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

Mapletree Industrial Trust / Equity Bottom-Up

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Effective the June 22 open, Mapletree Industrial Trust will join the STI with an indicative index weight of 1.6%. This will bring the total of number of REITs in the STI to six, with an indicative combined weighting near 12.5%. 
	 </li>
	<li>
Since listing in October 2010, Mapletree Industrial Trust has generated average annualised total returns of 19% and grown its portfolio from 70 properties valued at S$2.1 billion, to 114 properties valued at S$5.9 billion (including joint ventures). 
	 </li>
	<li>
The STI Reserve List, which has averaged 3% total returns in the 2020 year to 5 June on S$122 million on net institutional inflow, will include Keppel DC REIT, Suntec REIT, NetLink NBN Trust, Frasers Logistics &amp; Commercial Trust and Keppel REIT. 
	 
	Last week, the Straits Times Index (“STI”) was the strongest benchmark across Asia Pacific, generating a total return of 9.6%, bringing its 2020 year-to-date decline in total return to 13.2%. After the Thursday close, FTSE Russell announced that as part of the quarterly rebalancing, Mapletree Industrial Trust was added to the STI, with Singapore Press Holdings (“SPH”) omitted. Quarterly STI reviews are a highly competitive process with the Index maintaining a fixed number of 30 constituents. The process involves ranking stocks of the broader FTSE ST All-Share Index by market capitalisation and a stock will be inserted into the STI at the quarterly review if it rises to 20th position or above when the eligible securities are ranked by full market capitalisation or will be deleted at the quarterly review if it falls to 41st position or below.   Mapletree Industrial Trust’s 19.4% Annualised Total Returns since IPO 
	This year, Mapletree Industrial Trust has generated a total return of 8.2% through to 5 June, on S$33.5 million of net institutional inflow. This has brought Mapletree Industrial Trust’s annualised total returns since listing in October 2010 to 19.4% and has seen its market capitalisation rise from approximately S$1.7 billion on its debut, to S$6.0 billion at present. 
	Since the end of 2010, the S-REIT Sector total market capitalisation has grown from S$35 billion to approximately S$100 billion as of 5 June 2020. The same period of time has seen the number of REITs in the STI rise from one to six effective 22 June. SPH has also been a part of the significant expansion of the S-REIT Sector over the past 10 years, with the spin-off of Paragon and The Clementi Mall into SPH REIT in July 2013. From 23 July 2013, through to 5 June 2020, SPH REIT has since delivered investors 5.1% average annualised total returns. SPH REIT currently maintains a market capitalisation of S$2.5 billion, in comparison to SPH’s S$2.2 billion. As noted in its FY19 Annual Report (click <a href="http://sphreit.listedcompany.com/ar.html">here</a>) as of 10 October 2019, SPH maintained a 70% deemed interest (approximately S$1.75 billion on the 5 June close) in SPH REIT. As detailed in the table below Mapletree Industrial Trust will join the STI on the 22 June open with an indicative index weight of 1.6%. This will bring the total of number of REITs in the STI to six, with an indicative combined weighting close to 12.5%.
	 

	<table class="table table-striped"><tbody>
<tr>
<td>
				STI Stocks
				</td>
				<td>
				STI Code
				</td>
				<td>
				31 March 2020 Index Weight
				</td>
				<td>
				New Indicative Weight for 22 June, based on 31 March 2020 data
				</td>
				<td>
				Sector/Industry
				</td>
			</tr>
<tr>
<td>
				Ascendas REIT
				</td>
				<td>
				A17U
				</td>
				<td>
				3.61%
				</td>
				<td>
				3.60%
				</td>
				<td>
				REITs
				</td>
			</tr>
<tr>
<td>
				CapitaCom Trust
				</td>
				<td>
				C61U
				</td>
				<td>
				1.81%
				</td>
				<td>
				1.80%
				</td>
				<td>
				REITs
				</td>
			</tr>
<tr>
<td>
				CapitaLand
				</td>
				<td>
				C31
				</td>
				<td>
				3.09%
				</td>
				<td>
				3.08%
				</td>
				<td>
				Financials
				</td>
			</tr>
<tr>
<td>
				CapitaMall Trust
				</td>
				<td>
				C38U
				</td>
				<td>
				1.87%
				</td>
				<td>
				1.86%
				</td>
				<td>
				REITs
				</td>
			</tr>
<tr>
<td>
				CityDev
				</td>
				<td>
				C09
				</td>
				<td>
				1.47%
				</td>
				<td>
				1.46%
				</td>
				<td>
				Financials
				</td>
			</tr>
<tr>
<td>
				ComfortDelGro
				</td>
				<td>
				C52
				</td>
				<td>
				1.36%
				</td>
				<td>
				1.35%
				</td>
				<td>
				Consumer Services
				</td>
			</tr>
<tr>
<td>
				DairyFarm USD
				</td>
				<td>
				D01
				</td>
				<td>
				0.86%
				</td>
				<td>
				0.86%
				</td>
				<td>
				Consumer Services
				</td>
			</tr>
<tr>
<td>
				DBS
				</td>
				<td>
				D05
				</td>
				<td>
				14.52%
				</td>
				<td>
				14.47%
				</td>
				<td>
				Banks
				</td>
			</tr>
<tr>
<td>
				Genting Sing
				</td>
				<td>
				G13
				</td>
				<td>
				1.74%
				</td>
				<td>
				1.73%
				</td>
				<td>
				Consumer Services
				</td>
			</tr>
<tr>
<td>
				HongkongLand USD
				</td>
				<td>
				H78
				</td>
				<td>
				2.69%
				</td>
				<td>
				2.68%
				</td>
				<td>
				Financials
				</td>
			</tr>
<tr>
<td>
				Jardine C&amp;C
				</td>
				<td>
				C07
				</td>
				<td>
				0.85%
				</td>
				<td>
				0.85%
				</td>
				<td>
				Consumer Services
				</td>
			</tr>
<tr>
<td>
				JMH USD
				</td>
				<td>
				J36
				</td>
				<td>
				6.49%
				</td>
				<td>
				6.47%
				</td>
				<td>
				Industrials
				</td>
			</tr>
<tr>
<td>
				JSH USD
				</td>
				<td>
				J37
				</td>
				<td>
				2.50%
				</td>
				<td>
				2.49%
				</td>
				<td>
				Industrials
				</td>
			</tr>
<tr>
<td>
				Keppel Corp
				</td>
				<td>
				BN4
				</td>
				<td>
				3.29%
				</td>
				<td>
				3.28%
				</td>
				<td>
				Oil &amp; Gas
				</td>
			</tr>
<tr>
<td>
				Mapletree Com Trust
				</td>
				<td>
				N2IU
				</td>
				<td>
				1.74%
				</td>
				<td>
				1.73%
				</td>
				<td>
				REITs
				</td>
			</tr>
<tr>
<td>
				Mapletree Log Trust
				</td>
				<td>
				M44U
				</td>
				<td>
				1.75%
				</td>
				<td>
				1.74%
				</td>
				<td>
				REITs
				</td>
			</tr>
<tr>
<td>
				OCBC Bank
				</td>
				<td>
				O39
				</td>
				<td>
				12.93%
				</td>
				<td>
				12.88%
				</td>
				<td>
				Banks
				</td>
			</tr>
<tr>
<td>
				SATS
				</td>
				<td>
				S58
				</td>
				<td>
				0.87%
				</td>
				<td>
				0.87%
				</td>
				<td>
				Industrials
				</td>
			</tr>
<tr>
<td>
				Sembcorp Ind
				</td>
				<td>
				U96
				</td>
				<td>
				0.61%
				</td>
				<td>
				0.61%
				</td>
				<td>
				Utilities
				</td>
			</tr>
<tr>
<td>
				SGX
				</td>
				<td>
				S68
				</td>
				<td>
				3.28%
				</td>
				<td>
				3.27%
				</td>
				<td>
				Financials
				</td>
			</tr>
<tr>
<td>
				SIA
				</td>
				<td>
				C6L
				</td>
				<td>
				1.27%
				</td>
				<td>
				1.27%
				</td>
				<td>
				Consumer Services
				</td>
			</tr>
<tr>
<td>
				Singtel
				</td>
				<td>
				Z74
				</td>
				<td>
				8.21%
				</td>
				<td>
				8.18%
				</td>
				<td>
				Telecommunications
				</td>
			</tr>
<tr>
<td>
				ST Engineering
				</td>
				<td>
				S63
				</td>
				<td>
				2.07%
				</td>
				<td>
				2.06%
				</td>
				<td>
				Industrials
				</td>
			</tr>
<tr>
<td>
				ThaiBev
				</td>
				<td>
				Y92
				</td>
				<td>
				2.58%
				</td>
				<td>
				2.57%
				</td>
				<td>
				Consumer Goods
				</td>
			</tr>
<tr>
<td>
				UOB
				</td>
				<td>
				U11
				</td>
				<td>
				10.86%
				</td>
				<td>
				10.82%
				</td>
				<td>
				Banks
				</td>
			</tr>
<tr>
<td>
				UOL
				</td>
				<td>
				U14
				</td>
				<td>
				1.41%
				</td>
				<td>
				1.40%
				</td>
				<td>
				Real Estate
				</td>
			</tr>
<tr>
<td>
				Venture
				</td>
				<td>
				V03
				</td>
				<td>
				1.53%
				</td>
				<td>
				1.52%
				</td>
				<td>
				Industrials
				</td>
			</tr>
<tr>
<td>
				Wilmar Intl
				</td>
				<td>
				F34
				</td>
				<td>
				2.73%
				</td>
				<td>
				2.72%
				</td>
				<td>
				Consumer Goods
				</td>
			</tr>
<tr>
<td>
				YZJ Shipbldg SGD
				</td>
				<td>
				BS6
				</td>
				<td>
				0.76%
				</td>
				<td>
				0.76%
				</td>
				<td>
				Industrials
				</td>
			</tr>
<tr>
<td>
				SPH
				</td>
				<td>
				T39
				</td>
				<td>
				1.27%
				</td>
				<td>
				-
				</td>
				<td>
				Consumer Services
				</td>
			</tr>
<tr>
<td>
				Mapletree Ind Trust
				</td>
				<td>
				ME8U
				</td>
				<td>
				-
				</td>
				<td>
				1.61%
				</td>
				<td>
				REITs
				</td>
			</tr>
</tbody></table>
	Source: FTSE Russell (<a href="http://www.ftse.com/products/indices/SGX-ST">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 31 March 2020 with Mapletree Industrial Trust free float on 31 March provided in the relevant FTSE ST Singapore Shariah Index. 
	 
	STI Reserve List 
	Effective 22 June, the STI Reserve List will include Keppel DC REIT, Suntec REIT, NetLink NBN Trust, Frasers Logistics &amp; Commercial Trust and Keppel REIT. Four of the five STI Reserve List stocks have been recipient of net institutional inflows in the 2020 year to June 5 as illustrated below. The five stocks have also averaged 3% total returns in the 2020 year to 5 June.
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 <img src='https://api2.sgx.com/sites/default/files/2020-06/Capture_5.PNG' alt='capture' />
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<html><body>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 the June 22 open, Mapletree Industrial Trust will join the STI with an indicative index weight of 1.6%. This will bring the total of number of REITs in the STI to six, with an indicative combined weighting near 12.5%.  
	 
	
Since listing in October 2010, Mapletree Industrial Trust has generated average annualised total returns of 19% and grown its portfolio from 70 properties valued at S$2.1 billion, to 114 properties valued at S$5.9 billion (including joint ventures). 
	 
	
The STI Reserve List, which has averaged 3% total returns in the 2020 year to 5 June on S$122 million on net institutional inflow, will include Keppel DC REIT, Suntec REIT, NetLink NBN Trust, Frasers Logistics &amp; Commercial Trust and Keppel REIT. 
	 
	Last week, the Straits Times Index (“STI”) was the strongest benchmark across Asia Pacific, generating a total return of 9.6%, bringing its 2020 year-to-date decline in total return to 13.2%. After the Thursday close, FTSE Russell announced that as part of the quarterly rebalancing, Mapletree Industrial Trust was added to the STI, with Singapore Press Holdings (“SPH”) omitted.  Quarterly STI reviews are a highly competitive process with the Index maintaining a fixed number of 30 constituents. The process involves ranking stocks of the broader FTSE ST All-Share Index by market capitalisation and a stock will be inserted into the STI at the quarterly review if it rises to 20th position or above when the eligible securities are ranked by full market capitalisation or will be deleted at the quarterly review if it falls to 41st position or below.    Mapletree Industrial Trust’s 19.4% Annualised Total Returns since IPO  
	This year, Mapletree Industrial Trust has generated a total return of 8.2% through to 5 June, on S$33.5 million of net institutional inflow. This has brought Mapletree Industrial Trust’s annualised total returns since listing in October 2010 to 19.4% and has seen its market capitalisation rise from approximately S$1.7 billion on its debut, to S$6.0 billion at present.  
	Since the end of 2010, the S-REIT Sector total market capitalisation has grown from S$35 billion to approximately S$100 billion as of 5 June 2020. The same period of time has seen the number of REITs in the STI rise from one to six effective 22 June.  SPH has also been a part of the significant expansion of the S-REIT Sector over the past 10 years, with the spin-off of Paragon and The Clementi Mall into SPH REIT in July 2013. From 23 July 2013, through to 5 June 2020, SPH REIT has since delivered investors 5.1% average annualised total returns. SPH REIT currently maintains a market capitalisation of S$2.5 billion, in comparison to SPH’s S$2.2 billion. As noted in its FY19 Annual Report (click here) as of 10 October 2019, SPH maintained a 70% deemed interest (approximately S$1.75 billion on the 5 June close) in SPH REIT.  As detailed in the table below Mapletree Industrial Trust will join the STI on the 22 June open with an indicative index weight of 1.6%. This will bring the total of number of REITs in the STI to six, with an indicative combined weighting close to 12.5%.
	 

	


				STI Stocks
				
				
				STI Code
				
				
				31 March 2020 Index Weight
				
				
				New Indicative Weight for 22 June, based on 31 March 2020 data
				
				
				Sector/Industry
				
			


				Ascendas REIT
				
				
				A17U
				
				
				3.61%
				
				
				3.60%
				
				
				REITs
				
			


				CapitaCom Trust
				
				
				C61U
				
				
				1.81%
				
				
				1.80%
				
				
				REITs
				
			


				CapitaLand
				
				
				C31
				
				
				3.09%
				
				
				3.08%
				
				
				Financials
				
			


				CapitaMall Trust
				
				
				C38U
				
				
				1.87%
				
				
				1.86%
				
				
				REITs
				
			


				CityDev
				
				
				C09
				
				
				1.47%
				
				
				1.46%
				
				
				Financials
				
			


				ComfortDelGro
				
				
				C52
				
				
				1.36%
				
				
				1.35%
				
				
				Consumer Services
				
			


				DairyFarm USD
				
				
				D01
				
				
				0.86%
				
				
				0.86%
				
				
				Consumer Services
				
			


				DBS
				
				
				D05
				
				
				14.52%
				
				
				14.47%
				
				
				Banks
				
			


				Genting Sing
				
				
				G13
				
				
				1.74%
				
				
				1.73%
				
				
				Consumer Services
				
			


				HongkongLand USD
				
				
				H78
				
				
				2.69%
				
				
				2.68%
				
				
				Financials
				
			


				Jardine C&amp;C
				
				
				C07
				
				
				0.85%
				
				
				0.85%
				
				
				Consumer Services
				
			


				JMH USD
				
				
				J36
				
				
				6.49%
				
				
				6.47%
				
				
				Industrials
				
			


				JSH USD
				
				
				J37
				
				
				2.50%
				
				
				2.49%
				
				
				Industrials
				
			


				Keppel Corp
				
				
				BN4
				
				
				3.29%
				
				
				3.28%
				
				
				Oil &amp; Gas
				
			


				Mapletree Com Trust
				
				
				N2IU
				
				
				1.74%
				
				
				1.73%
				
				
				REITs
				
			


				Mapletree Log Trust
				
				
				M44U
				
				
				1.75%
				
				
				1.74%
				
				
				REITs
				
			


				OCBC Bank
				
				
				O39
				
				
				12.93%
				
				
				12.88%
				
				
				Banks
				
			


				SATS
				
				
				S58
				
				
				0.87%
				
				
				0.87%
				
				
				Industrials
				
			


				Sembcorp Ind
				
				
				U96
				
				
				0.61%
				
				
				0.61%
				
				
				Utilities
				
			


				SGX
				
				
				S68
				
				
				3.28%
				
				
				3.27%
				
				
				Financials
				
			


				SIA
				
				
				C6L
				
				
				1.27%
				
				
				1.27%
				
				
				Consumer Services
				
			


				Singtel
				
				
				Z74
				
				
				8.21%
				
				
				8.18%
				
				
				Telecommunications
				
			


				ST Engineering
				
				
				S63
				
				
				2.07%
				
				
				2.06%
				
				
				Industrials
				
			


				ThaiBev
				
				
				Y92
				
				
				2.58%
				
				
				2.57%
				
				
				Consumer Goods
				
			


				UOB
				
				
				U11
				
				
				10.86%
				
				
				10.82%
				
				
				Banks
				
			


				UOL
				
				
				U14
				
				
				1.41%
				
				
				1.40%
				
				
				Real Estate
				
			


				Venture
				
				
				V03
				
				
				1.53%
				
				
				1.52%
				
				
				Industrials
				
			


				Wilmar Intl
				
				
				F34
				
				
				2.73%
				
				
				2.72%
				
				
				Consumer Goods
				
			


				YZJ Shipbldg SGD
				
				
				BS6
				
				
				0.76%
				
				
				0.76%
				
				
				Industrials
				
			


				SPH
				
				
				T39
				
				
				1.27%
				
				
				-
				
				
				Consumer Services
				
			


				Mapletree Ind Trust
				
				
				ME8U
				
				
				-
				
				
				1.61%
				
				
				REITs
				
			

	Source: FTSE Russell (www.ftse.com/products/indices/SGX-ST), SGX My Gateway, SGX StockFacts. Note weights above are only indicative and based on relative weightings on 31 March 2020 with Mapletree Industrial Trust free float on 31 March provided in the relevant FTSE ST Singapore Shariah Index. 
	 
	STI Reserve List  
	Effective 22 June, the STI Reserve List will include Keppel DC REIT, Suntec REIT, NetLink NBN Trust, Frasers Logistics &amp; Commercial Trust and Keppel REIT. Four of the five STI Reserve List stocks have been recipient of net institutional inflows in the 2020 year to June 5 as illustrated below. The five stocks have also averaged 3% total returns in the 2020 year to 5 June.
	



      
    
    capture

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)

Frasers Logistics & Commercial Trust (FLT SP)

Sixth REIT, Mapletree Industrial Trust, to Join STI on 22 June