Mapletree Logistics Trust, FLCT and CLCT in Focus: Weekly Review with SIAS

What happened?

In this week's Weekly Market Review in partnership with Securities Investors Association Singapore (SIAS), we discuss key developments in the global equity market, Mapletree Logistics Trust, Frasers Logistics and Commercial Trust and CapitaLand China Trust 

Watch the video to learn more about what we are looking out for this week.

Weekly Market Review

2:30 - Macro Update

• 90-day tariff pause (excluding China) and additional exemptions drove relief rallies in global markets.
• March core CPI rose only 0.1%, easing inflation fears and boosting investor sentiment.
• Nasdaq surged 7.3% for the week, including a 12% spike on Wednesday, reflecting strong market optimism.
• Consumer sentiment weakened significantly, reaching its lowest level since 2022 due to tariff uncertainty.
• US government bond yields rose, suggesting unusual selling pressure despite recession concerns.
• Logistics REITs plunged (e.g., Mapletree Logistics Trust -18%) due to weaker trade outlook and rising bond yields diverting flows.

STI Top performers:

• ST Engineering
• Singtel
• SGX
• Sembcorp Industries
• Frasers Centrepoint Trust

STI worst performers:

• Venture
• Keppel
• DBS
• Frasers Logistics & Commercial Trust
• Mapletree Logistics Trust 

7:40 - Mapletree Logistics Trust

• Share price fell to $1.08, hitting a multi-year low over the past five years.
• Distribution per unit dropped nearly 10%, mainly due to higher borrowing costs, despite only a slight 1.5% fall in net property income.
• China occupancy weakened to 93%, contributing to overall softness in portfolio performance.
• Negative rental reversions in China (down 10% in the latest quarter) dragged down overall rental growth.
• Price-to-book ratio at 0.8x, below historical average, with dividend yield above 7%, over one standard deviation above the norm.

Related Links:

• Mapletree Logistics Trust share price history and share price target

11:06 - Frasers Logistics & Commercial Trust

• Share price is near a multi-year low, similar to Mapletree Logistics Trust.
• 70% of assets are in logistics/industrial segment, raising concerns over tariff impacts on demand.
• Distribution per unit declined 3.4% to 6.8 cents due to a 40% jump in finance costs, despite a 2.7% rise in net property income.
• Logistics assets have strong occupancy and double-digit rental reversions, while commercial assets show weaker performance.
• Price-to-book ratio is 0.7x, below historical average, with dividend yield at 6.7%, above its long-term norm.

Related Links:

• Frasers Logistics & Commercial Trust share price history and share price target
• 3 Singapore REITs near multi-year lows

14:12 - CapitaLand China Trust

• Share price has fallen sharply, nearing multi-year lows.
• Portfolio is 70.7% retail and 29.3% business/logistics parks, with 100% exposure to China.
• Price-to-book ratio is at 0.54x, close to previous lows, indicating steep valuation discount.
• Expected dividend yield is above 9%, one of the highest among peers.
• Impacted by broad China market concerns, unlike Mapletree and Frasers which are more diversified across Asia.

Related Links:

• CapitaLand China Trust share price history and share price target
• 3 Singapore REITs near multi-year lows
• CapitaLand China Trust - Largest China-Focused Singapore REIT

If you are interested to learn more about the outlook of Singapore REITs amidst the current market volatility, join us for our upcoming free webinar on 16 April, where we will discuss if the share prices of Singapore REITs will recover with falling bond yields. Register for free here.

16:30  - Technical Analysis

Dow Jones Industrial Average (DJIA)

• DJIA surged 7.8% on Wednesday, ending the week up 4.95%, following news of a 90-day tariff pause.
• Index remains below both the 30-day and 200-day moving averages, indicating the uptrend is not yet confirmed.
• MACD is showing early signs of reversal, but the MACD line has not crossed above the signal line - confirmation pending.
• RSI bounced from oversold to 44, suggesting waning downward pressure, but still below the neutral 50 level.
• For a confirmed bullish reversal, DJIA must see a MACD crossover, RSI rise above 50, and a break above the 200-day moving average at 42,189 points.

S&P 500 Index

• S&P 500 jumped 9.5% on Wednesday and ended the week up 5.7%
• Still trading below the 200-day moving average at 5,754 points
• MACD is starting to turn upwards but hasn’t crossed the signal line yet
• RSI is at 44, needs to rise above 50 for stronger rebound signal
• Uptrend not confirmed until the index breaks above the 200-day moving average at 5,754 and no confirmation of support holding yet.
• Similar to other indices, the downtrend is subsiding, but a clear uptrend requires confirmation from MACD crossover, RSI > 50, and a break above the 200-day moving average.

NASDAQ Composite Index

• Nasdaq jumped 12% on Wednesday after the 90-day tariff pause announcement
• Futures turned positive after news of paused tariffs on electronics, suggesting the uptrend may continue
• MACD line is very close to crossing the signal line, signaling a potential trend reversal
• RSI rebounded from oversold to 44; needs to cross 50 for stronger bullish confirmation
• Key resistance is the 200-day moving average at 14,400 points
• A confirmed uptrend would allow potential long positions to retest the 200-day MA level
• Nasdaq was the most volatile among the major US indices last week, reflecting its tech-heavy nature
• A MACD crossover and RSI > 50 are needed to confirm momentum before a sustained uptrend can be expected

Straits Times Index

• STI rose 1.68% on Monday morning (14 April) after recent sharp declines
• Rejected at key resistance level of 3,661 points after testing it post tariff pause announcement
• Still trading below the 200-day moving average, signaling no clear uptrend yet
• Long-term support trendline around 3,400 points could provide a strong base if STI pulls back further
• MACD remains negative, but downside momentum is subsiding over the last three sessions
• RSI rebounded from 13–14 to 36, but still below 50, indicating weak rebound strength

What to look out for this week

• Monday, 14 April: Singapore MAS April 2025 Monetary Policy Statement, Goldman Sachs earnings
• Tuesday, 15 April: Citi, Bank of America Earnings
• Wednesday, 16 April: 1-year Singapore T-bill auction, Beansprout webinar “What’s next for Singapore REITs?”
• Thursday, 17 April: Keppel DC REIT earnings, Netflix earnings
• Friday, 18 April: Singapore Public Holiday

Get the full list of stocks with upcoming dividends here. 

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