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

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

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<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: 242.047px; height: 14px;"> </td><td style="width: 241.969px; height: 14px;">FLT</td><td style="width: 241.984px; height: 14px;">ARAUS (US$)</td></tr><tr><td style="width: 242.047px; height: 15px;">Period</td><td style="width: 241.969px; height: 15px;">3Q21</td><td style="width: 241.984px; height: 15px;">2Q21</td></tr><tr><td style="width: 242.047px; height: 15px;">Gross Revenue (S$m)</td><td style="width: 241.969px; height: 15px;">NA</td><td style="width: 241.984px; height: 15px;">33.3 (+69.9% QoQ)</td></tr><tr><td style="width: 242.047px; height: 14px;">NPI (S$m)</td><td style="width: 241.969px; height: 14px;">NA</td><td style="width: 241.984px; height: 14px;">8.7 (+2,075% QoQ)</td></tr><tr><td style="width: 242.047px; height: 14px;">DPU (S$ c)</td><td style="width: 241.969px; height: 14px;">NA</td><td style="width: 241.984px; height: 14px;">NA</td></tr><tr><td style="width: 242.047px; height: 14px;">NAV per Unit (S$)</td><td style="width: 241.969px; height: 14px;">Based on last qtr: 1.14</td><td style="width: 241.984px; height: 14px;">0.61</td></tr><tr><td style="width: 242.047px; height: 14px;">P/B (x)</td><td style="width: 241.969px; height: 14px;">1.33</td><td style="width: 241.984px; height: 14px;">0.87</td></tr><tr><td style="width: 242.047px; height: 14px;">Occupancy (%)</td><td style="width: 241.969px; height: 14px;">96.3</td><td style="width: 241.984px; height: 14px;">51.2 (Overall)55.8 (Hyatt Place)64.7 (Hyatt House)68 (AC Hotels)75.7 (Courtyard by Marriott)95 (Residence Inn)</td></tr><tr><td style="width: 242.047px; height: 7px;">Reversion (%)</td><td style="width: 241.969px; height: 7px;">0.8</td><td style="width: 241.984px; height: 7px;">RevPAR (% QoQ):66.7 (Overall Portfolio)70.6 (Hyatt Place)68.3 (Hyatt House)77.4 (AC Hotels)55.4 (Courtyard by Marriott)46.2 (Residence Inn)</td></tr><tr><td style="width: 242.047px; height: 14px;">Gearing (%)</td><td style="width: 241.969px; height: 14px;">36.4</td><td style="width: 241.984px; height: 14px;">49</td></tr><tr><td style="width: 242.047px; height: 14px;">Cost of Debt (%)</td><td style="width: 241.969px; height: 14px;">1.7</td><td style="width: 241.984px; height: 14px;">3.4</td></tr><tr><td style="width: 242.047px; height: 14px;">1 Yr Fwd Yield (%)</td><td style="width: 241.969px; height: 14px;">5.07</td><td style="width: 241.984px; height: 14px;">4.67</td></tr><tr><td style="width: 242.047px; height: 14px;">Debt Hedged (%)</td><td style="width: 241.969px; height: 14px;">69.4</td><td style="width: 241.984px; height: 14px;">76.7</td></tr><tr><td style="width: 242.047px; height: 14px;">Target Price</td><td style="width: 241.969px; height: 14px;">N/A</td><td style="width: 241.984px; height: 14px;">N/A</td></tr><tr><td style="width: 242.047px; height: 15px;">Rating</td><td style="width: 241.969px; height: 15px;">N/A</td><td style="width: 241.984px; height: 15px;">N/A</td></tr></tbody></table>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached) FLTARAUS (US$)Period3Q212Q21Gross Revenue (S$m)NA33.3 (+69.9% QoQ)NPI (S$m)NA8.7 (+2,075% QoQ)DPU (S$ c)NANANAV per Unit (S$)Based on last qtr: 1.140.61P/B (x)1.330.87Occupancy (%)96.351.2 (Overall)55.8 (Hyatt Place)64.7 (Hyatt House)68 (AC Hotels)75.7 (Courtyard by Marriott)95 (Residence Inn)Reversion (%)0.8RevPAR (% QoQ):66.7 (Overall Portfolio)70.6 (Hyatt Place)68.3 (Hyatt House)77.4 (AC Hotels)55.4 (Courtyard by Marriott)46.2 (Residence Inn)Gearing (%)36.449Cost of Debt (%)1.73.41 Yr Fwd Yield (%)5.074.67Debt Hedged (%)69.476.7Target PriceN/AN/ARatingN/AN/A

ASEAN Builder's Scoop (05Aug21) - FLT Acq-Driven Growth

Singapore

ARA US Hospitality Trust is a Singapore-listed stapled trust. It owns upscale select-service hotels in the US.

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ARA US Hospitality Trust (ARAUS SP)

ASEAN Builder's Scoop (05Aug21) - FLT Acq-Driven Growth

FLT acq-driven growth; ARAUS QoQ recovery on full speed; ESR/ARA - what's next?; MEG 2Q21 NI underperforms; SEC approves RLC, MEG REITs; Indo...

SCCM Asia Research

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