Investment Rating - The report provides a positive outlook on the ASEAN real estate sector, particularly highlighting the stability and growth potential of Singapore's real estate investment trusts (REITs) [1]. Core Insights - The report emphasizes the varying weight of real estate stocks in the MSCI standard index across ASEAN countries, with Singapore at approximately 7%, the Philippines at 18%, and Vietnam at 8% [1][3]. - Singapore's government actively intervenes in the real estate market to stabilize prices and limit speculative profits, leading developers to shift towards stable management models [1][6]. - CapitaLand Investment (CLI) has transformed into a management-focused company, comparable to Brookfield and Blackstone, enhancing its revenue stability through property and fund management [1][7]. - CLI manages assets worth approximately $13.6 billion and generates around $8 million annually from its U.S. assets valued at $40 billion [1][8]. - Singapore's REITs are attractive globally due to their high liquidity and returns, with quality assets like CapitaLand Integrated Commercial Trust (CICT) providing stable rental income [1][13]. - Secondary market fundraising has been crucial for narrowing industry price spreads, with secondary market fundraising being three times that of IPOs over the past decade [1][14]. Summary by Sections Market Overview - The report outlines the significant role of various ASEAN countries in the real estate market, noting the differences in stock market sizes and the representation of real estate stocks in indices [1][3]. Company Profiles - Key investable real estate companies in Singapore include CapitaLand, City Developments, and UOL Group, each playing distinct roles in property management and development [4]. - CLI's dual role as a manager and property owner allows it to earn fees from managing $13.6 billion in assets while also generating income from rental and dividends [8]. Government Influence - Singapore's government policies are designed to prevent market overheating, resulting in lower price volatility and limiting developers' profit opportunities from market fluctuations [6]. Investment Strategies - The report discusses the evaluation of companies based on net asset value (NAV) and the importance of considering various financial metrics when assessing real estate investments [5][11]. Future Outlook - The Singapore stock market is projected to grow significantly, potentially surpassing Japan's market within the next decade, driven by a stable growth rate and effective fundraising strategies [12]. - The report highlights the attractiveness of Singapore's REITs in the global market, particularly due to their stable income streams and lower risk profiles compared to other regions [13].

Group 1 - Over 85% of the 66 public REITs reported quarterly profits in Q2, with consumer assets performing particularly well, while logistics and industrial park assets faced operational pressures [2][3] - The standout performer was Ping An Ningbo Transportation REIT, achieving a net profit of 113 million yuan, the only product exceeding 100 million yuan in net profit [3] - 13 products reported revenues exceeding 100 million yuan in Q2, indicating strong performance in certain segments [3] Group 2 - Logistics and industrial park REITs showed disappointing performance, with half of the 10 products reporting net losses, including Zhonghang Yishang Logistics REIT, which lost 18.22 million yuan [3][4] - Consumer REITs maintained high occupancy rates, with Huaxia Dayuecheng Commercial REIT reporting an occupancy rate of 98.44% as of June [3] - The overall market for public REITs has shown resilience, with the CSI REITs total return index rising by 12.34% this year, outperforming major indices [5] Group 3 - Broker proprietary funds have become significant players in the public REITs market, actively participating in both primary and secondary markets [6] - The recent listing of Chuangjin Hexin Shounong REIT saw a first-day increase of over 25%, highlighting strong institutional interest [5] - Brokerages like Huatai Securities and CITIC Securities hold substantial shares in newly established REITs, indicating a trend of increasing institutional investment [6]

Group 1 - The core viewpoint of the articles highlights the strong performance of consumption infrastructure REITs, with high occupancy rates and rental collection rates, indicating a robust investment opportunity in this sector [1][2] - Consumption infrastructure REITs have shown an average increase of 35.02% in the first half of the year, with Jia Shi Wu Mei Consumption REIT leading at a net value increase of 50.35% [2] - The occupancy rates for key REITs such as Zhongjin Yinpian REIT and Huaxia Dayuecheng REIT are reported at 98.88% and 98.44% respectively, demonstrating stability in the market [2][4] Group 2 - The report indicates that the rental prices for some underlying assets have slightly decreased, with Zhongjin Yinpian REIT's rental price dropping from 266.1 yuan/sqm/month to 252.2 yuan/sqm/month [2] - The expansion of public REITs is beneficial for real estate companies, with the total market value of public REITs exceeding 200 billion yuan as of June, and the number of listed REITs reaching 68 [5][8] - Public REITs are seen as advantageous for real estate companies holding substantial properties, providing better exit channels and improving capital efficiency [9]

编者按：7月21日，小摩发布研究报告指出，对于 2025 年下半年，预计在恒生指数上半年取得 18% 的 美元回报率且相对亚太除日本指数跑赢约 5% 之后，短期内会出现盘整，原因包括不确定的关税风险、 美联储不太可能降息的前景、不及预期的刺激政策以及 8 月疲软的季节性因素。这种潜在的疲软将是一 个买入机会，因为强劲的股票市场融资、南向资金流入以及稳定币领域的创新可能会推动 EPS 修正。 指数目标：将 2025 年底恒生指数的基准 / 乐观 / 悲观目标从之前的 11,600/12,400/10,300 港元上调至 13,000/14,000/11,000 港元，对应回报率分别为 2%/10%/-14%。 中小盘股首选：美高梅中国和中国建筑国际。 | RIC Code | Security Name | CN Name | GICS Sector | Analyst | JPM rating | | --- | --- | --- | --- | --- | --- | | Large caps | | | | | | | 1299.HK | AIA Group Ltd | 友邦保险 | Financial ...

Core Viewpoint - Wang Guolong, the CEO of Link REIT, has announced his retirement after over 16 years of service, coinciding with the upcoming 20th anniversary of Link REIT's listing in November 2025 [1][2][3] Company Overview - Link REIT is the largest real estate investment trust in Asia, managing a diverse portfolio and providing investment management services through its subsidiary, Link Real Estate Investment [3] - The board of directors will conduct a comprehensive selection process to find a suitable successor to lead the next phase of the company's development [3] Leadership Transition - Wang Guolong, aged 63, has served as the executive director and CEO since February 2009 and May 2010, respectively [4] - The chairman of the board, Ou Dunqin, praised Wang's contributions over the years and expressed confidence in the existing leadership team to continue the company's strategic focus [3][4] Financial Performance - For the fiscal year 2024/2025, Link REIT reported a revenue increase of 4.8% to HKD 14.223 billion, with net property income rising by 5.5% to HKD 10.619 billion [4] - The distributable income also saw a 4.6% increase to HKD 7.025 billion, exceeding market expectations [4] Market Analysis - According to CMB International, Link REIT maintains a "Buy" rating with a target price of HKD 47.70 [5] - Despite a 9.6% year-on-year decline in net asset value per unit to HKD 63.30, the company demonstrated robust dividend performance, with a full-year distribution per unit of HKD 2.7234, surpassing market expectations by approximately 1% [6] - The rental growth in non-Hong Kong markets is expected to offset slight rental pressures in Hong Kong, with overall rental levels anticipated to remain stable through fiscal year 2026 [6]

Core Viewpoint - The retirement of Wang Guolong, the CEO of Link REIT, marks a significant transition for the company as it approaches its 20th anniversary of listing in November 2025, reflecting on its evolution from a single-market operator to a leading real estate investor in Asia [1][3][4]. Group 1: Leadership Transition - Wang Guolong has decided to retire after over 16 years of service, during which he has significantly contributed to the growth and transformation of Link REIT [4][5]. - The board of directors will initiate a comprehensive selection process to find a suitable successor to lead the next phase of the company's development [4][5]. - The chairman of the board, Ou Dunqin, praised Wang's contributions and expressed confidence in the existing leadership team to continue executing the company's strategies [4][5]. Group 2: Financial Performance - For the fiscal year 2024/2025, Link REIT reported a revenue increase of 4.8% to HKD 14.223 billion, with net property income rising by 5.5% to HKD 10.619 billion [5]. - The distributable income also saw a year-on-year increase of 4.6% to HKD 7.025 billion, surpassing market expectations [5]. - Despite a 9.6% decline in net asset value per unit to HKD 63.30, the company maintained a robust dividend performance, with a full-year distribution per unit of HKD 2.7234, exceeding market expectations by approximately 1% [6]. Group 3: Market Outlook - Analysts from CMB International maintain a "Buy" rating for Link REIT, setting a target price of HKD 47.70, citing that rental growth in non-Hong Kong markets could offset slight rental pressures in Hong Kong [6]. - The overall rental levels are expected to remain stable through the fiscal year 2026, with potential catalysts for stock price in the medium to long term, including interest rate cuts and the inclusion of real estate trusts in the Hong Kong Stock Connect [6].

Market Overview - The market sentiment has turned optimistic due to the temporary suspension of "reciprocal tariffs" by the US and better-than-expected quarterly earnings from US companies, leading to a general rise in the Asia-Pacific stock markets [1] - Southeast Asian stock markets mostly rose, with Thailand's SET index leading with a weekly increase of 7.62% to 1206.58 points, followed by Vietnam's Ho Chi Minh index up 2.71% to 1497.28 points, and Indonesia's Jakarta Composite index up 3.75% to 7311.92 points [1] Economic Factors - The rise in the Asia-Pacific stock markets was driven by several factors, including a new trade agreement between the US and Indonesia, which significantly boosted the Indonesian stock market [2] - The Thai government's accelerated tourism development plans for the second half of the year also supported the Thai stock market [2] - The expectation of a slowdown in Federal Reserve interest rate cuts and a weaker US dollar have contributed to a reduction in capital outflows from the Asia-Pacific region [2] Regional Performance - The Singapore Strait Index showed particularly strong performance, with a cumulative increase of over 5% for the month, driven by expectations of US interest rate cuts boosting the real estate and REIT sectors [2] - However, there are signs of foreign capital outflows from Southeast Asian markets, with net outflows recorded in Indonesia, Thailand, Vietnam, and the Philippines in June [2] Monetary Policy Actions - Malaysia's central bank cut its overnight policy rate by 25 basis points to 2.75%, marking its first rate adjustment in two years, aimed at stabilizing economic growth amid external uncertainties [4] - Indonesia's central bank also lowered its benchmark rate by 25 basis points to 5.25%, the fourth cut since September last year, to stimulate economic growth in the face of global uncertainties [4][5] Inflation and Economic Growth - Malaysia's consumer price index rose by 1.2% year-on-year in May, below market expectations, while Indonesia's CPI increased by 1.87% in June, slightly above expectations but still within the central bank's target range [5] - The economic growth rates for Vietnam and Malaysia in Q2 were reported at 7.96% and 4.69%, respectively, indicating a stable economic environment despite the challenges [3][5] Trade Relations and Challenges - The ongoing US-Japan trade negotiations have stalled, with the US planning to impose a 25% tariff on Japanese goods starting August 1, which could further impact Japan's export-driven economy [6] - South Korea is also facing significant challenges due to US tariffs, with its GDP contracting by 0.2% in Q1, prompting the government to initiate emergency economic measures [6]

Group 1 - NTT Data Center Real Estate Investment Trust (NTT DC REIT) was listed on the Singapore Exchange (SGX) on July 14, with the stock code "NTDU" [1] - The primary investment strategy of NTT DC REIT is to invest directly or indirectly in a diversified portfolio of income-generating real estate, primarily focused on data centers and assets essential for the digital economy [1] - The IPO portfolio includes six operator-neutral assets that meet Tier III or equivalent standards, distributed across the United States, Austria, and Singapore, with a total estimated value of approximately $1.6 billion and a designed IT load of about 90.7 megawatts (MW) as of December 31, 2024 [1] Group 2 - Pol de Win, Executive Vice President of SGX Group, expressed excitement over the listing of NTT DC REIT, highlighting the growth potential of the data center asset class and the opportunities it presents for global investors in digital infrastructure [2]

Core Viewpoint - NTT Data Center Real Estate Investment Trust (REIT) has successfully listed on the Singapore Exchange (SGX), marking a significant milestone in its development and showcasing its commitment to sustainable growth and long-term value creation for investors [1][2]. Group 1: Company Overview - NTT Data Center REIT is a Singapore-based REIT primarily focused on investing in a diversified portfolio of income-generating real estate assets, mainly data centers, which support the growth of the digital economy [1]. - The REIT is initiated by NTT Ltd., part of the global IT services and telecommunications giant NTT Group, which is a leader in the global data center business [1]. Group 2: Market Impact - The listing of NTT Data Center REIT on SGX introduces a high-growth asset class that is favored by global investors, highlighting the potential for development in the data center sector [1]. - Following the listing, there are now 41 REITs and real estate business trusts on the SGX, with a total market capitalization of approximately SGD 94 billion [1]. Group 3: Opening Price - The opening price for NTT Data Center REIT was set at USD 1.02 per share [2].

领展持有及管理多元化的优质物业组合，涵盖零售、停车场、办公大楼及物流物业，资产分布于中国内 地、中国香港、澳大利亚、新加坡及英国。其中，领展在中国内地共持有12项资产，涵盖六座商场、五 处物流仓储设施以及一栋办公大楼。 正值今年是领展房地产投资信托基金（领展房托）在香港联合交易所上市20周年之际，领展房托的管理 人领展资产管理有限公司（领展）今日（7月14日）公布，领展可持续未来馆（未来馆）推出"人城共 生：宜居空间的创与造"全新主题。 谈及未来馆的全新主题，王国龙表示："新主题回顾了我们独特的发展历程，期望能启发志同道合的伙 伴，携手为建设可持续发展城市出一份力。谨此将新主题献给与我们一直同行的商户、社区、基金单位 持有人、员工及所有持份者。" 未来馆的最新主题，展现领展过去20年来为基金单位持有人及广大社区创造长期价值所运用的工艺和心 得，同时探讨构建宜居社区所需的专业知识，涵盖商业活化、社区营造、生态保育、科技创新以及人文 关怀。 领展集团行政总裁王国龙说："过去20年，领展与社区的关系密不可分，致力改造空间，加强社区联 系。我们在多方面均取得成果，包括扩展业务版图至亚太区、完成逾100个资产提升项目、 ...