CICT, Mapletree Logistics Trust and Mapletree Pan Asia Commercial Trust 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 alongside CICT, Mapletree Logistics Trust and Mapletree Pan Asia Commercial Trust.

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

Weekly Market Review

2:19 - Macro Update

• The S&P 500 gained 4.6% to rise above 5500, while the NASDAQ jumped 6.7% as investors turned optimistic ahead of earnings season, supported by Alphabet’s results
• Signs of easing US-China trade tensions emerged, with Donald Trump expecting trade talks with China and other partners to conclude in the next two to three weeks
• The STI in Singapore rebounded 2.8%, climbing back above 3800 and nearing its previous high close to 4000
• US economic indicators weakened, with business activity at a 16-month low and March home sales falling by almost 6%, the sharpest decline since November 2022
• Consumers and businesses appeared more cautious, with spending and activity levels softening despite market optimism
• The US 10-year government bond yield eased to 4.25%, down from the early April high of 4.5% amid reduced trade war concerns

STI Top performers:

• Hongkong Land
• Jardine Matheson
• Keppel
• Yanzijiang Shipbuilding
• Seatrium

STI worst performers:

• DFI Retail Group
• Mapletree Industrial Trust
• Singtel
• OCBC
• Mapletree Logistics Trust

6:08 - Mapletree Logistics Trust

• MLT’s share price fell sharply after trade tariff escalation, rising bond yields, and concerns over logistics demand in China, with a brief rebound before declining again after earnings.
• Gross revenue fell 0.8%, net property income dropped 1.6%, and distribution per unit (DPU) declined 11.6% to 1.955 cents in the latest quarter.
• Overall portfolio occupancy weakened to 96.2% as of March 2025, dragged by Singapore occupancy falling to 95.9% and China occupancy at 94%.
• Rental reversions were weighed down by China, which had a negative reversion of 9.4%; portfolio reversion excluding China was stronger at 6.9%.
• Leverage ratio rose to 40.7% from 40.3%, but interest coverage ratio remained stable at 2.9 times.
• Valuation looks attractive with a price-to-book ratio of 0.86 times (below historical and sector average) and an expected dividend yield of about 7.1% (above historical average).

Related Links:

• Mapletree Logistics Trust share price history and share price target

9:02 - Mapletree Pan Asia Commercial Trust

• MPACT’s share price fell after the trade tariff news but remained relatively stable after reporting earnings.
• Net property income dropped 7.4% to $170 million, and distribution per unit fell 14.8% to 1.95 cents, partly due to the divestment of Mapletree Anson.
• Portfolio occupancy declined to 89.6% from 96.1% a year ago, driven by weakness at Mapletree Business City (91.2%) and Japan properties (80%).
• Rental reversions were mixed, with negative reversions in Hong Kong, China, and Japan properties, while VivoCity achieved a strong 16.8% positive reversion; overall portfolio reversion was a modest 3.6%.
• Gearing ratio improved to 37.7% after the asset divestment, providing some balance sheet strength.
• Valuation is attractive with a price-to-book ratio of 0.7 times and an expected dividend yield of about 6.6%, both better than historical and sector averages.

Related Links:

• Mapletree Pan Asia Commercial Trust share price history and share price target

12:34 - CICT

• CICT remained one of the more resilient REITs, supported by its predominantly Singapore-based retail and office asset portfolio.
• Reported gross revenue and net property income each declined by 0.8%, mainly due to the divestment of 21 Collyer Quay; on a like-for-like basis, gross revenue rose 1.1% and net property income rose 1.4%.
• Portfolio occupancy stayed strong at 96.4% as of March 2025, compared to 96.7% in December 2024, with stable performance across retail, office, and integrated developments.
• Balance sheet remained healthy with a 38.7% aggregate leverage ratio and an interest coverage ratio of 3.2 times.
• CICT is trading at around one time price-to-book value and offering a dividend yield of about 5%, both close to sector and historical averages.
• Looking ahead, more REIT earnings are expected, and several companies including CICT are going ex-dividend this week.

Related Links:

• CICT share price history and share price target

15:35  - Technical Analysis

Straits Times Index

• STI rebounded from around 3,372 points to the 50-day moving average near 3,834 points but is now holding close to the 3,800 level after a slight drop.
• With a shorter trading week and upcoming election, major market movements are expected only next week, depending on earnings results like UOB’s and broader developments.
• The resistance zone is around 3,800 to 3,820 points, while strong support is at the 200-day moving average near 3,700 points.
• Technical indicators suggest weakening momentum: MACD shows the uptrend is subsiding, and RSI has dropped to 52, close to the neutral 50 mark, indicating potential range-bound movement.
• STI trading range in the coming weeks may be influenced by earnings and trade war updates.

Dow Jones Industrial Average 

• Donald Trump’s comments about keeping tariffs at 20–50% and expecting multiple trade deals in the next three to four weeks lifted market sentiment.
• Despite China denying active trade talks, overall market reaction stayed positive, leading to a strong rally in US indices.
• The Dow Jones closed just above the key pivot point of 40,000, tracking the 20-day moving average at around 39,980 points.
• Next major resistance levels are the 50-day moving average at 41,671 points and the 200-day moving average at 41,207 points.
• Historically, heavy selling pressure appeared when Dow approached the 200-day moving average, suggesting profit-taking is advisable if retested.
• Dow is currently at a pivot zone around 40,113 points, with downside support estimated about 360 points below this level.

S&P 500 Index

• S&P 500 has rebounded above the 20-day moving average and is now approaching the 50-day moving average at 5,636 points.
• The key resistance level to watch is the 200-day moving average at 5,746 points, which also coincides with the upper bound of the Bollinger Band at 5,744 points.
• Hitting the 200-day moving average and the upper Bollinger Band could trigger profit-taking or short-selling as both are typical sell signals for technical traders.
• MACD indicator shows strong positive momentum, boosted by upcoming earnings season and easing trade tensions, suggesting room to push higher toward resistance levels.
• RSI is at 53, slightly above the neutral 50 mark, indicating positive but not strong momentum.
• Traders should monitor momentum indicators closely when the index nears resistance, as a reversal could occur if momentum weakens.

NASDAQ Composite Index

• NASDAQ was the best performer last week, rallying 6.73% as investors await earnings from major tech companies like Apple, Amazon, Meta, and Microsoft.
• Current earnings results will reflect Q1 2025 performance, meaning impacts from the April trade tensions are not yet priced in, possibly leading the market to discount strong earnings.
• The index has moved above the 20-day moving average and is heading toward the 50-day moving average at 17,733 points, with next resistance at 17,949 points (Bollinger Band upper bound).
• Major resistance is around 18,000 to 18,338 points (200-day moving average), where significant profit-taking or selling pressure is expected.
• If momentum weakens or trade tensions worsen, the index could fall back to 16,629 (pivot at 20-day MA) or even toward 15,310 (lower Bollinger Band).
• MACD shows strong positive momentum, and RSI at 54 is the most positive among the three US indices, suggesting the uptrend could continue depending on key tech earnings.

What to look out for this week

• Monday, 28 April : CapitalLand Ascott Trust, CapitaLand Ascendas REIT earnings, UOB, Keppel ex-dividend
• Tuesday, 29 April: Frasers Centrepoint Trust, First REIT, Stoneweg European REIT, Starhill Global REIT earnings, ST Engineering, Starhub ex-dividend
• Wednesday, 30 April: Mapletree Industrial Trust, CapitaLand Investment, CDL Hospitality Trust, Elite UK REIT earnings, Mapletree Logistics Trust, Sembcorp Industries ex-dividend
• Thursday, 1 May: Singapore Public Holiday
• Friday, 2 May: CapitaLand Investment, Sheng Siong, Suntec REIT ex-dividend 
   

Get the full list of stocks with upcoming dividends here. 

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