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  • Changing Landscapes in the Singapore Retail Property Market

    04 Dec 2017
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    Changing Landscapes in the Singapore Retail Property Market
    • Singapore retail space vacancy rose to 7.7% in 1Q17 despite a 2.9% QoQ decline in price rentals. However, impact of retail headwinds may not be evenly felt across all malls.
    • New supply of retail malls largely located in Outside Central Regions, in line with the government’s plan of decentralised business districts and growth of regional centres.
    • SGX lists 12 Retail REITs & Property Trusts which have retail properties within their asset portfolios with a combined market capitalisation of S$30.9 billion. These 12 trusts have generated a market cap weighted average total return of 16.2% in the YTD and have an average dividend yield of 6.1%.
  • Recent Trends & Moves in Singapore’s Hospitality Trusts

    04 Dec 2017
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    Recent Trends & Moves in Singapore’s Hospitality Trusts
    • Hotel RevPar in 2016 fell 4.7% YoY despite an increase of 7.7% in tourist arrivals, with a slower rate of decline since 2017. Hotel occupancy rates remain at an 8 year average of 86%.
    • New hotel room supply in 2017 stands at 3,400 rooms (URA 1Q17 data), 60% higher YoY, but supply is expected to ease in 2018 due to lack of supply of new land for hotel development.
    • SGX lists one Hospitality REIT and five Hospitality Stapled Trusts with a combined market capitalisation of S$9.1 billion. These six trusts have generated a market cap weighted average total return of 19.0% in the YTD and have an average dividend yield of 6.5%.
  • Singapore Office Property Market Stabilising Despite Headwinds

    20 Nov 2017
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    Singapore Office Property Market Stabilising Despite Headwinds
    • 1Q17 office space vacancy rates peaked at 11.6%, highest in five years. Office rental rates continue to decline and Grade A office rents stabilising QoQ, indicating signs of stabilisation in office rental rates.
    • Office space supply is expected to peak in 2017 and taper off in the next few years. CBRE Research believes that sentiment has swung from pessimism to optimism as investors forecast a period of relatively modest supply over the next few years.
    • SGX lists six Office REITs (GICS®) with a combined market capitalisation of S$12.8 billion. These 6 trusts have generated a market cap weighted average total return of 16.9% in the YTD and have an average dividend yield of 5.7%.
  • Green Shoots Emerge Despite Challenging Industrial Property Market

    20 Nov 2017
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    Green Shoots Emerge Despite Challenging Industrial Property Market
    • Singapore’s industrial property market remains challenging as industrial space supply is expected to peak in 2017, before tapering off in the next few years.
    • Green shoots in manufacturing activity data, and the Singapore government’s economic shift, coupled with its focus on higher value-added businesses, bode well for industrial property demand.
    • SGX lists 11 REITs & Property Trusts which have industrial properties within their asset portfolios. These 11 trusts have generated an average year-to-date total return of 19.0%.
  • Singapore Private Property Market Shows Signs of Stabilising

    13 Nov 2017
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    Singapore Private Property Market Shows Signs of Stabilising
    • Singapore’s private property market appears to be stabilising as URA’s 2Q17 flash estimates show smallest QoQ price decline of private residential property prices since 4Q13. YTD average monthly primary private home sales volumes are also 74.6% higher YoY.
    • Existing property cooling measures are likely to remain despite recent calibrated adjustments. In the medium term, MAS believes that Singapore’s property prices should be aligned with broader income trends in the local economy.
    • SGX lists six Real Estate Management & Development (GICS®) stocks with market capitalisation above S$1 billion that have substantial exposure to the Singapore property market. These six companies have an average total return of 29.2% in the year thus far.
  • SGX Real Estate Index Returned 19.5% YTD on Positive Indicators

    13 Nov 2017
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    SGX Real Estate Index Returned 19.5% YTD on Positive Indicators
    • The SGX Real Estate Index, a benchmark for Singapore’s Real Estate Sector, has returned 19.5% in the YTD. Domestic private home prices have shown signs of stabilisation in recent months, with a pick-up in primary transaction volumes.
    • There are 104 Real Estate companies (diverse across assets) with a combined market capitalisation of almost S$190 billion listed on the SGX. Some key drivers for the sector include population growth, government cooling measures, land supply and interest rates.
    • Post the YTD rally, sector valuations remain below their long-term historical average. Singapore property developer stocks are trading at PB ratio of 0.75x vs their long-term average of 0.83x.
  • 10 Biggest US Exposure Plays Generated 35.6% YTD Weighted Returns

    07 Nov 2017
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    10 Biggest US Exposure Plays Generated 35.6% YTD Weighted Returns
    • US 3Q GDP will be released on Oct 27 (Fri). Focus will be on economic impact from hurricane Harvey and Irma, President Trump’s push for US tax reforms and decision on the Federal Reserve Chair replacement.
    • The 10 largest capitalized stocks with at least 20% of their revenue from US have averaged a market capitalisation-weighted total return of 35.6% in the year to date. This compares with the Dow Jones Industrial Average and S&P 500 Index’s 13.2% and 9.2% respectively in SGD terms.
    • The six non-inverse US equity ETFs listed on SGX have averaged a total return of 12.5% in the year thus far. There are 10 US ETFs listed on SGX. Seven track equity indices (including one S&P 500 Inverse Daily (-1x), two fixed-income assets, and one that tracks the money market.
  • S-REITs in a Rising Interest Rate Environment

    07 Nov 2017
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    S-REITs in a Rising Interest Rate Environment
    • In the year-to-date, the SGX S-REIT Index has generated a 15.5% price gain and 21.2% total return (inclusive of dividends), compared to the benchmark STI’s 15.6% price gain and 19.0% total return. Singapore’s 3-month SIBOR has gained 16.2% in the same period.
    • In theory, a rise in interest rates will lead to an increase in borrowing costs, which impacts the profitability of REITs and their ability to make acquisitions. However, gradual rate increases are also often associated with improving economic growth, which indirectly boosts REITs’ earnings.
    • The SGX S-REIT Index maintains a median gearing ratio of 34.0%, below the 45.0% limit. In terms of valuation, yield spreads between S-REITs and 10-year government bonds are at 385bps, 39bps above the long term average of 346bps.
  • 20 Largest China Plays Returned 27% in the YTD

    05 Nov 2017
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    20 Largest China Plays Returned 27% in the YTD
    • China’s 2017 GDP forecast was revised higher to 6.7% QoQ. Some of China’s growth drivers for the economy include its OBOR Initiative, supply-side structural reform, SOEs reform, growing middle-income class and domestic consumption, and the “Made in China 2025” new economy programme.
    • Close to a quarter (or 180) of SGX-listed companies generate at least 20% of their revenue from China and 80% of these companies derive half or more of their revenue from China. These companies provide investors with revenue exposure to China’s growth story.
    • Of the 20 largest capitalised stocks with at least 50% of their revenue generated from China, 16 saw positive YTD price returns. The five best performing stocks were Hi-P Intl (+165.7%), Elec & Eltek Intl Co (+66.4%), China Sunsine Chem Hldgs (+59.0%), Global Logistic Properties (+49.1%) and Yanlord Land Group (+25.0%).
  • FTSE ST China Index up 18% in 2017 YTD

    05 Nov 2017
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    FTSE ST China Index up 18% in 2017 YTD
    • In the 2017 YTD, Singapore’s FTSE ST China Index has generated a total return of 17.9%, compared to a 14.9% return for the H-share Index in SGD terms.
    • The FTSE ST China Index consists of FTSE ST All-Share Index constituents that report either at least half of their sales revenues from Mainland China, or report at least half of their operating assets in Mainland China.
    • CWT, Hi-P International, Valuetronics Holdings and Geo Energy Resources will join the FTSE ST China Index on 18 September. This will take the number of constituents in the Index to 21. There are no Index exclusions following the recent review.
    • These four pending FTSE ST China Index entrants have generated average price gains of 72% in the 2017 YTD, ranging from a 8.9% gain for Geo Energy Resources to a 172.6% gain for Hi-P International.
  • China-Focused Materials Stocks Led Sector’s YTD Gains

    01 Nov 2017
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    China-Focused Materials Stocks Led Sector’s YTD Gains
    • The Materials Sector has been Singapore’s second best performing Sector in the 2017 YTD with a market capitalisation-weighted average price gain of 31%. This compared to a 10% gain for the MSCI World Materials Index.
       
    • The YTD median gain of Singapore’s 10 largest capitalised Materials stocks was 5%, with a much higher average gain of 54%. Meanwhile, Singapore’s 10 largest capitalised Materials stocks that report the majority of their revenue to China generated a YTD median gain of 44% and average gain of 87%.
       
    • As many as seven of Singapore’s 10 largest capitalised Materials stocks with a China revenue focus reported 1HFY17 net profit growth. This ranged from +414% YoY net profit growth for Jiutian Chemical Group to +37.7% YoY net profit growth for Tat Seng Packaging Group.
  • ASEAN Plays Poised to Gain from China's Belt & Road Initiative (OBOR)

    30 Oct 2017
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    ASEAN Plays Poised to Gain from China's Belt & Road Initiative (OBOR)
    • With its geographical proximity and relatively low risk profile, ASEAN is expected to be a key beneficiary and bridgehead of OBOR as it sees more infrastructure developments and improvements, as well as increased trade and regional connectivity in the region.
    • Singapore, being a member state of ASEAN, has significant roles to play in the OBOR initiative through its status as a financial hub. In addition, Singapore has established industries with the expertise to drive and support infrastructure development for OBOR in ASEAN.
    • SGX lists 192 stocks (c.25%) with at least 20% of their revenue generated from ASEAN across the GICS® Industrials, Materials, and Utilities Sectors. Of the 20 largest capitalised stocks, 13 saw positive YTD price returns. The five best-performing stocks were Jardine Strategic (+25.5%), Straits Trading (+25.1%), Riverstone Holdings (+18.7%), SBS Transit (+17.9%) and Keppel Infrastructure Trust (+16.8%).
  • SGX: China Environmental Plays in Spotlight as China Goes Green

    30 Oct 2017
    539
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    SGX: China Environmental Plays in Spotlight as China Goes Green
    • Environmental protection and pollution control are becoming increasingly important in China’s policies, as the country strives to develop an ecological civilisation. During its journey to become a green economy, businesses with a focus on environmental utilities in China will likely play important roles.
    • The Chinese government has stepped up efforts to boost environmental protection in recent years, launching several initiatives to promote a greener and cleaner economy, investing in renewable projects and increasing enforcement on pollution domestically.
    • SGX has a cluster of 15 China environmental stocks with a combined market capitalisation of S$5.8 billion. The five biggest China environmental plays are CITIC Envirotech, SIIC Environment, China Everbright Water, China Jinjiang Environment and Sunpower Group.
  • SGX’s 20 Biggest China-Related Enterprises Returned 39.8% in YTD

    15 Oct 2017
    2517
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    SGX’s 20 Biggest China-Related Enterprises Returned 39.8% in YTD
    • 20 of the biggest and active stocks with a China head office have averaged a market capitalisation-weighted total return of 39.8% in the year to date. This compares with the Shanghai Stock Exchange Composite Index’s (SHCOMP) +8.0% (in SGD terms).
    • The 20 biggest stocks maintain market capitalisation-weighted P/E and P/B ratios of 11.2x and 1.3x respectively, below 17.6x and 1.9x respectively for the SHCOMP. Nine of these stocks maintain higher ROEs than the SHCOMP’s 10.7%.
    • The five best performers among the 20 stocks in the YTD are Delong Holdings, Yangzijiang Shipbuilding, China Sunsine Chemical Holdings, Yanlord Land and China Aviation Oil. They maintain an average ROE of 16.2%.
  • 市值最大的 20 只中国概念股年初至今回报率达 27%

    10 Oct 2017
    25
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    值最大的 20 只中国概念股年初至今回报率达 27%
    • 中国 2017 年 GDP 预测已向上修正为按季度增长 6.7%。推动中国经济增长的因素包括一带一路计划、供给侧结构性改革、国有企业改革、不断发展的中产阶级和国内消费以及“中国制造 2025”新经济计划。
    • 新交所接近四分之一(或 180 家)上市公司有至少 20% 收入来自中国,其中 80% 公司有一半或以上收入来自中国。这些公司为投资者提供从中国的经济增长中获得收入的机会。
    • 在市值最大且至少 50% 收入来自中国的 20 只股票中,有 16 只股票年初至今录得上涨。表现最出色的 5 只股票分别是赫比国际有限公司 (Hi-P Intl, +165.7%)、依利安达 (Elec & Eltek Intl Co, +66.4%)、中国尚舜化工控股 (China Sunsine Chem Hldgs, +59.0%)、普洛斯 (Global Logistic Properties, +49.1%) 和仁恒置地 (Yanlord Land Group, +25.0%)。
    中国拥有近 14 亿人口,是全球人口最多的国家以及全球最大的经济体(根据世界银行数据),2016年 GDP 超过 21 万亿美元。摩根士丹利的中国蓝皮书预计中国可以摆脱中等收入陷阱并在 2027 年实现人均国民总收入 (GNI) 超过 12,500 美元(2016 年的人均国民总收入为 8,100 美元)。
  • 聚焦中国市场的材料股引领今年板块涨势

    10 Oct 2017
    36
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    聚焦中国市场的材料股引领今年板块涨势
    • 材料板块是新加坡 2017 年年初至今表现第二出色的板块,市值加权平均涨幅为 31%。相比之下,MSCI 世界材料指数上涨了 10%。
    • 新加坡市值最大的 10 只材料股年初至今的涨幅中值为 5%,平均涨幅则为 54%。同时,新加坡市值最大且大部分收入来自中国的 10 只材料股年初至今的涨幅中值为 44%,平均涨幅为 87%。
    • 新加坡市值最大且聚焦于中国市场的 10 只材料股中有 7 只股票报告 2017 财年上半年净利润录得增长。这些公司的净利润同比增幅介于九天化工集团 (Jiutian Chemical Group) 的 414% 至达成包装集团 (Tat Seng Packaging Group) 的 37.7% 之间。
     
    材料板块以主要业务是将原材料转化为工业材料用品的股票为代表。这类公司可能涉及勘探、开发或加工活动。根据全球行业分类标准(GICS®),材料板块包括制造化学品、建材、玻璃、纸类产品、木材产品及相关包装产品的公司以及钢铁生产商等金属、矿物和采矿公司。
     
  • 东盟概念股将从中国一带一路倡议中获益

    08 Oct 2017
    96
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    东盟概念股将从中国一带一路倡议中获
    • 凭借毗邻中国的地理优势以及相对较低的风险水平,预计东盟将是一带一路倡议的主要受益者及桥头堡,该地区将有更多的基础设施的建设和改造项目,而贸易活动及地区联系也会更加紧密。
    • 作为东盟成员国,新加坡将通过其金融中心地位在一带一路倡议中发挥重要作用。此外,新加坡还具备成熟的产业,并有着专业经验可推动并支持一带一路倡议在东盟地区的基础建设项目。
    在新交所 GICS® 工业、材料和公用事业板块中,192 只股票(约占总市值的 25%)有至少 20% 的收入来自东盟地区。其中20 只市值最大的股票中,有 13 只年初至今录得上涨。表现最好的五只股票是怡和策略 (Jardine Strategic, +25.5%)、海峡贸易公司 (Straits Trading, +25.1%)、立合斯顿控股 (Riverstone Holdings, +18.7%)、新捷运 (SBS Transit, +17.9%) 和吉宝基础设施信托 (Keppel Infrastructure Trust, +16.8%)。