Technical Analysis of FTSE ST REIT Index (FSTAS351020)
FTSE ST Real Estate Investment Trusts (FTSE ST REIT Index) increased from 631.68 to 638.78 (+1.12%) compared to last month's update. It has continued to trade between 622 and 200D SMA (658 currently) following the April flash crash caused by “Liberation Day” announced by US President Donald Trump. Immediate support is at 622, tested 4 times between April 2024 and most recently on 15th May.
• Short-term direction: Sideways
• Medium-term direction: Sideways
• Long-term direction: Sideways
• Immediate Support: Blue Support Line (622), followed by 586 (Mar 2020 crash)
• Immediate Resistance: 200D SMA
Previous chart on FTSE ST REIT index can be found in the last post: Singapore REITs Monthly Update on May 18, 2025.
Fundamental Analysis of 37 Singapore REITs
The following is the compilation of 37 Singapore REITs with colour-coding of the Distribution Yield, Gearing Ratio and Price to NAV Ratio.
Data from REITsavvy Screener https://screener.reitsavvy.com
What does each Column mean?
As of May 2024, all REITs' Yield Spread will be referenced to SG Gov Bond Yields, regardless of trading currency.
Price/NAV Ratios Overview
ParkwayLife REIT |
1.66 |
Keppel DC REIT |
1.49 |
Capitaland Ascendas REIT |
1.19 |
Mapletree Industrial Tr |
1.15 |
Frasers Hospitality Trust |
1.09 |
AIMS APAC REIT |
1.07 |
Lippo Malls Indonesia Retail Trust |
0.18 |
Manulife US REIT |
0.26 |
Prime US REIT |
0.27 |
Keppel Pacific Oak US REIT |
0.28 |
Acrophyte Hospitality Trust |
0.42 |
OUE REIT |
0.48 |
Distribution Yields Overview
IREIT Global |
9.69 |
Sasseur REIT |
9.50 |
United Hampshire REIT |
9.23 |
Stoneweg European REIT |
9.18 |
ESR REIT |
9.17 |
Elite UK REIT |
8.70 |
Gearing Ratios Overview
Manulife US REIT |
59.4 |
EC World REIT |
56.8 |
Prime US REIT |
46.8 |
Lippo Malls Indonesia Retail Trust |
44.2 |
Keppel Pacific Oak US REIT |
43.7 |
Suntec REIT |
43.4 |
Market Capitalisation Overview
Capitaland Integrated Commercial Trust |
15545.74 |
Capitaland Ascendas REIT |
11484.00 |
Mapletree Pan Asia Commercial Trust |
6316.68 |
Mapletree Logistics Tr |
5675.04 |
Mapletree Industrial Tr |
5587.96 |
Keppel DC REIT |
5036.52 |
Lippo Malls Indonesia Retail Trust |
76.97 |
Manulife US REIT |
110.10 |
Acrophyte Hospitality Trust |
174.03 |
Elite UK REIT |
196.09 |
Prime US REIT |
196.20 |
Keppel Pacific Oak US REIT |
198.45 |
Disclaimer: The above table is best used for “screening and shortlisting only”. It is NOT for investing (Buy / Sell) decisions. If you want to know more about investing in REITs, scroll down for more information on the REITs courses.
Top 10 Best/Worst Performers for the May 2025
Source: https://screener.reitsavvy.com/
Refer to the Detail 2024 S-REITs Performance here.
SG 10-Year Government Bond Yield
Summary
Singapore REITs sector is trading within a range between 620 and 660. The US 10Y Risk Free Rate has decreased to 4.41%, while the SG 10Y Risk Free Rate decreased by 0.26%. Average yield spread is at 3.95% w.r.t to the SG Risk Free Rate.
Singapore REITs sector has very strong inversed correlation with US 10Y Risk Free Rate. For S-REIT to come back to live again, we need the US 10 year risk free rate to come down otherwise the performance of Singapore REIT index will continue to be muted.
US 10 Year Risk Free Rate
Fundamentally, the S-REIT sector is trading at a 24% discount (5% if using weighted average) to its fair value, with an average trailing twelve-month (TTM) yield of 6.03%. This is very undervalued and at levels only seen previously in the March 2020 COVID crash.
According to the current Fed Fund Rate projections from the CME Group, the market expects a 25 basis point cut by Q3 2025. The cut in interest rate will help to boost the DPU of the REITs which have shorter debt maturity profile and higher percentage of floating rate. However, the impact will only be reflected in the financial statement probably in Q3 or Q4 2025.
Kenny Loh is a distinguished Wealth Advisory Director with a specialization in holistic investment planning and estate management. He excels in assisting clients to grow their investment capital and establish passive income streams for retirement. Kenny also facilitates tax-efficient portfolio transfers to beneficiaries, ensuring tax-efficient capital appreciation through risk mitigation approaches and optimized wealth transfer through strategic asset structuring.
In addition to his advisory role, Kenny is an esteemed SGX Academy trainer specializing in S-REIT investing and regularly shares his insights on MoneyFM 89.3. He holds the titles of Certified Estate & Legacy Planning Consultant and CERTIFIED FINANCIAL PLANNER (CFP).
With over a decade of experience in holistic estate planning, Kenny employs a unique “3-in-1 Will, LPA, and Standby Trust” solution to address clients’ social considerations, legal obligations, emotional needs, and family harmony. He holds double master’s degrees in Business Administration and Electrical Engineering, and is an Associate Estate Planning Practitioner (AEPP), a designation jointly awarded by The Society of Will Writers & Estate Planning Practitioners (SWWEPP) of the United Kingdom and Estate Planning Practitioner Limited (EPPL), the accreditation body for Asia.
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