Equity Research

1 June 2020

Sector updates
Andy Wong, CFA

Weekly S-REITS Tracker Equity Research

Singapore| Real Estate

Weekly top gainers (%)

Key Takeaways
Cromwell European REIT +18.2
• A fourth round of stimulus package (Fortitude Budget) totalling S$33b was
Lendlease Global Comm. REIT +17.5
announced by the Singapore government on 26 May 2020. Adding this to
Keppel Pacific Oak US REIT +16.7
the previous three Budgets announced earlier this year, a total of S$92.9b,
or ~19.2% of Singapore’s GDP will be spent to boost the economy. Besides
Weekly top laggers (%)
an enhancement to the Jobs Support Scheme (JSS), one of the more
BHG Retail REIT -4.8
significant announcements affecting the S-REITs sector comes from rental
Sabana REIT +1.5 relief measures to support SMEs. This comes in the form of new
CapitaLand Retail China Trust +1.6 government cash grants which will be provided to SME tenants in
qualifying commercial and other non-residential properties such as
industrial and office properties. However, it was also highlighted that a
new Bill will be introduced by the Ministry of Law which will mandate that
landlords have to contribute by granting a rental waiver to their SME
Weekly sector performance (%) tenants who have suffered a significant drop in revenue in the past few
Others +19.5 months. The implication of this is that SME tenants in commercial
properties who have experienced a significant decline in revenue will
Data Centre +8.9
benefit from a total of four months of rental relief to be shared equally
Hospitality +8.3
between the government and landlords. Other SME tenants in industrial
Healthcare +8.1
and office properties will also be given some relief. While this is potentially
Office +7.9
negative on affected S-REITs’ near-term cashflows, we believe ensuring
Industrial +6.8
the survival of their tenants would have far-reaching benefits as any
Retail +6.5
backfilling of vacancies would likely take a prolonged period of time
Overall +7.4 amid a global recession. We continue to recommend investors to stick
with quality REITs with strong sponsors and healthy balance sheets, and/or
REITs with deep value (i.e. negatives priced in). Our preferred S-REIT picks
Sector Index Level Market Index Level are Ascendas REIT (AREIT SP) [BUY; FV: S$3.52], Mapletree Industrial Trust
1050 3600 (MINT SP) [BUY; FV: S$2.84] and Mapletree North Asia Commercial Trust
3400 (MAGIC SP) [BUY; FV: S$1.13]. (27 May)
950
3200
850
3000 Recent Developments
750 2800
2600 • Eagle Hospitality Trust (EHT) announced that it is no longer feasible or
650
2400 practical for it to effect the payment of the previously declared
550
2200 distributions in part or at all at this juncture. This is because EHT has
450 2000
Nov-18 Mar-19 Jul-19 Nov-19 Mar-20
determined that it is in the best interests to utilise the available funds to
FSTREI Index FSSTI Index fund necessary and critical expenses to preserve its portfolio value. (27
May)
The FTSE ST REIT Index was up 7.3% WoW while
the STI was up 0.4% over the same period.

Source: Bloomberg, internal estimates

NOTE: The calculation of the % gains/losses is

based on last Friday’s closing prices and the
preceding week’s Friday closing prices.

Sources: Reuters, Bloomberg, News agencies, Company announcements,

Bank of Singapore

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Exhibit 1: Peer comparison

Singapore REITs
Curr Curr Fwd YTD
Price Mkt Cap Float FYE DPU DPU Fwd DPU Yield Yield Return D/A P/B
($) ($ m) (%) (mth) (freq) (cents) (cents) (%) (%) (%) (%) (x)
OFFICE (9)
CapitaLand Commercial Trust SGD 1.750 6,758.3 70.5 Dec Semi-Anl 8.20 8.70 4.7 5.0 -10.4 35.5 0.95
IREIT Global SGD 0.720 459.6 46.6 Dec Semi-Anl 6.29 6.29 8.7 8.7 -8.3 38.0 0.83
Keppel REIT SGD 1.070 3,627.7 55.4 Dec Quarter 5.70 5.70 5.3 5.3 -11.6 36.2 0.80
Manulife US REIT USD 0.830 1,306.0 92.5 Dec Semi-Anl 6.00 6.30 7.2 7.6 -15.8 37.7 1.03
OUE Commercial REIT SGD 0.385 2,080.9 27.3 Dec Semi-Anl 3.00 3.20 7.8 8.3 -30.4 40.2 0.63
Suntec REIT SGD 1.470 4,140.0 58.9 Dec Quarter 7.90 8.60 5.4 5.9 -18.0 39.9 0.71
Keppel Pacific Oak US REIT USD 0.735 690.1 80.0 Dec Semi-Anl 6.20 6.20 8.4 8.4 -4.5 36.9 0.92
Prime US REIT USD 0.745 785.3 75.3 Dec Semi-Anl 6.90 6.90 9.3 9.3 -19.7 33.7 0.83
Elite Commercial REIT GBP 0.675 224.2 71.5 Dec Semi-Anl N.A. 0.00 N.A. 0.0 N.A. 32.8 1.13
SGD Total: 21,383.1 Average: 7.1 6.5 -14.9 36.8 0.87
RETAIL (12)
BHG Retail REIT SGD 0.590 300.6 67.5 Dec Semi-Anl N.A. N.A. N.A. N.A. -11.2 35.3 0.71
CapitaLand Mall Trust SGD 2.030 7,491.0 65.3 Dec Quarter 9.60 12.10 4.7 6.0 -16.1 33.3 0.96
CapitaLand Retail China Trust SGD 1.300 1,589.7 64.4 Dec Semi-Anl 8.30 9.90 6.4 7.6 -17.3 35.8 0.84
Frasers Centrepoint Trust SGD 2.430 2,721.0 63.5 Sep Quarter 9.40 12.40 3.9 5.1 -12.0 37.4 1.10
Lendlease Global Comm. REIT SGD 0.670 783.6 72.0 Jun Semi-Anl 4.00 5.00 6.0 7.5 -26.9 35.9 0.82
Lippo Malls Indo Retail Trust SGD 0.136 398.0 62.8 Dec Quarter 1.80 2.30 13.2 16.9 -37.5 42.1 0.62
Mapletree Commercial Trust SGD 2.000 6,625.5 67.5 Mar Quarter 8.40 9.40 4.2 4.7 -15.2 33.3 1.14
Mapletree North Asia Com SGD 0.835 2,704.5 62.3 Mar Quarter 6.70 7.30 8.0 8.7 -25.9 39.3 0.59
SPH REIT SGD 0.830 2,290.6 29.1 Aug Quarter 4.30 5.30 5.2 6.4 -22.1 29.3 0.88
Starhill Global REIT SGD 0.485 1,062.7 62.0 Jun Quarter 4.10 4.40 8.5 9.1 -32.0 36.7 0.56
Sasseur REIT SGD 0.800 958.9 20.0 Dec Semi-Anl 6.00 6.40 7.5 8.0 -6.1 28.5 0.86
United Hampshire US REIT USD 0.615 303.4 79.2 Dec Semi-Anl N.A. 5.20 N.A. 8.5 N.A. 37.0 0.82
SGD Total: 27,354.4 Average: 6.8 8.0 -20.2 35.3 0.82
INDUSTRIAL (10)
AIMS APAC REIT SGD 1.270 897.5 67.8 Mar Quarter 10.00 10.10 7.9 8.0 -8.1 34.8 0.94
Ascendas REIT SGD 3.130 11,324.9 80.3 Mar Semi-Anl 15.70 16.30 5.0 5.2 6.5 36.2 1.44
ARA LOGOS Logistics Trust SGD 0.515 559.8 99.6 Dec Quarter 5.40 5.50 10.5 10.7 -25.2 40.8 0.92
EC World REIT SGD 0.690 554.0 51.9 Dec Quarter 5.70 6.20 8.3 9.0 -5.1 38.6 0.77
ESR-REIT SGD 0.375 1,317.6 63.8 Dec Quarter 3.50 3.60 9.3 9.6 -27.1 41.7 0.88
Frasers Logistics & Comm Trust SGD 1.110 2,528.7 54.7 Sep Semi-Anl 7.80 7.80 7.0 7.0 -7.0 35.0 1.13
Mapletree Industrial Trust SGD 2.720 5,988.1 70.4 Mar Quarter 12.30 12.90 4.5 4.7 7.1 37.6 1.68
Mapletree Logistics Trust SGD 2.050 7,799.2 68.7 Mar Quarter 8.30 8.30 4.0 4.0 20.0 39.3 1.55
Sabana REIT SGD 0.330 347.5 69.2 Dec Quarter 2.90 3.00 8.8 9.1 -27.1 31.5 0.58
Soilbuild REIT SGD 0.390 492.9 68.7 Dec Quarter 3.70 3.80 9.5 9.7 -21.9 38.5 0.68
SGD Total: 31,810.3 Average: 7.5 7.7 -8.8 37.4 1.06
HOSPITALITY (6)
ARA US Hospitality Trust USD 0.385 218.4 43.2 Dec Semi-Anl 2.50 6.20 6.5 16.1 -53.4 41.0 0.48
Ascott Residence Trust SGD 0.960 2,970.9 60.0 Dec Semi-Anl 5.20 6.90 5.4 7.2 -25.6 35.4 0.77
CDL Hospitality Trusts SGD 0.950 1,155.8 61.9 Dec Semi-Anl 5.80 7.60 6.1 8.0 -39.5 37.4 0.62
Eagle Hospitality Trust USD N.A. N.A. 54.6 Dec Semi-Anl 5.70 5.50 N.M. N.M. N.A. 37.3 N.A.
Far East Hospitality Trust SGD 0.495 967.8 38.6 Dec Quarter 2.90 3.40 5.9 6.9 -32.1 39.5 0.58
Frasers Hospitality Trust SGD 0.470 903.0 37.1 Sep Semi-Anl 3.10 4.20 6.6 8.9 -33.3 36.0 0.66
SGD Total: 6,305.9 Average: 6.1 9.4 -36.8 37.8 0.62
HEALTHCARE (2)
First REIT SGD 0.885 710.1 72.8 Dec Quarter 8.50 8.40 9.6 9.5 -7.1 34.5 0.89
ParkwayLife REIT SGD 3.470 2,099.4 63.9 Dec Quarter 13.80 14.00 4.0 4.0 6.6 38.5 1.80
SGD Total: 2,809.4 Average: 6.8 6.8 -0.3 36.5 1.34
DATA CENTRE (1)
Keppel DC REIT SGD 2.570 4,196.6 78.6 Dec Semi-Anl 8.90 9.80 3.5 3.8 24.6 32.2 2.24
SGD Total: 4,196.6 Average: 3.5 3.8 24.6 32.2 2.24
OTHERS (1)
Cromwell European REIT EUR 0.455 1,163.0 51.2 Dec Semi-Anl 3.80 4.00 8.4 8.8 -12.5 38.9 0.90
SGD Total: 1,827.6 Average: 8.4 8.8 -12.5 38.9 0.90
41 S-REITS GRAND TOTAL: 95,687.3 AVERAGE: 6.9 7.6 -15.8 36.6 0.93
Business Trusts
REAL ESTATE (3)
Accordia Golf Trust SGD 0.605 665.0 71.1 Mar Semi-Anl N.A. N.A. N.A. N.A. -9.7 25.3 0.76
Ascendas India Trust SGD 1.420 1,628.2 94.7 Mar Semi-Anl 7.60 8.80 5.4 6.2 -8.1 28.0 1.30
Dasin Retail Trust SGD 0.805 522.1 27.3 Dec Semi-Anl 5.20 5.60 6.5 7.0 -1.1 36.2 0.59
SGD Total: 2,815.3 Average: 5.9 6.6 -6.3 29.8 0.89
INFRASTRUCTURE (3)
Asian Pay Television Trust SGD 0.126 182.1 98.9 Dec Quarter 1.20 1.00 9.5 7.9 -21.6 53.1 0.16
Keppel Infrastructure Trust SGD 0.535 2,669.7 71.1 Dec Quarter 3.90 3.90 7.3 7.3 2.7 42.7 2.10
NetLink NBN Trust SGD 1.030 4,013.9 75.1 Mar Semi-Anl 5.10 5.20 5.0 5.0 11.8 15.8 1.38
SGD Total: 6,865.7 Average: 7.3 6.8 -2.4 37.2 1.21
PORT AND SHIPPING (2)
First Ship Lease Trust SGD 0.066 116.7 26.6 Dec Irreg N.A. N.A. N.A. N.A. 55.8 20.5 0.47
Hutchison Port Holdings USD 0.115 1,001.8 72.3 Dec Semi-Anl 1.11 1.32 9.6 11.4 -30.4 33.0 0.30
SGD Total: 1,531.0 Average: 9.6 11.4 12.7 26.7 0.38
8 BUSINESS TRUSTS GRAND TOTAL: 11,212.0 AVERAGE: 7.2 7.5 -0.1 31.8 0.88
Source: Managers, Bloomberg, Internal estimates (01 Jun 2020)
NOTES:
1) SGD/JPY = 0.013177; SGD/USD = 1.4118; SGD/HKD = 0.1821; USD/HKD = 0.12897; SGD/EUR = 1.5714; SGD/AUD = 0.9409; CNY/SGD = 5.0565; SGD/GBP = 1.7382
2) Curr/Fwd DPU and yield are based on Bloomberg consensus forecasts for the current/next financial year
3) D/A (Debt-to-Asset) and P/B (Price-to-Book) are based on figures reported in latest available financial results
4) YTD return includes dividends distributed
5) Cache Logistics Trust has changed its name to ARA LOGOS Logistics Trust with effect from 28 Apr 2020
6) Frasers Logistics & Industrial Trust has changed its name to Frasers Logistics & Commercial Trust with effect from 29 Apr 2020
7) United Hampshire US REIT's D/A and NAV/share (used in P/B calculation) is as per its prospectus

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Exhibit 2: Bank of Singapore Coverage

BBRG Ticker Price Fair Value
Ascendas REIT AREIT SP SGD 3.13 3.52
Ascott Residence Trust ART SP SGD 0.96 1.06
ARA LOGOS Logistics Trust ALLT SP SGD 0.515 0.53
CapitaLand Commercial Trust CCT SP SGD 1.75 1.80
CapitaLand Mall Trust CT SP SGD 2.03 2.12
CapitaLand Retail China Trust CRCT SP SGD 1.30 1.44
CDL Hospitality Trusts CDREIT SP SGD 0.95 0.92
ESR-REIT EREIT SP SGD 0.38 0.49
Far East Hospitality Trust FEHT SP SGD 0.495 0.49
Frasers Centrepoint Trust FCT SP SGD 2.43 2.22
Frasers Logistics & Comm Trust FLT SP SGD 1.11 1.31
Keppel DC REIT KDCREIT SP SGD 2.57 2.54
Mapletree Commercial Trust MCT SP SGD 2.00 1.97
Mapletree North Asia Com MAGIC SP SGD 0.835 1.13
Mapletree Industrial Trust MINT SP SGD 2.72 2.84
Mapletree Logistics Trust MLT SP SGD 2.05 1.79
Soilbuild REIT SBREIT SP SGD 0.390 0.380
SPH REIT SPHREIT SP SGD 0.83 0.77
Starhill Global REIT SGREIT SP SGD 0.485 0.52
Suntec REIT SUN SP SGD 1.47 1.50
Source: Bloomberg, Internal estimates (1 June 2020)

Exhibit 3: Distribution details

Date Annualised
DPU (S cents) Ex-date Record date Pay date
announced yield (%)
Frasers Logistics & Comm Trust 3.730 13 Apr 2020 13 Apr 2020 14 Apr 2020 26 Jun 2020 6.3
Mapletree Logistics Trust 2.048 23 Apr 2020 30 Apr 2020 4 May 2020 12 Jun 2020 4.1
ESR-REIT 0.500 23 Apr 2020 30 Apr 2020 4 May 2020 24 Jun 2020 5.4
Mapletree Industrial Trust 2.850 27 Apr 2020 5 May 2020 6 May 2020 4 Jun 2020 4.2
Mapletree North Asia Com 0.496 29 Apr 2020 8 May 2020 11 May 2020 24 Jun 2020 7.6
CapitaLand Mall Trust 0.850 30 Apr 2020 11 May 2020 12 May 2020 5 Jun 2020 1.7
First REIT 1.860 6 May 2020 13 May 2020 14 May 2020 18 Jun 2020 8.5
NetLink NBN Trust 2.530 6 May 2020 21 May 2020 22 May 2020 3 Jun 2020 4.9
Frasers Hospitality Trust 0.329 8 May 2020 15 May 2020 18 May 2020 29 Jun 2020 1.4
AIMS APAC REIT 2.000 12 May 2020 19 May 2020 20 May 2020 29 Jun 2020 6.4
EC World REIT 1.158 12 May 2020 12 Jun 2020 15 Jun 2020 26 Jun 2020 6.8
Sasseur REIT 1.334 14 May 2020 28 May 2020 29 May 2020 26 Jun 2020 6.8

Source: Managers, Bloomberg, Internal estimates (1 June 2020)

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We do not have any intention of conducting regulated business in Japan. You acknowledge that nothing in this
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Limited does not hold any licence, registration or approval to carry on any regulated business in Malaysia (including
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hold itself out as carrying on or purport to carry on any such business in Malaysia. Any services provided by Bank of
Singapore Limited to residents of Malaysia are provided solely on an offshore basis from outside Malaysia, either as
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a result of “reverse enquiry” on the part of the Malaysian residents or where Bank of Singapore Limited has been
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Singapore Limited (DIFC Branch) is not a financial institution licensed in the United Arab Emirates outside of the DIFC
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provide investment research regarding securities listed on the exchanges of the United Arab Emirates which are
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person or the entity to whom it is directed being persons to whom it may lawfully be directed under applicable laws
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States or to U.S. persons.

In Hong Kong, Bank of Singapore Limited is a branch of Bank of Singapore Limited incorporated in Singapore with
limited liability.

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