SGX Market Updates

June Quarter Earnings Schedule for S-REITs


PUBLISHED ON |

11 July 2017

  • Tomorrow, SPH REIT will kick off the June quarter financial reporting season for the 36 constituents of the SGX S-REIT Index, reporting its 3Q fiscal year 2017 results. ESR REIT and Soilbuild Business Space REIT will report their 2Q fiscal year 2017 results later this week.

  • The SGX S-REIT Index generated a total return of 16.2% in the year-to-date, outperforming the S&P Asia Pacific REIT Index and MSCI World REIT Index, which generated total returns of -2.7 % and -2.9% respectively in SGD terms.

  • The 36 trusts averaged a year-to-date return of 16.9%, while maintaining an average distribution yield of 6.4%. Of these 36 trusts, the three best performers in the year-to-date were Croesus Retail Trust (+47.3%), CDL Hospitality Trusts (+27.9%) and Lippo Malls Indonesia Retail Trust (+25.6%).




Tomorrow, SPH REIT will kick off the June quarter financial reporting season for the 36 constituents of the SGX S-REIT Index, reporting its 3Q fiscal year 2017 results. ESR REIT and Soilbuild Business Space REIT will report their 2Q fiscal year 2017 results later this week.


The SGX S-REIT Index has 36 constituents, comprising 27 REITs, six Stapled Trusts and three Property Trusts, with a combined market capitalisation of S$75.6 billion. Saizen REIT was suspended on 15 May 2017 and has been removed from the index. It was still a part of the index when the March Quarter’s earning schedule was published, which can be found here.


REITs raise capital to purchase primarily real estate assets, usually with a view to generate income for unit holders of the fund. They allow individual investors to access real property assets and share the benefits and risks of owning a portfolio of properties, which typically distribute income at regular intervals.


The table below details the confirmed and estimated results release dates for the constituents of the SGX S-REIT Index. Click on each stock to visit its profile page on SGX StockFacts.

Name SGX Code Date Confirmed/ Estimated Period
SPH REIT SK6U 12/07/2017 Confirmed Q3 17
ESR REIT J91U 13/07/2017 Confirmed Q2 17
Soilbuild Business Space REIT SV3U 13/07/2017 Confirmed Q2 17
Keppel DC REIT AJBU 17/07/2017 Confirmed Q2 17
First REIT AW9U 17/07/2017 Confirmed Q2 17
Keppel REIT K71U 18/07/2017 Confirmed Q2 17
CapitaLand Commercial Trust C61U 19/07/2017 Confirmed Q2 17
Ascott Residence Trust A68U 20/07/2017 Confirmed Q2 17
CapitaLand Mall Trust C38U 21/07/2017 Confirmed Q2 17
Ascendas REIT A17U 21/07/2017 Estimated Q1 18
Sabana Shari'ah Compliant Industrial REIT M1GU 21/07/2017 Estimated Q2 17
Cache Logistics Trust K2LU 21/07/2017 Confirmed Q2 17
Frasers Centrepoint Trust J69U 24/07/2017 Confirmed Q3 17
Frasers Commercial Trust ND8U 24/07/2017 Confirmed Q3 17
Ascendas India Trust CY6U 24/07/2017 Confirmed Q1 18
Mapletree Logistics Trust M44U 24/07/2017 Confirmed Q1 18
Parkway Life REIT C2PU 25/07/2017 Confirmed Q2 17
Mapletree Industrial Trust ME8U 25/07/2017 Confirmed Q1 18
Suntec REIT T82U 26/07/2017 Confirmed Q2 17
AIMS AMP Capital Industrial REIT O5RU 26/07/2017 Estimated Q1 18
CapitaLand Retail China Trust AU8U 27/07/2017 Estimated Q2 17
Viva Industrial Trust T8B 27/07/2017 Estimated Q2 17
Mapletree Commercial Trust N2IU 27/07/2017 Confirmed Q1 18
CDL Hospitality Trusts J85 28/07/2017 Confirmed Q2 17
Far East Hospitality Trust Q5T 28/07/2017 Estimated Q2 17
Starhill Global REIT P40U 28/07/2017 Estimated Y 17
Frasers Hospitality Trust ACV 28/07/2017 Estimated Q3 17
Mapletree Greater China Commercial Trust RW0U 28/07/2017 Confirmed Q1 18
OUE Hospitality Trust SK7 01/08/2017 Estimated Q2 17
RHT Health Trust RF1U 03/08/2017 Estimated Q1 18
Lippo Malls Indonesia Retail Trust D5IU 04/08/2017 Estimated Q2 17
Ascendas Hospitality Trust Q1P 04/08/2017 Estimated Q1 18
Manulife US REIT BTOU 08/08/2017 Confirmed Q2 17
IREIT Global UD1U 10/08/2017 Estimated Q2 17
Frasers Logistics & Industrial Trust BUOU 14/08/2017 Estimated Q3 17
Croesus Retail Trust S6NU 25/08/2017 Estimated Y 17

Source: Bloomberg & SGX (data as of 10 July 2017)



The SGX S-REIT Index generated a total return of 16.2% in the year-to-date, outperforming the S&P Asia Pacific REIT Index and MSCI World REIT Index, which generated total returns of -2.7 % and -2.9% respectively in SGD terms.

The 36 trusts averaged a year-to-date return of 16.9%, while maintaining an average distribution yield of 6.4%. Of these 36 trusts, the five best performers in the year-to-date were Croesus Retail Trust (+47.3%), CDL Hospitality Trusts (+27.9%), Lippo Malls Indonesia Retail Trust (+25.6%), Sabana Shari’ah Compliant Industrial REIT (+24.9%) and Viva Industrial Trust (+24.3%).


In terms of valuations, these trusts averaged Price-to-Earnings (P/E) and Price-to-Book (P/B) ratios of 30.1x and 1.1x respectively, and a Return on Equity (ROE) of 6.3%. The average gearing ratio for these trusts stands at 34.6%.


The table below details the constituents of the SGX S-REIT Index, sorted by market capitalisation. Click on each stock to visit its profile page on SGX StockFacts.

Name SGX
Code
Market
Cap
S$m
Total
Return
YTD
%
ROE
%
Dvd
Ind Yld
%
P/E P/B Gearing
Ratio
%
Ascendas REIT A17U 7,503 18.2 7.4 6.8 17.5 1.3 33.4
CapitaLand Mall Trust C38U 6,984 7.5 6.9 5.7 15.1 1.0 32.0
CapitaLand Commercial Trust C61U 5,141 19.1 5.1 5.3 19.1 1.0 33.0
Suntec REIT T82U 4,949 16.6 4.8 5.4 18.2 0.9 36.4
Mapletree Commercial Trust N2IU 4,516 15.9 10.3 5.5 12.3 1.1 36.4
Keppel REIT K71U 3,839 16.0 4.9 5.3 18.6 0.8 32.9
Mapletree Industrial Trust ME8U 3,335 16.2 10.8 6.2 12.3 1.3 29.1
Mapletree Greater China Commercial Trust RW0U 3,015 17.2 10.6 6.8 8.0 0.8 39.2
Mapletree Logistics Trust M44U 2,976 20.7 7.2 6.3 16.1 1.1 38.4
SPH REIT SK6U 2,542 7.7 5.5 5.5 19.3 1.1 25.6
Ascott Residence Trust A68U 2,488 11.2 6.1 7.1 17.2 0.9 40.2
Frasers Centrepoint Trust J69U 1,908 12.1 7.1 5.7 15.1 1.1 29.4
Starhill Global REIT P40U 1,701 8.9 8.8 6.5 10.2 0.8 35.2
CDL Hospitality Trusts J85 1,642 27.9 3.0 6.3 35.4 1.1 36.7
Frasers Logistics & Industrial Trust BUOU 1,585 19.5 N/A N/A N/A 1.1 27.8
Parkway Life REIT C2PU 1,573 13.0 9.0 4.8 16.9 1.5 37.5
CapitaLand Retail China Trust AU8U 1,449 23.0 7.6 6.2 13.1 1.0 35.9
Keppel DC REIT AJBU 1,448 11.0 6.4 4.8 21.0 1.4 28.9
OUE Hospitality Trust SK7 1,352 18.0 1.5 6.4 68.2 1.0 37.9
Frasers Hospitality Trust ACV 1,338 15.6 4.8 6.7 19.5 0.9 33.2
Lippo Malls Indonesia Retail Trust D5IU 1,257 25.6 3.4 7.8 36.5 1.2 31.8
Far East Hospitality Trust Q5T 1,201 13.0 2.0 6.4 36.0 0.7 33.2
Frasers Commercial Trust ND8U 1,135 16.7 5.9 7.0 15.3 0.9 35.8
Ascendas India Trust CY6U 1,059 14.7 20.0 5.0 7.6 1.4 28.1
First REIT AW9U 1,033 8.6 5.3 6.4 23.5 1.3 30.8
AIMS AMP Capital Industrial REIT O5RU 942 17.2 1.5 7.5 68.9 1.1 36.0
Ascendas Hospitality Trust Q1P 924 20.9 4.9 6.9 18.9 0.9 32.2
Manulife US REIT BTOU 923 14.4 10.0 2.3 11.1 1.1 33.6
Croesus Retail Trust S6NU 911 47.3 14.3 5.7 9.3 1.3 46.2
Viva Industrial Trust T8B 876 24.3 6.9 7.9 16.2 1.1 38.8
Cache Logistics Trust K2LU 839 19.9 -3.4 8.1 N/A 1.2 42.9
ESR REIT J91U 776 14.1 0.7 6.8 130.5 0.9 37.6
Soilbuild Business Space REIT SV3U 765 19.5 0.1 8.3 229.3 1.0 37.0
RHT Health Trust RF1U 723 0.4 18.9 6.7 5.7 1.0 26.5
Sabana Shari'ah Compliant Industrial REIT M1GU 479 24.9 -9.6 9.2 N/A 0.8 35.8
IREIT Global UD1U 474 10.9 12.1 8.1 9.7 1.1 41.9
Average 16.9 6.3 6.4 30.1 1.1 34.6

Source: Bloomberg & SGX (data as of 10 July 2017)







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