Mapletree Industrial Trust and CapitaLand Ascendas REIT 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 Mapletree Industrial Trust and CapitaLand Ascendas REIT 

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

Weekly Market Review

1:36 - Macro Update

• Global stock markets rebounded in the past week, with the S&P 500 rising 2.9% to above 5600 points and the STI nearing its all-time high at 3845.
• Trade talk progress and strong US economic data are helping to ease investor concerns about a potential US recession.
• US jobs data showed nearly 180k new jobs, exceeding market expectations and supporting economic optimism.
• Core US PCE inflation remained flat month-on-month—the first time in a year—easing concerns about stagflation (low growth and high inflation).
• US government bond yields remain volatile, though still below the recent peak of 4.5% post-tariff announcement.

STI Top performers:

• DFI Retail Group
• Hongkong Land
• Jardine Matheson
• Yanzijiang Shipbuilding
• Sembcorp Industries

STI worst performers:

• Genting Singapore
• Wilmar International
• United Overseas Bank
• City Developments
• Capitaland Investment

4:10 - Mapletree Industrial Trust

• Share price rebounded to $2.02, after an earlier dip driven by trade tariff concerns and rising US bond yields.
• DPU for the latest quarter held steady at 3.36 cents, while full-year FY24/25 DPU rose 1% to 13.57 cents, showing payout resilience.
• Revenue and net property income both dipped slightly by 0.5%, reflecting overall stability despite external headwinds.
• Portfolio occupancy rate fell slightly to 91.6%, mainly due to weakness in data centres (89.9%) and business parks (80.4%).
• Positive rental reversions continued, with a portfolio-weighted average uplift of 8.1%, supporting net property income growth.
• Aggregate leverage increased slightly to 40.1%, up from 39.8% in the previous quarter, but remains manageable.
• Trading at 1.1x P/B and offering a dividend yield above 6%, higher than both historical and sector averages.

Related Links:

• Mapletree Industrial Trust share price history and share price target

7:20 - CapitaLand Ascendas REIT

• Share price holds resilient at $2.66, recovering from trade tariff-driven declines and remaining above its 52-week low.
• Portfolio occupancy rate dipped to 91.5% (from 92.8% in the previous quarter), with declines seen in Singapore (91.6%) and the US (88%)
• Strong rental reversions continued, rising to 11% in 1Q25, up from 8.6% in 4Q24, with Singapore at 7%, US at 10.3%, and Australia at a sharp 59%.
• FY2025 rental reversion guidance stands at positive mid-single-digit range
• Aggregate leverage remains healthy at 38.9%, with interest coverage ratio at 3.6x (unchanged), and all-in debt cost slightly improved to 3.6%.
• Active capital management: Completed a US logistics acquisition, redevelopment of a Singapore asset, and 2 AEIs in 1Q25.
• Valuation at 1.2x P/B, above historical average, with a dividend yield of 5.7%, reflecting investor confidence in its resilience.

Related Links:

• CapitaLand Ascendas REIT share price history and share price target

12:05  - Technical Analysis

Straits Times Index

• STI rebounded 14.4% in April from its recent low on April 9, recovering much of the 15.8% drop from the March high of 4,005 points.
• Bank earnings (DBS & OCBC) are crucial this week, as local banks make up 50–60% of STI's weight, and will likely determine STI’s next move.
• Technical indicators show mixed momentum: MACD was weak last week due to a shorter trading week and election-related distraction.
• STI broke above the 50-day and 100-day moving averages, suggesting a potential new support level at ~3,820 points.
• RSI reading at 56 indicates mild positive momentum, not overly strong but still above neutral (50).
• Key resistance levels to watch: 3,950 points (Feb double top) and 4,000 points (March high) if bank earnings surprise positively.

Dow Jones Industrial Average 

• Dow Jones rebounded 13% from its low on April 7, after an earlier 18% correction from the January peak of 45,073 points, narrowly avoiding a bear market.
• The recovery was supported by strong tech earnings, robust non-farm payroll data, and signs of trade war de-escalation between the US and China.
• Current level (~41,317) sits just above the 50-day moving average (41,288), acting as a near-term support.
• The next resistance level is the 200-day moving average at 42,222 points, which traders are watching closely.
• MACD indicator remains strong, suggesting continued upward momentum in the near term.
• RSI reading of 56, while not strongly bullish, is trending upward and reinforces the likelihood of a continued uptrend toward the 200-day moving average.

S&P 500 Index

• S&P 500 closed at 5,686 points last Friday, fully recovering its April losses and surpassing the April 2 tariff announcement level.
• The index has now retraced ~18% of the 21% decline from its February 19 peak of 6,147 points.
• Currently nearing the 200-day moving average at 5,746 points, a key technical level that may soon be tested.
• MACD indicator signals strong upward momentum, supporting the continuation of the current rally.
• RSI stands at 59, just below 60, indicating strong but not yet overbought momentum in the market.
• Next resistance levels to watch: 6,000 (Nov high) and 6,147 (Feb peak), which could be retested if the rally sustains above the 200-day moving average.

NASDAQ Composite Index

• Nasdaq was the top-performing US index last week, driven by strong earnings from the "Magnificent Four" tech giants.
• The index fell 26% from its December peak of 20,204 to a low of 10,784 on April 7, officially entering bear market territory.
• It has since rebounded nearly 23% in April, showing a remarkable recovery within a single month.
• Currently trading near 17,977, the Nasdaq is approaching the key 18,000 level, with the 200-day moving average at 18,317 as the next resistance.
• MACD shows strong bullish momentum, with the MACD and signal lines set to cross the zero line, signaling potential acceleration in the uptrend.
• RSI reached 60, the strongest among the three US indices, reflecting healthy recovery momentum with room before overbought conditions (70).
• FOMC rate decision and further tech earnings are key upcoming drivers; current market expectations show 97% probability of no rate cut in May.

What to look out for this week

• Monday, 5 May: ComfortDelGro, Olam Group, Venture Corporation, Yangzijiang Shipbuilding ex-dividend
• Tuesday, 6 May: Frasers Hospitality Trust earnings, Seatrium, UOL Group ex-dividend
• Wednesday, 7 May: AIMS APAC REIT, Acrophyte Hospitality Trust, Frasers Logistics & Commercial Trust, UOB, Lendlease Global Commercial Trust earnings
• Thursday, 8 May: DBS, Great Eastern Holdings earnings, SGX ex-dividend, FOMC Rate Decision
• Friday, 9 May: Daiwa House Logistics Trust, Frasers Property, OCBC, SIA Engineering, StarHub earnings.
   

Get the full list of stocks with upcoming dividends here. 

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