2%
			</td>
			<td>
			REITs
			</td>
		</tr>
</tbody></table>
 Source: FTSE Russell (<a href="http://www.ftse.com/products/indices/SGX-ST">http://www.ftse.com/products/indices/SGX-ST</a>), SGX My Gateway, SGX StockFacts. Note weights above are only indicative and based on relative weightings on 30 June 2020. Keppel DC REIT’s free float shares are calculated based on 30 June 2020 data provided in the relevant <a href="https://research.ftserussell.com/Analytics/FactSheets/Home/DownloadSingleIssueByDate?IssueName=FSTSS&amp;IssueDate=20200630&amp;IsManual=false&amp;_ga=2.192110954.1109072055.1602658174-1993999088.1594621407&amp;fireglass_rsn=true">FTSE ST Singapore Shariah Index</a>. CMT Temporary Line’s indicative weight is based 13 Oct prices and guidance by FTSE Russell.

 

New Sector Weighting 
The potential sector weightings of the STI including Keppel DC REIT and CMT Temporary Line, are illustrated below. This will bring the indicative combined weighting of REITs in the STI from the 13.2% (as of 30 June 2020) to 14%. Note that since S-REITs’ performance have outpaced the STI since 30 June 2020, the actual weighting of the REITs sector in the STI could potentially be closer to 15% instead.
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<figure>
 <img src='https://api2.sgx.com/sites/default/files/2020-10/Capture_11.PNG' alt='Indicative STI Sector Weights' />
 </figure>
 <div class='content-caption'>Indicative STI Sector Weights</div>
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<html><body>STI Reserve List 
STI reserve list consists of (in order of size as of 14 Oct 2020) Keppel DC REIT, Frasers Logistics &amp; Commercial Trust, Suntec REIT, NetLink NBN Trust and Keppel REIT. There will be four companies remaining in the STI Reserve list once Keppel DC REIT enters the index on 19 October 2020. The STI Reserve List will be updated to five companies during the next STI Review in December. 
The STI Reserve List is used in the event that one or more of the STI constituents are deleted during the period up to the next quarterly review. As detailed in the STI Ground Rules, when a company is going to be removed from the STI, the vacancy will be filled by selecting the highest ranking security by full market value in the Reserve List as at the close of the index calculation two days prior to the deletion.</body></html>





Effective 19 October, CapitaLand Commercial Trust will be deleted from the STI in preparation for its merger with CapitaLand Mall Trust. Keppel DC REIT, the largest stock on the STI Reserve List (as at 14 Oct 2020), is scheduled to join the STI.  
	 
	
Keppel DC REIT, which debuted on SGX in 2014 as the first pure data centre REIT to list in Asia, has since grown its portfolio from 8 assets valued at $1.0 billion, to 18 assets valued at $2.8 billion. The stock has generated a 330% total return since listing.  
	 
	Following the changes on 19 October, the combined indicative weighting of REITs in the STI will be 14%, remaining as the third largest sector in the index (behind Financial Services and Industrials). Fraser Logistics &amp; Commercial Trust will also become the largest stock in the STI Reserve List.

 

The Straits Times Index (“STI”) generated 4.1% total returns the month-to-date ending 13 October, slightly outperforming the FTSE ASEAN All-Share index which generated 3.8% total returns. On the evening of 13 Oct 2020, FTSE Russell announced that due to the upcoming merger of CapitaLand Mall Trust (“CMT”) and CapitaLand Commercial Trust (“CCT”), CCT’s last trading day is expected to be on 16 Oct and will be deleted from the STI on 19 Oct. A replacement stock from the STI Reserve List will be added to the index at the start of trading on 19 Oct.  
According to STI Ground Rule 7.4.1, the replacement stock for STI will be selected by the highest ranking security by full market value in the Reserve List as at the close of the index calculation two days prior to the deletion., i.e. 14 Oct 2020. As of the end of trading day on 14 Oct, Keppel DC REIT with market capitalisation S$4,817 million is the largest stock on the STI Reserve list, and is expected to join the STI on the coming Monday. Frasers Logistics &amp; Commercial Trust, with market capitalisation of S$4,711 million, was a closer second in terms of the size on the Reserve List.   Keppel DC REIT was top performing S-REIT in 2020 YTD  
Keppel DC REIT debuted on SGX in 2014 as the first pure data centre REIT to list in Asia and remained till today as the only pure data centre S-REIT on SGX. It invests in a diversified portfolio of income-producing real estate assets which are used primarily for data centre purposes. The REIT’s portfolio grew from 8 assets valued at $1.0 billion at IPO, to 18 assets across Asia Pacific and Europe valued at $2.8 billion as of 30 Jun 2020.  
S-REITs sector’s market capitalisation has grown at a compound annual growth rate of 15% over the last 10 years and has been one of the best performing REIT markets globally with iEdge S-REIT Index total returns declining 5.4% in 9M2020 (vs. average of -16.9% across other REIT markets). Keppel DC REIT, has been the top performing S-REIT in YTD 2020 till 14 Oct with 45.3% total returns, receiving net institutional inflows of S$46.4 million. Click here to download the October 2020 SREITs &amp; Property Trusts Chartbook for more information.  Merger of CMT and CCT  
The merger of CCT and CMT will form a new combined entity called CapitaLand Integrated Commercial Trust (CICT), which is expected to be one of the largest REITs in Singapore and in Asia Pacific. On 12 October 2020, CCT announced that the Trust Scheme (CMT to acquire all the issued units in CCT in the form of cash and new CMT units) has been sanctioned by the court and that the last trading day of CCT will be 16 October 2020. CCT unitholders will receive $0.259 in cash and 0.72 new CMT units for each CCT unit they hold. Click here for the full indicative timetable of the Trust Scheme.  Potential New STI Weights  
As detailed in the table below Keppel DC REIT will have an indicative index weight of 1.2% (based on 30 June 2020 data) it joins the STI on the 19 October open. According to FTSE Russell, a CMT Temporary Line will be added to the STI on the open of 19 October and will be deleted once its shares are amalgamated with CMT at the close of the distribution ex-date. FTSE Russell will issue a further notice in due course.




			STI Stock
			
			
			Stock Code
			
			
			30 Jun 2020 Index Weight
			
			
			New Indicative Weight for 19 Oct 2020, based on 30 Jun 2020 data
			
			
			Sector/Industry
			
		


			DBS
			
			
			D05
			
			
			15.21%
			
			
			15.1%
			
			
			Financial Services
			
		


			OCBC
			
			
			O39
			
			
			12.66%
			
			
			12.5%
			
			
			Financial Services
			
		


			UOB
			
			
			U11
			
			
			10.64%
			
			
			10.5%
			
			
			Financial Services
			
		


			Singtel
			
			
			Z74
			
			
			7.49%
			
			
			7.4%
			
			
			Telecommunications
			
		


			Jardine Matheson
			
			
			J36
			
			
			5.00%
			
			
			5.0%
			
			
			Industrials
			
		


			Ascendas REIT
			
			
			A17U
			
			
			3.82%
			
			
			3.8%
			
			
			REITs
			
		


			Keppel Corporation
			
			
			BN4
			
			
			3.50%
			
			
			3.5%
			
			
			Industrials
			
		


			Wilmar International
			
			
			F34
			
			
			3.27%
			
			
			3.2%
			
			
			Consumer Non-Cyclicals
			
		


			CapitaLand
			
			
			C31
			
			
			2.99%
			
			
			3.0%
			
			
			Real Estate (excl. REITs)
			
		


			SGX
			
			
			S68
			
			
			2.80%
			
			
			2.8%
			
			
			Financial Services
			
		


			Hongkong Land
			
			
			H78
			
			
			2.74%
			
			
			2.7%
			
			
			Real Estate (excl. REITs)
			
		


			Thai Beverage
			
			
			Y92
			
			
			2.71%
			
			
			2.7%
			
			
			Consumer Non-Cyclicals
			
		


			Jardine Strategic 
			
			
			J37
			
			
			2.24%
			
			
			2.2%
			
			
			Industrials
			
		


			ST Engineering
			
			
			S63
			
			
			2.06%
			
			
			2.0%
			
			
			Industrials
			
		


			Mapletree Logistics Tr
			
			
			M44U
			
			
			2.02%
			
			
			2.0%
			
			
			REITs
			
		


			SIA
			
			
			C6L
			
			
			1.95%
			
			
			1.9%
			
			
			Industrials
			
		


			CapitaLand Mall Trust
			
			
			C38U
			
			
			1.93%
			
			
			1.9%
			
			
			REITs
			
		


			Genting Singapore
			
			
			G13
			
			
			1.80%
			
			
			1.8%
			
			
			Consumer Cyclicals
			
		


			Mapletree Industrial Trust
			
			
			N2IU
			
			
			1.80%
			
			
			1.8%
			
			
			REITs
			
		


			Mapletree Commercial Trust
			
			
			N2IU
			
			
			1.73%
			
			
			1.7%
			
			
			REITs
			
		


			Venture Corporation
			
			
			V03
			
			
			1.72%
			
			
			1.7%
			
			
			Technology (Hardware/ Software)
			
		


			City Developments
			
			
			C09
			
			
			1.61%
			
			
			1.6%
			
			
			Real Estate (excl. REITs)
			
		


			UOL
			
			
			U14
			
			
			1.37%
			
			
			1.4%
			
			
			Real Estate (excl. REITs)
			
		


			ComfortDelGro
			
			
			C52
			
			
			1.22%
			
			
			1.2%
			
			
			Industrials
			
		


			Jardine Cycle &amp; Carriage
			
			
			C07
			
			
			0.82%
			
			
			0.8%
			
			
			Consumer Cyclicals
			
		


			Dairy Farm International 
			
			
			D01
			
			
			0.80%
			
			
			0.8%
			
			
			Consumer Non-Cyclicals
			
		


			Yangzijiang Shipbuilding
			
			
			BS6
			
			
			0.80%
			
			
			0.8%
			
			
			Industrials
			
		


			SATS
			
			
			S58
			
			
			0.74%
			
			
			0.7%
			
			
			Industrials
			
		


			Sembcorp Industries
			
			
			U96
			
			
			0.65%
			
			
			0.6%
			
			
			Utilities
			
		


			CapitaLand Commercial Trust
			
			
			C61U
			
			
			1.89%
			
			
			 
			
			
			REITs
			
		


			CMT Temporary Line
			
			
			C38U
			
			
			-
			
			
			1.6%
			
			
			REITs
			
		


			Keppel DC REIT 
			
			
			AJBU
			
			
			-
			
			
			1.2%
			
			
			REITs
			
		

 Source: FTSE Russell (http://www.ftse.com/products/indices/SGX-ST), SGX My Gateway, SGX StockFacts. Note weights above are only indicative and based on relative weightings on 30 June 2020. Keppel DC REIT’s free float shares are calculated based on 30 June 2020 data provided in the relevant FTSE ST Singapore Shariah Index. CMT Temporary Line’s indicative weight is based 13 Oct prices and guidance by FTSE Russell.

 

New Sector Weighting  
The potential sector weightings of the STI including Keppel DC REIT and CMT Temporary Line, are illustrated below. This will bring the indicative combined weighting of REITs in the STI from the 13.2% (as of 30 June 2020) to 14%. Note that since S-REITs’ performance have outpaced the STI since 30 June 2020, the actual weighting of the REITs sector in the STI could potentially be closer to 15% instead.



      
    
    Indicative STI Sector Weights

STI Reserve List  
STI reserve list consists of (in order of size as of 14 Oct 2020) Keppel DC REIT, Frasers Logistics &amp; Commercial Trust, Suntec REIT, NetLink NBN Trust and Keppel REIT. There will be four companies remaining in the STI Reserve list once Keppel DC REIT enters the index on 19 October 2020. The STI Reserve List will be updated to five companies during the next STI Review in December.  
The STI Reserve List is used in the event that one or more of the STI constituents are deleted during the period up to the next quarterly review. As detailed in the STI Ground Rules, when a company is going to be removed from the STI, the vacancy will be filled by selecting the highest ranking security by full market value in the Reserve List as at the close of the index calculation two days prior to the deletion.


Capitaland Integrated Commercial Trust (CICT SP)

Mapletree Pan Asia Commercial Trust (MCT SP)

Dairy Farm International Holdings (DFI SP)

Frasers Logistics & Commercial Trust (FLT SP)

Keppel DC REIT Scheduled to Join STI on 19 October