External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>YLLGSPs have been performing resiliently since we initiate buy on YLLGSPs in Mar’22 despite the price volatility.</li><li>At current valuations, YLLSPs are still trading at a decent YTM of 10.2% -13.9% even after 8- 12pts rebound since mid Jul’22.</li><li>Yanlord’s stronger 1H22 results and manageable maturities reinforced our belief on its repayment ability.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

YLLGSPs have been performing resiliently since we initiate buy on YLLGSPs in Mar’22 despite the price volatility.At current valuations, YLLSPs are still trading at a decent YTM of 10.2% -13.9% even after 8- 12pts rebound since mid Jul’22.Yanlord’s stronger 1H22 results and manageable maturities reinforced our belief on its repayment ability.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yanlord - An Exceptionally Good 1H22 Results Amongst Chinese Developers

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

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<a href="https://www.smartkarma.com/entities/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> 2Q22 DPU -9.5% YoY; Hit by the pre-termination compensation, though top-line remains stable</li>
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<a href="https://www.smartkarma.com/entities/sasseur-reit" target="_blank" data-smartkarma-citation="entities:26807" rel="noopener">Sasseur REIT (SASSR SP)</a> 2Q22 DPU -1.6% YoY; Weak performance of variable rental income though occupancy improving</li>
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<a href="https://www.smartkarma.com/entities/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889" rel="noopener">Cromwell European REIT (CERT SP)</a> 1H22 DPU +2.3% YoY; Weaknesses in I&amp;L reversions, overall portfolio metrics remain stable</li>
</ul>



EC World Reit (ECWREIT SP) 2Q22 DPU -9.5% YoY; Hit by the pre-termination compensation, though top-line remains stable

Sasseur REIT (SASSR SP) 2Q22 DPU -1.6% YoY; Weak performance of variable rental income though occupancy improving

Cromwell European REIT (CERT SP) 1H22 DPU +2.3% YoY; Weaknesses in I&amp;L reversions, overall portfolio metrics remain stable


ASEAN Builder's Scoop (12Aug22) - ECWREIT Steady Top-Line Due to Master Leases

<ul><li><a href="https://www.smartkarma.com/entities/frasers-logistics-commercial-trust" target="_blank" data-smartkarma-citation="entities:22748" rel="noopener">Frasers Logistics &amp; Commercial Trust (FLT SP)</a> 3Q22 Business Updates – Robust reversions and steady occupancy</li><li><a href="https://www.smartkarma.com/entities/elite-commercial-reit" target="_blank" data-smartkarma-citation="entities:28807" rel="noopener">Elite Commercial REIT (ELITE SP)</a> 1H22 DPU -2.7% YoY; Higher mid-year portfolio valuation despite declining occupancy</li><li><a href="https://www.smartkarma.com/entities/ascendas-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:39" rel="noopener">Ascendas Real Estate Investment Trust (AREIT SP)</a> to acquire Philips APAC Center in Singapore for S$104.8m; DPU accretive by +0.3%</li></ul>

Frasers Logistics &amp; Commercial Trust (FLT SP) 3Q22 Business Updates – Robust reversions and steady occupancyElite Commercial REIT (ELITE SP) 1H22 DPU -2.7% YoY; Higher mid-year portfolio valuation despite declining occupancyAscendas Real Estate Investment Trust (AREIT SP) to acquire Philips APAC Center in Singapore for S$104.8m; DPU accretive by +0.3%

ASEAN Builder's Scoop (5Aug22) - FLT Robust Reversions +ve Surprise

<ul><li><a href="https://www.smartkarma.com/entities/yanlord-land-group-ltd" target="_blank" data-smartkarma-citation="entities:14152" rel="noopener">Yanlord Land (YLLG SP)</a> sold out 100% of Suhe Century in Shanghai at launch</li><li>CK Holdings selling Tampines HQ building at guided price of S$32m</li><li>Another entire floor at Suntec City T2 is on market at record-breaking S$3,600psf</li></ul>

Yanlord Land (YLLG SP) sold out 100% of Suhe Century in Shanghai at launchCK Holdings selling Tampines HQ building at guided price of S$32mAnother entire floor at Suntec City T2 is on market at record-breaking S$3,600psf

ASEAN Builder's Scoop (13Jul22) - YLLG Sold 100% of Suhe Century Shanghai at Launch

<ul><li><a href="https://www.smartkarma.com/entities/oxley-holdings-ltd" target="_blank" data-smartkarma-citation="entities:1097" rel="noopener">Oxley Holdings (OHL SP)</a> to focus on developed countries; SG residential projects are ~99% sold</li><li><a href="https://www.smartkarma.com/entities/yanlord-land-group-ltd" target="_blank" data-smartkarma-citation="entities:14152" rel="noopener">Yanlord Land (YLLG SP)</a> Jun22 contracted pre-sales up 201.0% YoY; 1H22 pre-sales rose 9.5% YoY</li><li>Park Hotel Management’s director sued by company and its liquidators over disposal of assets</li></ul>

Oxley Holdings (OHL SP) to focus on developed countries; SG residential projects are ~99% soldYanlord Land (YLLG SP) Jun22 contracted pre-sales up 201.0% YoY; 1H22 pre-sales rose 9.5% YoYPark Hotel Management’s director sued by company and its liquidators over disposal of assets

ASEAN Builder's Scoop (5Jul22) - OHL Focuses on Developed Countries

Singapore

Yanlord Land Group Ltd is a real estate development company. The Company develops high-end residential property projects in the Peoples Republic of China.

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Yanlord Land (YLLG SP)

Yanlord - An Exceptionally Good 1H22 Results Amongst Chinese Developers

At current valuations, YLLSPs are still trading at a decent YTM of 10.2% -13.9% even after 8- 12pts rebound since mid Jul’22.

CMB International

ASEAN Builder's Scoop (12Aug22) - ECWREIT Steady Top-Line Due to Master Leases

SASSR hit by weak variable income; CERT weakness in I&L reversions; IREIT low gearing opportunities; UHU occupancies trending up; PWON reached 44%...

SCCM Asia Research

ASEAN Builder's Scoop (5Aug22) - FLT Robust Reversions +ve Surprise

ELITE higher mid-year portfolio valuation; AREIT buys Philips APAC Centre at +0.3% DPU accretion; BSDE 1H22 mktg sales reached 61% FY target; FLI...

SCCM Asia Research

ASEAN Builder's Scoop (13Jul22) - YLLG Sold 100% of Suhe Century Shanghai at Launch

CK Holdings selling Tampines HQ; Suntec T2 entire floor on market at record S$3,600psf; Phils FDI inflows surge to 4mo high; Thai prop support...

SCCM Asia Research

ASEAN Builder's Scoop (5Jul22) - OHL Focuses on Developed Countries

YLLG Jun22 pre-sales rebounded; Park Hotel Mgmt director sued; SPSB completed Setia City Mall expansion; Phils CPI out this am

SCCM Asia Research

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