- FTSE S-REIT total return gained 1.5% MTD and 10.4% YTD. Strongest gains were from the Commercial sector (+12.3% YTD) and weakest showing at the Retail sector (+7.8% YTD).
- Sector yield spread dipped further below the -1 standard deviation (s.d.) level as at end-February to 261bps over the benchmark 10-year SGS (10YSGS) yield.
- 3m SOR continued to rise YTD, ending at 1.95% in February.
- Remain NEUTRAL on S-REITs sector. Sub-sector preferences: Office and Hospitality.