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)

<ul><li><a href="https://www.smartkarma.com/entities/uol-group-ltd" target="_blank" data-smartkarma-citation="entities:142" rel="noopener">UOL Group (UOL SP)</a> 2H21 PATMI +126% YoY; Stronger contributions from property development and hotel properties</li><li><a href="https://www.smartkarma.com/entities/mapletree-logistics-trust" target="_blank" data-smartkarma-citation="entities:16035" rel="noopener">Mapletree Logistics Trust (MLT SP)</a> acquires South Korean Logistic at 4.0% NPI yield; Expected to be DPU accretive</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> 2H21 net profit fell 13% YoY; Declared S$0.068/share divvy (~5.6% yield)</li></ul>

UOL Group (UOL SP) 2H21 PATMI +126% YoY; Stronger contributions from property development and hotel propertiesMapletree Logistics Trust (MLT SP) acquires South Korean Logistic at 4.0% NPI yield; Expected to be DPU accretiveYanlord Land (YLLG SP) 2H21 net profit fell 13% YoY; Declared S$0.068/share divvy (~5.6% yield)

ASEAN Builder's Scoop (1Mar22) - UOL Stronger Contributions from Prop Dev't and Hotels

<ul><li><a href="https://www.smartkarma.com/entities/mapletree-logistics-trust" target="_blank" data-smartkarma-citation="entities:16035" rel="noopener">Mapletree Logistics Trust (MLT SP)</a> acquires 2 prime land parcels in Subang Jaya, Malaysia</li><li>New private home sales increases 3.5% MoM in Jan22; Take-up rate remains robust at ~380%</li><li>TE Capital, LaSalle forms JV to buy PIL Building for undisclosed amount</li></ul>

Mapletree Logistics Trust (MLT SP) acquires 2 prime land parcels in Subang Jaya, MalaysiaNew private home sales increases 3.5% MoM in Jan22; Take-up rate remains robust at ~380%TE Capital, LaSalle forms JV to buy PIL Building for undisclosed amount

ASEAN Builder's Scoop (16Feb22) - MLT Buys 2 Prime Plots in Subang

<ul><li><a href="https://www.smartkarma.com/entities/mapletree-logistics-trust" target="_blank" data-smartkarma-citation="entities:16035" rel="noopener">Mapletree Logistics Trust (MLT SP)</a> 3Q22 DPU +5.8% YoY; Sustained robust occupancy and reversions  </li><li><a href="https://www.smartkarma.com/entities/capitaland-china-trust" target="_blank" data-smartkarma-citation="entities:8859" rel="noopener">CapitaLand China Trust (CLCT SP)</a> 2H21 DPU +35.1% YoY – Negative 3.4% retail reversions a concern</li><li>Office rents and vacancy bottomed in 4Q21; Index rose 1.9% in 2021</li></ul>

Mapletree Logistics Trust (MLT SP) 3Q22 DPU +5.8% YoY; Sustained robust occupancy and reversions  CapitaLand China Trust (CLCT SP) 2H21 DPU +35.1% YoY – Negative 3.4% retail reversions a concernOffice rents and vacancy bottomed in 4Q21; Index rose 1.9% in 2021

ASEAN Builder's Scoop (31Jan22) - MLT Sustained Robust Occupancy, Reversions

<ul><li>Mapletree Logistics Trust (MLT) and Mapletree Industrial Trust (MIT) have no plans on merging</li><li>Condo, HDB rents increases more than 10% in 2021; Rents could continue to move up given cooling measures</li><li><a href="https://www.smartkarma.com/entities/banyan-tree-holdings-ltd" target="_blank" data-smartkarma-citation="entities:18141" rel="noopener">Banyan Tree Holdings (BTH SP)</a> Banyan Tree Group (BTH SP) launches new hospitality concept in Phuket, Thailand</li></ul>

Mapletree Logistics Trust (MLT) and Mapletree Industrial Trust (MIT) have no plans on mergingCondo, HDB rents increases more than 10% in 2021; Rents could continue to move up given cooling measuresBanyan Tree Holdings (BTH SP) Banyan Tree Group (BTH SP) launches new hospitality concept in Phuket, Thailand

ASEAN Builder's Scoop (13Jan22) - No Merger for MLT/MINT

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

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In 2021, the benchmark iEdge S-Reit Index generated 6.2 per cent total returns and the S-Reit and property trusts sector as a whole received S$1.4 billion of net retail inflows while institutional investors have seen net outflows of S$1.0 billion.

Throughout the year, 24 S-Reits announced asset acquisitions valued at more than S$15.3 billion and exceeding S$12.7 billion in total purchase price consideration. 
Mapletree Logistics Trust, Ascott Residence Trust and Ascendas India Trust were the most active S-REITs in terms of asset acquisitions last year, totalling purchase consideration of more than S$2.2 billion, S$780 million and S$400 million respectively. 
Recent S-REIT acquisitions announced in the month of December 2021 totalled S$1.2 billion in purchase consideration and were made by Ascott Residence Trust, CapitaLand Integrated Commercial Trust, First REIT and ParkwayLife REIT. 
These Reits acquired assets across a variety of segments including student accommodations, office, retail and nursing homes.

In 2021, Mapletree Logistics Trust (MLT) made several acquisitions in the logistics sector throughout the globe including South Korea, India, Singapore, Australia, Malaysia, China, Vietnam and Japan.

In November 2021, MLT announced the acquisition of logistics assets in China, Vietnam and Japan, valued at more than S$1.4 billion in total - its largest acquisition announcement of the year.

The trust noted that the pandemic has highlighted the importance of logistics and placed a greater emphasis on supply chain resiliency, fuelling demand for modern logistics space.

Hence, it believes that the acquisitions of these modern Grade-A logistics assets will position it well to capture these structural trends.

Ascott Residence Trust (ART) was the first Singapore-listed trust to venture into the student housing segment. In December last year, it announced the acquisition of 4 student accommodation assets in the United States for US$213.0 million (S$291.2 million).

The 4 assets have a total of 1,651 beds, serving more than 100,000 students across 5 universities in 3 states.

With ART's final acquisition announcement for the year, the trust has built a diversified portfolio of 8 student accommodation assets in the US with about 4,400 beds in under a year.

Beh Siew Kim, chief executive officer of the trust's manager noted that student accommodation assets and rental housing properties now make up about 16 per cent of its total portfolio value, surpassing the initial target of 15 per cent.

Ascendas India Trust (AIT) acquired several business parks, an industrial facility and a site for data centre development throughout the year.

In July 2021, it announced the acquisition of a greenfield site for the development of Phase 1 of its first fully-fitted data centre campus in Airoli, a growing data centre hub in Navi Mumbai, India.

The trust noted that Phase 1 of the development will have a built-up area of about 0.33 million sq ft and is scheduled to be ready by Q3 2024. REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/wealth-investing/acquisitions-by-s-reits-exceed-s12-billion-in-2021">read </a>the original version.
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    SREIT asset


In 2021, the benchmark iEdge S-Reit Index generated 6.2 per cent total returns and the S-Reit and property trusts sector as a whole received S$1.4 billion of net retail inflows while institutional investors have seen net outflows of S$1.0 billion.

Throughout the year, 24 S-Reits announced asset acquisitions valued at more than S$15.3 billion and exceeding S$12.7 billion in total purchase price consideration.  
Mapletree Logistics Trust, Ascott Residence Trust and Ascendas India Trust were the most active S-REITs in terms of asset acquisitions last year, totalling purchase consideration of more than S$2.2 billion, S$780 million and S$400 million respectively.  
Recent S-REIT acquisitions announced in the month of December 2021 totalled S$1.2 billion in purchase consideration and were made by Ascott Residence Trust, CapitaLand Integrated Commercial Trust, First REIT and ParkwayLife REIT.  
These Reits acquired assets across a variety of segments including student accommodations, office, retail and nursing homes.

In 2021, Mapletree Logistics Trust (MLT) made several acquisitions in the logistics sector throughout the globe including South Korea, India, Singapore, Australia, Malaysia, China, Vietnam and Japan.

In November 2021, MLT announced the acquisition of logistics assets in China, Vietnam and Japan, valued at more than S$1.4 billion in total - its largest acquisition announcement of the year.

The trust noted that the pandemic has highlighted the importance of logistics and placed a greater emphasis on supply chain resiliency, fuelling demand for modern logistics space.

Hence, it believes that the acquisitions of these modern Grade-A logistics assets will position it well to capture these structural trends.

Ascott Residence Trust (ART) was the first Singapore-listed trust to venture into the student housing segment. In December last year, it announced the acquisition of 4 student accommodation assets in the United States for US$213.0 million (S$291.2 million).

The 4 assets have a total of 1,651 beds, serving more than 100,000 students across 5 universities in 3 states.

With ART's final acquisition announcement for the year, the trust has built a diversified portfolio of 8 student accommodation assets in the US with about 4,400 beds in under a year.

Beh Siew Kim, chief executive officer of the trust's manager noted that student accommodation assets and rental housing properties now make up about 16 per cent of its total portfolio value, surpassing the initial target of 15 per cent.

Ascendas India Trust (AIT) acquired several business parks, an industrial facility and a site for data centre development throughout the year.

In July 2021, it announced the acquisition of a greenfield site for the development of Phase 1 of its first fully-fitted data centre campus in Airoli, a growing data centre hub in Navi Mumbai, India.

The trust noted that Phase 1 of the development will have a built-up area of about 0.33 million sq ft and is scheduled to be ready by Q3 2024.  REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - Acquisitions by S-Reits exceed S$12 billion in 2021

Singapore

Mapletree Logistics Trust is an Asia-focused logistics real estate investment trust. The Company invests in a diversified portfolio of income-producing real estate which is used for logistics purposes.

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Mapletree Logistics Trust (MLT SP)

ASEAN Builder's Scoop (1Mar22) - UOL Stronger Contributions from Prop Dev't and Hotels

MLT buys South Korean logistics at 4% yield; DC rates rising except for hotel use; AREIT growing AUM boosted earnings; SIRI targets +26% YoY 2022...

SCCM Asia Research

ASEAN Builder's Scoop (16Feb22) - MLT Buys 2 Prime Plots in Subang

MLT Buys 2 Prime Plots in Subang; Jan21 new home sales take-up rate at ~380%; TE Capital/Lasalle buys PIL building; DMW exponential growth in 2022;...

SCCM Asia Research

ASEAN Builder's Scoop (31Jan22) - MLT Sustained Robust Occupancy, Reversions

CLCT negative retail reversions a concern; 4Q21 office rents bottomed; 4Q21 retail rents recovered; Industrial rents trending upwards; Phils office...

SCCM Asia Research

ASEAN Builder's Scoop (13Jan22) - No Merger for MLT/MINT

No merger for MLT/MINT; Condo, HDB rents may continue rising; BTH launching new concept in Phuket; METRO/Daiwa House deepens collaboration; SIRI...

SCCM Asia Research

REIT Watch - Acquisitions by S-Reits exceed S$12 billion in 2021

In 2021, the benchmark iEdge S-Reit Index generated 6.2 per cent total returns and the S-Reit and property trusts sector as a...

Singapore Exchange Ltd (SGX)

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