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>Liv @ MB condo by <a href="https://www.smartkarma.com/entities/bukit-sembawang-estates-ltd" target="_blank" data-smartkarma-citation="entities:17987" rel="noopener">Bukit Sembawang Estates (BS SP)</a> in Mountbatten &gt;75% sold @ S$2,387psf</li><li>Asia Green in Tampines on the market with S$470m indicative pricing</li><li>Fresh off student housing deal, <a href="https://www.smartkarma.com/entities/wee-hur-holdings-ltd" target="_blank" data-smartkarma-citation="entities:5653" rel="noopener">Wee Hur Holdings (WHUR SP)</a> keen on more partnerships with institutional investors</li></ul>

Liv @ MB condo by Bukit Sembawang Estates (BS SP) in Mountbatten &gt;75% sold @ S$2,387psfAsia Green in Tampines on the market with S$470m indicative pricingFresh off student housing deal, Wee Hur Holdings (WHUR SP) keen on more partnerships with institutional investors

ASEAN Builder's Scoop (23May22) - Liv@ MB by BS >75% Sold @ S$2,387psf

<ul><li>Surge in new supply could slow down industrial price and rental growth; Prime logistics leading the pack</li><li>Freehold boutique project Baywind Residences to launch with prices starting from S$1,950psf</li><li>Demand for co-working spaces rising as corporates explore hybrid work</li></ul>

Surge in new supply could slow down industrial price and rental growth; Prime logistics leading the packFreehold boutique project Baywind Residences to launch with prices starting from S$1,950psfDemand for co-working spaces rising as corporates explore hybrid work

ASEAN Builder's Scoop (17May22) - New Supply Could Slow Down Industrial Rent/Price Growth

<ul><li><a href="https://www.smartkarma.com/entities/lhn-ltd" target="_blank" data-smartkarma-citation="entities:27234" rel="noopener">LHN Ltd (LHN SP)</a> 1H22 PATMI +117.4% YoY; More Co-living properties will be launched in 2H22</li><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> 1Q22 DPU -9.7% YoY; Timing difference in pre-termination compensation received</li><li><a href="https://www.smartkarma.com/entities/oue-commercial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:912" rel="noopener">OUE Commercial REIT (OUECT SP)</a> 1Q22 Business Updates – RevPAR recovery appears slow and Commercial occupancy remains flattish at low 90%</li></ul>

LHN Ltd (LHN SP) 1H22 PATMI +117.4% YoY; More Co-living properties will be launched in 2H22EC World Reit (ECWREIT SP) 1Q22 DPU -9.7% YoY; Timing difference in pre-termination compensation receivedOUE Commercial REIT (OUECT SP) 1Q22 Business Updates – RevPAR recovery appears slow and Commercial occupancy remains flattish at low 90%

ASEAN Builder's Scoop (13May22) - LHN Co-Living Bearing Fruits

<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> plans to launch Ang Mo Kio Avenue 1 in Jun22</li><li><a href="https://www.smartkarma.com/entities/mandarin-oriental-intl-ltd" target="_blank" data-smartkarma-citation="entities:4773" rel="noopener">Mandarin Oriental Intl (MAND SP)</a> narrows FY21 loss to US$141.4m; 1H22 remains in red despite global travel improvements</li><li>Rising interest in Shophouses and boutique commercial spaces along East Coast Road</li></ul>

UOL Group (UOL SP) plans to launch Ang Mo Kio Avenue 1 in Jun22Mandarin Oriental Intl (MAND SP) narrows FY21 loss to US$141.4m; 1H22 remains in red despite global travel improvementsRising interest in Shophouses and boutique commercial spaces along East Coast Road

ASEAN Builder's Scoop (4Mar21) - UOL Launching AMK Ave 1 in Jun22

<ul><li>SCCM | <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> – DI retention has been ceased (BUY; TP S$0.85/Unit)</li><li><a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57" rel="noopener">City Developments (CIT SP)</a> commits to Taronga Ventures for its environment tech fund</li><li><a href="https://www.smartkarma.com/entities/okh-global-ltd" target="_blank" data-smartkarma-citation="entities:9157" rel="noopener">Okh Global Ltd (OKH SP)</a> divests holdings in 2 companies at a loss to pay down debt</li></ul>

SCCM | EC World Reit (ECWREIT SP) – DI retention has been ceased (BUY; TP S$0.85/Unit)City Developments (CIT SP) commits to Taronga Ventures for its environment tech fundOkh Global Ltd (OKH SP) divests holdings in 2 companies at a loss to pay down debt

ASEAN Builder's Scoop (3Mar22) - ECWREIT DI Retention Has Been Ceased

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.

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Ayala Land Inc (ALI PM)

ASEAN Builder's Scoop (23May22) - Liv@ MB by BS >75% Sold @ S$2,387psf

Asia Green on market @ S$470m price tag; ALI-AREIT executed property swap; CPN aims to become fully-integrated developer; Ikano Centres unveiled...

SCCM Asia Research

ASEAN Builder's Scoop (17May22) - New Supply Could Slow Down Industrial Rent/Price Growth

Baywind Residences start from S$1,950psf; Co-working space demand rising; ALI maintain BUY; FLI POGO terminations hurt bottom line; MEG posts +40%...

SCCM Asia Research

ASEAN Builder's Scoop (13May22) - LHN Co-Living Bearing Fruits

ECWREIT timing difference in compensation; OUECT recovery appears slow; UHU min leasing risk; FPL boosted invt props; SMPH reopening play for malls

SCCM Asia Research

ASEAN Builder's Scoop (4Mar21) - UOL Launching AMK Ave 1 in Jun22

MAND remains in red despite improvements; Rising shophouses interest in East Coast; ALI plans PHP100bn new launches; Phils expect Feb21 CPI rising...

SCCM Asia Research

ASEAN Builder's Scoop (3Mar22) - ECWREIT DI Retention Has Been Ceased

ECWREIT DI Retention Has Been Ceased; CIT commits to environment tech fund; ALI plans PHP100bn projects in 2022; HOUSE robust affordable housing...

SCCM Asia Research

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