SGX Market Updates

S-REIT Index’s 5 Best-Yielding Constituents Average 9% Yield


PUBLISHED ON |

09 September 2019

  • 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.



8M2019 Institutional Flow for S-REITS

Source: SGX data



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.



Top Institutional Net Buy REITs in Aug 2019

Source: SGX data 



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.



SREIT Index YTD Returns



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.

Name SGX
Code
Market Cap
S$m
P/B
(x)
Dividend
Ind Yield
%
ASCENDAS REIT A17U 9,992 1.2 5.3
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
SUNTEC REIT T82U 5,428 0.8 5.1
MAPLETREE INDUSTRIAL TRUST ME8U 4,817 1.3 5.4
KEPPEL REIT K71U 4,246 0.8 4.5
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
SPH REIT SK6U 2,824 1.1 5.1
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
ESR-REIT J91U 1,759 0.8 7.8
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
FIRST REIT AW9U 835 1.3 8.6
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
IREIT GLOBAL UD1U 474 1.1 7.9


Name SGX
Code
Market
Cap
S$m
Total
Return
YTD
%
Total
Return
1 Yr
%
Total
Return
3 Yr
%
ASCENDAS REIT A17U 9,992 25.5 23.6 47.0
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
SUNTEC REIT T82U 5,428 13.4 9.4 29.8
MAPLETREE INDUSTRIAL TRUST ME8U 4,817 28.0 23.6 59.7
KEPPEL REIT K71U 4,246 13.5 11.0 27.6
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
SPH REIT SK6U 2,824 14.4 16.6 30.9
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
ESR-REIT J91U 1,759 6.6 12.4 20.5
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
FIRST REIT AW9U 835 14.6 -10.2 -3.1
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
IREIT GLOBAL UD1U 474 10.9 5.8 27.5

*Note: RHT Health Trust excluded from analysis due to its cash trust status
Source: Bloomberg & StockFacts (data as of 6 Sept 2019)







This article is provided by SGX My Gateway.



SGX My Gateway

SGX's investor education portal with market, product and investment information and events. Sign up now at sgx.com/mygateway to receive our investment updates and economic calendar.

This document is not intended for distribution to, or for use by or to be acted on by any person or entity located in any jurisdiction where such distribution, use or action would be contrary to applicable laws or regulations or would subject Singapore Exchange Limited (“SGX”) to any registration or licensing requirement. This document is not an offer or solicitation to buy or sell, nor financial advice or recommendation for any investment product. This document is for general circulation only. It does not address the specific investment objectives, financial situation or particular needs of any person. Advice should be sought from a financial adviser regarding the suitability of any investment product before investing or adopting any investment strategies. Use of and/or reliance on this document is entirely at the reader’s own risk. Further information on this investment product may be obtained from www.sgx.com. Investment products are subject to significant investment risks, including the possible loss of the principal amount invested. Past performance of investment products is not indicative of their future performance. Examples provided are for illustrative purposes only. While each of SGX and its affiliates (collectively, the SGX Group Companies) have taken reasonable care to ensure the accuracy and completeness of the information provided, each of the SGX Group Companies disclaims any and all guarantees, representations and warranties, expressed or implied, in relation to this document and shall not be responsible or liable (whether under contract, tort (including negligence) or otherwise) for any loss or damage of any kind (whether direct, indirect or consequential losses or other economic loss of any kind, including without limitation loss of profit, loss of reputation and loss of opportunity) suffered or incurred by any person due to any omission, error, inaccuracy, incompleteness, or otherwise, any reliance on such information, or arising from and/or in connection with this document. The information in this document may have been obtained via third party sources and which have not been independently verified by any SGX Group Company. No SGX Group Company endorses or shall be liable for the content of information provided by third parties. The SGX Group Companies may deal in investment products in the usual course of their business, and may be on the opposite side of any trades. SGX is an exempt financial adviser under the Financial Advisers Act (Cap. 110) of Singapore. The information in this document is subject to change without notice. This document shall not be reproduced, republished, uploaded, linked, posted, transmitted, adapted, copied, translated, modified, edited or otherwise displayed or distributed in any manner without SGX’s prior written consent.












Stock / REIT Search

Advertisement

Advertisement