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

Lippo Malls Indonesia Retail Trust / Equity Bottom-Up

Lippo Malls Indonesia Retail Trust (LMRT SP)

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<ul>
<li>
SGX lists 35 REITs, six stapled trusts and two property trusts with a combined market cap of over S$100 billion. The 36-constituent iEdge S-REIT Index is a free-float, market cap-weighted index that tracks the performance of REITs listed in Singapore. 
	 </li>
	<li>
In the 2019 YTD, the iEdge S-REIT Index has generated a total return of 24.9%, compared with a total return of 18.9% for the FTSE EPRA NAREIT Asia ex-Japan REITs Index. This also compares with total returns of 10.3% and 11.6% for the benchmark STI and broader FTSE ST All-Share Index respectively. 
	 </li>
	<li>
In the YTD, the three best-performing constituents of the iEdge S-REIT Index were: Ascendas India Trust (+52.7%), Keppel DC REIT (+51.6%) and Ascendas Hospitality Trust (+50.0%). The trio averaged a total return of +51.4% over the period. 
	 </li>
</ul>
SGX lists 35 REITs, six stapled trusts and two property trusts with a combined market capitalisation of over S$100 billion. REIT popularity in Singapore is exemplified in multiple ways – four of the 30 constituents of the benchmark Straits Times Index (STI) comprise REITs, and account for about 8% of total index weight, while the entire STI Reserve List consists of REITs.

The latest addition to the REITs listed on SGX was Lendlease Global Commercial REIT, sponsored by Australia’s Lendlease Group, which made its debut on the Mainboard on 2 Oct 2019.

The iEdge S-REIT Index is a free-float, market cap-weighted index that tracks the performance of REITs listed on SGX. The Index’s 36 constituents have a combined market capitalisation of nearly S$100 billion.

In the 2019 year-to-date, the iEdge S-REIT Index has generated a total return of 24.9%, compared with a total return of 18.9% for the FTSE EPRA NAREIT Asia ex-Japan REITs Index. This also compares with total returns of 10.3% and 11.6% for the benchmark Straits Times Index (STI) and broader FTSE ST All-Share Index respectively.
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<figure>
 <img src='https://api2.sgx.com/sites/default/files/2019-11/Total%20Return%20YTD%20MU.png' alt='SREIT TR YTD' />
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 <div class='content-caption'>SREIT TR YTD</div>
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Source: Bloomberg

 

In the YTD, the three best-performing constituents of the iEdge S-REIT Index were: Ascendas India Trust (+52.7%), Keppel DC REIT (+51.6%) and Ascendas Hospitality Trust (+50.0%). The trio have averaged a total return of +51.4% in the YTD, bringing their three-year and five-year total returns to +81.5% and +93.1% respectively. Note that five-year total return data does not apply to Keppel DC REIT, which was listed in December 2014.

Note also that RHT Health Trust was not included in this analysis, as it has become a cash trust after completing the disposal of its entire portfolio of healthcare assets to its controlling unitholder, Fortis Healthcare, in January this year.

The proposed merger between Ascendas Hospitality Trust and Ascott Residence Trust has been approved by stapled security holders of Ascendas Hospitality Trust on 21 Oct 2019. Subject to the merged entity being sanctioned by the Court, the last trading day for the stapled securities of Ascendas Hospitality Trust is expected to be on 16 Dec 2019, with delisting scheduled for 3 Jan 2020.

The table below details the constituents of the iEdge S-REIT Index (except for RHT Health Trust), 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 3Y (%)
			</td>
			<td>
			Total Return 5Y (%)
			</td>
		</tr>
<tr>
<td>
			Ascendas India Trust
			</td>
			<td>
			CY6U
			</td>
			<td>
			1,628
			</td>
			<td>
			52.7
			</td>
			<td>
			72.6
			</td>
			<td>
			155.4
			</td>
		</tr>
<tr>
<td>
			Keppel DC REIT
			</td>
			<td>
			AJBU
			</td>
			<td>
			3,096
			</td>
			<td>
			51.6
			</td>
			<td>
			84.8
			</td>
			<td>
			NA
			</td>
		</tr>
<tr>
<td>
			Ascendas Hospitality Trust
			</td>
			<td>
			Q1P
			</td>
			<td>
			1,241
			</td>
			<td>
			50.0
			</td>
			<td>
			87.2
			</td>
			<td>
			123.8
			</td>
		</tr>
<tr>
<td>
			Mapletree Commercial Trust
			</td>
			<td>
			N2IU
			</td>
			<td>
			7,029
			</td>
			<td>
			44.9
			</td>
			<td>
			76.1
			</td>
			<td>
			115.5
			</td>
		</tr>
<tr>
<td>
			Lippo Malls Indonesia Retail Trust
			</td>
			<td>
			D5IU
			</td>
			<td>
			709
			</td>
			<td>
			43.7
			</td>
			<td>
			-18.0
			</td>
			<td>
			2.0
			</td>
		</tr>
<tr>
<td>
			Mapletree Logistics Trust
			</td>
			<td>
			M44U
			</td>
			<td>
			6,006
			</td>
			<td>
			38.7
			</td>
			<td>
			91.4
			</td>
			<td>
			96.1
			</td>
		</tr>
<tr>
<td>
			Mapletree Industrial Trust
			</td>
			<td>
			ME8U
			</td>
			<td>
			5,436
			</td>
			<td>
			36.7
			</td>
			<td>
			75.3
			</td>
			<td>
			128.9
			</td>
		</tr>
<tr>
<td>
			Sasseur REIT
			</td>
			<td>
			CRPU
			</td>
			<td>
			961
			</td>
			<td>
			35.2
			</td>
			<td>
			NA
			</td>
			<td>
			NA
			</td>
		</tr>
<tr>
<td>
			Manulife US REIT
			</td>
			<td>
			BTOU
			</td>
			<td>
			1,456
			</td>
			<td>
			32.2
			</td>
			<td>
			51.3
			</td>
			<td>
			NA
			</td>
		</tr>
<tr>
<td>
			Ascott Residence Trust
			</td>
			<td>
			A68U
			</td>
			<td>
			2,920
			</td>
			<td>
			31.8
			</td>
			<td>
			45.6
			</td>
			<td>
			54.4
			</td>
		</tr>
<tr>
<td>
			Parkway Life REIT
			</td>
			<td>
			C2PU
			</td>
			<td>
			1,972
			</td>
			<td>
			29.5
			</td>
			<td>
			49.4
			</td>
			<td>
			77.3
			</td>
		</tr>
<tr>
<td>
			Frasers Centrepoint Trust
			</td>
			<td>
			J69U
			</td>
			<td>
			2,928
			</td>
			<td>
			26.9
			</td>
			<td>
			50.7
			</td>
			<td>
			80.4
			</td>
		</tr>
<tr>
<td>
			Frasers Commercial Trust
			</td>
			<td>
			ND8U
			</td>
			<td>
			1,469
			</td>
			<td>
			25.0
			</td>
			<td>
			48.5
			</td>
			<td>
			58.6
			</td>
		</tr>
<tr>
<td>
			Frasers Logistics &amp; Industrial Trust
			</td>
			<td>
			BUOU
			</td>
			<td>
			2,744
			</td>
			<td>
			24.6
			</td>
			<td>
			50.2
			</td>
			<td>
			0.0
			</td>
		</tr>
<tr>
<td>
			Sabana Shari'ah Compliant Industrial REIT
			</td>
			<td>
			M1GU
			</td>
			<td>
			479
			</td>
			<td>
			24.6
			</td>
			<td>
			27.3
			</td>
			<td>
			-20.9
			</td>
		</tr>
<tr>
<td>
			Far East Hospitality Trust
			</td>
			<td>
			Q5T
			</td>
			<td>
			1,367
			</td>
			<td>
			24.3
			</td>
			<td>
			43.4
			</td>
			<td>
			19.3
			</td>
		</tr>
<tr>
<td>
			OUE Commercial REIT
			</td>
			<td>
			TS0U
			</td>
			<td>
			2,877
			</td>
			<td>
			23.2
			</td>
			<td>
			5.1
			</td>
			<td>
			17.3
			</td>
		</tr>
<tr>
<td>
			CapitaLand Retail China Trust
			</td>
			<td>
			AU8U
			</td>
			<td>
			1,844
			</td>
			<td>
			21.3
			</td>
			<td>
			30.3
			</td>
			<td>
			34.8
			</td>
		</tr>
<tr>
<td>
			CapitaLand Commercial Trust
			</td>
			<td>
			C61U
			</td>
			<td>
			7,793
			</td>
			<td>
			21.0
			</td>
			<td>
			55.4
			</td>
			<td>
			65.2
			</td>
		</tr>
<tr>
<td>
			Ascendas REIT
			</td>
			<td>
			A17U
			</td>
			<td>
			8,996
			</td>
			<td>
			20.9
			</td>
			<td>
			49.9
			</td>
			<td>
			76.8
			</td>
		</tr>
<tr>
<td>
			SPH REIT
			</td>
			<td>
			SK6U
			</td>
			<td>
			2,936
			</td>
			<td>
			19.0
			</td>
			<td>
			37.0
			</td>
			<td>
			39.3
			</td>
		</tr>
<tr>
<td>
			Mapletree North Asia Commercial Trust
			</td>
			<td>
			RW0U
			</td>
			<td>
			4,049
			</td>
			<td>
			18.2
			</td>
			<td>
			51.4
			</td>
			<td>
			86.3
			</td>
		</tr>
<tr>
<td>
			IREIT Global
			</td>
			<td>
			UD1U
			</td>
			<td>
			502
			</td>
			<td>
			17.6
			</td>
			<td>
			37.1
			</td>
			<td>
			50.7
			</td>
		</tr>
<tr>
<td>
			CDL Hospitality Trusts
			</td>
			<td>
			J85
			</td>
			<td>
			1,940
			</td>
			<td>
			15.9
			</td>
			<td>
			48.8
			</td>
			<td>
			36.2
			</td>
		</tr>
<tr>
<td>
			CapitaLand Mall Trust
			</td>
			<td>
			C38U
			</td>
			<td>
			9,185
			</td>
			<td>
			14.8
			</td>
			<td>
			45.7
			</td>
			<td>
			67.1
			</td>
		</tr>
<tr>
<td>
			Starhill Global REIT
			</td>
			<td>
			P40U
			</td>
			<td>
			1,605
			</td>
			<td>
			14.8
			</td>
			<td>
			13.6
			</td>
			<td>
			24.4
			</td>
		</tr>
<tr>
<td>
			EC World REIT
			</td>
			<td>
			BWCU
			</td>
			<td>
			586
			</td>
			<td>
			13.1
			</td>
			<td>
			21.6
			</td>
			<td>
			NA
			</td>
		</tr>
<tr>
<td>
			First REIT
			</td>
			<td>
			AW9U
			</td>
			<td>
			822
			</td>
			<td>
			11.4
			</td>
			<td>
			-5.5
			</td>
			<td>
			15.5
			</td>
		</tr>
<tr>
<td>
			ESR-REIT
			</td>
			<td>
			J91U
			</td>
			<td>
			1,828
			</td>
			<td>
			11.2
			</td>
			<td>
			19.0
			</td>
			<td>
			12.4
			</td>
		</tr>
<tr>
<td>
			AIMS APAC REIT
			</td>
			<td>
			O5RU
			</td>
			<td>
			976
			</td>
			<td>
			11.2
			</td>
			<td>
			27.7
			</td>
			<td>
			38.1
			</td>
		</tr>
<tr>
<td>
			Keppel REIT
			</td>
			<td>
			K71U
			</td>
			<td>
			4,077
			</td>
			<td>
			10.2
			</td>
			<td>
			27.8
			</td>
			<td>
			30.7
			</td>
		</tr>
<tr>
<td>
			Cache Logistics Trust
			</td>
			<td>
			K2LU
			</td>
			<td>
			762
			</td>
			<td>
			9.5
			</td>
			<td>
			11.6
			</td>
			<td>
			-6.8
			</td>
		</tr>
<tr>
<td>
			Suntec REIT
			</td>
			<td>
			T82U
			</td>
			<td>
			5,126
			</td>
			<td>
			8.3
			</td>
			<td>
			28.4
			</td>
			<td>
			30.0
			</td>
		</tr>
<tr>
<td>
			Frasers Hospitality Trust
			</td>
			<td>
			ACV
			</td>
			<td>
			1,356
			</td>
			<td>
			7.8
			</td>
			<td>
			27.9
			</td>
			<td>
			21.4
			</td>
		</tr>
<tr>
<td>
			Soilbuild Business Space REIT
			</td>
			<td>
			SV3U
			</td>
			<td>
			617
			</td>
			<td>
			-8.3
			</td>
			<td>
			-4.8
			</td>
			<td>
			-5.5
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			23.8
			</td>
			<td>
			39.0
			</td>
			<td>
			43.6
			</td>
		</tr>
</tbody></table>
Source: Bloomberg &amp; StockFacts (data as of 8 Nov 2019)

 

Quarterly Earnings Highlights of YTD Best Performers 
1. Ascendas India Trust (2Q ended 30 Sept 2019)

<ul>
<li>Total property income up 11% YoY to S$49.6 million</li>
	<li>Net property income up 18% to S$39.0 million</li>
	<li>Distribution per unit (DPU) up 15% to 2.28 Singapore cents</li>
	<li>Outlook:
	<ul>
<li>Overall committed occupancy remains robust at 99% as of 30 Sept 2019</li>
		<li>Continues to focus on expanding its portfolio across IT Park and Logistics sectors</li>
		<li>Recently entered into forward purchase agreements for Blueridge 3 in Pune and a 7th warehouse in Panvel, Navi Mumbai</li>
	</ul>
</li>
</ul>
Note: Avg SGD/INR exchange rate of 51.5 used

Click <a href="https://links.sgx.com/1.0.0/corporate-announcements/UZII5M21WFXUVJPZ/1.%202Q%20FY2019%20Press%20Releasev_Final.pdf">here</a> for the full results release. 
 

2. Keppel DC REIT (3Q ended 30 Sept 2019)

<ul>
<li>Gross revenue down 2.5% YoY to S$46.4 million</li>
	<li>Net property income down 1.8% to S$42.3 million</li>
	<li>DPU up 4.3% to 1.93 Singapore cents</li>
	<li>Outlook:
	<ul>
<li>The data centre market remains strong, supported by ongoing digitalisation and cloud deployments</li>
		<li>Improved connectivity, as well as the development and adoption of new technologies, will continue to drive growth of data creation, and fuel demand for data storage requirements in key data centre hubs globally</li>
		<li>Building on the Keppel Group’s capabilities in project development and facilities management, the Manager will continue to seek opportunities and strengthen its presence across key data centre hubs globally</li>
	</ul>
</li>
</ul>
Click <a href="https://links.sgx.com/1.0.0/corporate-announcements/1JQ2SYEIN15D1YD1/Keppel%20DC%20REIT%203Q%202019%20Results_SGXNET.pdf">here</a> for the full results release. 
 

3. Ascendas Hospitality Trust (2Q ended 30 Sept 2019)

<ul>
<li>Gross revenue up 2.4% YoY to S$47.5 million</li>
	<li>Net property income up 3.5% to S$21.2 million</li>
	<li>DPU down 5.5% to 1.38 Singapore cents</li>
	<li>Adjusted DPU (excludes partial distribution of proceeds from divestments in year-ago quarter) up 4.5% to 1.38 Singapore cents</li>
	<li>Outlook:
	<ul>
<li>Demand for hotels in Australia is expected to grow as both international arrivals and domestic overnight trips continue to improve. Market conditions in Sydney and Melbourne are likely to stay competitive due to increased room supply, while that of Brisbane is expected to continue recovering.</li>
		<li>The proposed development of two integrated resorts in Japan will benefit the country's tourism sector over the longer term. The 2020 Tokyo Olympics is expected to boost the Tokyo hotel market, while Osaka will likely face weakness due to fewer South Korean visitors following ongoing tensions between the two countries.</li>
		<li>With upcoming supply of hotel rooms expected to remain moderate, South Korea's hotel market will likely improve as tourist arrivals continue growing.</li>
		<li>The expansion of Singapore's two integrated resorts is anticipated to drive higher visitor arrivals over the longer term. This will also support the hotel market amidst a modest increase in supply. </li>
	</ul>
</li>
</ul>
Note: The trust’s current FY will be a 9M period (1 April 2019-31 Dec 2019) following change of financial year end to 31 Dec.

Click <a href="https://links.sgx.com/1.0.0/corporate-announcements/B00YH1E93TD8ATRA/2QFY2019_Press_Release.pdf">here</a> for the full results release.
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SGX lists 35 REITs, six stapled trusts and two property trusts with a combined market cap of over S$100 billion. The 36-constituent iEdge S-REIT Index is a free-float, market cap-weighted index that tracks the performance of REITs listed in Singapore. 
	 
	
In the 2019 YTD, the iEdge S-REIT Index has generated a total return of 24.9%, compared with a total return of 18.9% for the FTSE EPRA NAREIT Asia ex-Japan REITs Index. This also compares with total returns of 10.3% and 11.6% for the benchmark STI and broader FTSE ST All-Share Index respectively. 
	 
	
In the YTD, the three best-performing constituents of the iEdge S-REIT Index were: Ascendas India Trust (+52.7%), Keppel DC REIT (+51.6%) and Ascendas Hospitality Trust (+50.0%). The trio averaged a total return of +51.4% over the period. 
	 

SGX lists 35 REITs, six stapled trusts and two property trusts with a combined market capitalisation of over S$100 billion. REIT popularity in Singapore is exemplified in multiple ways – four of the 30 constituents of the benchmark Straits Times Index (STI) comprise REITs, and account for about 8% of total index weight, while the entire STI Reserve List consists of REITs.

The latest addition to the REITs listed on SGX was Lendlease Global Commercial REIT, sponsored by Australia’s Lendlease Group, which made its debut on the Mainboard on 2 Oct 2019.

The iEdge S-REIT Index is a free-float, market cap-weighted index that tracks the performance of REITs listed on SGX. The Index’s 36 constituents have a combined market capitalisation of nearly S$100 billion.

In the 2019 year-to-date, the iEdge S-REIT Index has generated a total return of 24.9%, compared with a total return of 18.9% for the FTSE EPRA NAREIT Asia ex-Japan REITs Index. This also compares with total returns of 10.3% and 11.6% for the benchmark Straits Times Index (STI) and broader FTSE ST All-Share Index respectively.



      
    
    SREIT TR YTD


Source: Bloomberg

 

In the YTD, the three best-performing constituents of the iEdge S-REIT Index were: Ascendas India Trust (+52.7%), Keppel DC REIT (+51.6%) and Ascendas Hospitality Trust (+50.0%). The trio have averaged a total return of +51.4% in the YTD, bringing their three-year and five-year total returns to +81.5% and +93.1% respectively. Note that five-year total return data does not apply to Keppel DC REIT, which was listed in December 2014.

Note also that RHT Health Trust was not included in this analysis, as it has become a cash trust after completing the disposal of its entire portfolio of healthcare assets to its controlling unitholder, Fortis Healthcare, in January this year.

The proposed merger between Ascendas Hospitality Trust and Ascott Residence Trust has been approved by stapled security holders of Ascendas Hospitality Trust on 21 Oct 2019. Subject to the merged entity being sanctioned by the Court, the last trading day for the stapled securities of Ascendas Hospitality Trust is expected to be on 16 Dec 2019, with delisting scheduled for 3 Jan 2020.

The table below details the constituents of the iEdge S-REIT Index (except for RHT Health Trust), sorted by YTD total return.




			Name
			
			
			SGX Code 
			
			
			Market Cap (S$M)
			
			
			Total Return YTD (%)
			
			
			Total Return 3Y (%)
			
			
			Total Return 5Y (%)
			
		


			Ascendas India Trust
			
			
			CY6U
			
			
			1,628
			
			
			52.7
			
			
			72.6
			
			
			155.4
			
		


			Keppel DC REIT
			
			
			AJBU
			
			
			3,096
			
			
			51.6
			
			
			84.8
			
			
			NA
			
		


			Ascendas Hospitality Trust
			
			
			Q1P
			
			
			1,241
			
			
			50.0
			
			
			87.2
			
			
			123.8
			
		


			Mapletree Commercial Trust
			
			
			N2IU
			
			
			7,029
			
			
			44.9
			
			
			76.1
			
			
			115.5
			
		


			Lippo Malls Indonesia Retail Trust
			
			
			D5IU
			
			
			709
			
			
			43.7
			
			
			-18.0
			
			
			2.0
			
		


			Mapletree Logistics Trust
			
			
			M44U
			
			
			6,006
			
			
			38.7
			
			
			91.4
			
			
			96.1
			
		


			Mapletree Industrial Trust
			
			
			ME8U
			
			
			5,436
			
			
			36.7
			
			
			75.3
			
			
			128.9
			
		


			Sasseur REIT
			
			
			CRPU
			
			
			961
			
			
			35.2
			
			
			NA
			
			
			NA
			
		


			Manulife US REIT
			
			
			BTOU
			
			
			1,456
			
			
			32.2
			
			
			51.3
			
			
			NA
			
		


			Ascott Residence Trust
			
			
			A68U
			
			
			2,920
			
			
			31.8
			
			
			45.6
			
			
			54.4
			
		


			Parkway Life REIT
			
			
			C2PU
			
			
			1,972
			
			
			29.5
			
			
			49.4
			
			
			77.3
			
		


			Frasers Centrepoint Trust
			
			
			J69U
			
			
			2,928
			
			
			26.9
			
			
			50.7
			
			
			80.4
			
		


			Frasers Commercial Trust
			
			
			ND8U
			
			
			1,469
			
			
			25.0
			
			
			48.5
			
			
			58.6
			
		


			Frasers Logistics &amp; Industrial Trust
			
			
			BUOU
			
			
			2,744
			
			
			24.6
			
			
			50.2
			
			
			0.0
			
		


			Sabana Shari'ah Compliant Industrial REIT
			
			
			M1GU
			
			
			479
			
			
			24.6
			
			
			27.3
			
			
			-20.9
			
		


			Far East Hospitality Trust
			
			
			Q5T
			
			
			1,367
			
			
			24.3
			
			
			43.4
			
			
			19.3
			
		


			OUE Commercial REIT
			
			
			TS0U
			
			
			2,877
			
			
			23.2
			
			
			5.1
			
			
			17.3
			
		


			CapitaLand Retail China Trust
			
			
			AU8U
			
			
			1,844
			
			
			21.3
			
			
			30.3
			
			
			34.8
			
		


			CapitaLand Commercial Trust
			
			
			C61U
			
			
			7,793
			
			
			21.0
			
			
			55.4
			
			
			65.2
			
		


			Ascendas REIT
			
			
			A17U
			
			
			8,996
			
			
			20.9
			
			
			49.9
			
			
			76.8
			
		


			SPH REIT
			
			
			SK6U
			
			
			2,936
			
			
			19.0
			
			
			37.0
			
			
			39.3
			
		


			Mapletree North Asia Commercial Trust
			
			
			RW0U
			
			
			4,049
			
			
			18.2
			
			
			51.4
			
			
			86.3
			
		


			IREIT Global
			
			
			UD1U
			
			
			502
			
			
			17.6
			
			
			37.1
			
			
			50.7
			
		


			CDL Hospitality Trusts
			
			
			J85
			
			
			1,940
			
			
			15.9
			
			
			48.8
			
			
			36.2
			
		


			CapitaLand Mall Trust
			
			
			C38U
			
			
			9,185
			
			
			14.8
			
			
			45.7
			
			
			67.1
			
		


			Starhill Global REIT
			
			
			P40U
			
			
			1,605
			
			
			14.8
			
			
			13.6
			
			
			24.4
			
		


			EC World REIT
			
			
			BWCU
			
			
			586
			
			
			13.1
			
			
			21.6
			
			
			NA
			
		


			First REIT
			
			
			AW9U
			
			
			822
			
			
			11.4
			
			
			-5.5
			
			
			15.5
			
		


			ESR-REIT
			
			
			J91U
			
			
			1,828
			
			
			11.2
			
			
			19.0
			
			
			12.4
			
		


			AIMS APAC REIT
			
			
			O5RU
			
			
			976
			
			
			11.2
			
			
			27.7
			
			
			38.1
			
		


			Keppel REIT
			
			
			K71U
			
			
			4,077
			
			
			10.2
			
			
			27.8
			
			
			30.7
			
		


			Cache Logistics Trust
			
			
			K2LU
			
			
			762
			
			
			9.5
			
			
			11.6
			
			
			-6.8
			
		


			Suntec REIT
			
			
			T82U
			
			
			5,126
			
			
			8.3
			
			
			28.4
			
			
			30.0
			
		


			Frasers Hospitality Trust
			
			
			ACV
			
			
			1,356
			
			
			7.8
			
			
			27.9
			
			
			21.4
			
		


			Soilbuild Business Space REIT
			
			
			SV3U
			
			
			617
			
			
			-8.3
			
			
			-4.8
			
			
			-5.5
			
		


			Average
			
			
			 
			
			
			 
			
			
			23.8
			
			
			39.0
			
			
			43.6
			
		

Source: Bloomberg &amp; StockFacts (data as of 8 Nov 2019)

 

Quarterly Earnings Highlights of YTD Best Performers  
1. Ascendas India Trust (2Q ended 30 Sept 2019)


Total property income up 11% YoY to S$49.6 million
	Net property income up 18% to S$39.0 million
	Distribution per unit (DPU) up 15% to 2.28 Singapore cents
	Outlook:
	
Overall committed occupancy remains robust at 99% as of 30 Sept 2019
		Continues to focus on expanding its portfolio across IT Park and Logistics sectors
		Recently entered into forward purchase agreements for Blueridge 3 in Pune and a 7th warehouse in Panvel, Navi Mumbai
	


Note: Avg SGD/INR exchange rate of 51.5 used

Click here for the full results release. 
 

2. Keppel DC REIT (3Q ended 30 Sept 2019)


Gross revenue down 2.5% YoY to S$46.4 million
	Net property income down 1.8% to S$42.3 million
	DPU up 4.3% to 1.93 Singapore cents
	Outlook:
	
The data centre market remains strong, supported by ongoing digitalisation and cloud deployments
		Improved connectivity, as well as the development and adoption of new technologies, will continue to drive growth of data creation, and fuel demand for data storage requirements in key data centre hubs globally
		Building on the Keppel Group’s capabilities in project development and facilities management, the Manager will continue to seek opportunities and strengthen its presence across key data centre hubs globally
	


Click here for the full results release. 
 

3. Ascendas Hospitality Trust (2Q ended 30 Sept 2019)


Gross revenue up 2.4% YoY to S$47.5 million
	Net property income up 3.5% to S$21.2 million
	DPU down 5.5% to 1.38 Singapore cents
	Adjusted DPU (excludes partial distribution of proceeds from divestments in year-ago quarter) up 4.5% to 1.38 Singapore cents
	Outlook:
	
Demand for hotels in Australia is expected to grow as both international arrivals and domestic overnight trips continue to improve. Market conditions in Sydney and Melbourne are likely to stay competitive due to increased room supply, while that of Brisbane is expected to continue recovering.
		The proposed development of two integrated resorts in Japan will benefit the country's tourism sector over the longer term. The 2020 Tokyo Olympics is expected to boost the Tokyo hotel market, while Osaka will likely face weakness due to fewer South Korean visitors following ongoing tensions between the two countries.
		With upcoming supply of hotel rooms expected to remain moderate, South Korea's hotel market will likely improve as tourist arrivals continue growing.
		The expansion of Singapore's two integrated resorts is anticipated to drive higher visitor arrivals over the longer term. This will also support the hotel market amidst a modest increase in supply. 
	


Note: The trust’s current FY will be a 9M period (1 April 2019-31 Dec 2019) following change of financial year end to 31 Dec.

Click here for the full results release.



Mapletree Pan Asia Commercial Trust (MCT SP)

S-REIT Index’s Three Best Performers Clocked 50% Total Return in YTD      