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

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2>
<h3>SREITs results in a glance (see detailed spreadsheet and calendar attached)</h3>
<table class="table table-striped">
<tbody>
<tr>
<td style="width: 136.65pt; height: 14.8pt;">
 
</td>
<td style="width: 136.6pt; height: 14.8pt;">
ECWREIT
</td>
<td style="width: 136.6pt; height: 14.8pt;">
DASIN
</td>
<td style="width: 136.6pt; height: 14.8pt;">
LREIT
</td>
<td style="width: 136.6pt; height: 14.8pt;">
IREIT (€)
</td>
</tr>
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<td style="width: 136.65pt; height: 15.3pt;">
Period
</td>
<td style="width: 136.6pt; height: 15.3pt;">
2Q21
</td>
<td style="width: 136.6pt; height: 15.3pt;">
1H21
</td>
<td style="width: 136.6pt; height: 15.3pt;">
2H21
</td>
<td style="width: 136.6pt; height: 15.3pt;">
1H21
</td>
</tr>
<tr>
<td style="width: 136.65pt; height: 15.35pt;">
Gross Revenue (S$m)
</td>
<td style="width: 136.6pt; height: 15.35pt;">
31.2 (10.6% YoY)
</td>
<td style="width: 136.6pt; height: 15.35pt;">
51.3 (38.5% YoY)
</td>
<td style="width: 136.6pt; height: 15.35pt;">
37 (+8.5%YoY)
</td>
<td style="width: 136.6pt; height: 15.35pt;">
23.6 (+31.6% YoY)
</td>
</tr>
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<td style="width: 136.65pt; height: 14.8pt;">
NPI (S$m)
</td>
<td style="width: 136.6pt; height: 14.8pt;">
27.9 (8.1% YoY)
</td>
<td style="width: 136.6pt; height: 14.8pt;">
38.2 (26.3% YoY)
</td>
<td style="width: 136.6pt; height: 14.8pt;">
26.5 (+10% YoY)
</td>
<td style="width: 136.6pt; height: 14.8pt;">
19.3 (+23.4% YoY)
</td>
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<td style="width: 136.65pt; height: 14.8pt;">
DPU (S$ c)
</td>
<td style="width: 136.6pt; height: 14.8pt;">
1.532 (10.5% YoY)
</td>
<td style="width: 136.6pt; height: 14.8pt;">
2.98 (55.2% YoY)
</td>
<td style="width: 136.6pt; height: 14.8pt;">
2.34 (+32.8% YoY)
</td>
<td style="width: 136.6pt; height: 14.8pt;">
1.43 (+14.4% YoY)
</td>
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<td style="width: 136.65pt; height: 14.8pt;">
NAV per Unit (S$)
</td>
<td style="width: 136.6pt; height: 14.8pt;">
0.93
</td>
<td style="width: 136.6pt; height: 14.8pt;">
1.46
</td>
<td style="width: 136.6pt; height: 14.8pt;">
0.79
</td>
<td style="width: 136.6pt; height: 14.8pt;">
0.5
</td>
</tr>
<tr>
<td style="width: 136.65pt; height: 14.8pt;">
P/B (x)
</td>
<td style="width: 136.6pt; height: 14.8pt;">
0.88
</td>
<td style="width: 136.6pt; height: 14.8pt;">
0.34
</td>
<td style="width: 136.6pt; height: 14.8pt;">
1.08
</td>
<td style="width: 136.6pt; height: 14.8pt;">
0.81
</td>
</tr>
<tr>
<td style="width: 136.65pt; height: 14.8pt;">
Occupancy (%)
</td>
<td style="width: 136.6pt; height: 14.8pt;">
99.1
</td>
<td style="width: 136.6pt; height: 14.8pt;">
95.7
</td>
<td style="width: 136.6pt; height: 14.8pt;">
99.8 (Overall portfolio)
99.2 (313@Somerset)
100 (Sky Complex)
</td>
<td style="width: 136.6pt; height: 14.8pt;">
95.9 (Overall)
99.8 (Germany)
85.2 (Spanish)
</td>
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<td style="width: 136.65pt; height: 7.4pt;">
Reversion (%)
</td>
<td style="width: 136.6pt; height: 7.4pt;">
N/A
</td>
<td style="width: 136.6pt; height: 7.4pt;">
N/A
</td>
<td style="width: 136.6pt; height: 7.4pt;">
NA
</td>
<td style="width: 136.6pt; height: 7.4pt;">
NA
</td>
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<td style="width: 136.65pt; height: 14.8pt;">
Gearing (%)
</td>
<td style="width: 136.6pt; height: 14.8pt;">
37.6
</td>
<td style="width: 136.6pt; height: 14.8pt;">
36.7
</td>
<td style="width: 136.6pt; height: 14.8pt;">
32
</td>
<td style="width: 136.6pt; height: 14.8pt;">
33.3
</td>
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<td style="width: 136.65pt; height: 14.8pt;">
Cost of Debt (%)
</td>
<td style="width: 136.6pt; height: 14.8pt;">
4.2
</td>
<td style="width: 136.6pt; height: 14.8pt;">
N/A
</td>
<td style="width: 136.6pt; height: 14.8pt;">
0.88
</td>
<td style="width: 136.6pt; height: 14.8pt;">
1.8
</td>
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<td style="width: 136.65pt; height: 14.8pt;">
1 Yr Fwd Yield (%)
</td>
<td style="width: 136.6pt; height: 14.8pt;">
7.36
</td>
<td style="width: 136.6pt; height: 14.8pt;">
9.59
</td>
<td style="width: 136.6pt; height: 14.8pt;">
5.78
</td>
<td style="width: 136.6pt; height: 14.8pt;">
6.67
</td>
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<td style="width: 136.65pt; height: 14.8pt;">
Debt Hedged (%)
</td>
<td style="width: 136.6pt; height: 14.8pt;">
100% of offshore facilities
</td>
<td style="width: 136.6pt; height: 14.8pt;">
N/A
</td>
<td style="width: 136.6pt; height: 14.8pt;">
Not Disclosed
</td>
<td style="width: 136.6pt; height: 14.8pt;">
NA
</td>
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<td style="width: 136.65pt; height: 14.8pt;">
Target Price
</td>
<td style="width: 136.6pt; height: 14.8pt;">
Under Review
</td>
<td style="width: 136.6pt; height: 14.8pt;">
Under Review
</td>
<td style="width: 136.6pt; height: 14.8pt;">
NA
</td>
<td style="width: 136.6pt; height: 14.8pt;">
NA
</td>
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<td style="width: 136.65pt; height: 15.3pt;">
Rating
</td>
<td style="width: 136.6pt; height: 15.3pt;">
Under Review
</td>
<td style="width: 136.6pt; height: 15.3pt;">
Under Review
</td>
<td style="width: 136.6pt; height: 15.3pt;">
NA
</td>
<td style="width: 136.6pt; height: 15.3pt;">
NA
</td>
</tr>
</tbody>
</table>

Singapore
SREITs results in a glance (see detailed spreadsheet and calendar attached)




 


ECWREIT


DASIN


LREIT


IREIT (€)




Period


2Q21


1H21


2H21


1H21




Gross Revenue (S$m)


31.2 (10.6% YoY)


51.3 (38.5% YoY)


37 (+8.5%YoY)


23.6 (+31.6% YoY)




NPI (S$m)


27.9 (8.1% YoY)


38.2 (26.3% YoY)


26.5 (+10% YoY)


19.3 (+23.4% YoY)




DPU (S$ c)


1.532 (10.5% YoY)


2.98 (55.2% YoY)


2.34 (+32.8% YoY)


1.43 (+14.4% YoY)




NAV per Unit (S$)


0.93


1.46


0.79


0.5




P/B (x)


0.88


0.34


1.08


0.81




Occupancy (%)


99.1


95.7


99.8 (Overall portfolio)
99.2 (313@Somerset)
100 (Sky Complex)


95.9 (Overall)
99.8 (Germany)
85.2 (Spanish)




Reversion (%)


N/A


N/A


NA


NA




Gearing (%)


37.6


36.7


32


33.3




Cost of Debt (%)


4.2


N/A


0.88


1.8




1 Yr Fwd Yield (%)


7.36


9.59


5.78


6.67




Debt Hedged (%)


100% of offshore facilities


N/A


Not Disclosed


NA




Target Price


Under Review


Under Review


NA


NA




Rating


Under Review


Under Review


NA


NA





ASEAN Builder's Scoop (10Aug21) - ECWREIT Steady as She Goes

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-35'>China Jinmao Holdings</a></li><li><a href='#lucror-entity-9757'>Fantasia Holdings Group Co</a></li><li><a href='#lucror-entity-26799'>Future Retail Ltd</a></li><li><a href='#lucror-entity-14882'>Seazen (Formerly Future Land)</a></li><li><a href='#lucror-entity-14152'>Yanlord Land</a></li><li><a href='#lucror-entity-26198'>Luzhou Xinglu Water Group -H</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.China Jinmao HoldingsFantasia Holdings Group CoFuture Retail LtdSeazen (Formerly Future Land)Yanlord LandLuzhou Xinglu Water Group -H

Morning Views Asia: China Jinmao Holdings, Fantasia Holdings Group Co, Future Retail Ltd

In this month’s "In-Focus" section, we discuss Chinese developers’ urban redevelopment businesses, including local governments' role in urban renewal projects and the various redevelopment models, as well as the impact of such projects on companies' financials. We also give an overview of recent bond defaults. The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus" section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  In this month’s "In-Focus" section, we discuss Chinese developers’ urban redevelopment businesses, including local governments' role in urban renewal projects and the various redevelopment models, as well as the impact of such projects on companies' financials. We also give an overview of recent bond defaults.   The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus" section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - Chinese Developers’ Urban Redevelopment Businesses - Lucror Analytics

The Asia HY Trade Book for the month of July includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Book for the month of July includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Book - July 2021 - Lucror Analytics

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-13022'>Anton Oilfield</a></li><li><a href='#lucror-entity-9757'>Fantasia Holdings Group Co</a></li><li><a href='#lucror-entity-3121'>Lippo Karawaci</a></li><li><a href='#lucror-entity-240'>Sunac China Holdings</a></li><li><a href='#lucror-entity-14152'>Yanlord Land</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Anton OilfieldFantasia Holdings Group CoLippo KarawaciSunac China HoldingsYanlord Land

Morning Views Asia: Anton Oilfield, Fantasia Holdings Group Co, Lippo Karawaci, Sunac China Holdings

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Yanlord Land (YLLG SP)

ASEAN Builder's Scoop (10Aug21) - ECWREIT Steady as She Goes

ECWREIT steady as she goes; DASIN boosted by acquisitions; LREIT robust occupancy levels; IREIT dual-currency trading; FPL well-positioned for...

SCCM Asia Research

Morning Views Asia: China Jinmao Holdings, Fantasia Holdings Group Co, Future Retail Ltd

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Asia HY Monthly - Chinese Developers’ Urban Redevelopment Businesses - Lucror Analytics

In this month’s "In-Focus" section, we discuss Chinese developers’ urban redevelopment businesses, including local governments' role in urban...

Lucror Analytics

Asia HY Trade Book - July 2021 - Lucror Analytics

The Asia HY Trade Book for the month of July includes a summary of our recommendations, as well as our high-conviction ideas. The report also...

Lucror Analytics

Morning Views Asia: Anton Oilfield, Fantasia Holdings Group Co, Lippo Karawaci, Sunac China Holdings

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)