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 Integrated Commercial Trust / Equity Bottom-Up

Capitaland Integrated Commercial Trust (CICT SP)

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<ul>
<li>
Yesterday the iEdge S-REIT Index booked its strongest gain since Sept 4, with US REITs seeing their eighth strongest session of the year. This followed Fed Chair Powell stating the current levels of US interest rates were also appropriate in returning US inflation to the 2% objective. 
	 </li>
	<li>
The iEdge S-REIT Index had previously seen a comparatively muted quarter, consolidating its 25.9% gains made for the year through to the end of Sept. The 1.0% gain by the iEdge S-REIT Index on Tuesday, took its year-to-date total return to 27.1%. 
	 </li>
	<li>S-REITs have continued to tap secondary markets to fund acquisitions this quarter – with new units issued by Mapletree Com Trust, Keppel Pacific Oak US REIT, Mapletree Log Trust, ESR REIT, Keppel DC REIT and MUST. </li>
</ul>
 

On Tuesday, the iEdge S-REIT index booked its strongest gain since Sept 4. Ascendas REIT lodged its strongest price performance since Jan 4, and Keppel REIT saw its strongest price performance since Dec 18, 2018. REITs also accounted for more than one-third of the record turnover yesterday - which saw Singapore’s strongest day of stock market turnover since May 31, 2018. Mapletree Commercial Trust was the most traded stock for the day due to Index rebalancing activity in the closing auction.

 

SREITs &amp; US REITs Rallied on Fed Speech

Prior to the session, Fed Chair Jerome Powell spoke overnight at the Annual Meeting of the Greater Providence Chamber of Commerce, highlighting that not only is Fed monetary policy well positioned to support a growth,  but to return inflation decisively to the symmetric 2% objective.

Previously, the case for the past three rate cuts had been mounted on the current slowdown in international growth (&amp; trade-related uncertainties ) hurting US exports, presenting a risk for broader weakness within the US. While the export impact was reiterated, the emphasis on rates being at appropriate levels for inflation was somewhat of  an additional perspective (click <a href="https://www.federalreserve.gov/newsevents/speech/powell20191125a.htm">here</a> for more). REITs in the US reacted similarly last night, booking their strongest gains since Oct 1, which was their eighth strongest session for the 2019 year. Consensus expectations are that the US Federal Reserve will hold interest rates at current levels when it next meets on Dec 11.   

As tabled below, the currently listed 35 REITs and six stapled trusts have generated an average total return of 22% in the 2019 year-to-date. The five strongest performers over the period were Keppel DC REIT, Mapletree Commercial Trust, Ascendas Hospitality Trust, Sasseur REIT and Lippo Malls Indonesia Retail Trust. Sasseur REIT has been the strongest performing REIT in both the November month-to-date and December quarter-to-date. Sasseur REIT manages retail outlet malls in China and recorded a distributable income of S$19.6 million for the its 3QFY19 (ended Sep 30) which was up 7.6% YoY, for more details click <a href="https://links.sgx.com/1.0.0/corporate-announcements/DEGB29AL0MQKNX3C/005b74ef55db52dcc8ae7da1d2101994045e19e7392a826c3543bf4556dfc2ae">here</a>.

 

<table class="table table-striped"><tbody>
<tr>
<td>
			REITs &amp; Stapled Trusts Ranked by Highest Trading Turnover in 2019 YTD
			</td>
			<td>
			Code
			</td>
			<td>
			Mkt Cap S$M
			</td>
			<td>
			Total Return MTD %
			</td>
			<td>
			Total Return QTD %
			</td>
			<td>
			Price Change YTD %
			</td>
			<td>
			Total Return YTD %
			</td>
		</tr>
<tr>
<td>
			ASCENDAS REAL ESTATE INV TRT
			</td>
			<td>
			A17U
			</td>
			<td>
			9,425
			</td>
			<td>
			-2%
			</td>
			<td>
			0%
			</td>
			<td>
			18%
			</td>
			<td>
			25%
			</td>
		</tr>
<tr>
<td>
			CAPITALAND COMMERCIAL TRUST
			</td>
			<td>
			C61U
			</td>
			<td>
			7,638
			</td>
			<td>
			-3%
			</td>
			<td>
			-4%
			</td>
			<td>
			13%
			</td>
			<td>
			19%
			</td>
		</tr>
<tr>
<td>
			CAPITALAND MALL TRUST
			</td>
			<td>
			C38U
			</td>
			<td>
			9,185
			</td>
			<td>
			-2%
			</td>
			<td>
			-4%
			</td>
			<td>
			10%
			</td>
			<td>
			15%
			</td>
		</tr>
<tr>
<td>
			MAPLETREE COMMERCIAL TRUST
			</td>
			<td>
			N2IU
			</td>
			<td>
			7,535
			</td>
			<td>
			4%
			</td>
			<td>
			8%
			</td>
			<td>
			48%
			</td>
			<td>
			55%
			</td>
		</tr>
<tr>
<td>
			MAPLETREE LOGISTICS TRUST
			</td>
			<td>
			M44U
			</td>
			<td>
			6,379
			</td>
			<td>
			0%
			</td>
			<td>
			5%
			</td>
			<td>
			33%
			</td>
			<td>
			41%
			</td>
		</tr>
<tr>
<td>
			SUNTEC REIT
			</td>
			<td>
			T82U
			</td>
			<td>
			5,182
			</td>
			<td>
			-1%
			</td>
			<td>
			-1%
			</td>
			<td>
			4%
			</td>
			<td>
			9%
			</td>
		</tr>
<tr>
<td>
			MAPLETREE NORTH ASIA COMMERCIAL
			</td>
			<td>
			RW0U
			</td>
			<td>
			3,705
			</td>
			<td>
			-8%
			</td>
			<td>
			-11%
			</td>
			<td>
			2%
			</td>
			<td>
			8%
			</td>
		</tr>
<tr>
<td>
			MAPLETREE INDUSTRIAL TRUST
			</td>
			<td>
			ME8U
			</td>
			<td>
			5,590
			</td>
			<td>
			0%
			</td>
			<td>
			5%
			</td>
			<td>
			33%
			</td>
			<td>
			41%
			</td>
		</tr>
<tr>
<td>
			KEPPEL DC REIT
			</td>
			<td>
			AJBU
			</td>
			<td>
			3,324
			</td>
			<td>
			2%
			</td>
			<td>
			7%
			</td>
			<td>
			54%
			</td>
			<td>
			63%
			</td>
		</tr>
<tr>
<td>
			FRASERS LOGISTICS &amp; INDUSTRIAL
			</td>
			<td>
			BUOU
			</td>
			<td>
			2,801
			</td>
			<td>
			-1%
			</td>
			<td>
			1%
			</td>
			<td>
			20%
			</td>
			<td>
			28%
			</td>
		</tr>
<tr>
<td>
			KEPPEL REIT
			</td>
			<td>
			K71U
			</td>
			<td>
			4,193
			</td>
			<td>
			2%
			</td>
			<td>
			0%
			</td>
			<td>
			9%
			</td>
			<td>
			14%
			</td>
		</tr>
<tr>
<td>
			FRASERS CENTREPOINT TRUST
			</td>
			<td>
			J69U
			</td>
			<td>
			3,062
			</td>
			<td>
			0%
			</td>
			<td>
			1%
			</td>
			<td>
			26%
			</td>
			<td>
			33%
			</td>
		</tr>
<tr>
<td>
			ASCOTT RESIDENCE TRUST
			</td>
			<td>
			A68U
			</td>
			<td>
			2,985
			</td>
			<td>
			-1%
			</td>
			<td>
			4%
			</td>
			<td>
			27%
			</td>
			<td>
			35%
			</td>
		</tr>
<tr>
<td>
			FRASERS COMMERCIAL TRUST
			</td>
			<td>
			ND8U
			</td>
			<td>
			1,506
			</td>
			<td>
			1%
			</td>
			<td>
			4%
			</td>
			<td>
			20%
			</td>
			<td>
			28%
			</td>
		</tr>
<tr>
<td>
			ESR-REIT
			</td>
			<td>
			J91U
			</td>
			<td>
			1,866
			</td>
			<td>
			0%
			</td>
			<td>
			3%
			</td>
			<td>
			5%
			</td>
			<td>
			13%
			</td>
		</tr>
<tr>
<td>
			CDL HOSPITALITY TRUSTS*
			</td>
			<td>
			J85
			</td>
			<td>
			1,952
			</td>
			<td>
			-2%
			</td>
			<td>
			-2%
			</td>
			<td>
			10%
			</td>
			<td>
			17%
			</td>
		</tr>
<tr>
<td>
			CAPITALAND RETAIL CHINA TRUST
			</td>
			<td>
			AU8U
			</td>
			<td>
			1,898
			</td>
			<td>
			3%
			</td>
			<td>
			3%
			</td>
			<td>
			16%
			</td>
			<td>
			25%
			</td>
		</tr>
<tr>
<td>
			EAGLE HOSPITALITY TRUST*
			</td>
			<td>
			LIW
			</td>
			<td>
			636
			</td>
			<td>
			-4%
			</td>
			<td>
			-21%
			</td>
			<td>
			-25%
			</td>
			<td>
			-25%
			</td>
		</tr>
<tr>
<td>
			CROMWELL EUROPEAN REIT
			</td>
			<td>
			CNNU
			</td>
			<td>
			1,973
			</td>
			<td>
			1%
			</td>
			<td>
			2%
			</td>
			<td>
			13%
			</td>
			<td>
			21%
			</td>
		</tr>
<tr>
<td>
			MANULIFE US REIT
			</td>
			<td>
			BTOU
			</td>
			<td>
			2,039
			</td>
			<td>
			5%
			</td>
			<td>
			6%
			</td>
			<td>
			25%
			</td>
			<td>
			36%
			</td>
		</tr>
<tr>
<td>
			AIMS APAC REIT
			</td>
			<td>
			O5RU
			</td>
			<td>
			1,010
			</td>
			<td>
			8%
			</td>
			<td>
			2%
			</td>
			<td>
			9%
			</td>
			<td>
			17%
			</td>
		</tr>
<tr>
<td>
			FIRST REAL ESTATE INVT TRUST
			</td>
			<td>
			AW9U
			</td>
			<td>
			814
			</td>
			<td>
			2%
			</td>
			<td>
			3%
			</td>
			<td>
			4%
			</td>
			<td>
			13%
			</td>
		</tr>
<tr>
<td>
			STARHILL GLOBAL REIT
			</td>
			<td>
			P40U
			</td>
			<td>
			1,583
			</td>
			<td>
			-1%
			</td>
			<td>
			-1%
			</td>
			<td>
			7%
			</td>
			<td>
			13%
			</td>
		</tr>
<tr>
<td>
			PARKWAYLIFE REAL ESTATE
			</td>
			<td>
			C2PU
			</td>
			<td>
			1,960
			</td>
			<td>
			0%
			</td>
			<td>
			5%
			</td>
			<td>
			23%
			</td>
			<td>
			29%
			</td>
		</tr>
<tr>
<td>
			ASCENDAS HOSPITALITY TRUST*
			</td>
			<td>
			Q1P
			</td>
			<td>
			1,275
			</td>
			<td>
			0%
			</td>
			<td>
			5%
			</td>
			<td>
			45%
			</td>
			<td>
			54%
			</td>
		</tr>
<tr>
<td>
			FAR EAST HOSPITALITY TRUST*
			</td>
			<td>
			Q5T
			</td>
			<td>
			1,425
			</td>
			<td>
			3%
			</td>
			<td>
			9%
			</td>
			<td>
			22%
			</td>
			<td>
			30%
			</td>
		</tr>
<tr>
<td>
			CACHE LOGISTICS TRUST
			</td>
			<td>
			K2LU
			</td>
			<td>
			762
			</td>
			<td>
			-1%
			</td>
			<td>
			-3%
			</td>
			<td>
			1%
			</td>
			<td>
			10%
			</td>
		</tr>
<tr>
<td>
			LENDLEASE GLOBAL COMMERCIAL
			</td>
			<td>
			JYEU
			</td>
			<td>
			1,075
			</td>
			<td>
			-3%
			</td>
			<td>
			5%
			</td>
			<td>
			5%
			</td>
			<td>
			5%
			</td>
		</tr>
<tr>
<td>
			SPH REIT
			</td>
			<td>
			SK6U
			</td>
			<td>
			2,806
			</td>
			<td>
			-5%
			</td>
			<td>
			0%
			</td>
			<td>
			8%
			</td>
			<td>
			14%
			</td>
		</tr>
<tr>
<td>
			SASSEUR REIT
			</td>
			<td>
			CRPU
			</td>
			<td>
			1,045
			</td>
			<td>
			10%
			</td>
			<td>
			10%
			</td>
			<td>
			35%
			</td>
			<td>
			47%
			</td>
		</tr>
<tr>
<td>
			KEPPEL PACIFIC OAK US REIT
			</td>
			<td>
			CMOU
			</td>
			<td>
			967
			</td>
			<td>
			3%
			</td>
			<td>
			-1%
			</td>
			<td>
			25%
			</td>
			<td>
			38%
			</td>
		</tr>
<tr>
<td>
			OUE COMMERCIAL REIT
			</td>
			<td>
			TS0U
			</td>
			<td>
			3,043
			</td>
			<td>
			5%
			</td>
			<td>
			5%
			</td>
			<td>
			23%
			</td>
			<td>
			31%
			</td>
		</tr>
<tr>
<td>
			EC WORLD REIT
			</td>
			<td>
			BWCU
			</td>
			<td>
			598
			</td>
			<td>
			5%
			</td>
			<td>
			5%
			</td>
			<td>
			9%
			</td>
			<td>
			18%
			</td>
		</tr>
<tr>
<td>
			SOILBUILD BUSINESS SPACE REIT
			</td>
			<td>
			SV3U
			</td>
			<td>
			655
			</td>
			<td>
			3%
			</td>
			<td>
			-1%
			</td>
			<td>
			-10%
			</td>
			<td>
			-3%
			</td>
		</tr>
<tr>
<td>
			FRASERS HOSPITALITY TRUST*
			</td>
			<td>
			ACV
			</td>
			<td>
			1,356
			</td>
			<td>
			0%
			</td>
			<td>
			2%
			</td>
			<td>
			1%
			</td>
			<td>
			8%
			</td>
		</tr>
<tr>
<td>
			LIPPO MALLS INDONESIA RETAIL
			</td>
			<td>
			D5IU
			</td>
			<td>
			695
			</td>
			<td>
			2%
			</td>
			<td>
			7%
			</td>
			<td>
			32%
			</td>
			<td>
			44%
			</td>
		</tr>
<tr>
<td>
			ARA US HOSPITALITY TRUST*
			</td>
			<td>
			XZL
			</td>
			<td>
			654
			</td>
			<td>
			-2%
			</td>
			<td>
			-5%
			</td>
			<td>
			-4%
			</td>
			<td>
			-4%
			</td>
		</tr>
<tr>
<td>
			SABANA SHARIAH COMP IND REIT
			</td>
			<td>
			M1GU
			</td>
			<td>
			495
			</td>
			<td>
			4%
			</td>
			<td>
			5%
			</td>
			<td>
			21%
			</td>
			<td>
			29%
			</td>
		</tr>
<tr>
<td>
			BHG RETAIL REIT
			</td>
			<td>
			BMGU
			</td>
			<td>
			355
			</td>
			<td>
			0%
			</td>
			<td>
			0%
			</td>
			<td>
			-2%
			</td>
			<td>
			4%
			</td>
		</tr>
<tr>
<td>
			PRIME US REIT
			</td>
			<td>
			OXMU
			</td>
			<td>
			1,223
			</td>
			<td>
			5%
			</td>
			<td>
			3%
			</td>
			<td>
			10%
			</td>
			<td>
			10%
			</td>
		</tr>
<tr>
<td>
			IREIT GLOBAL
			</td>
			<td>
			UD1U
			</td>
			<td>
			503
			</td>
			<td>
			-1%
			</td>
			<td>
			5%
			</td>
			<td>
			9%
			</td>
			<td>
			18%
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			1%
			</td>
			<td>
			2%
			</td>
			<td>
			15%
			</td>
			<td>
			22%
			</td>
		</tr>
</tbody></table>
*Note Stapled Trusts; Source: SGX, Thomson Reuters, Bloomberg (Data as of 26 Nov 2019)

 

Singapore REITs have continued to tap secondary markets to fund acquisitions this quarter – with new units issued by Mapletree Commercial Trust, Keppel Pacific Oak US REIT, Mapletree Logistics Trust, ESR REIT, Keppel DC REIT and Manulife US REIT. To partially fund a proposed acquisition of 28 business park properties in the United States, the Manager of Ascendas REIT is carrying out a Rights Issue. The new rights units associated with the $1.310 billion equity fund raising are expected to commence  trading on Dec 6.
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Yesterday the iEdge S-REIT Index booked its strongest gain since Sept 4, with US REITs seeing their eighth strongest session of the year. This followed Fed Chair Powell stating the current levels of US interest rates were also appropriate in returning US inflation to the 2% objective. 
	 
	
The iEdge S-REIT Index had previously seen a comparatively muted quarter, consolidating its 25.9% gains made for the year through to the end of Sept. The 1.0% gain by the iEdge S-REIT Index on Tuesday, took its year-to-date total return to 27.1%. 
	 
	S-REITs have continued to tap secondary markets to fund acquisitions this quarter – with new units issued by Mapletree Com Trust, Keppel Pacific Oak US REIT, Mapletree Log Trust, ESR REIT, Keppel DC REIT and MUST. 

 

On Tuesday, the iEdge S-REIT index booked its strongest gain since Sept 4. Ascendas REIT lodged its strongest price performance since Jan 4, and Keppel REIT saw its strongest price performance since Dec 18, 2018. REITs also accounted for more than one-third of the record turnover yesterday - which saw Singapore’s strongest day of stock market turnover since May 31, 2018. Mapletree Commercial Trust was the most traded stock for the day due to Index rebalancing activity in the closing auction.

 

SREITs &amp; US REITs Rallied on Fed Speech

Prior to the session, Fed Chair Jerome Powell spoke overnight at the Annual Meeting of the Greater Providence Chamber of Commerce, highlighting that not only is Fed monetary policy well positioned to support a growth,  but to return inflation decisively to the symmetric 2% objective.

Previously, the case for the past three rate cuts had been mounted on the current slowdown in international growth (&amp; trade-related uncertainties ) hurting US exports, presenting a risk for broader weakness within the US. While the export impact was reiterated, the emphasis on rates being at appropriate levels for inflation was somewhat of  an additional perspective (click here for more). REITs in the US reacted similarly last night, booking their strongest gains since Oct 1, which was their eighth strongest session for the 2019 year. Consensus expectations are that the US Federal Reserve will hold interest rates at current levels when it next meets on Dec 11.   

As tabled below, the currently listed 35 REITs and six stapled trusts have generated an average total return of 22% in the 2019 year-to-date. The five strongest performers over the period were Keppel DC REIT, Mapletree Commercial Trust, Ascendas Hospitality Trust, Sasseur REIT and Lippo Malls Indonesia Retail Trust. Sasseur REIT has been the strongest performing REIT in both the November month-to-date and December quarter-to-date. Sasseur REIT manages retail outlet malls in China and recorded a distributable income of S$19.6 million for the its 3QFY19 (ended Sep 30) which was up 7.6% YoY, for more details click here.

 




			REITs &amp; Stapled Trusts Ranked by Highest Trading Turnover in 2019 YTD
			
			
			Code
			
			
			Mkt Cap S$M
			
			
			Total Return MTD %
			
			
			Total Return QTD %
			
			
			Price Change YTD %
			
			
			Total Return YTD %
			
		


			ASCENDAS REAL ESTATE INV TRT
			
			
			A17U
			
			
			9,425
			
			
			-2%
			
			
			0%
			
			
			18%
			
			
			25%
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			C61U
			
			
			7,638
			
			
			-3%
			
			
			-4%
			
			
			13%
			
			
			19%
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			9,185
			
			
			-2%
			
			
			-4%
			
			
			10%
			
			
			15%
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			N2IU
			
			
			7,535
			
			
			4%
			
			
			8%
			
			
			48%
			
			
			55%
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			6,379
			
			
			0%
			
			
			5%
			
			
			33%
			
			
			41%
			
		


			SUNTEC REIT
			
			
			T82U
			
			
			5,182
			
			
			-1%
			
			
			-1%
			
			
			4%
			
			
			9%
			
		


			MAPLETREE NORTH ASIA COMMERCIAL
			
			
			RW0U
			
			
			3,705
			
			
			-8%
			
			
			-11%
			
			
			2%
			
			
			8%
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			5,590
			
			
			0%
			
			
			5%
			
			
			33%
			
			
			41%
			
		


			KEPPEL DC REIT
			
			
			AJBU
			
			
			3,324
			
			
			2%
			
			
			7%
			
			
			54%
			
			
			63%
			
		


			FRASERS LOGISTICS &amp; INDUSTRIAL
			
			
			BUOU
			
			
			2,801
			
			
			-1%
			
			
			1%
			
			
			20%
			
			
			28%
			
		


			KEPPEL REIT
			
			
			K71U
			
			
			4,193
			
			
			2%
			
			
			0%
			
			
			9%
			
			
			14%
			
		


			FRASERS CENTREPOINT TRUST
			
			
			J69U
			
			
			3,062
			
			
			0%
			
			
			1%
			
			
			26%
			
			
			33%
			
		


			ASCOTT RESIDENCE TRUST
			
			
			A68U
			
			
			2,985
			
			
			-1%
			
			
			4%
			
			
			27%
			
			
			35%
			
		


			FRASERS COMMERCIAL TRUST
			
			
			ND8U
			
			
			1,506
			
			
			1%
			
			
			4%
			
			
			20%
			
			
			28%
			
		


			ESR-REIT
			
			
			J91U
			
			
			1,866
			
			
			0%
			
			
			3%
			
			
			5%
			
			
			13%
			
		


			CDL HOSPITALITY TRUSTS*
			
			
			J85
			
			
			1,952
			
			
			-2%
			
			
			-2%
			
			
			10%
			
			
			17%
			
		


			CAPITALAND RETAIL CHINA TRUST
			
			
			AU8U
			
			
			1,898
			
			
			3%
			
			
			3%
			
			
			16%
			
			
			25%
			
		


			EAGLE HOSPITALITY TRUST*
			
			
			LIW
			
			
			636
			
			
			-4%
			
			
			-21%
			
			
			-25%
			
			
			-25%
			
		


			CROMWELL EUROPEAN REIT
			
			
			CNNU
			
			
			1,973
			
			
			1%
			
			
			2%
			
			
			13%
			
			
			21%
			
		


			MANULIFE US REIT
			
			
			BTOU
			
			
			2,039
			
			
			5%
			
			
			6%
			
			
			25%
			
			
			36%
			
		


			AIMS APAC REIT
			
			
			O5RU
			
			
			1,010
			
			
			8%
			
			
			2%
			
			
			9%
			
			
			17%
			
		


			FIRST REAL ESTATE INVT TRUST
			
			
			AW9U
			
			
			814
			
			
			2%
			
			
			3%
			
			
			4%
			
			
			13%
			
		


			STARHILL GLOBAL REIT
			
			
			P40U
			
			
			1,583
			
			
			-1%
			
			
			-1%
			
			
			7%
			
			
			13%
			
		


			PARKWAYLIFE REAL ESTATE
			
			
			C2PU
			
			
			1,960
			
			
			0%
			
			
			5%
			
			
			23%
			
			
			29%
			
		


			ASCENDAS HOSPITALITY TRUST*
			
			
			Q1P
			
			
			1,275
			
			
			0%
			
			
			5%
			
			
			45%
			
			
			54%
			
		


			FAR EAST HOSPITALITY TRUST*
			
			
			Q5T
			
			
			1,425
			
			
			3%
			
			
			9%
			
			
			22%
			
			
			30%
			
		


			CACHE LOGISTICS TRUST
			
			
			K2LU
			
			
			762
			
			
			-1%
			
			
			-3%
			
			
			1%
			
			
			10%
			
		


			LENDLEASE GLOBAL COMMERCIAL
			
			
			JYEU
			
			
			1,075
			
			
			-3%
			
			
			5%
			
			
			5%
			
			
			5%
			
		


			SPH REIT
			
			
			SK6U
			
			
			2,806
			
			
			-5%
			
			
			0%
			
			
			8%
			
			
			14%
			
		


			SASSEUR REIT
			
			
			CRPU
			
			
			1,045
			
			
			10%
			
			
			10%
			
			
			35%
			
			
			47%
			
		


			KEPPEL PACIFIC OAK US REIT
			
			
			CMOU
			
			
			967
			
			
			3%
			
			
			-1%
			
			
			25%
			
			
			38%
			
		


			OUE COMMERCIAL REIT
			
			
			TS0U
			
			
			3,043
			
			
			5%
			
			
			5%
			
			
			23%
			
			
			31%
			
		


			EC WORLD REIT
			
			
			BWCU
			
			
			598
			
			
			5%
			
			
			5%
			
			
			9%
			
			
			18%
			
		


			SOILBUILD BUSINESS SPACE REIT
			
			
			SV3U
			
			
			655
			
			
			3%
			
			
			-1%
			
			
			-10%
			
			
			-3%
			
		


			FRASERS HOSPITALITY TRUST*
			
			
			ACV
			
			
			1,356
			
			
			0%
			
			
			2%
			
			
			1%
			
			
			8%
			
		


			LIPPO MALLS INDONESIA RETAIL
			
			
			D5IU
			
			
			695
			
			
			2%
			
			
			7%
			
			
			32%
			
			
			44%
			
		


			ARA US HOSPITALITY TRUST*
			
			
			XZL
			
			
			654
			
			
			-2%
			
			
			-5%
			
			
			-4%
			
			
			-4%
			
		


			SABANA SHARIAH COMP IND REIT
			
			
			M1GU
			
			
			495
			
			
			4%
			
			
			5%
			
			
			21%
			
			
			29%
			
		


			BHG RETAIL REIT
			
			
			BMGU
			
			
			355
			
			
			0%
			
			
			0%
			
			
			-2%
			
			
			4%
			
		


			PRIME US REIT
			
			
			OXMU
			
			
			1,223
			
			
			5%
			
			
			3%
			
			
			10%
			
			
			10%
			
		


			IREIT GLOBAL
			
			
			UD1U
			
			
			503
			
			
			-1%
			
			
			5%
			
			
			9%
			
			
			18%
			
		


			Average
			
			
			 
			
			
			 
			
			
			1%
			
			
			2%
			
			
			15%
			
			
			22%
			
		

*Note Stapled Trusts; Source: SGX, Thomson Reuters, Bloomberg (Data as of 26 Nov 2019)

 

Singapore REITs have continued to tap secondary markets to fund acquisitions this quarter – with new units issued by Mapletree Commercial Trust, Keppel Pacific Oak US REIT, Mapletree Logistics Trust, ESR REIT, Keppel DC REIT and Manulife US REIT. To partially fund a proposed acquisition of 28 business park properties in the United States, the Manager of Ascendas REIT is carrying out a Rights Issue. The new rights units associated with the $1.310 billion equity fund raising are expected to commence  trading on Dec 6.



Mapletree Pan Asia Commercial Trust (MCT SP)

REITs Edge Higher on Fed Policy-Inflation Outlook