Singapore REITs Monthly - Phillip Securities 2024-06-24: Lacklustre Performance In May

Singapore REITs Monthly - Lacklustre Performance In May

Singapore REITs Monthly - Phillip Securities Research | SGinvestors.ioCapitaLand Ascott Trust (SGX:HMN) CAPITALAND ASCOTT TRUST (SGX:HMN)
  • The S-REITs Index performance was lacklustre in May. It declined 0.4% after falling 3.1% in April. The top performer for the month, CapitaLand India Trust (SGX:CY6U), gained 6%, while the worst performer, Frasers Hospitality Trust (SGX:ACV), fell 6.5%.
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  • S-REITs are now trading at a forward dividend yield spread of ~3.1% (-1.3x standard deviation) and a P/NAV of 0.85x (-2.1x standard deviation).
  • We remain OVERWEIGHT on S-REITs but are selective.

Sector round-up

  • The Fed kept the federal funds rate unchanged at 5.25-5.5% for the seventh consecutive meeting on 12 June and now projects only one rate cut in 2024. It will need to see further positive signs that inflation is moving towards its 2% target before considering any rate cuts.
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  • higher dividend yield spreads over bonds, and
  • higher property valuations as cap rates compress.
  • Furthermore, we expect deal-making to pick up pace with the peaking of interest rates. Therefore, we expect a sector recovery in 2024-2025.

Retail sector

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Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @

Darren Chan Phillip Securities Research | Liu Miaomiao Phillip Securities | 2024-06-24

Read More Analysis On Singapore REITs (S-REITs):
Analyst Reports on Singapore REIT Sector

Check Out Also The Summary Of:
S-REIT Share Price Performance
S-REIT Target Prices & Ratings


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