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/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> settles with insurers for HK$334m over damage to Festival Walk mall</li><li>New bonus GFA incentive scheme for developments that meet standards on digitalization and productivity</li><li><a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670" rel="noopener">Frasers Property Ltd (FPL SP)</a> scraps plan to acquire Vietnam property developer</li></ul>

Mapletree North Asia Commercial Trust (MAGIC SP) settles with insurers for HK$334m over damage to Festival Walk mallNew bonus GFA incentive scheme for developments that meet standards on digitalization and productivityFrasers Property Ltd (FPL SP) scraps plan to acquire Vietnam property developer

ASEAN Builder's Scoop (25Nov21) - MAGIC Settles FW's Insurance Claims

<ul><li>AREIT redeveloping Science Park Drive; 10M21 new home sales take-up rate at 181%; KEP final offer for SPH; SDPR new launches sold out; Phils Sep21 remittances rebounded</li><li>New private home sales rose 9% MoM in Oct21; Robust take-up rate (above 100%) for the past 9mo</li><li>Keppel Corp (KEP SP) says its final offer for Singapore Press Holdings (SPH SP) is compelling - KEP stated that its final offer is a compelling one and a win-win proposition which would be put to both KEP’s and SPH’s shareholders for their respective decisions.</li></ul>

AREIT redeveloping Science Park Drive; 10M21 new home sales take-up rate at 181%; KEP final offer for SPH; SDPR new launches sold out; Phils Sep21 remittances reboundedNew private home sales rose 9% MoM in Oct21; Robust take-up rate (above 100%) for the past 9moKeppel Corp (KEP SP) says its final offer for Singapore Press Holdings (SPH SP) is compelling - KEP stated that its final offer is a compelling one and a win-win proposition which would be put to both KEP’s and SPH’s shareholders for their respective decisions.

ASEAN Builder's Scoop (16Nov21) - AREIT Redeveloping Science Park Drive

<h2>Singapore  </h2><h3>Accor signs agreement to manage 8 on Claymore Serviced Residences, adding to its portfolio of 28 properties</h3><p>Accor has signed a management agreement to operate 8 on Claymore Serviced Residences located in the Orchard Road area. Accor is scheduled to commence operations around end-2021. According to the management agreement, the property will undergo a soft refurbishment for all rooms and public areas by mid-2022. The 85-room property will feature a range of modern accommodation, from executive studios to two- and three-bedroom apartments, each with fully equipped kitchens and in-room laundry facilities. This property will join Accor’s portfolio of 28 properties in Singapore including the Raffles, Fairmont, Sofitel, Swissôtel, Novotel, Mercure and ibis brands.</p>

Singapore  Accor signs agreement to manage 8 on Claymore Serviced Residences, adding to its portfolio of 28 propertiesAccor has signed a management agreement to operate 8 on Claymore Serviced Residences located in the Orchard Road area. Accor is scheduled to commence operations around end-2021. According to the management agreement, the property will undergo a soft refurbishment for all rooms and public areas by mid-2022. The 85-room property will feature a range of modern accommodation, from executive studios to two- and three-bedroom apartments, each with fully equipped kitchens and in-room laundry facilities. This property will join Accor’s portfolio of 28 properties in Singapore including the Raffles, Fairmont, Sofitel, Swissôtel, Novotel, Mercure and ibis brands.

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/capitaland-ltd" target="_blank" data-smartkarma-citation="entities:55" rel="noopener">Capitaland (CAPL SP)</a> 3Q21 Business Updates – A good start with key metrics growing robustly</h3><ul><li>9M21 revenue came in at S$1.6bn with Fee income Related Business (FRB) making up 40% of total revenue and Real-estate investment business making up the remaining 60%. 9M21 FRB rose by 19% YoY to S$656m, with fund management rising by 35% YoY to S$292m, followed by property management rising by 2.6% YoY to S$236m and lodging management rising by 23% to S$128m, respectively     </li></ul>

SingaporeCapitaland (CAPL SP) 3Q21 Business Updates – A good start with key metrics growing robustly9M21 revenue came in at S$1.6bn with Fee income Related Business (FRB) making up 40% of total revenue and Real-estate investment business making up the remaining 60%. 9M21 FRB rose by 19% YoY to S$656m, with fund management rising by 35% YoY to S$292m, followed by property management rising by 2.6% YoY to S$236m and lodging management rising by 23% to S$128m, respectively     

<h2>Singapore</h2><p>SREITs results in a glance (see detailed spreadsheet and calendar attached)</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/236/273/original/image_54776601321634694560432.png?1634694565" class="editor-image img-responsive" data-smartkarma-image-id="236273"></figure><ul><li><h3></h3><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> 3Q21 Business Updates; Robust reversions while on virtuous cycle of inorganic growth (BUY; TP S$3.55/unit)</li><li>3Q21 revenue, NPI and DPU were undisclosed. AREIT has completed the development of the Grab Headquarters, with a total development cost of S$184.6m. Divestment of two Australian logistics properties has also been completed at a price of S$104.5m (AUD101.6m)</li></ul>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached)Ascendas Real Estate Investment Trust (AREIT SP) 3Q21 Business Updates; Robust reversions while on virtuous cycle of inorganic growth (BUY; TP S$3.55/unit)3Q21 revenue, NPI and DPU were undisclosed. AREIT has completed the development of the Grab Headquarters, with a total development cost of S$184.6m. Divestment of two Australian logistics properties has also been completed at a price of S$104.5m (AUD101.6m)

Philippines

Ayala Land is the largest property developer in the Philippines with a track record in developing large-scale, integrated, mixed-use, and sustainable estates. It offers a balanced and complementary mix of residential developments, shopping centers, offices, hotels and resorts, construction, property management and strategic investments.

Robinsons Land Corporation invests in and develops real estate. The Company develops residential housing and commercial real estate and operates shopping malls and hotels.

Megaworld Corporation, through its subsidiaries, operates in the real estate and hotel businesses as well as provides marketing services. The Company provides a wide array of product from condominiums to subdivisions developments.

8990 Holdings Inc. is a low-cost mass housing developer in the Philippines. The Company offers several housing units/models from which potential homebuyers may choose from, including single-storey detached houses with lofts, single-storey attached row-houses, 2-storey townhouses, and medium-rise building condominiums.

Filinvest Development Corporation engages in the real estate; banking; farming, milling, and trading of sugar; hotel; and energy businesses in the Philippines. Its Real Estate segment acquires land, and plans and develops integrated residential and commercial communities; develops and sells residential and commercial lots; develops and leases retail and office space and land; constructs and sells residential housing and condominiums, and office buildings; develops farm estates, industrial, and business parks; operates cinema and malls; and provides property management services. The company�s Banking and Financial Services segment provides commercial banking operations comprising savings and time deposits in pesos and foreign currencies; commercial mortgage and agribusiness loans; payment services, fund transfers, international trade settlements, and remittances from overseas workers; trust and investment services, such as portfolio management, unit funds, trust administration, and estate planning; and safety deposit facilities. Its Sugar Operations segment operates agricultural lands for planting and cultivating farm products; and a sugar central for the purpose of milling or converting sugar canes to centrifugal or refined sugar. The company�s Hotel Operations segment engages in the operation of hotels, including management of resorts, villas, service apartment, and other services for guests. Its Power Generation Operations segment is involved in the establishment, construction, operation, and supply of power to offtakers. The Other Operation segment engages in the operation, management, maintenance, and rehabilitation of waterworks and sewerage system. The company was incorporated in 1973 and is based in Taguig, the Philippines. Filinvest Development Corporation operates as a subsidiary of A.L. Gotianun, Inc.

DoubleDragon Properties Corp offers real estate development services in the Philippines.  The Company focuses on commercial, residential, and public-private partnership projects.

Sta. Lucia Land, Inc. primarily engages in the real estate development activities in the Philippines. It operates through two segments, Leasing and Residential Development. The company develops and sells residential subdivisions, golf courses and communities, resorts, condominiums, sports and country club estates, and commercial properties. It is also involved in leasing of mall. The company was formerly known as Zipporah Realty Holdings, Inc. and changed its name to Sta. Lucia Land, Inc. in 2007. The company was incorporated in 1966 and is headquartered in Cainta, the Philippines. Sta. Lucia Land, Inc. operates as a subsidiary of Sta. Lucia Realty & Development, Inc.

Vista Land & Lifescapes, Inc. is an investment holding company. The Company, through its subsidiaries develops and sells residential subdivisions and housing units. Vista Land operates in the Philippines.

Filinvest Land, Inc., together with its subsidiaries, operates as a real estate developer in the Philippines. The company operates through Real Estate Sales and Leasing segments. It develops and sells affordable and middle-market residential lots and housing units to lower and middle-income markets. The company also develops themed residential projects with a leisure component, such as farm estates and developments anchored by sports and resort clubs. In addition, it has investment properties comprising Festival Supermall, a shopping complex consisting of approximately 700 retail stores and outlets, 10 theater movie multiplexs, and 2 themed amusement centers, as well as exhibit, trade, and music halls; PBCom Tower located in Makati City; and office buildings in Northgate Cyberzone, a 10-hectare business process outsourcing office park. The company was formerly known as Citation Homes, Inc. and changed its name to Filinvest Land, Inc. in July 1993. The company was incorporated in 1989 and is headquartered in Mandaluyong, the Philippines. Filinvest Land, Inc. operates as a subsidiary of Filinvest Development Corp.

Shang Properties, Inc., together with its subsidiaries, engages in property investment and development, real estate management, leasing, and mall and carpark operations in the Philippines. The company, formerly known as Edsa Properties Holdings Inc., was incorporated in 1987 and is based in Mandaluyong, the Philippines.

The Wharf (Holdings) Limited, through its subsidiaries, develops and invests in real estate properties. The Company also owns and manages hotels and operates logistics business. In addition, the Wharf operates telecommunication business, cable television, and Internet-related businesses.

DAIWA HOUSE INDUSTRY CO., LTD. designs and builds residential, commercial, and institutional buildings.  The Company constructs single-family houses, collective housings, condominiums, stores, office buildings, factories, and hospitals. DAIWA HOUSE INDUSTRY also operates real estate businesses. The Company, through its subsidiaries, manages hotels and golf country clubs.

Henderson Land Development Company Limited, through its subsidiaries, develops, invests in, and manages properties. The Company also provides project management, construction, and finance services. In addition, Henderson Land Development operates department stores, hotels, and infrastructure business.

China Overseas Land & Investment Limited provides real estate services. The Company develops, manages, and invests in commercial properties. China Overseas Land & Investment serves customers globally.

China Overseas Land & Investment (688 HK)

Mitsubishi Estate Company Ltd. invests in real estate properties in Japan.  The Company leases, manages, and develops commercial buildings in central Tokyo. Mitsubishi Estate also develops and sells residential properties and parking lots and manages recreational facilities including golf courses and tennis clubs.

Sumitomo Realty & Development Co., Ltd. develops, manages, and sells houses and condominiums.  The Company also develops and manages real estates in overseas. Sumitomo Realty & Development undertakes infrastructure projects, manages real estate properties, and provides financing services to its customers.  The Company operates fitness clubs and restaurants as well.

Godrej Properties, Ltd. is a real estate development company.

Swire Properties Limited develops and manages commercial, retail, and residential properties. The Company's investment portfolio includes office and retail premises, and serviced apartments and other residential accommodation.

Longfor Properties Co. Ltd. operates in the property development, property investment and property management businesses in China.

Poly Real Estate Group Co., Ltd. mainly develops and sells residential homes. The company is also in the business of leasing and rental of real estates, and property management.

Poly Real Estate Group Co., Ltd (600048 CH)

SM Prime Holdings Inc., through its subsidiaries, is engaged in residential property, shopping malls, offices, hotels and convention centers development.

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Sm Prime Holdings (SMPH PM)

ASEAN Builder's Scoop (25Nov21) - MAGIC Settles FW's Insurance Claims

MAGIC settles FW's insurance claims; New bonus GFA incentive scheme; FPL cancels VN acquisition; SASSR new CFO; SPSB likely exceeds 2021 sales...

SCCM Asia Research

ASEAN Builder's Scoop (16Nov21) - AREIT Redeveloping Science Park Drive

AREIT redeveloping Science Park Drive; 10M21 new home sales take-up rate at 181%; KEP final offer for SPH; SDPR new launches sold out; Phils Sep21...

SCCM Asia Research

ASEAN Builder's Scoop (9Nov21)

Accor to manage 8 on Claymore SR; SMPH weaker resi weighs on bottom line; RLC earnings spike on improved leasing; BL to open more Iceland hotels;...

SCCM Asia Research

ASEAN Builder's Scoop (3Nov21)

CLI 3Q21 results a good start; OUECT declining QoQ reversions; MUST green shoots of recovery; HOBEE buys Melbourne site; ALLHC expands Cavite...

SCCM Asia Research

ASEAN Builder's Scoop (20Oct21)

AREIT robust reversions, on virtuous growth cycle; IWG opens 16th Co-working centre; Ann Siang House pivots to rental business; SWB revised FY21...

SCCM Asia Research

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