Singapore REITs - DBS Research 2023-08-01: Is It Time To Go Into Yield Plays?

• July was the first notable month of green performance for the S-REITs since the start of the year, with the FSTREI index up 2.0% m-o-m, albeit still underperforming the broader FSSTI index, which rose 5.2% m-o-m for the month of July.
• - Read this at SGinvestors.io -
• data center S-REITs (+2.7% m-o-m), alongside the
• large-cap industrials (+1.6% m-o-m).

Top performers for the month include

• CapitaLand Integrated Commercial Trust (SGX:C38U) (+6.8% m-o-m) and
• Mapletree Logistics Trust (SGX:M44U) (+4.3% m-o-m).

The month of July coincides with the start of 1H23 earnings, performing generally in-line with estimates. Subsectors with Singapore exposure generally saw stable or increasing occupancy with reversionary rents still in the green for office and industrials in the high single digit range and retail (mid single digit).

- Read this at SGinvestors.io -

Hotels continue to deliver more than double digit growth in DPUs, coming in line with expectations of a 15% y-o-y DPU growth for the sector this year.

FED could still hike but generally we are close to the end of the cycle.

• Read more at SGinvestors.io.

Geraldine WONG DBS Group Research | Derek TAN DBS Research | https://www.dbs.com/insightsdirect/ 2023-08-01 SGinvestors.io

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