SGX Market Updates

10 Largest SGX Listed REITs See 30% Surge in Average Daily Turnover in 2019 YTD vs 2018


PUBLISHED ON |

27 May 2019

  • SGX lists 34 REITs, 7 stapled trusts and 3 property trusts with a combined market cap of about S$100 billion. 2 stapled trusts were recently listed – ARA US Hospitality Trust on 9 May, and Eagle Hospitality Trust on 24 May. 

  • The 10 largest REITs on SGX have a combined market capitalisation of nearly S$60 billion. Reflecting increased investor participation, the combined average daily turnover for the 10 largest REITs has gained 31.1% to S$161.2 million for the 2019 YTD, compared with S$122.9 million in calendar year 2018.

  • The 5 biggest REITs that saw the largest percentage increases in average daily traded values for the YTD compared to calendar year 2018 were: Mapletree Logistics Trust (+86.1%), Mapletree Commercial Trust (+76.0%), Keppel REIT (+55.2%), Fortune REIT (+44.3%), and Mapletree North Asia Commercial Trust (+42.8%).




Singapore Exchange lists 34 REITs, 7 stapled trusts and 3 property trusts with a combined market cap of about S$100 billion.2 stapled trusts recently listed on SGX – ARA US Hospitality Trust on 9 May, and Eagle Hospitality Trust on 24 May.

REIT popularity in Singapore is exemplified in multiple ways – they comprise one-tenth of Straits Times Index (STI) constituents, all of the STI Reserve List stocks, approximately one-tenth of the total market capitalisation of stocks listed on SGX, and a quarter of the top 20 stocks by turnover on a day-to-day basis.

The 10 largest REITs on SGX have a combined market capitalisation of nearly S$60 billion. Reflecting increased investor participation, the combined average daily turnover for the 10 largest REITs has gained 31.1% to S$161.2 million for the 2019 year-to-date, compared with S$122.9 million in calendar year 2018.

The five biggest REITs that saw the largest percentage increases in average daily traded values for the YTD compared to calendar year 2018 were: Mapletree Logistics Trust (+86.1%), Mapletree Commercial Trust (+76.0%), Keppel REIT (+55.2%), Fortune REIT (+44.3%), and Mapletree North Asia Commercial Trust (+42.8%). These five trusts averaged a 60.9% jump in daily turnover in YTD versus the 2018 year.

The table below details the average daily turnover of the 10 largest REITs on SGX for the YTD and 2018 calendar year, sorted by percentage change in average daily turnover over the two periods.

Name SGX
Code
Market Cap
(S$B)
Avg Daily
Traded Value
2019 YTD
(S$)
Avg Daily
Traded Value
2018
(S$)
% Chg in
Avg Daily
Traded Value
(YTD vs 2018)
MAPLETREE LOGISTICS TRUST M44U 5.3 19,265,286 10,354,265 86.1
MAPLETREE COMMERCIAL TRUST N2IU 5.5 15,313,805 8,699,521 76.0
KEPPEL REIT K71U 4.1 8,914,900 5,742,953 55.2
FORTUNE REIT# F25U 3.7 132,113 91,524 44.3
MAPLETREE NORTH ASIA COMMERCIAL TRUST RW0U 4.2 10,016,494 7,014,099 42.8
ASCENDAS REIT A17U 9.1 33,009,952 25,738,647 28.3
CAPITALAND COMMERCIAL TRUST C61U 7.2 25,420,971 20,751,999 22.5
MAPLETREE INDUSTRIAL TRUST ME8U 4.2 8,668,874 7,214,549 20.2
SUNTEC REIT T82U 5.1 15,255,790 13,590,841 12.3
CAPITALAND MALL TRUST C38U 8.8 25,161,949 23,713,838 6.1
161,160,134 122,912,237 31.1

Source: Bloomberg & StockFacts (data as of 23 May 2019)
#Note: Fortune REIT is traded in HKD with SGD equivalents shown in table




In the YTD, these 10 largest REITs have averaged total returns of 14.4%, bringing their one-year and three-year total returns to 18.7% and 53.2% respectively. The five best performers in the YTD were: Fortune REIT (+25.1%), Mapletree Logistics Trust (+19.2%), Mapletree Commercial Trust (+18.7%), Mapletree North Asia Commercial Trust (+18.4%) and Ascendas REIT (+17.1%).

The table below details the 10 largest REITs on SGX, sorted by YTD total return.

Name SGX
Code
Market Cap
(S$B)
Total
Return
YTD
%
Total
Return
1 Yr
%
Total
Return
3 Yr
%
T12M Div
Ind Yld
(%)
P/B
(x)
FORTUNE REIT F25U 3.7 25.1 24.6 47.7 4.8 0.7
MAPLETREE LOGISTICS TRUST M44U 5.3 19.2 28.0 80.9 4.5 1.0
MAPLETREE COMMERCIAL TRUST N2IU 5.5 18.7 27.5 60.6 4.8 1.1
MAPLETREE NORTH ASIA COMMERCIAL TRUST RW0U 4.2 18.4 20.6 62.6 5.3 0.8
ASCENDAS REIT A17U 9.1 17.1 18.0 50.6 5.5 1.2
MAPLETREE INDUSTRIAL TRUST ME8U 4.2 12.8 13.3 58.2 5.8 1.4
CAPITALAND COMMERCIAL TRUST C61U 7.2 12.3 16.8 67.9 4.5 1.0
CAPITALAND MALL TRUST C38U 8.8 7.7 21.0 35.6 4.9 1.1
KEPPEL REIT K71U 4.1 7.7 8.4 36.2 4.6 0.8
SUNTEC REIT T82U 5.1 4.9 9.0 32.1 5.5 0.9
Average 14.4 18.7 53.2 5.0 1.0

Source: Bloomberg & StockFacts (data as of 23 May 2019)
# Note: Fortune REIT is traded in HKD with SGD equivalents shown in table







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