Key Takeaways

• Parkway Life REIT (PREIT) has acquired 11 nursing homes in France for SGD159.9m. This move is expected to be accretive to distribution per unit (DPU) on a historical pro forma basis. FY24 DPU forecast remains unchanged, but FY25 DPU is increased by 0.5%, nudging the fair value (FV) estimate from SGD4.48 to SGD4.49.
• First REIT’s (FIRT) 9M24 DPU of 1.78 Singapore cents missed expectations, constituting 74.1% of the initial full-year forecast. FY24 and FY25 DPU forecasts are lowered by 1.7% and 0.9%, respectively, with a risk-free rate assumption reduced to 2.5% and an equity risk premium increased to 9.25%. FV remains unchanged at SGD0.28.
• Starhill Global REIT’s (SGREIT) 1QFY25 gross revenue and net property income (NPI) rose by 1.9% and 1.4% YoY. The divestment of strata-titled space at Wisma Atria for SGD16.1m is factored in, increasing FY25 DPU by 0.2% and lowering FY26 DPU by 2%. FV estimate increases from SGD0.50 to SGD0.55.
• CapitaLand Ascott Trust’s (CLAS) 3Q24 gross profit rose 8% YoY. Divestments are factored in, lowering FY24 and FY25 distribution per stapled security forecasts by 0.4% and 1.1%, respectively. FV estimate is lowered from SGD1.10 to SGD1.06.
• CapitaLand China Trust’s (CLCT) 9M24 gross revenue and NPI declined by 3.4% and 5.1% YoY. Recovery assumptions are pushed back, lowering FY24 and FY25 DPU forecasts by 0.5% and 1.4%, respectively. FV estimate dips from SGD0.885 to SGD0.87.
• Mapletree Industrial Trust’s (MINT) 1HFY25 DPU rose by 1.3% to 6.80 Singapore cents, meeting expectations. FY25 and FY26 DPU forecasts are trimmed by 1.6% and 1.7%, respectively, with a lower risk-free rate assumption from 3% to 2.5%. FV estimate increases from SGD2.71 to SGD2.77.
• CapitaLand Ascendas REIT’s (CLAR) 3Q24 rental reversions accelerated to 14.4%, but occupancy fell by 1.0 percentage point sequentially to 92.1%. FV estimate is raised from SGD3.23 to SGD3.32 due to a lower risk-free rate assumption.

Price Performance

The FTSE ST REIT Index was down 1.5% week-on-week, while the Straits Times Index (STI) was down 1.1% over the same period.

Peer Comparison of Singapore REITs

In this section, we delve into the detailed analysis of various REIT categories, examining their market performance, distribution yields, and other key metrics.

Office REITs

• IREIT Global: Price: SGD0.290, Market Cap: SGD390.0m, Yield: N/A, D/A: 37.2%, P/B: 0.50
• Keppel REIT: Price: SGD0.895, Market Cap: SGD3,429.6m, Yield: 6.7%, D/A: 41.9%, P/B: 0.70
• Manulife US REIT: Price: USD0.112, Market Cap: USD199.0m, Yield: N/A, D/A: 56.3%, P/B: 0.33
• OUE REIT: Price: SGD0.295, Market Cap: SGD1,620.4m, Yield: 7.1%, D/A: 39.3%, P/B: 0.50
• Suntec REIT: Price: SGD1.170, Market Cap: SGD3,414.0m, Yield: 5.7%, D/A: 42.3%, P/B: 0.57
• Keppel Pacific Oak US REIT: Price: USD0.255, Market Cap: USD266.3m, Yield: N/A, D/A: 42.6%, P/B: 0.36
• Prime US REIT: Price: USD0.176, Market Cap: USD230.3m, Yield: 10.2%, D/A: 48.1%, P/B: 0.29
• Elite UK REIT: Price: GBP0.300, Market Cap: GBP176.1m, Yield: 11.7%, D/A: 41.4%, P/B: 0.73

Retail REITs

• BHG Retail REIT: Price: SGD0.460, Market Cap: SGD239.0m, Yield: N/A, D/A: 39.8%, P/B: 0.64
• CapitaLand Integrated Comm: Price: SGD2.030, Market Cap: SGD14,791.8m, Yield: 5.6%, D/A: 39.8%, P/B: 0.95
• CapitaLand China Trust: Price: SGD0.755, Market Cap: SGD1,298.9m, Yield: 8.2%, D/A: 41.6%, P/B: 0.63
• Frasers Centrepoint Trust: Price: SGD2.250, Market Cap: SGD4,076.3m, Yield: 5.6%, D/A: 38.5%, P/B: 1.01
• Lendlease Global Comm. REIT: Price: SGD0.580, Market Cap: SGD1,388.3m, Yield: 6.7%, D/A: 40.9%, P/B: 0.76
• Lippo Malls Indo Retail Trust: Price: SGD0.023, Market Cap: SGD177.0m, Yield: N/A, D/A: 45.0%, P/B: 0.41
• Mapletree Pan Asia Comm Trust: Price: SGD1.290, Market Cap: SGD6,786.6m, Yield: 6.7%, D/A: 38.4%, P/B: 0.75
• Paragon REIT: Price: SGD0.880, Market Cap: SGD2,500.8m, Yield: 5.0%, D/A: 29.0%, P/B: 0.94
• Starhill Global REIT: Price: SGD0.505, Market Cap: SGD1,143.6m, Yield: 7.5%, D/A: 37.2%, P/B: 0.71
• Sasseur REIT: Price: SGD0.700, Market Cap: SGD872.0m, Yield: 9.3%, D/A: 25.3%, P/B: 0.82
• United Hampshire US REIT: Price: USD0.475, Market Cap: USD277.1m, Yield: 9.7%, D/A: 41.9%, P/B: 0.64

Industrial REITs

• AIMS APAC REIT: Price: SGD1.270, Market Cap: SGD1,029.9m, Yield: 7.6%, D/A: 33.1%, P/B: 0.97
• CapitaLand Ascendas REIT: Price: SGD2.670, Market Cap: SGD11,739.9m, Yield: 5.8%, D/A: 38.9%, P/B: 1.18
• ESR-LOGOS REIT: Price: SGD0.285, Market Cap: SGD2,194.1m, Yield: 7.4%, D/A: 36.0%, P/B: 0.96
• Frasers Logistics & Comm Trust: Price: SGD1.070, Market Cap: SGD4,020.9m, Yield: 6.5%, D/A: 33.2%, P/B: 0.92
• Mapletree Industrial Trust: Price: SGD2.400, Market Cap: SGD6,824.6m, Yield: 5.7%, D/A: 39.1%, P/B: 1.40
• Mapletree Logistics Trust: Price: SGD1.320, Market Cap: SGD6,661.0m, Yield: 6.1%, D/A: 40.2%, P/B: 0.99
• Sabana REIT: Price: SGD0.360, Market Cap: SGD405.0m, Yield: N/A, D/A: 37.0%, P/B: 0.69
• Daiwa House Logistics Trust: Price: SGD0.590, Market Cap: SGD411.3m, Yield: 8.5%, D/A: 37.3%, P/B: 0.86

Hospitality REITs

• Acrophyte Hospitality Trust: Price: USD0.215, Market Cap: USD124.7m, Yield: N/A, D/A: 43.5%, P/B: 0.31
• CapitaLand Ascott Trust: Price: SGD0.905, Market Cap: SGD3,431.3m, Yield: 6.9%, D/A: 38.3%, P/B: 0.82
• CDL Hospitality Trusts: Price: SGD0.905, Market Cap: SGD1,135.9m, Yield: 6.7%, D/A: 38.8%, P/B: 0.60
• Far East Hospitality Trust: Price: SGD0.625, Market Cap: SGD1,257.0m, Yield: 6.6%, D/A: 30.8%, P/B: 0.68
• Frasers Hospitality Trust: Price: SGD0.430, Market Cap: SGD828.2m, Yield: 6.0%, D/A: 35.3%, P/B: 0.65

Healthcare REITs

• First REIT: Price: SGD0.270, Market Cap: SGD563.2m, Yield: 9.3%, D/A: 39.3%, P/B: 0.93
• Parkway Life REIT: Price: SGD3.750, Market Cap: SGD2,268.8m, Yield: 4.0%, D/A: 37.5%, P/B: 1.63

Data Centre REITs

• Keppel DC REIT: Price: SGD2.270, Market Cap: SGD3,916.4m, Yield: 4.4%, D/A: 39.7%, P/B: 1.66
• Digital Core REIT: Price: USD0.605, Market Cap: USD785.4m, Yield: 6.3%, D/A: 34.8%, P/B: 0.92

Other REITs

• Cromwell European REIT: Price: EUR1.640, Market Cap: EUR922.3m, Yield: 8.5%, D/A: 40.5%, P/B: 0.78

Weekly Top Gainers and Losers

Top 5 Gainers

• Cromwell European REIT: +2.5%
• Suntec REIT: +2.2%
• Sasseur REIT: +1.8%
• Lippo Malls Indo Retail Trust: +1.7%
• Lendlease Global Comm. REIT: +1.7%

Bottom 5 Losers

• Keppel DC REIT: -3.8%
• Elite UK REIT: -3.8%
• Digital Core REIT: -3.7%
• Mapletree Pan Asia Comm Trust: -3.7%
• Keppel Pacific Oak US REIT: -3.8%

Weekly Sector Performance

• Others: +3.0%
• Retail: -0.8%
• Healthcare: -1.1%
• Hospitality: -1.4%
• Industrial: -1.9%
• Office: -2.6%
• Data Centre: -2.9%

Distribution Details

Name	DPU (cents)	Date Announced	Ex-date	Record Date	Pay Date
ParkwayLife REIT	0.760	22 Oct 2024	29 Oct 2024	30 Oct 2024	26 Nov 2024
Suntec REIT	1.580	24 Oct 2024	1 Nov 2024	4 Nov 2024	28 Nov 2024
Frasers Centrepoint Trust	6.020	25 Oct 2024	4 Nov 2024	5 Nov 2024	29 Nov 2024
Mapletree Pan Asia Comm	1.980	24 Oct 2024	1 Nov 2024	4 Nov 2024	6 Dec 2024
Mapletree Logistics Trust	2.027	22 Oct 2024	29 Oct 2024	30 Oct 2024	17 Dec 2024
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