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/ascendas-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:39" rel="noopener">Ascendas Real Estate Investment Trust (AREIT SP)</a> to acquire a cold storage logistics facility in Singapore for S$191.9m; DPU accretion by +0.56%</li><li><a href="https://www.smartkarma.com/entities/parkway-life-reit" target="_blank" data-smartkarma-citation="entities:13422" rel="noopener">Parkway Life REIT (PREIT SP)</a> acquires 3 Hokkaido nursing homes for ~S$26.1m; No material impact to DPU</li><li>Recent suburban launches seen strong sales despite economic headwinds</li></ul>

Ascendas Real Estate Investment Trust (AREIT SP) to acquire a cold storage logistics facility in Singapore for S$191.9m; DPU accretion by +0.56%Parkway Life REIT (PREIT SP) acquires 3 Hokkaido nursing homes for ~S$26.1m; No material impact to DPURecent suburban launches seen strong sales despite economic headwinds

ASEAN Builder's Scoop (14Sep22) - AREIT Buys SG Cold Storage Facility, +0.56% DPU Accretion

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

CapitaLand Ascendas REIT / Equity Bottom-Up

<ul><li>REIT Watch - Latest S-Reit acquisitions in industrial and hospitality sectors A number of acquisitions announced were in sectors such as industrial/logistics, office properties, data centres, and hospitality sectors.</li><li>Cromwell European Reit (CEReit) in July announced the proposed acquisition of its third logistics asset in the United Kingdom.</li></ul>

REIT Watch - Latest S-Reit acquisitions in industrial and hospitality sectors A number of acquisitions announced were in sectors such as industrial/logistics, office properties, data centres, and hospitality sectors.Cromwell European Reit (CEReit) in July announced the proposed acquisition of its third logistics asset in the United Kingdom.

REIT Watch - Latest S-Reit acquisitions in industrial and hospitality sectors

<ul><li>Following the broad downtrend that gripped global stocks in 1H22, most benchmarks have posted partial recoveries over the first seven weeks of 2H22.</li><li>However, the uneven global growth outlook has seen China stocks (as gauged by the FTSE China A50 Index) further decline by 10%, following the 6% decline in 1H22.</li><li>Growth, inflation, and the inflationary impact on growth has carried an uneven impact on global economic sectors and by extension sectors and industries in 1H22.</li></ul>

Following the broad downtrend that gripped global stocks in 1H22, most benchmarks have posted partial recoveries over the first seven weeks of 2H22.However, the uneven global growth outlook has seen China stocks (as gauged by the FTSE China A50 Index) further decline by 10%, following the 6% decline in 1H22.Growth, inflation, and the inflationary impact on growth has carried an uneven impact on global economic sectors and by extension sectors and industries in 1H22.

Recent Stockmarket Moves and Challenges Ahead

Far East Hospitality Trust / Equity Bottom-Up

<ul><li>REIT Watch - SGTI 2022 shows more S-Reits reporting non-financial metrics S-Reits and business trusts see an improvement in their Singapore Governance and Transparency Index (SGTI) 2022 scores, increasing marginally to 85.3 points from 85.0 last year.</li><li>Overall, the mean score of the Reits and business trust category increased by 0.3 points year on year and the mean bonus points for good disclosure practices increased by 0.7 points to 19.2 points.</li></ul>

REIT Watch - SGTI 2022 shows more S-Reits reporting non-financial metrics S-Reits and business trusts see an improvement in their Singapore Governance and Transparency Index (SGTI) 2022 scores, increasing marginally to 85.3 points from 85.0 last year.Overall, the mean score of the Reits and business trust category increased by 0.3 points year on year and the mean bonus points for good disclosure practices increased by 0.7 points to 19.2 points.

REIT Watch - SGTI 2022 shows more S-Reits reporting non-financial metrics

<ul><li><a href="https://www.smartkarma.com/entities/frasers-logistics-commercial-trust" target="_blank" data-smartkarma-citation="entities:22748" rel="noopener">Frasers Logistics &amp; Commercial Trust (FLT SP)</a> 3Q22 Business Updates – Robust reversions and steady occupancy</li><li><a href="https://www.smartkarma.com/entities/elite-commercial-reit" target="_blank" data-smartkarma-citation="entities:28807" rel="noopener">Elite Commercial REIT (ELITE SP)</a> 1H22 DPU -2.7% YoY; Higher mid-year portfolio valuation despite declining occupancy</li><li><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> to acquire Philips APAC Center in Singapore for S$104.8m; DPU accretive by +0.3%</li></ul>

Frasers Logistics &amp; Commercial Trust (FLT SP) 3Q22 Business Updates – Robust reversions and steady occupancyElite Commercial REIT (ELITE SP) 1H22 DPU -2.7% YoY; Higher mid-year portfolio valuation despite declining occupancyAscendas Real Estate Investment Trust (AREIT SP) to acquire Philips APAC Center in Singapore for S$104.8m; DPU accretive by +0.3%

ASEAN Builder's Scoop (5Aug22) - FLT Robust Reversions +ve Surprise

Singapore

CapitaLand Ascendas REIT is an industrial real estate investment trust. The Trust invests in business and science park properties, integrated development, amenities, and retail (IDAR) properties, high-specifications industrial properties and data centers, light industrial and flatted factories, and logistics and distribution centers.

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CapitaLand Ascendas REIT (CLAR SP)

ASEAN Builder's Scoop (14Sep22) - AREIT Buys SG Cold Storage Facility, +0.56% DPU Accretion

PREIT expands into Japan nursing home; GLS tenders received fewer bids; Condo resale prices marched higher in Aug22; TRCB inks 3 land acq in 2022

SCCM Asia Research

REIT Watch - Latest S-Reit acquisitions in industrial and hospitality sectors

REIT Watch - Latest S-Reit acquisitions in industrial and hospitality sectors A number of acquisitions announced were in sectors such as...

Singapore Exchange Ltd (SGX)

Recent Stockmarket Moves and Challenges Ahead

Following the broad downtrend that gripped global stocks in 1H22, most benchmarks have posted partial recoveries over the first seven weeks of...

Singapore Exchange Ltd (SGX)

REIT Watch - SGTI 2022 shows more S-Reits reporting non-financial metrics

REIT Watch - SGTI 2022 shows more S-Reits reporting non-financial metrics S-Reits and business trusts see an improvement in their Singapore...

Singapore Exchange Ltd (SGX)

ASEAN Builder's Scoop (5Aug22) - FLT Robust Reversions +ve Surprise

ELITE higher mid-year portfolio valuation; AREIT buys Philips APAC Centre at +0.3% DPU accretion; BSDE 1H22 mktg sales reached 61% FY target; FLI...

SCCM Asia Research

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