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> 1H22 DPU +2.8% YoY; Robust reversions and rising occupancies in all markets</li><li><a href="https://www.smartkarma.com/entities/daiwa-house-logistics-trust" target="_blank" data-smartkarma-citation="entities:35020" rel="noopener">Daiwa House Logistics Trust (DHLT SP)</a> 1H22 DPU flat vs IPO forecast; Steady as she goes with no refinancing risk until FY24</li><li>Strata office deals down 21% HoH, while retail up 8.8% in 1H22</li></ul>

Ascendas Real Estate Investment Trust (AREIT SP) 1H22 DPU +2.8% YoY; Robust reversions and rising occupancies in all marketsDaiwa House Logistics Trust (DHLT SP) 1H22 DPU flat vs IPO forecast; Steady as she goes with no refinancing risk until FY24Strata office deals down 21% HoH, while retail up 8.8% in 1H22

ASEAN Builder's Scoop (3Aug22) - AREIT Robust Reversions and Occupancies

<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 7 logistics properties in Chicago, USA at ~5.3% NPI yield</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> looking to acquire office assets in Sydney, Melbourne, and London</li><li>The SGD strengthening to keep SREITs resilient after travel rebound</li></ul>

Ascendas Real Estate Investment Trust (AREIT SP) to acquire 7 logistics properties in Chicago, USA at ~5.3% NPI yieldOUE Commercial REIT (OUECT SP) looking to acquire office assets in Sydney, Melbourne, and LondonThe SGD strengthening to keep SREITs resilient after travel rebound

ASEAN Builder's Scoop (10May22) - AREIT Buys 7 Logistics Props in Chicago at ~5.3% Yield

<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> 1Q22 Business Updates – Robust reversions led by US and AUS portfolio</li><li><a href="https://www.smartkarma.com/entities/lendlease-global-commercial-reit" target="_blank" data-smartkarma-citation="entities:28292" rel="noopener">Lendlease Global Commercial REIT (LREIT SP)</a> 3Q22 Business Updates – A new chapter post successful JEM acquisition fund raising</li><li>ESR-REIT begins to trade today as a merged entity <a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934" rel="noopener">ESR-REIT (EREIT SP)</a> ESR-LOGOS REIT </li></ul>

Ascendas Real Estate Investment Trust (AREIT SP) 1Q22 Business Updates – Robust reversions led by US and AUS portfolioLendlease Global Commercial REIT (LREIT SP) 3Q22 Business Updates – A new chapter post successful JEM acquisition fund raisingESR-REIT begins to trade today as a merged entity ESR-REIT (EREIT SP) ESR-LOGOS REIT 

ASEAN Builder's Scoop (5May22) - AREIT Robust Reversions Led by US, AUS; LREIT

<ul><li><a href="https://www.smartkarma.com/entities/manulife-us-reit" target="_blank" data-smartkarma-citation="entities:567" rel="noopener">Manulife US REIT (MUST) (MUST SP)</a> 2H21 DPU +1.5% YoY; 4Q21 -7.1% reversions a concern, further M&amp;As may hinge on fundraising efforts</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> 2H21 DPU +2.4% YoY; Improved occupancy while reversions remain relatively robust</li><li><a href="https://www.smartkarma.com/entities/yanlord-land-group-ltd" target="_blank" data-smartkarma-citation="entities:14152" rel="noopener">Yanlord Land (YLLG SP)</a> Jan22 contracted pre-sales rose 87.7% YoY</li></ul>

Manulife US REIT (MUST) (MUST SP) 2H21 DPU +1.5% YoY; 4Q21 -7.1% reversions a concern, further M&amp;As may hinge on fundraising effortsAscendas Real Estate Investment Trust (AREIT SP) 2H21 DPU +2.4% YoY; Improved occupancy while reversions remain relatively robustYanlord Land (YLLG SP) Jan22 contracted pre-sales rose 87.7% YoY

ASEAN Builder's Scoop (9Feb22) - MUST Weak 4Q21 Reversions a Concern

<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

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 (3Aug22) - AREIT Robust Reversions and Occupancies

DHLT steady as she goes; Strata office deals -21% HoH, retail +9% HoH; Former AXA Tower set to be SG's tallest building; IVORY may not be a going...

SCCM Asia Research

ASEAN Builder's Scoop (10May22) - AREIT Buys 7 Logistics Props in Chicago at ~5.3% Yield

OUECT looking to buy AUS, London offices; Indo tourist arrivals gradual recovery; Marcos leading Phils election, YTL aims to grow REIT portfolio

SCCM Asia Research

ASEAN Builder's Scoop (5May22) - AREIT Robust Reversions Led by US, AUS; LREIT

Merged EREIT starts trading today; LHN 1H22 +ve profit guidance; MEG raises capex for Bacolod townships; MREIT boosted by acquisitions

SCCM Asia Research

ASEAN Builder's Scoop (9Feb22) - MUST Weak 4Q21 Reversions a Concern

MUST weak 4Q21 reversions a concern; AREIT improved occupancy and steady reversions; SG may levy prop-related wealth tax; ASII/HKL/Logos Indo...

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

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