Mapletree Logistics Trust, Mapletree Industrial Trust, Keppel DC REIT earnings: Weekly Review with SIAS

What happened?

In this week's Weekly Market Review in partnership with Securities Investors Association Singapore (SIAS), we discuss the growing upward trend in the global equity market and also share more about the following:

• Mapletree Logistics Trust
• Mapletree Industrial Trust
• Keppel DC REIT

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

Weekly Market Review

2:02 - Macro Update

• The S&P 500 declined by 0.8%, closing at 5,450, while the NASDAQ fell by 2.1%, and the Dow Jones increased by 0.7%.
• The STI declined by 0.6%, now near 3,400, after reaching a six-year high earlier.
• June PCE core inflation increased by 2.6%, coming in below market expectations and showing a steady downward trend, which has boosted investor confidence in the likelihood of a rate cut in the coming months.
• The two-year US bond yield dropped to 4.4% from 4.7% earlier this month.
• The CME FedWatch tool indicates a 90% probability of a rate cut in September, with additional cuts likely in November and December.

4:36 - Singapore market updates

STI Top performers:

• Yangzijiang Shipbuilding share price
• Seatrium share price
• Jardine Matheson share price
• Jardine Cycle & Carriage share price
• Singtel share price

STI Worst performers:

• CapitaLand Ascendas REIT share price 
• Mapletree Pan Asia Commercial Trust share price 
• DFI Retail Group share price
• SATS share price
• Mapletree Logistics Trust share price

6:30 - Mapletree Logistics Trust

• Mapletree Logistics Trust’s share price saw a recovery mid-month due to expected rate cuts but fell after the latest earnings announcement.

• Mapletree Logistics Trust 1Q FY24/25 distribution per unit fell 8.9% year-on-year to 2.068 cents from 2.271 cents in 1Q FY23/24.

• Dividend yield is at 6.9%, above the historical average, with concerns about potential future distribution declines and the gearing level approaching 40%.

Read our analysis of Mapletree Logistics Trust results here. 

Related links:  Mapletree Logistics Trust share price and share price target

9:46 - Mapletree Industrial Trust

• Mapletree Industrial Trust saw a strong rebound mid-month followed by a slight pullback last week.
• Mapletree Industrial Trust 1Q FY24/25 distribution per unit increased 1.2% year-on-year to 3.43 cents, compared to 3.39 cents in 1Q FY23/24.
• Dividend yield is at 5.7%, above the historical average.

Read our analysis of Mapletree Industrial Trust results here. 

Related links: Mapletree Industrial Trust share price and share price target  

12:18 - Keppel DC REIT

• Keppel DC REIT experienced a mid-month bounce followed by a slight pullback.

• Keppel DC REIT 1H24 distribution per unit decreased 9.9% year-on-year to 4.549 cents, compared to 5.051 cents in 1H23.

• Keppel DC REIT announced acquisition of a data centre in Tokyo, marking their first entry into Japan, expected to enhance portfolio metrics and resilience, and be accretive to DPU by about 1.1%.
• Current yield is at 4.7%, in line with the historical average.

Read our analysis of Keppel DC REIT here. 

Related links: Keppel DC REIT share price and share price target  

18:45 - Technical Analysis

STI Technical Analysis

• The STI opened in the green and rose by 0.58%, hitting a high of 3,460 points.
• Key support is around the 20-day moving average, which provided support last Thursday.
• The MACD shows negative momentum, with a weakening downtrend since July 15.
• The RSI is at 56, below the 70-point overbought mark and above the 50-point neutral mark.

Dow Jones Technical Analysis

• The Dow Jones rebounded by 1.64% on Friday, driven by the PCE data.
• Key support is around the 20-day moving average at 39,944 points.
• The MACD is slightly negative, indicating potential range-bound movement.
• The RSI shows a slight downtrend, with current momentum indicating consolidation.

S&P 500 Technical Analysis

• The S&P 500 bounced off the 50-day moving average.
• Key support levels include the 50-day moving average at 5,433 points and the May high of 5,350 points.
• The MACD remains negative, with a slight downward trajectory.
• The RSI is at 46, below the 50-point neutral mark, suggesting limited confidence in a quick rebound.

NASDAQ Composite Technical Analysis

• The NASDAQ Composite closed at 17,350 points.
• Key support is around the 100-day moving average at 16,900 points.
• The MACD is negative and below the zero baseline, indicating more downside risk.
• The RSI is at 40, below the 50-point neutral mark, indicating weak momentum.

What to look out for this week

• Tuesday, 30 July: CapitaLand Ascendas REIT, Mapletree Pan Asia Commercial Trust, CDL Hospitality Trust, Microsoft earnings
• Wednesday, 31 July: Singapore Airlines, Meta earnings
• Thursday, 1 Aug: UOB, Keppel, Apple, Amazon earnings, SIA, Singtel ex-dividend, 6-month Singapore T-bill auction
• Friday, 2 Aug: OCBC, Seatrium earnings, US payroll data 

Get the full list of Singapore stocks, REITs and ETFs with upcoming dividend payments with our dividend calendar.

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