Singapore REITs - Maybank Research 2023-03-13: Marketing Takeaways ~ Industrials Favoured; Fear Over Potential Cash Calls

• We summarize investor feedback and questions on our recently published reports:
  • Singapore REITs - Maybank Research 2023-02-10: At The Crossroads; Cautious Optimism.
  • - Read this at SGinvestors.io -
• Macro questions mainly focused on the duration of elevated interest rates and signals from tight spreads.
  • Hospitality and industrial were the most discussed sectors. Investors sought more data points on China’s outbound tourism.
  • Industrials rank favorably among investors in terms of operating metrics and their ability to recycle capital.
  • Questions on commercial REITs were stock specific.
• Most meetings ended with the question which companies are the most likely to do a cash call.
• - Read this at SGinvestors.io -
• Frasers Centrepoint Trust (SGX:J69U),
• ESR-LOGOS REIT (SGX:J91U),
• Mapletree Industrial Trust (SGX:ME8U),
• CDL Hospitality Trusts (SGX:J85),
• CapitaLand Ascott Trust (SGX:HMN),
• Far East Hospitality Trust (SGX:Q5T).

Concern that high interest rates not factored in

• Read more at SGinvestors.io.

Krishna Guha Maybank Research | https://www.maybank-ke.com.sg/ 2023-03-13 SGinvestors.io

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