- It was a mixed week for Regional REITs, with four out of eight of our tracked markets in Asia Pacific showing negative returns.
- The up markets, in descending order, include TH (THAI Prop Funds: +1.0% WoW), JP (J-REITs: +0.7% WoW), SG (S-REITs: +0.3% WoW) and TW (TREITs: flattish WoW).
- The down markets, in descending order, include HK (HK-REIT: -2.7% WoW), KR (K-REITs: --1.1% WoW), AU (A-REITs: - 1.0% WoW) and MY (M-REITs: -0.5% WoW).
S-REIT
- On the S-REITs front, the Retail REITs outperformed +0.7% WoW, driven by CapitaLand Mall Trust (+2.9% WoW).
- The Office REITs also (+0.6% WoW) followed closely behind, pushed by Frasers Commercial Trust (+2.7% WoW) and CapitaLand Commercial Trust (+1.6% WoW).
- On the flip side, the Hospitality REITs were the worst performers, down - 0.4% WoW, pulled down by CDL Hospitality Trusts (-1.5% WoW), Far East Hospitality Trust (-1.3% WoW) and Frasers Hospitality Trust (-1.2% WoW).
- The other segments were mostly flat.
- CapitaLand Mall Trust was the best performing S-REIT while First REIT (-2.1% WoW) was the worst performing S-REIT.
Year-to-date
- Year-to-date, the Retail REITs (+5.1% YTD) surpassed the Healthcare REITs (+4.3% YTD) to become the best performing segment, driven mostly by our RHB top picks:
- Frasers Centrepoint Trust [BUY; TP: SGD2.22] (+8.7% YTD) and
- Starhill Global REIT [BUY; TP: SGD0.93] (+8.7% YTD).
- First REIT which was up a whopping 12% YTD and is the best performing S-REIT.
- The Office REITs remained the biggest laggard (-8.1% YTD) dragged down by CapitaLand Commercial Trust (-11.1% YTD), Suntec REIT (-11.7% YTD) and the German office REIT - IREIT Global (-10.1% YTD).
- Suntec REIT has become the worst-performing S-REITs surpassing CapitaLand Commercial Trust after last week.
Comparison
(Ong Kian Lin, Ivan Looi)
Source: http://www.rhbgroup.com/
