SPH REIT kicked off the September quarter financial reporting season for the 36 constituents of the SGX S-REIT Index, reporting its fiscal 4Q 2017 results. Soilbuild Business Space REIT and Keppel DC REIT have followed suit with their fiscal 3Q 2017 results.
The SGX S-REIT Index generated a total return of +21.2% in the year-to-date, outperforming the S&P Asia Pacific REIT Index and MSCI World REIT Index, which generated total returns of -0.7% and +1.5% respectively in SGD terms.
The 36 trusts averaged a year-to-date total return of +21.4%, while maintaining an average distribution yield of 6.4%. Of these 36 trusts, the five best performers in the year-to-date were Croesus Retail Trust (+50.5%), CDL Hospitality Trusts (+35.8%), Viva Industrial Trust (+33.1%), Sabana Shari’ah Compliant Industrial REIT (+31.3%) and CapitaLand Retail China Trust (+29.8%).
Last week, SPH REIT kicked off the September quarter financial reporting season for the 36 constituents of the SGX S-REIT Index, reporting its fiscal 4Q 2017 results. Since then, Soilbuild Business Space REIT and Keppel DC REIT have followed suit with their fiscal 3Q 2017 results.
The SGX S-REIT Index has 36 constituents, comprising 27 REITs, six stapled trusts and three property trusts, with a combined market capitalisation of S$79 billion.
The table below details the confirmed and estimated results release dates for the constituents of the SGX S-REIT Index. Click on each stock to visit its profile page on SGX StockFacts.
Source: Bloomberg & SGX (data as of 16 October 2017)
*Croesus Retail Trust requested for suspension on 11 October 2017. For more information click
here.
The SGX S-REIT Index generated a total return of +21.2% in the year-to-date, outperforming the S&P Asia Pacific REIT Index and MSCI World REIT Index, which generated total returns of -0.7% and +1.5% respectively in SGD terms.
The 36 trusts averaged a year-to-date total return of +21.4%, while maintaining an average distribution yield of 6.4%. Of these 36 trusts, the five best performers in the year-to-date were Croesus Retail Trust (+50.5%), CDL Hospitality Trusts (+35.8%), Viva Industrial Trust (+33.1%), Sabana Shari’ah Compliant Industrial REIT (+31.3%) and CapitaLand Retail China Trust (+29.8%).
In terms of valuation, these trusts had a median price-to-earnings (P/E) ratio of 17.0x and a median price-to-book (P/B) ratio of 1.1x. Their average return on equity (ROE) was 6.6%, and the average gearing ratio for these trusts stood at 34.7%.
The table below details the constituents of the SGX S-REIT Index, sorted by market capitalisation. Click on each stock to visit its profile page on SGX StockFacts.
| Name |
SGX Code |
Market Cap S$M |
Total Return YTD % |
ROE % |
P/E (x) |
P/B (x) |
Gearing Ratio % |
Dvd Ind Yld % |
| Ascendas REIT |
A17U |
7,936 |
25.0 |
8.0 |
17.6 |
1.3 |
33.4 |
6.5 |
| CapitaLand Mall Trust |
C38U |
7,304 |
14.0 |
9.0 |
12.0 |
1.1 |
31.8 |
5.4 |
| CapitaLand Commercial Trust |
C61U |
5,290 |
22.6 |
9.5 |
10.0 |
0.9 |
32.7 |
5.6 |
| Suntec REIT |
T82U |
5,060 |
20.7 |
4.6 |
19.4 |
0.9 |
36.4 |
5.3 |
| Mapletree Commercial Trust |
N2IU |
4,460 |
16.0 |
10.9 |
12.0 |
1.1 |
36.4 |
5.7 |
| Keppel REIT |
K71U |
3,976 |
21.0 |
3.5 |
22.0 |
0.8 |
32.9 |
5.0 |
| Mapletree Logistics Trust |
M44U |
3,755 |
29.2 |
8.0 |
15.4 |
1.2 |
38.4 |
6.1 |
| Mapletree Industrial Trust |
ME8U |
3,398 |
20.3 |
10.9 |
12.4 |
1.3 |
29.1 |
6.1 |
| Mapletree Greater China Commercial Trust |
RW0U |
3,346 |
29.7 |
11.1 |
8.8 |
1.0 |
39.2 |
6.2 |
| Ascott Residence Trust |
A68U |
2,588 |
18.8 |
6.0 |
17.5 |
1.0 |
38.9 |
6.4 |
| SPH REIT |
SK6U |
2,582 |
12.4 |
6.5 |
16.4 |
1.1 |
25.3 |
5.5 |
| Frasers Centrepoint Trust |
J69U |
2,020 |
20.3 |
7.1 |
16.1 |
1.1 |
28.3 |
5.4 |
| CDL Hospitality Trusts |
J85 |
1,965 |
35.8 |
2.6 |
41.2 |
1.1 |
36.6 |
5.9 |
| Starhill Global REIT |
P40U |
1,712 |
11.3 |
5.5 |
17.1 |
0.9 |
35.2 |
6.3 |
| Frasers Logistics & Industrial Trust |
BUOU |
1,685 |
26.9 |
N/A |
N/A |
1.2 |
27.8 |
6.9 |
| Parkway Life REIT |
C2PU |
1,658 |
20.6 |
9.5 |
17.0 |
1.6 |
36.2 |
4.6 |
| Keppel DC REIT |
AJBU |
1,522 |
19.9 |
6.2 |
25.6 |
1.4 |
29.7 |
4.8 |
| CapitaLand Retail China Trust |
AU8U |
1,502 |
29.8 |
7.6 |
13.9 |
1.1 |
35.1 |
6.1 |
| OUE Hospitality Trust |
SK7 |
1,443 |
27.9 |
1.7 |
62.0 |
1.1 |
37.8 |
6.4 |
| Frasers Hospitality Trust |
ACV |
1,421 |
22.7 |
6.2 |
17.2 |
1.0 |
37.5 |
6.3 |
| Far East Hospitality Trust |
Q5T |
1,297 |
22.5 |
1.8 |
40.9 |
0.8 |
33.1 |
5.9 |
| Lippo Malls Indonesia Retail Trust |
D5IU |
1,228 |
25.3 |
3.7 |
36.3 |
1.2 |
31.1 |
8.1 |
| Frasers Commercial Trust |
ND8U |
1,128 |
17.4 |
6.0 |
15.2 |
0.9 |
35.9 |
7.1 |
| First REIT |
AW9U |
1,062 |
13.2 |
5.4 |
23.9 |
1.4 |
30.8 |
6.3 |
| Ascendas India Trust |
CY6U |
1,051 |
13.7 |
21.5 |
7.2 |
1.4 |
28.1 |
5.1 |
| Ascendas Hospitality Trust |
Q1P |
970 |
26.8 |
5.2 |
19.2 |
1.0 |
32.2 |
6.6 |
| Manulife US REIT** |
BTOU |
960 |
18.3 |
10.0 |
11.7 |
1.1 |
33.6 |
7.3 |
| AIMS AMP Capital Industrial REIT |
O5RU |
922 |
16.5 |
1.1 |
88.9 |
1.0 |
36.0 |
7.5 |
| Viva Industrial Trust |
T8B |
922 |
33.1 |
7.6 |
15.7 |
1.2 |
36.8 |
7.7 |
| Croesus Retail Trust* |
S6NU |
899 |
50.5 |
13.5 |
N/A |
N/A |
44.6 |
6.6 |
| Cache Logistics Trust |
K2LU |
890 |
14.1 |
-3.7 |
N/A |
1.1 |
42.8 |
8.7 |
| ESR-REIT |
J91U |
759 |
13.1 |
0.6 |
149.9 |
0.9 |
37.3 |
6.8 |
| Soilbuild Business Space REIT |
SV3U |
740 |
17.8 |
0.3 |
359.7 |
1.0 |
37.0 |
8.4 |
| RHT Health Trust |
RF1U |
691 |
-4.1 |
19.3 |
5.5 |
1.0 |
26.0 |
7.0 |
| Sabana Shari'ah Compliant Industrial REIT |
M1GU |
495 |
31.3 |
-6.6 |
N/A |
0.8 |
42.8 |
8.0 |
| IREIT Global |
UD1U |
481 |
16.6 |
9.3 |
12.4 |
1.2 |
41.4 |
8.0 |
| Average |
|
|
21.4 |
6.6 |
36.3 |
1.1 |
34.7 |
6.4 |
| Median |
|
|
20.4 |
6.2 |
17.0 |
1.1 |
35.6 |
6.3 |
Source: Bloomberg & SGX StockFacts (data as of 16 October 2017)
*Croesus Retail Trust requested for suspension on 11 October 2017. For more information click
here.
**Manulife US REIT is traded in USD however SGD equivalents are shown in table. Market Capitalisation calculation of Manulife US REIT includes Rights units, according to Bloomberg.
REITs raise capital to purchase primarily real estate assets, usually with a view to generate income for unit holders of the fund. They allow individual investors to access real property assets and share the benefits and risks of owning a portfolio of properties, which typically distribute income at regular intervals.
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