Singapore real estate investment trusts (S-REITs) have had a tough time in 2022. With central banks increasing their interest rates to curb the high inflation rate, investors seem to be spooked that the higher interest rates could lead to lower distribution per units (DPUs) that they generally rely upon. We explore how Singapore REITs have performed thus far and what are some of the REITs with the highest distribution yields on the Singapore Exchange (SGX). How Singapore REITs Performed In 2022 Year-to-Date Firstly, we can look at how the iEdge S-REIT Leaders Index has performed in the 2022 year-to-date period to get a sense of how Singapore REITs, in general, have done unit price-wise. The iEdge S-REIT Leaders Index measures the performance of the most liquid REITs listed on the Singapore

Mapletree Commercial Trust (MCT) is a Singapore-focused REIT that owns a portfolio of retail and office properties. In terms of property valuation, MCT’s top three holdings are VivoCity, Mapletree Business City I, and Mapletree Business City II. As of 31 March 2022, MCT’s total property portfolio was valued at S$8.82 billion. MCT’s share price is trading at $1.92 today, down 2.54% YTD. As Singapore eases its pandemic restrictions, I was curious about the impact on MCT’s performance and the management’s outlook ahead. To learn more, I attended MCT annual general meeting. Here are eight things that I’ve learned from the Mapletree Commercial Trust 2022 AGM. 1. Gross revenue grew 4.3% year-on-year (y-o-y) to S$499.5 million and net property income (NPI) increased 3.1% y-

Happy National Day!!  To celebrate 57 years of Singapore’s independence, I’ll be offering free portfolio review consultation! For a limited time only. https://calendly.com/kennyloh/portfolioconsult   Technical Analysis of FTSE ST REIT Index (FSTAS351020) FTSE ST Real Estate Investment Trusts (FTSE ST REIT Index) decreased from 807.47 to 828.74 (2.63%) compared to last month’s update. The REIT Index has reversed to a short-term uptrend, with the 20-day and 50-day Simple Moving Average (20 SMA and 50 SMA) now on an uptrend. The 200 SMA has acted as a resistance for the past 10 days. However, these are small changes as the REIT Index is still moving on a sideways direction in the long-term (see 2nd chart below). Support Lines: Blue Resistance Lines: Red Shor

The earnings season is upon us once again, with many companies reporting how they have performed in the first half of 2022. This is an important period of announcements as it gives us a glimpse into how many Singapore companies are coping with what has happened thus far in 2022 – high inflation, the war in Ukraine, the reopening of Singapore. For the week of 18 July, more companies announced their financial results. In this week’s edition of 4 Stocks This Week, we explore four Singapore-listed entities that revealed their earnings to the public, and what we can learn about them. Read Also: 4 Straits Times Index (STI) Stocks That Temasek Invests In: DBS; Singtel; SIA; ST Engineering SATS Ltd (SGX: S58) SATS (SGX: S58) is a provider of food solutions and gateway services solutions mainly

The tragic Preferential Offering exercise for Mapletree Commercial Trust ("MCT") has commenced on 12 July 2022 and will close at 5.30pm on Wednesday, 20 July 2022. The offer basis will be 306 Preferential Offering Units for every 1,000 existing MCT Units held by eligible unit-holders at the issue price of S$2.0039 per unit. It is a tragedy as the current market traded price as at 18 July 2022 is S$ 1.790 per unit hence no one in the right frame of mind will be subscribing for this particular rights issue which is at a premium of +12% to the market traded price on SGX. Mapletree Investments Pte Ltd will be taking up all the unsubscribed rights and losing as much as S$200Mil immediately in unrealised losses.  Time table for Preferential OfferingOffered price way higher than last ma

Back in Part 1, I had the opportunity to speak to Mapletree Commercial Trust’s CEO, Ms Sharon Lim, about questions regarding the merger. This is Part 2 of the interviews with both CEOs of MCT & MNACT, regarding the proposed merger. In Part 2, I speak to MNACT CEO, Ms Cindy Chow, regarding the latest FY21/22 results and regarding the merger with MCT.   Resources Mapletree Commercial Trust Circular to MCT Unitholders dated 29 April 2022 in relation to the Proposed Merger of MCT and MNACT Presentation dated 29 April 2022 in relation to the Proposed Merger of MCT and MNACT Responses to Substantial and Relevant Questions (13 May 2022) Responses to Additional Substantial and Relevant Questions (17 May 2022) Mapletree North Asia Commercial Trust Scheme Document dated 2

Technical Analysis of FTSE ST REIT Index (FSTAS351020) FTSE ST Real Estate Investment Trusts (FTSE ST REIT Index) decreased from 853.56 to 820.69 (-3.85%) compared to last month’s update. FTSE REIT Index is currently trading within the 800-822 range. Support Lines: Blue Resistance Lines: Red Short-term direction: Sideways Medium-term direction: Sideways Long-term direction: Sideways Immediate Support at 800 Immediate Resistance at 822, followed by 890   Previous chart on FTSE ST REIT index can be found in the last post: Singapore REIT Fundamental Comparison Table on May 1st, 2022.   Fundamental Analysis of 39 Singapore REITs The following is the compilation of 39 Singapore REITs with colour-coding of the Distribution Yield, Gearing Ratio and Price to NAV Ratio. The Financial

Technical Analysis of FTSE ST REIT Index (FSTAS351020) FTSE ST Real Estate Investment Trusts (FTSE ST REIT Index) decreased from 864.41 to 853.56 (-1.25%) compared to last month’s update. The Singapore REIT index reached a high of 873 on April 5th, before falling into the 850-862 range since April 7th, staying in that range ever since. Support Lines: Blue Resistance Lines: Red Short-term direction: Sideways Medium-term direction: Sideways Long-term direction: Sideways Immediate Support at 850, followed by 807. Immediate Resistance at 862, followed by 890   Previous chart on FTSE ST REIT index can be found in the last post: Singapore REIT Fundamental Comparison Table on April 3rd, 2022.   Fundamental Analysis of 40 Singapore REITs The following is the compilation of 40 Singapo

As we know, MCT and MNACT has proposed a merger. Many of you have had questions regarding this merger, and as such, I had the opportunity to speak to Mapletree Commercial Trust’s CEO, Ms Sharon Lim, questions you may have regarding the merger. This is Part 1 of a 2-part series (Read here), in Part 2 I interview MNACT CEO, Ms Cindy Chow, regarding post-results and the merger with MCT.     Resources Mapletree Commercial Trust Circular to MCT Unitholders dated 29 April 2022 in relation to the Proposed Merger of MCT and MNACT Presentation dated 29 April 2022 in relation to the Proposed Merger of MCT and MNACT Responses to Substantial and Relevant Questions (13 May 2022) Responses to Additional Substantial and Relevant Questions (17 May 2022) Mapletree North Asia Commerci

First published in Business Times on 9 May 2022 Much of what constitutes good corporate governance involves issues that are not new. Proper and timely disclosure of material information, ensuring directors discharge their fiduciary duties to shareholders whilst overseeing management, and installing a regulatory framework that ensures a level playing field for all investors, have long been priorities for any marketplace worth its salt. Yet, achieving good corporate governance is not a static concept. It is instead a constantly evolving target that requires all parties, from stakeholders to regulators, to play their parts. The Securities Investors Association (Singapore) or Sias has seen the local financial market shift from a merit-based, prescriptive regulatory regime, starting in the year

This article contains affiliate links. DollarsAndSense may receive a share of the revenue from your sign-ups that goes towards keeping the site sustainable. You can read our editorial policy for more information. Real Estate Investment Trusts (REITs) is a popular type of investment in Singapore. In fact, it is so popular that Singapore has grown to become the largest REIT market in Asia ex-Japan with a market capitalisation of $108 billion comprising 42 REITs and Property Trusts. While there are many REITs with both local and overseas property portfolio, many REITs with purely overseas properties have also chosen to list on the Singapore Exchange (SGX). Investors in Singapore are mainly drawn to REIT investments for two reasons. #1 REITs Are Essentially Property Investments. Singapore

For those who have not subscribed for their Lendlease Global Commercial REIT ("LREIT") preferential rights issue, please take note that the closing date is on 12th April 2022 (Tuesday) 5pm. As I had mentioned in my last post, unit-holders who have no money or refuse to subscribe will be severely diluted by the super low ball price of S$0.72 per unit which is a 20% discount to the January 2022 peak of S$0.90 per unit. Personally, my thoughts are to at least subscribe at S$0.72 first and then sell them off at the higher last traded price of S$0.795 per unit (as at 5th April 2022) upon issuance if cashflow are tight. Application options for LREIT Preferential Rights Offerings (for those who held units directly in their own CDP account)Some folks have emailed me or posted query with

First published in Straits Times on 25 March 2022 Although the dust appears to have settled on the controversy surrounding the proposed merger of Mapletree Commercial Trust (MCT) and Mapletree North Asia Commercial Trust (MNACT), it is worth pondering the role that regulators can play when it comes to handling similar controversies in future. This is important as it looks very much like there will be more mergers involving real estate investment trusts (Reits) in the months ahead, given that many are seeking to attain large size and to grow as quickly as possible. There were two bones of contention around the proposed MCT-MNACT merger. Not surprisingly, the first was the price, which had activist fund manager Quarz Capital Management complaining that it undervalued MNACT as it was an 11 pe

The Straits Times Index lost 134 points or 3.9% at 3,294.47 Russia’s invasion of Ukraine brought the sellers out in force Concerns surround the impact on commodity prices, inflation and growth DBS, UOB and OCBC led the index lower SIA reported 3Q profit SIAS queried MCT and MNACT over their merger plans Wall St’s Friday rebound came after hopes that Russia will hold talks with Ukraine The STI plunged almost 4%  for the week, mostly on Thursday Support for the Straits Times Index, which had been strong despite increasing worry in the previous fortnight that Russia was about to invade Ukraine, finally gave way on Thursday last week after Russia did in fact attack Ukraine. The STI’s loss that day amounted to 116.94 points or 3.5% at 3,276.06 and dragged the index below the 3,400 lev

To: Mapletree North Asia Commercial Trust Management Ltd., manager of Mapletree North Asia Commercial Trust Through: Ms. Cindy Chow, Executive Director and Chief Executive Officer Questions to Mapletree North Asia Commercial Trust (“MNACT”) On December 31, 2021, Mapletree Commercial Trust (“MCT”) and MNACT announced a merger to create a flagship commercial REIT, to be named Mapletree Pan Asia Commercial Trust (“MPACT”). MCT will acquire all the issued and paid-up units of MNACT by way of a trust scheme of arrangement. On paper, the scheme consideration is $1.1949 per MNACT unit with the scheme issue price of new MCT units at $2.0039. MNACT unitholders will have the option to receive 16% in cash ($0.1912), along with 0.5009 new units per MNACT unit. In order to help MNACT unith