Minimal exposure to oil & gas and related services sectors: With the recent reemergenceof risks associated with some companies in the oil & gas and offshore &marine and related services sectors in Singapore (see ASEAN Offshore & Marine:What got you here, won’t get you there, published 28 July 2017), we look at theexposure of SREITs in our coverage universe to these broad sectors. Exposure tothese sectors for SREITs in our coverage is generally low and while office andhospitality REITs appear more exposed, such tenants (especially office REITs) couldwell be larger corporates (multinational corporations), which are more resilient andthus pose fewer risks. Outside our coverage, we note that Soilbuild REIT (SBREIT,Not Rated) with 14% exposure to these sectors, is one of the most exposed.    Retail malls and specialized asset types most protected: While SREITs may notbe directly affected, any indirect impact on the broader economy is likely to impactthe cyclical sectors of office, hospitality, and industrials more. Conversely, the impacton retail and specialized asset types (such as data centres) is likely to be less.    In our coverage, KDCREIT and FCT screen well: Taking into account prospectiveupside and exposure to these sectors, Keppel DC REIT (KDCREIT SP, Buy, TP:SGD1.40) and Frasers Centrepoint Trust (FCT SP, Buy, TP: SGD2.30) screen well inour coverage universe at this time.

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