Spotlight

MARK TO MARKET

Strong US dollar complicates outlook for Asia

Currency volatility pressures some regional economies to tighten monetary policy despite relatively benign inflation

Mass market homes tend to see more demand from HDB upgraders. But the number and proportion of buyers with an HDB address has declined in recent years.
PROPERTY 2023

Mass market condo segment key to stability

Ensuring that supply and demand match will support the broad base of the private residential market

The valuation of MUST's property on South Figueroa Street in Los Angeles has fallen 44.8 per cent since end-2021.
MARK TO MARKET

Lessons from Manulife US Reit’s troubles

Timely recapitalisation exercises could transform perception of the beleaguered Reit’s peers and make them more appealing to bargain hunters

Sabana Reit's manager ought to obtain clarity from UOB and other lenders on whether they plan to pull back their credit facilities in the event unitholders vote for internalisation.
MARK TO MARKET

Quarz’s internalisation proposal is an opportunity for Sabana Reit’s manager to show independence

Whether unitholders choose to set up a new internal manager or acquire its existing manager, they will have to shoulder some cost and risk

Temasek's support of SIA during the pandemic enabled the airline group to quickly ramp up operations and seize pent-up demand when borders reopened.
MARK TO MARKET

Waiting for Temasek’s largesse to pay off

Keppel, Sembcorp and SIA have delivered big returns this year; Seatrium and Sats, not so much

Gear's key units, Gems and Stanmore, have plainly observable market prices.
MARK TO MARKET

Golden Energy’s delisting: IFA opinion is faulty

SGX should ask Gear and its IFA for a “reality check”, by considering if the exit offer on a standalone basis is fair and reasonable

Manulife US Reit's office properties have declined in value, and its gearing is bumping up against the statutory ceiling of 50 per cent.
MARK TO MARKET

Manulife US Reit recapitalisation: Placement of new units to Mirae should be priced at NAV

This would limit the dilutive impact on existing unitholders, and demonstrate Mirae’s credibility as a sponsor

Manulife US Reit's properties could continue to be marked down with rising interest rates, slowing US economic growth and a continuation of hybrid work arrangements
MARK TO MARKET

Mirae should think twice about Manulife deal

Singapore’s leading Reits sponsors are setting tough standards, and investors are becoming increasingly knowledgeable and independent-minded

The big question now is how much longer it will take the Fed and other major central banks to get inflation under control
MARK TO MARKET

Collapsing banks, Reits hint at trouble ahead

Fed adopts less certain posture on further tightening, but its projections suggest rates will end 2023 higher than where they are now

SGX said in a report on Jan 9 that primary-listed companies repurchased S$1.69 billion worth of their own shares in 2022
MARK TO MARKET

Share buybacks: Good or bad for investors?

Singtel, ST Engineering and Nanofilm are now trading below average prices at which they repurchased shares in 2022