Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Yesterday, it appears that a large holder of <a href="https://www.smartkarma.com/entities/sph-reit" target="_blank" data-smartkarma-citation="entities:5994:1" rel="noopener">SPH REIT (SPHREIT SP)</a> accepted the Cuscaden Chain Offer for the REIT.</li>
<li>This morning just after midnight, the Cuscaden consortium announced that the Chain Offer had become Unconditional.</li>
<li>This makes the 4-week option unconditional, and it means index impacts to come.</li>
</ul>


Yesterday, it appears that a large holder of SPH REIT (SPHREIT SP) accepted the Cuscaden Chain Offer for the REIT.
This morning just after midnight, the Cuscaden consortium announced that the Chain Offer had become Unconditional.
This makes the 4-week option unconditional, and it means index impacts to come.


SPH REIT Offer Goes Unconditional - The Option Now and Index Impacts To Come

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/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> extends offshore loan facilities; Ripe for privatization</li><li>Ascott acquires first lyf-branded Co-living property in Sydney</li><li><a href="https://www.smartkarma.com/entities/sph-reit" target="_blank" data-smartkarma-citation="entities:5994" rel="noopener">SPH REIT (SPHREIT SP)</a> chain offer has become unconditional</li></ul>

EC World Reit (ECWREIT SP) extends offshore loan facilities; Ripe for privatizationAscott acquires first lyf-branded Co-living property in SydneySPH REIT (SPHREIT SP) chain offer has become unconditional

ASEAN Builder's Scoop (2Jun22) - ECWREIT Ripe for Privatisation

David Blennerhassett

<ul>
<li>There are 43 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Two news deals this week: <a href="https://www.smartkarma.com/entities/yanzhou-coal-mining-company-limited-h" target="_blank" data-smartkarma-citation="entities:384:1" rel="noopener">Yankuang Energy Group Company (1171 HK)</a>'s tilt for <a href="https://www.smartkarma.com/entities/yancoal-australia-ltd" target="_blank" data-smartkarma-citation="entities:4145:1" rel="noopener">Yancoal Australia (YAL AU)</a>; <a href="https://www.smartkarma.com/entities/saic-motor-corp-ltd-a" target="_blank" data-smartkarma-citation="entities:20833:1" rel="noopener">SAIC Motor (600104 CH)</a>'s Offer for <a href="https://www.smartkarma.com/entities/shanghai-dongzheng-automotive-finance-co-ltd" target="_blank" data-smartkarma-citation="entities:27984:1" rel="noopener">Dongzheng Automotive Finance (2718 HK)</a>.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/sph-reit" target="_blank" data-smartkarma-citation="entities:5994:1" rel="noopener">SPH REIT (SPHREIT SP)</a>, <a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106:1" rel="noopener">Mapletree Commercial Trust (MCT SP)</a>/ <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a>
</li>
</ul>


There are 43 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two news deals this week: Yankuang Energy Group Company (1171 HK)'s tilt for Yancoal Australia (YAL AU); SAIC Motor (600104 CH)'s Offer for Dongzheng Automotive Finance (2718 HK).
Key updates took place for: Virtus Health (VRT AU), Toyo Construction (1890 JP), SPH REIT (SPHREIT SP), Mapletree Commercial Trust (MCT SP)/ Mapletree North Asia Commercial Trust (MAGIC SP)



Asia-Pac Weekly Risk Arb Wrap: Yancoal, Donzheng, Virtus, Toyo, SPH REIT, Mapletree Merger, BEURG

<ul>
<li>The <a href="https://www.smartkarma.com/entities/sph-reit" target="_blank" data-smartkarma-citation="entities:5994:1" rel="noopener">SPH REIT (SPHREIT SP)</a> Chain Offer was <a href="https://links.sgx.com/FileOpen/Offer%20Document.ashx?App=Announcement&amp;FileID=717861" target="_blank" rel="noopener">launched</a> on Thursday 19 May. </li>
<li>The Chain Offer Price has been revised lower from the original level to be S$0.9372/unit, as discussed a few times in these pages. </li>
<li>The units have underperformed Peer Baskets for the last few months and have now fallen to the Chain Offer Price. That presents opportunities</li>
</ul>


The SPH REIT (SPHREIT SP) Chain Offer was launched on Thursday 19 May. 
The Chain Offer Price has been revised lower from the original level to be S$0.9372/unit, as discussed a few times in these pages. 
The units have underperformed Peer Baskets for the last few months and have now fallen to the Chain Offer Price. That presents opportunities


SPH Offer Open - Starts to Look Interesting

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

Mapletree Pan Asia Commercial Trust / Equity Bottom-Up

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2022-05/Capture%201.PNG' alt='SREIT' />
 </figure>
 <div class='content-caption'>SREIT</div>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>Singapore's retail sales increased 8.7 per cent in March 2022 on a year-on-year basis, a reversal from the 3.5 per cent decrease in February 2022, according to the Singapore Department of Statistics (SingStat). 
Within the retail trade sector, most industries recorded year-on-year sales growth in March 2022. 
Listed on the SGX are 7 S-Reits which have significant exposure to Singapore-based retail assets. 
All seven S-Reits have announced their financial results or business updates this reporting season and they are: CapitaLand Integrated Commercial Trust, Frasers Centrepoint Trust, Lendlease Global Commercial Reit, Mapletree Commercial Trust, SPH Reit, Starhill Global Reit and Suntec Reit. 
CapitaLand Integrated Commercial Trust’s (CICT) net property income (NPI) from its retail assets grew 0.6 per cent year on year to S$101.8 million in Q1 2022. 
Its retail occupancy maintained at 96.6 per cent as at Mar 31, 2022 while tenant retention rate is 91 per cent in Q1 2022. 
Frasers Centrepoint Trust (FCT) reported that its retail portfolio occupancy improved from 97.2 per cent last quarter to 97.8 per cent. 
It noted that shopper traffic has improved to around 65 per cent of pre-Covid levels during the January to March 2022 period while tenants’ sales have maintained at above pre-Covid levels since Oct 2021. 
Lendlease Global Commercial Reit (LReit) noted that its retail portfolio saw strong occupancy rate, maintaining above 99 per cent, with a healthy tenant retention rate of 71.1 per cent 
The Reit completed its capital fundraising exercise to acquire 100 per cent of Jem mall in April 2022. LReit is also confident that 313@somerset will benefit from the re-opening trajectory in Singapore. 
Mapletree Commercial Trust (MCT) saw healthy performance at VivoCity mall, which had a 99.2 per cent committed occupancy as at Mar 31, 2022. 
It noted that, in tandem with easing Covid-19 measures, tenant sales kept a steady recovery momentum with fourth quarter FY21/22 tenant sales rebounding by 10.3 per cent on a year-on-year basis, reaching pre-Covid levels. 
SPH Reit’s Singapore retail assets maintained an occupancy rate of 99.1 per cent as at Feb 28, 2022 and noted that overall tenant sales for the Singapore assets increased 2 per cent year on year for H1 FY2022. 
Starhill Global Reit’s Singapore retail occupancy rates remained at 98.9 per cent as at Mar 31, 2022. Shopper traffic and tenant sales at Wisma Atria increased 11.7 per cent and 18.2 per cent year on year respectively during the quarter. 
Suntec Reit reported 13.9 per cent year-on-year growth in Q1 2022 gross revenue, partly contributed by higher income from Suntec City Office and Suntec City Mall. 
The Reit believes that the easing of Covid-19 pandemic restrictions and the reopening of the economy will boost the recovery of footfall as well as tenant sales and that mall occupancy will likely remain stable at above 95 per cent. REIT Watch is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/tenant-sales-back-at-pre-covid-levels-for-retail-s-reits"> read </a>the original version.</body></html>


      
    
    SREIT

Singapore's retail sales increased 8.7 per cent in March 2022 on a year-on-year basis, a reversal from the 3.5 per cent decrease in February 2022, according to the Singapore Department of Statistics (SingStat).  
Within the retail trade sector, most industries recorded year-on-year sales growth in March 2022.  
Listed on the SGX are 7 S-Reits which have significant exposure to Singapore-based retail assets.  
All seven S-Reits have announced their financial results or business updates this reporting season and they are: CapitaLand Integrated Commercial Trust, Frasers Centrepoint Trust, Lendlease Global Commercial Reit, Mapletree Commercial Trust, SPH Reit, Starhill Global Reit and Suntec Reit.  
CapitaLand Integrated Commercial Trust’s (CICT) net property income (NPI) from its retail assets grew 0.6 per cent year on year to S$101.8 million in Q1 2022.  
Its retail occupancy maintained at 96.6 per cent as at Mar 31, 2022 while tenant retention rate is 91 per cent in Q1 2022.  
Frasers Centrepoint Trust (FCT) reported that its retail portfolio occupancy improved from 97.2 per cent last quarter to 97.8 per cent.  
It noted that shopper traffic has improved to around 65 per cent of pre-Covid levels during the January to March 2022 period while tenants’ sales have maintained at above pre-Covid levels since Oct 2021.  
Lendlease Global Commercial Reit (LReit) noted that its retail portfolio saw strong occupancy rate, maintaining above 99 per cent, with a healthy tenant retention rate of 71.1 per cent  
The Reit completed its capital fundraising exercise to acquire 100 per cent of Jem mall in April 2022. LReit is also confident that 313@somerset will benefit from the re-opening trajectory in Singapore.  
Mapletree Commercial Trust (MCT) saw healthy performance at VivoCity mall, which had a 99.2 per cent committed occupancy as at Mar 31, 2022.  
It noted that, in tandem with easing Covid-19 measures, tenant sales kept a steady recovery momentum with fourth quarter FY21/22 tenant sales rebounding by 10.3 per cent on a year-on-year basis, reaching pre-Covid levels.  
SPH Reit’s Singapore retail assets maintained an occupancy rate of 99.1 per cent as at Feb 28, 2022 and noted that overall tenant sales for the Singapore assets increased 2 per cent year on year for H1 FY2022.  
Starhill Global Reit’s Singapore retail occupancy rates remained at 98.9 per cent as at Mar 31, 2022. Shopper traffic and tenant sales at Wisma Atria increased 11.7 per cent and 18.2 per cent year on year respectively during the quarter.  
Suntec Reit reported 13.9 per cent year-on-year growth in Q1 2022 gross revenue, partly contributed by higher income from Suntec City Office and Suntec City Mall.  
The Reit believes that the easing of Covid-19 pandemic restrictions and the reopening of the economy will boost the recovery of footfall as well as tenant sales and that mall occupancy will likely remain stable at above 95 per cent.  REIT Watch is a weekly column on The Business Times, read the original version.


REIT Watch - Tenant sales back at pre-Covid levels for Retail S-Reits

Singapore

SPH REIT is a Singapore-based REIT established principally to invest, directly or indirectly, in a portfolio of income-producing real estate which is used primarily for retail purposes in Asia-Pacific, as well as real estate-related assets.

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SPH REIT (SPHREIT SP)

SPH REIT Offer Goes Unconditional - The Option Now and Index Impacts To Come

The SPH REIT Chain Offer is now unconditional at S$0.9372/unit. That gives investors a short-term option. It also creates an option for a post...

Travis Lundy

ASEAN Builder's Scoop (2Jun22) - ECWREIT Ripe for Privatisation

Ascott acquires first Lyf in Sydney; SPHREIT chain offer becomes unconditional; VREIT Phils's first mall-oriented REIT; ALLHC buys Batangas land...

SCCM Asia Research

Asia-Pac Weekly Risk Arb Wrap: Yancoal, Donzheng, Virtus, Toyo, SPH REIT, Mapletree Merger, BEURG

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

SPH Offer Open - Starts to Look Interesting

The SPHREIT Chain Offer has started, and that gives S-REIT investors and arbitrageurs 4-6 weeks of an interesting option. Which as of Friday is free.

Travis Lundy

REIT Watch - Tenant sales back at pre-Covid levels for Retail S-Reits

Singapore's retail sales increased 8.7 per cent in March 2022 on a year-on-year basis, a reversal from the 3.5 per cent decrease...

Singapore Exchange Ltd (SGX)

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