REIT Watch - S-Reits Gain 1.7% After Fed's Rate Cut
REIT Watch - S-Reits Gain 1.7% After Fed's Rate Cut
10 biggest S-REIT movers on 19 September
9月19日,昨天最大的REIT信托表现
Trust Name | Stock Code | Market Cap (S$M) | 19 Sep price gains (%) | Gearing ratio (%) |
Lippo Malls Indonesia Retail Trust | D5IU | 177 | 4.5 | 43.7 |
Digital Core REIT | DCRU | 1,048 | 4.0 | 35.1 |
ARA US Hospitality Trust | XZL | 199 | 3.8 | 44.1 |
Sasseur REIT | CRPU | 866 | 3.7 | 25.2 |
ESR-LOGOS REIT | J91U | 2,229 | 3.6 | 36.3 |
Manulife US REIT | BTOU | 294 | 3.1 | 56.7 |
Suntec REIT | T82U | 3,992 | 3.0 | 42.2 |
Starhill Global REIT | P40U | 1,246 | 2.8 | 37.2 |
Mapletree Pan Asia Commercial Trust | N2IU | 7,938 | 2.7 | 40.5 |
Parkway Life REIT | C2PU | 2,511 | 2.2 | 36.4 |
信托名称 | 股票代码 | 市值 (新加坡元) | 9月19日价格涨幅(%) | 负债比率(%) |
力宝印尼购物中心信托 | D5IU | 177 | 4.5 | 43.7 |
数字核心REIT | DCRU | 1,048 | 4.0 | 35.1 |
ARA美国酒店信托 | XZL | 199 | 3.8 | 44.1 |
砂之船房地产投资信托 | CRPU | 866 | 3.7 | 25.2 |
esr-logos信托 | J91U | 2,229 | 3.6 | 36.3 |
manulife美国信托 | BTOU | 294 | 3.1 | 56.7 |
新达产业信托 | T82U | 3,992 | 3.0 | 42.2 |
星狮地产信托 | P40U | 1,246 | 2.8 | 37.2 |
Mapletree Pan Asia Commercial Trust | N2IU | 7,938 | 2.7 | 40.5 |
百汇人寿信托 | C2PU | 2,511 | 2.2 | 36.4 |
5 S-REITs with the largest net institutional inflows on 19 September
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5 S-REITs with the largest net retail inflows on 19 September
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19日净机构流入最大的5家砂之船房地产投资信托
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9月19日净零售流入最大的5家新加坡房地产信托
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Source: Company filings, Bloomberg, SGX. Data as of 19 September 2024, in Singapore dollars. Distribution yields and gearing ratios are taken from S-REITs & Property Trusts Chartbook 2Q24.
Source: Company filings, Bloomberg, SGX. Data as of 19 September 2024, in Singapore dollars. Distribution yields and gearing ratios are taken from S-REITs & Property Trusts Chartbook 2Q24.
After the recent softening in jobs data and inflation figures, the US Federal Reserve declared its first rate reduction in four years, decreasing the overnight borrowing rate by 50 basis points or half a percentage point, in line with market expectations. This brings the fed funds rate to a range of 4.75 to 5 per cent.
After the recent softening in jobs data and inflation figures, the US Federal Reserve declared its first rate reduction in four years, decreasing the overnight borrowing rate by 50 basis points or half a percentage point, in line with market expectations. This brings the fed funds rate to a range of 4.75万亿. 5 per cent.
The Fed has indicated additional rate cuts, forecasting another 50 basis points this year, a full percentage point in 2025, and half a percentage point in 2026. However, the Fed has also raised its projection for the longer run rate to 2.9 per cent from 2.8 per cent, which is significantly higher from 2.5 per cent in December 2023 and the highest since 2018.
美联储已表明将进行额外的降息,并预测今年将再次下调50个基点,2025年下调一个百分点,2026年下调半个百分点。然而,美联储将长期利率预期从2.8%上调至2.9%,较2018年的2.5%显著提高。
Locally, the iEdge S-REIT Index rose 1.7 per cent on 19 September following overnight developments. Across all S-REITs and Property Trusts, there were 30 advancers, 5 decliners and 4 that remain unchanged. The 10 biggest gainers averaged 3.4 per cent in price gains and majority were S-REITs with overseas assets. Up until 19 September, the iEdge S-REITs Index has achieved a total return of 5.8 per cent for the year-to-date.
在本地,iEdge S-REIT指数于9月19日上涨了1.7%。在所有S-REIT和物业信托中,有30只上涨,5只下跌,4只保持不变。涨幅最大的10只股票平均上涨了3.4%,其中大部分是拥有境外资产的S-REIT。截至9月19日,iEdge S-REIT指数今年迄今总回报率为5.8%。
In terms of fund flows, S-REITs recorded net institutional inflows of $10.7 million on 19 September while retail recorded net outflows of $2.1 million. The five S-REITs that recorded largest net institutional inflows were Suntec REIT, Mapletree Logistics Trust, CapitaLand Integrated Commercial Trust, Mapletree Pan Asia Commercial Trust and Mapletree Industrial Trust. Similarly, the five S-REITs that recorded largest net retail inflows were Frasers Centrepoint Trust, ESR-LOGOS REIT, Paragon REIT, Mapletree Industrial Trust, and CapitaLand Ascendas REIT.
在资金流动方面,9月19日,S-REIT的机构净流入额为1070万美元,而零售净流出额为210万美元。净机构流入最大的五家S-REIT分别是新达产业信托、麦杰物流信托、凯德商业一体化信托、麦杰泛亚商业信托和麦杰工业信托。同样,净零售流入最大的五家S-REIT分别是星狮地产信托、esr-logos房地产信托、百盛产业信托、麦杰工业信托和凯德安达信托。
Global REITs have been on the move as central banks recalibrate, setting a more favourable backdrop for policymakers and investors. The FTSE EPRA Nareit Global REITs Index has gained 9.7 per cent in total returns in this year thus far.
随着各国央行调整政策,为决策者和投资者创造了更有利的环境,全球房地产信托一直在活跃。截止到目前,FTSE EPRA Nareit全球房地产信托指数的总回报率已经达到了9.7%。
With rates gradually decreasing, the REITs sector might experience some relief. According to Nareit, REITs will likely be subject to day-to-day share price volatility as the equity market digests and reassesses changing probabilities on the path for lower rates. Over the medium to long-term period, the two impacts of lower rates on REITs are lower financing costs which would lead to higher earnings growth, and improved cost of debt and capital which would support acquisition activities. The interest rate hikes since 2022 have led to increased borrowing costs, lower distributions to unitholders, and lower property valuations.
随着利率逐渐降低,房地产信托板块可能会得到一些缓解。根据Nareit的数据,随着股票市场对利率降低的概率进行消化和重新评估,房地产信托的股价可能会受到日常波动的影响。中长期来看,利率降低对房地产信托的两个影响是降低融资成本,从而提高盈利增长,并改善债务和资本成本,支持收购活动。自2022年以来的加息已导致借款成本增加,分配给持有人的分红减少,房地产估值下降。
CapitaLand Integrated Commercial Trust (CICT) recently announced an acquisition of a 50 per cent stake in ION Orchard mall. The $1.85 billion deal will increase CICT's Singapore retail footprint by approximately 14.3 per cent in terms of net lettable area and is expected to provide a pro forma DPU accretion of 1.2 per cent and 0.9 per cent for FY2023 and 1H2024 respectively. Leverage ratio is expected to remain stable from 39.8 per cent to 39.9 per cent.
凯德商变信托最近宣布收购ION Orchard商场50%的股权。这项价值18.5亿新加坡元的交易将使凯德商变信托在新加坡零售市场的覆盖面积增加约14.3%,预计将分别为2023年和2024年上半年带来1.2%和0.9%的基准股息每单位提升。杠杆率预计将保持稳定,从39.8%上升至39.9%。
S-REITs' secondary market activity momentum has started to pick up, recording up to 10 acquisitions in the first half of 2024. Additionally, CICT's private placement achieved a subscription rate of about 3.7 times covered, potentially indicating a recovery in the secondary market and paving the way for the primary markets.
S-REITs的二级市场活动势头已经开始提升,在2024年上半年达成了高达10项收购交易。此外,凯德商变信托的定向增发获得了约3.7倍的认购率,可能预示着二级市场的复苏,为一级市场铺平道路。
For more research and information on Singapore's REIT sector, visit sgx.com/research-education/sectors for the monthly SREITs & Property Trusts Chartbook.
有关新加坡房地产投资信托板块的更多研究和信息,请访问sgx.com/research-education/sectors了解每月SREITs和房地产信托基金总览。
REIT Watch is a regular column on The Business Times, read the original version.
REIT Watch 是《商业时报》的定期专栏,请阅读原始版本。
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