（文章来源：新华财经） 新华财经新加坡11月20日电（记者刘春涛）新加坡海峡时报指数20日涨0.15%，收于4511.87点。 成份股方面，星狮物流商产信托（Frasers Logistic & Commercial Trust）和吉宝数据中心房地产信托 （Keppel DC Reit )涨幅居前，分别上涨1.60%和1.29%。 跌幅居前的新翔集团有限公司 (SATS)和泰国酿酒（ThaiBev )分别下跌1.17%和1.06%。 股市成交量达13.7亿股，总交易额达14亿新元。其中，349只股票上涨，229只股票下跌。 ...

香港联交所最新资料显示，11月11日，ESR Asset Management (Prosperity) Limited减持泓富产业信托 (00808)17.8万股，每股均价1.4065港元，总金额约为25.04万港元。减持后最新持股数目约为1.11亿股， 最新持股比例7.03%。 ...

Core Viewpoint - ESR Asset Management (Prosperity) Limited has reduced its stake in Prosperity Industrial Trust (00808) by selling 197,000 shares at a price of HKD 1.402 per share, totaling approximately HKD 276,200 [1] Summary by Category Shareholding Changes - After the reduction, ESR Asset Management's latest shareholding stands at approximately 113 million shares, representing a holding percentage of 7.15% [1]

Core Points - The Straits Times Index in Singapore increased by 1.54%, closing at 4484.99 points on November 6 [1] - The total trading volume reached 1.45 billion shares, with a total turnover of 28.5 billion Singapore dollars [1] - Among the constituent stocks, Singtel and Yangzijiang Shipbuilding had the highest gains, rising by 5.39% and 3.9% respectively [1] - The stocks with the largest declines were UOB and Keppel Data Centres REIT, which fell by 2.78% and 0.83% respectively [1]

Core Viewpoint - Keppel REIT reported strong performance in Q3 2025, with a robust rental recovery and an increase in portfolio occupancy rate [1][2] Financial Performance - For the first nine months of 2025, Keppel REIT achieved total revenue of SGD 204.5 million, a year-on-year increase of 5.5% [1] - Net Property Income (NPI) reached SGD 161.3 million, reflecting an 8.6% year-on-year growth [1] - Distributable income slightly decreased by 0.6% year-on-year to SGD 159.6 million due to management fees being paid in cash rather than units [1] Operational Highlights - As of the end of Q3 2025, the portfolio committed occupancy rate increased by 0.4 percentage points to 96.3% [1] - Keppel REIT signed or renewed leases for a total area of 726,000 square feet, achieving a rental reversion rate of 12%, with Singapore properties at 11.2% [1] Future Outlook - Management expects healthy rental recovery in Q4 2025 and FY 2026, aiming for double-digit rental reversion in FY 2026 [2] - Keppel REIT proposed to acquire 75% of the Top Ryde Shopping Centre in Australia for AUD 393.8 million, which is anticipated to increase the adjusted distribution per unit (DPU) by 1.53% [2] Analyst Ratings - Galaxy International maintains an "Add" rating for Keppel REIT with a target price of SGD 1.20, highlighting the positive outlook in Singapore's premium office space sector [2]

Core Viewpoint - Yuexiu Real Estate Investment Trust (Yuexiu REIT) is seeking to optimize its financial statements by selling a 50% stake in Yuexiu Financial Tower to its affiliate, Guangzhou Yuexiu Development Group, for approximately 3.433 billion yuan, with the proceeds aimed at debt repayment [1][3][10] Financial Restructuring - The transaction will be executed in two phases: first, a 50% stake in the project company will be transferred to an affiliate, followed by the remaining 50% to a non-wholly-owned subsidiary of Yuexiu REIT [3] - The net proceeds from the sale, after deducting related costs, are expected to be around 2.3 billion yuan, combined with 3 billion yuan from bank financing, totaling 5.3 billion yuan for debt repayment [3][10] Debt Reduction - Post-transaction, Yuexiu REIT anticipates a significant reduction in interest expenses and an increase in distribution per fund unit, with the debt ratio decreasing from 48.1% to approximately 41.2% [5][10] - The sale is expected to improve the company's financial resilience and long-term competitiveness [5] Performance Impact - Yuexiu Financial Tower, acquired for about 7.873 billion yuan in 2021, has not provided substantial returns during its holding period, leading to the decision to divest [1][5] - The tower's contribution to revenue has diminished, with projected revenues of 362 million yuan in 2024 and 165 million yuan in the first half of 2025, alongside declining occupancy rates [5][8] Strategic Partnership - After the sale, Yuexiu REIT will maintain a partnership with Guangzhou Yuexiu, which may enhance financing conditions for Yuexiu Financial Tower, potentially improving its yield [6] Overall Financial Health - Yuexiu REIT reported a total revenue of 966 million yuan in the first half of the year, a decrease of 6.6% year-on-year, with a net loss of 337 million yuan primarily due to fair value impairments [8] - The sale of Yuexiu Financial Tower is seen as a necessary step to alleviate financial burdens rather than focusing on revenue growth [9]

Group 1 - The core viewpoint of the report is that the retail market in Hong Kong may require time to stabilize, leading to a slight downward adjustment in the revenue and distribution forecasts for Prosperity REIT (00778) for 2025 and 2026 [1] - The improvement in stock and real estate performance is expected to create a wealth effect, which may help stabilize the market in the medium to long term, with a projected annual growth of approximately 2% to 3% in distributions for 2026 and 2027 [1] - The potential inclusion in the Stock Connect program is identified as a key catalyst for the next 12 months, with the impact of interest rate cuts expected to outweigh the anticipated changes in rental adjustments [1] Group 2 - The report indicates that Prosperity REIT's retail portfolio, primarily focused on essential consumption, remains resilient and is expected to maintain a high occupancy rate [1] - Recent fluctuations in HIBOR have led to a decline in stock prices, but a forecasted interest rate cut by the Federal Reserve in September or by the end of the year is anticipated to support a recovery in the company's stock price [1] - The target price for Prosperity REIT has been slightly raised to HKD 5.92, while maintaining a "Buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company, with an updated target price of HKD 5.92, reflecting a potential upside of 22.8% from the current price of HKD 4.82 [1][2][3]. Core Insights - The company’s portfolio remains stable, and the anticipated interest rate cuts are expected to enhance its valuation. The target price has been slightly raised due to recent operational updates and market conditions [2][3]. - Despite a slight downward adjustment in revenue and distribution forecasts for 2025 and 2026 due to the ongoing stabilization of the Hong Kong retail market, the company is expected to benefit from improvements in the stock and real estate markets, leading to a wealth effect that could stabilize the market in the medium to long term [3]. - The company’s retail portfolio, primarily focused on essential consumption, is expected to maintain high occupancy rates. The fluctuations in HIBOR have recently impacted the stock price, but a potential interest rate cut by the Federal Reserve in September or at year-end is anticipated to support a rebound in the stock price [3]. Financial Overview - Revenue projections for the company are as follows: HKD 1,786 million in 2023, HKD 1,746 million in 2024, HKD 1,743 million in 2025, HKD 1,782 million in 2026, and HKD 1,815 million in 2027, with a year-on-year growth of approximately 2-3% expected for 2026 and 2027 [6][12]. - The net property income is projected to be HKD 1,299 million in 2023, decreasing to HKD 1,253 million in 2024, and then gradually increasing to HKD 1,314 million by 2027 [6][12]. - The company’s distribution per unit is expected to be HKD 0.404 in 2023, decreasing to HKD 0.357 in 2024, and then gradually increasing to HKD 0.382 by 2027, with a distribution yield of approximately 7.5% in 2025 [6][12].

Core Viewpoint - The company, China Merchants Commercial Real Estate Investment Trust (招商局商业房托基金), has shown significant performance improvements and strategic initiatives since its establishment in December 2019, becoming a mature real estate trust fund covering various asset types across major cities in China [2][31]. Financial Performance - The total revenue reported is 2.25 billion RMB [4]. - The distributable income stands at 1.07 billion RMB [7]. - The annualized return rate for the unit distributable income is 9.1% [9]. Financing and Cost Management - The company has successfully signed a contract for a fixed asset mortgage loan of 4 billion RMB, with a new cost of 2.80%, reflecting a reduction of 37 basis points from the previous rate of 3.17% [11][12]. Property Portfolio - The total estimated value of the properties is 8.819 billion RMB [18]. - The occupancy rates for various properties are as follows: - New Era Plaza: 98.2% - China Merchants Hanghua: 97.4% - Digital Building: 92.2% - Science and Trade Center: 86.3% - Garden City Shopping Center: 89.5% [20][21]. Rental Rates - The rental prices per square meter per month for different properties are: - China Merchants Hanghua: 219.3 RMB - Garden City Shopping Center: 144.6 RMB - Digital Building: 142.6 RMB - New Era Plaza: 127.0 RMB - Science and Trade Center: 121.7 RMB [22]. ESG Performance - The property portfolio has achieved a 100% certification rate for ISO 14001 environmental management system [25]. - The safety production goal achievement rate is also 100% [26]. - Tenant satisfaction survey coverage is at 100%, with continuous ESG report publication [28]. Future Outlook - The company aims to stabilize operations, enhance rental growth, reduce operating costs, and expand tenant resources to strengthen its investment portfolio and risk resilience [30].

Core Viewpoint - DBS has released a report indicating that the distributable income of Champion REIT (02778) fell by 12.6% year-on-year to HKD 476 million in the first half of the year, which is broadly in line with expectations. The bank maintains a "Hold" rating and has lowered the target price from HKD 2.21 to HKD 2.10 due to challenging rental outlooks and limited yield attractiveness [1] Group 1 - The rental outlook for office spaces remains challenging, with all leases at Three Garden Road renewed this year, but the decline in renewal rents is expected to continue suppressing rental income prospects [1] - The negative impact from declining renewal rents is anticipated to outweigh the positive effects of reduced interest costs due to the drop in HIBOR, thereby inhibiting short-term growth in Distribution Per Unit (DPU) [1] - Although leasing activity in Central has shown slight improvement, high vacancy rates continue to exert pressure on overall office rents, affecting the renewal rent growth prospects for both Three Garden Road and Langham Place, which together account for approximately 69% of the company's net property income in the first half [1]