SPH REIT’s 3Q21’s DPU of SGD1.38cts was in line,
and brings 9M21 to 74% of our full year estimates. Revenue
grew 82.8% YoY on lower rent relief provided to tenants, and
higher Australia contribution. Portfolio occupancy improved
QoQ fr om 98.0% to 98.4% due to its suburban malls (Clementi
Mall and Rail Mall are fully occupied). Balance sheet remains
strong with gearing at c.30% and SGD400 800m debt headroom
(to 40 50% limit). We continue to prefer FCT as a play into the
retail sector rec overy, given its pure suburban mall exposure.

iX Biopharma is exploring the possibility of a spin
off of its pharmaceutical business (including medicinal
cannabis) by way of a listing on the Main Board of the HKEX.
As a pharmaceutical drug developer/manufacturer, it is
subject to lengthy process and complex regulatory
requirements. A separate listing will enable the spin off
company to gain independent access to capital markets and
raise new funds for product development without dilution to
its shareholders. Post transaction, the Group wil l focus on
sales, marketing and distribution of innovative nutraceutical
products under its brand entity.

SGX’s securities market turnover value slid 11%
MoM in Jun ’21 to SGD26.8b, while SDAV stood at SGD1.22b.
The market turnover value of structured warrants and DLC
almost doubled MoM to SGD613m. Equity derivatives volume
climbed 4% MoM in June to 13.5m contracts, mainly boosted
by a 14% MoM increase in SGX FTSE China A50 Index Futures to
7.9m contracts and a 7% MoM gain in SGX Nikkei 225 Index
Futures to 1.2m co ntracts.

UG Healthcare disclosed that its manufacturing
operations will be temporarily halted in compliance with the
Malaysian Enhanced Movement Control Order. The temporary
closure will result in a further reduction in productivity by
about 80m pieces of gloves or 2.35% of the Group’s a nnual
production capacity. This is on top of the estimated
productivity loss as revealed earlier, bringing the total
reduction in productivity to 165m pieces of gloves or 4.85% of
the Group’s annual production capacity of 3.4b pieces of

Sembcorp Marine updated that it will be maki ng
full provision for increased costs due to labour shortages and
supply chain constraints amid COVID 19 , which had result ed in
further delays to complete its existing projects. These
provisions will have a material adverse impact on its financial
results and the Group expects that losses for 1H21 are likely
to be in the region of the full year losses incurred for FY20.