SGX Market Updates

S-REITs Most Sought by Institutions Since 9 June


31 August 2020

  • For the past 12 weeks, the 10 S-REITs recipient to the Sector’s highest net institutional inflows (proportionate to market capitalisation) included seven of the S-REIT Sector’s best performers over the period, including Keppel DC REIT which has been amongst the 25 strongest performing global REITs in the 2020 YTD.

  • These 10 S-REITs averaged a 6% total return from 9 June through to 28 August, whilst the remaining S-REITs averaged a 9% decline. The iEdge S-REIT Leaders Index generated a 3% decline over the 12 weeks, in-line with the global REIT market. 

  • Sabana REIT saw the S-REITs’ highest proportionate net institutional inflows since 9 June. As the Manger reiterated on 28 Aug, the proposed ESR REIT merger offers opportunities for re-rating and for reducing the NAV discount in the long term as part of a larger, more liquid and scalable REIT, backed by a developer-sponsor.

Globally there are more than 800 stocks that make up the REIT Sector, with a combined market capitalisation of US$1.8 trillion (S$2.4 trillion). The FTSE EPRA/NAREIT Global REIT Index represents approximately two-thirds of the S$1.8 trillion combined market capitalisation and has generated a declined a 17% decline in the 2020 year to 28 August. Like most equity benchmarks, the Index formed its post-23 March high on 9 June which coincided with the beginnings of the second wave of COVID-19 across the United States.

Similarly, the iEdge S-REIT Leaders Index formed its post-23 March high on 9 June, and has since declined 3%. Over the 12 week period the S-REIT sector was recipient to S$147 million in net institutional outflows. A total of 13 trusts of the S-REIT Sector saw net institutional inflows over the 12 weeks. The 10 trusts with the highest net institutional inflows between 10 June to 28 June, proportionate to current market capitalisation included seven of the best performing REITs over the period. Together the 10 trusts generated an average gain of 6% over the 12 weeks, whilst the remaining REITs averaged a 9% decline.

Sabana REIT saw the S-REIT Sectors’ highest proportionate net institutional inflows since 9 June. As the Manger reiterated on 28 August (click here), the proposed ESR REIT merger offers opportunities for re-rating and for reducing the NAV discount in the long term as part of a larger, more liquid and scalable REIT, backed by a developer-sponsor.

The table below sorts the S-REIT Sector to the highest net institutional inflows between proportionate to current market capitalisation between 10 June and 28 August 2020.

S-REIT Sector:
REITS, Stapled Trusts and Business Trusts 
Net Institutional
Flow / Mkt Cap
Sabana REIT M1GU 389.6 1.00% -1% -17%
Frasers Logistics & Commercial Trust BUOU 4607.8 0.60% 14% 13%
Ascendas REIT A17U 11983 0.50% 3% 15%
Mapletree Logistics Trust M44U 7850.6 0.40% 8% 22%
SPH REIT SK6U 2362.5 0.40% -4% -19%
Keppel Pacific Oak US REIT CMOU 920.7 0.40% 4% -1%
ARA LOGOS Logistics Trust K2LU 691.6 0.30% 14% -6%
Keppel DC REIT AJBU 4719.4 0.20% 22% 42%
CapitaLand Commercial Trust C61U 6333.5 0.10% -10% -14%
ParkwayLife REIT C2PU 2268.8 0.10% 8% 16%
CDL Hospitality Trusts J85 1281 0.10% -11% -32%
Mapletree Industrial Trust ME8U 7138.6 0.00% 9% 21%
Ascott Residence Trust HMN 2747.3 0.00% -19% -30%
Far East Hospitality Trust Q5T 1057.5 0.00% -1% -24%
Frasers Hospitality Trust ACV 835.7 0.00% -18% -38%
Dasin Retail Trust ** CEDU 616.7 0.00% -2% 1%
BHG Retail REIT BMGU 295.5 0.00% -9% -13%
Mapletree North Asia Commercial Trust RW0U 3064.8 -0.10% -4% -16%
IREIT Global UD1U 446.1 -0.10% -3% -8%
OUE Commercial REIT TS0U 2030.5 -0.20% -7% -30%
EC World REIT BWCU 550.7 -0.20% -3% -4%
Elite Commercial REIT GBP MXNU 399 -0.20% -1% N/A
Mapletree Commercial Trist N2IU 6395.9 -0.30% -10% -18%
Frasers Centerpoint Trust J69U 2769.3 -0.30% -5% -11%
Soilbuild Business Space REIT SV3U 519.9 -0.40% -1% -16%
Keppel REIT K71U 3568.9 -0.50% -11% -12%
Cromwell REIT EUR CNNU 1819.5 -0.50% 3% -6%
ESR-REIT J91U 1361.5 -0.50% -8% -24%
Lendlease REIT JYEU 749.9 -0.50% -8% -28%
Prime US REIT USD OXMU 1119.3 -0.60% -5% -12%
Sasseur REIT CRPU 919.1 -0.60% -1% -8%
United Hampshire REIT USD ODBU 365.3 -0.70% -8% N/A
Lippo Malls Indonesia Retail Trust D5IU 345.4 -0.70% -22% -45%
ARA US Hospitality Trust USD XZL 273.7 -0.70% -24% -57%
CapitaLand Mall Trust C38U 7011.3 -0.80% -14% -21%
First REIT AW9U 430.4 -0.80% -23% -43%
Ascendas India Trust ** CY6U 1514.7 -0.90% -10% -12%
Manulife REIT USD BTOU 1588.6 -1.00% -9% -21%
Suntec REIT T82U 3920.9 -1.30% -11% -22%
Starhill Global REIT P40U 954.8 -1.30% -24% -38%
AIMS APAC REIT O5RU 833.9 -1.70% -4% -13%
CapitaLand Retail China Trust AU8U 1406.3 -3.00% -14% -25%
Average       -5% -14%

** Business Trust.
Source: SGX, Bloomberg, Refinitiv (Data as of 28 August 2020).
Note: Table sort by highest net institutional buys to highest net institutional sells proportionate to current market capitalisation.

By comparison, the 10 trusts of the S-REIT sector that saw the highest net institutional inflow proportionate to market capitalisation following the major market lows of 23 March through to the post-low high of 9 June included First REIT, Ascendas REIT, Frasers Logistics & Commercial Trust, Mapletree Logistics Trust, Soilbuild Business Space REIT, Keppel REIT, EC World REIT, Keppel Pacific Oak US REIT, Ascott Residence Trust and SPH REIT. During that period, the 10 trusts averaged a 54% Total Return compared to the remaining trusts of the S-REIT Sector gaining 45%.

This article is provided by SGX My Gateway.

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