Singapore REITs was the top net buy sector in August, garnering total institutional flows of S$124.6 million. In 8M2019, the sector drew net institutional inflows of S$311.7 million, SGX data showed.
The top institutional net buy REITs in August were: Mapletree Commercial Trust (S$45.8 million inflow), CapitaLand Commercial Trust (S$39.5 million), Ascendas REIT (S$38.5 million) and CapitaLand Mall Trust (S$26.9 million). They accounted for 4 of the top 10 institutional net buy stocks during the month.
The 5 constituents with the highest dividend indicated yields in the iEdge S-REIT Index are: Lippo Malls Indonesia Retail Trust (10.4%), First REIT (8.6%), Soilbuild Business Space REIT (8.6%), EC World REIT (8.3%), and iREIT Global (7.9%). They averaged an indicated yield of 8.8%, which is more than double the benchmark STI’s indicated yield of about 4%.
SGX lists 35 REITs, 7 stapled trusts and 3 property trusts with a combined market cap of over S$100 billion. Singapore REITs was the top net buy sector in August, garnering total institutional flows of S$124.6 million, SGX data showed. In the first eight months of 2019, the sector drew net institutional inflows of S$311.7 million, with two of the seven months – April and July – registering outflows of S$147.9 million and S$209.2 million respectively.
The top institutional net buy REITs in August were: Mapletree Commercial Trust (inflow of S$45.8 million), CapitaLand Commercial Trust (S$39.5 million), Ascendas REIT (S$38.5 million) and CapitaLand Mall Trust (S$26.9 million). They accounted for 4 of the top 10 institutional net buy stocks during the month.
Mapletree Commercial Trust will join the benchmark Straits Times Index (STI) with effect from 23 September, replacing Hutchison Port Holdings Trust, FTSE Russell said in a statement last Thursday, following the September quarterly review of the STI constituents.
The iEdge S-REIT Index is a free-float, market capitalisation-weighted index that tracks the performance of REITs listed on SGX. The Index’s 36 constituents have a combined market capitalisation of nearly S$100 billion. In the 2019 year-to-date, the iEdge S-REIT Index has clocked total returns of 25.5%, compared with total returns of 21.7% for the FTSE EPRA NAREIT Asia ex-Japan REITs Index, in SGD terms.
The 5 constituents with the highest dividend indicated yields in the iEdge S-REIT Index are: Lippo Malls Indonesia Retail Trust (10.4%), First REIT (8.6%), Soilbuild Business Trust (8.6%), EC World REIT (8.3%), and iREIT Global (7.9%). These 5 trusts averaged an indicated yield of 8.8%, which is more than double the benchmark STI’s indicated yield of about 4%.
The 5 Index constituents with the lowest indicated yields are: CapitaLand Commercial Trust (4.1%), Mapletree Commercial Trust (4.1%), Keppel DC REIT (4.2%), Parkway Life REIT (4.2%), and CapitaLand Mall Trust (4.4%). These trusts have averaged an indicated yield of 4.2%.
Note that RHT Health Trust was not included in this analysis, as it has become a cash trust after completing the disposal of its entire portfolio of healthcare assets to its controlling unitholder, Fortis Healthcare, in January this year. In June, Fortis Healthcare said it had aborted plans to sell its stake in RHT and its trustee manager. RHT’s trustee manager has said it will continue to explore various options, including identifying possible new businesses or the winding up of the trust. According to listing rules, SGX will remove RHT from its official list if the trust is unable to meet requirements for a new listing within 12 months from the time it becomes a cash trust.
In the YTD, the 5 best-performing constituents of the iEdge S-REIT Index were: Ascendas Hospitality Trust (+45.3%), Mapletree Commercial Trust (+40.8%), Ascendas India Trust (+39.1%), Keppel DC REIT (+38.3%) and Lippo Malls Indonesia Retail Trust (+34.9%). The 5 have averaged a total return of +39.7% in the YTD, bringing their one-year and three-year total returns to +31.7% and +53.4% respectively.
In the YTD, the 5 least-performing constituents of the iEdge S-REIT Index were: Soilbuild Business Trust (-0.7%), Frasers Hospitality Trust (+4.6%), ESR-REIT (+6.6%), iREIT Global (+10.9%) and EC World REIT (+11.6%). They averaged a +6.6% total return over the period.
The tables below detail the constituents of the iEdge S-REIT Index (except for RHT Health Trust), sorted by market cap.
|CAPITALAND MALL TRUST||C38U||9,959||1.0||4.4|
|CAPITALAND COMMERCIAL TRUST||C61U||8,443||0.9||4.1|
|MAPLETREE COMMERCIAL TRUST||N2IU||6,602||1.1||4.1|
|MAPLETREE LOGISTICS TRUST||M44U||5,788||1.0||5.2|
|MAPLETREE INDUSTRIAL TRUST||ME8U||4,817||1.3||5.4|
|MAPLETREE NORTH ASIA COMMERCIAL TRUST||RW0U||4,240||0.9||5.9|
|FRASERS CENTREPOINT TRUST||J69U||3,180||1.1||5.5|
|ASCOTT RESIDENCE TRUST||A68U||2,830||0.8||5.3|
|FRASERS LOGISTICS & INDUSTRIAL TRUST||BUOU||2,811||1.1||6.9|
|KEPPEL DC REIT||AJBU||2,461||1.4||4.2|
|CDL HOSPITALITY TRUSTS||J85||1,963||1.0||5.2|
|PARKWAY LIFE REIT||C2PU||1,876||1.6||4.2|
|CAPITALAND RETAIL CHINA TRUST||AU8U||1,869||0.9||6.5|
|MANULIFE US REIT||BTOU||1,773||1.0||6.7|
|STARHILL GLOBAL REIT||P40U||1,636||0.7||5.9|
|FRASERS COMMERCIAL TRUST||ND8U||1,546||0.9||5.9|
|ASCENDAS INDIA TRUST||CY6U||1,544||1.1||5.2|
|OUE COMMERCIAL REIT||TS0U||1,520||0.6||6.4|
|FRASERS HOSPITALITY TRUST||ACV||1,345||0.8||6.4|
|OUE HOSPITALITY TRUST||SK7||1,341||1.1||5.8|
|FAR EAST HOSPITALITY TRUST||Q5T||1,307||0.7||5.5|
|ASCENDAS HOSPITALITY TRUST||Q1P||1,217||0.8||6.0|
|AIMS APAC REIT||O5RU||1,008||1.0||7.1|
|CACHE LOGISTICS TRUST||K2LU||793||1.0||7.4|
|LIPPO MALLS INDONESIA RETAIL TRUST||D5IU||666||0.8||10.4|
|EC WORLD REIT||BWCU||577||0.8||8.3|
|SOILBUILD BUSINESS TRUST||SV3U||576||1.0||8.6|
|SABANA SHARIAH COMPLIANT REIT||M1GU||484||0.8||6.3|
|CAPITALAND MALL TRUST||C38U||9,959||21.7||32.4||42.9|
|CAPITALAND COMMERCIAL TRUST||C61U||8,443||29.9||29.9||59.3|
|MAPLETREE COMMERCIAL TRUST||N2IU||6,602||40.8||45.5||63.5|
|MAPLETREE LOGISTICS TRUST||M44U||5,788||29.0||31.0||73.8|
|MAPLETREE INDUSTRIAL TRUST||ME8U||4,817||28.0||23.6||59.7|
|MAPLETREE NORTH ASIA COMMERCIAL TRUST||RW0U||4,240||22.9||22.8||47.0|
|FRASERS CENTREPOINT TRUST||J69U||3,180||32.3||28.1||51.8|
|ASCOTT RESIDENCE TRUST||A68U||2,830||28.9||27.7||43.6|
|FRASERS LOGISTICS & INDUSTRIAL TRUST||BUOU||2,811||25.6||22.8||54.3|
|KEPPEL DC REIT||AJBU||2,461||38.3||37.3||75.0|
|CDL HOSPITALITY TRUSTS||J85||1,963||18.1||10.5||46.1|
|PARKWAY LIFE REIT||C2PU||1,876||20.8||17.8||41.0|
|CAPITALAND RETAIL CHINA TRUST||AU8U||1,869||24.5||17.6||16.0|
|MANULIFE US REIT||BTOU||1,773||28.4||17.4||48.6|
|STARHILL GLOBAL REIT||P40U||1,636||17.7||17.1||10.6|
|FRASERS COMMERCIAL TRUST||ND8U||1,546||25.5||24.9||43.7|
|ASCENDAS INDIA TRUST||CY6U||1,544||39.1||38.8||63.2|
|OUE COMMERCIAL REIT||TS0U||1,520||20.9||-6.4||5.4|
|FRASERS HOSPITALITY TRUST||ACV||1,345||4.6||6.6||15.6|
|OUE HOSPITALITY TRUST||SK7||1,341||14.4||4.9||30.3|
|FAR EAST HOSPITALITY TRUST||Q5T||1,307||18.2||12.8||37.5|
|ASCENDAS HOSPITALITY TRUST||Q1P||1,217||45.3||44.0||86.3|
|AIMS APAC REIT||O5RU||1,008||16.0||11.4||30.6|
|CACHE LOGISTICS TRUST||K2LU||793||12.1||8.3||5.3|
|LIPPO MALLS INDONESIA RETAIL TRUST||D5IU||666||34.9||-7.1||-21.0|
|EC WORLD REIT||BWCU||577||11.6||15.0||17.7|
|SOILBUILD BUSINESS TRUST||SV3U||576||-0.7||-5.9||1.4|
|SABANA SHARIAH COMPLIANT REIT||M1GU||484||21.1||17.5||23.0|