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/capitaland-investment-ltd-si" target="_blank" data-smartkarma-citation="entities:33774" rel="noopener">CapitaLand Investment (CLI SP)</a> acquires 22-storey office tower in Melbourne’s CBD</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>s contracted pre-sales down 70% to RMB1.1bn in May22</li><li>More short-term lease sites to be released as Govt studies impact of flexi-work arrangements</li></ul>

CapitaLand Investment (CLI SP) acquires 22-storey office tower in Melbourne’s CBDYanlord Land (YLLG SP)'s contracted pre-sales down 70% to RMB1.1bn in May22More short-term lease sites to be released as Govt studies impact of flexi-work arrangements

ASEAN Builder's Scoop (7Jun22) - CLI Acquires Office Tower in Melbourne

<ul><li><a href="https://www.smartkarma.com/entities/ioi-properties-group-bhd" target="_blank" data-smartkarma-citation="entities:18876" rel="noopener">IOI Properties Group (IOIPG MK)</a> Central Boulevard office to receive TOP in 3Q23</li><li>Mapletree Investment posted 6.2% YoY rise in FY22; AUM grew ~19% YoY to S$78.7bn</li><li>Nearly half of <a href="https://www.smartkarma.com/entities/capitaland-investment-ltd-si" target="_blank" data-smartkarma-citation="entities:33774" rel="noopener">CapitaLand Investment (CLI SP)</a> global portfolio is green building-certified</li></ul>

IOI Properties Group (IOIPG MK) Central Boulevard office to receive TOP in 3Q23Mapletree Investment posted 6.2% YoY rise in FY22; AUM grew ~19% YoY to S$78.7bnNearly half of CapitaLand Investment (CLI SP) global portfolio is green building-certified

ASEAN Builder's Scoop (1Jun22) - IOIP Central Boulevard Office to TOP in 3Q23

<ul><li><a href="https://www.smartkarma.com/entities/capitaland-investment-ltd-si" target="_blank" data-smartkarma-citation="entities:33774" rel="noopener">CapitaLand Investment (CLI SP)</a> 1Q22 Business Updates – FUM flat QoQ but lodging business picking up the slacks</li><li><a href="https://www.smartkarma.com/entities/sasseur-reit" target="_blank" data-smartkarma-citation="entities:26807" rel="noopener">Sasseur REIT (SASSR SP)</a> 1Q22 DPU +3.6% YoY; Weathering the storm with robust occupancy</li><li><a href="https://www.smartkarma.com/entities/bhg-retail-reit" target="_blank" data-smartkarma-citation="entities:21021" rel="noopener">BHG Retail REIT (BHGREIT SP)</a> 1Q22 Business Updates – Steady and robust occupancy</li></ul>

CapitaLand Investment (CLI SP) 1Q22 Business Updates – FUM flat QoQ but lodging business picking up the slacksSasseur REIT (SASSR SP) 1Q22 DPU +3.6% YoY; Weathering the storm with robust occupancyBHG Retail REIT (BHGREIT SP) 1Q22 Business Updates – Steady and robust occupancy

ASEAN Builder's Scoop (12May22) - CLI Flat FUM but Lodging Picking Up

<ul><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> Mar22 contracted pre-sales rose 0.8% YoY; 1Q22 presales down 11.4% YoY </li><li><a href="https://www.smartkarma.com/entities/las-vegas-sands-corp" target="_blank" data-smartkarma-citation="entities:807" rel="noopener">Las Vegas Sands (LVS US)</a> given one more year to begin construction of its S$4.5bn Marina Bay Sands extension</li><li><a href="https://www.smartkarma.com/entities/capitaland-investment-ltd-si" target="_blank" data-smartkarma-citation="entities:33774" rel="noopener">Capitaland Investment (CLI SP)</a> to issue S$400m worth of fixed rate notes at 3.33% due 2027</li></ul>

Yanlord Land (YLLG SP) Mar22 contracted pre-sales rose 0.8% YoY; 1Q22 presales down 11.4% YoY Las Vegas Sands (LVS US) given one more year to begin construction of its S$4.5bn Marina Bay Sands extensionCapitaland Investment (CLI SP) to issue S$400m worth of fixed rate notes at 3.33% due 2027

ASEAN Builder's Scoop (7Apr22) - YLLG Mar22 Presales Inched up 0.8% YoY

<ul>
<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> , <a href="https://www.smartkarma.com/entities/capitaland-investment-ltd-si" target="_blank" data-smartkarma-citation="entities:33774" rel="noopener">Capitaland Investment (CLI SP)</a> , and <a href="https://www.smartkarma.com/entities/guocoland-ltd" target="_blank" data-smartkarma-citation="entities:17467" rel="noopener">GuocoLand (GUOL SP)</a> see minimal impact from Shanghai lockdown</li>
<li>Grade-A office in CBD recorded highest QoQ rental growth since 2Q21</li>
<li>
<a href="https://www.smartkarma.com/entities/nawarat-patanakarn-pub-co-ltd" target="_blank" data-smartkarma-citation="entities:11575" rel="noopener">Nawarat Patanakarn Pub Co Ltd (NWR TB)</a> to launch 2 new projects worth ~THB1.9bn in 2022</li>
</ul>



Yanlord Land (YLLG SP) , Capitaland Investment (CLI SP) , and GuocoLand (GUOL SP) see minimal impact from Shanghai lockdown
Grade-A office in CBD recorded highest QoQ rental growth since 2Q21

Nawarat Patanakarn Pub Co Ltd (NWR TB) to launch 2 new projects worth ~THB1.9bn in 2022


ASEAN Builder's Scoop (30Mar22) - CLI/YLLG/GUOL Min Impact from SH Lockdown

Singapore

Propnex Limited operates as a real estate agency. The Company offers business strategies, consultation, training, marketing support, and technological innovations for real estate sector, as buying, selling, and renting of properties. Propnex serves customers in Singapore, Indonesia, and Malaysia.

SLB Development Ltd. operates as a property development company. The Company develops industrial, commercial, and retail properties.

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.

Mapletree Industrial Trust is a Singapore-focused real estate investment trust with a large and diversified portfolio of industrial properties. The Trust invests in a diverse portfolio of industrial properties with the primary objective of achieving an attractive level of return from rental income and for long-term capital growth.

Mapletree Pan Asia Commercial Trust is a Singapore-focused real estate investment trust. The Trust invests on a long-term basis, directly or indirectly, in a diversified portfolio of income-producing real estate used primarily for office and/or retail purposes, whether wholly or partially, as well as real estate-related assets.

Mapletree Pan Asia Commercial Trust (MCT SP)

Mapletree Logistics Trust is an Asia-focused logistics real estate investment trust. The Company invests in a diversified portfolio of income-producing real estate which is used for logistics purposes.

City Developments Limited is a property developer and owner. The Company, through its subsidiaries, are principally engaged in the investment of properties and shares, property management, project management and the provision of consultancy services, hospitality-related information technology, and procurement services. City Developments has a global presence.

UOL Group Limited is a property company. The Company has a diversified portfolio of development and investment properties, hotels, and serviced suites. UOL Group, through its subsidiary owns a portfolio of commercial assets and hotels. UOL Group operates in Asia, Oceania, and North America.

Frasers Centrepoint Trust is a retail real estate investment trust focused on growing unitholder value through asset management, financial management and strategic investments.  The trust invests in retail properties in Singapore and overseas.

FLT offers investors an opportunity to invest in logistics and industrial real estate assets strategically located within major logistics and industrial markets of Australia, Germany and the Netherlands.

Frasers Logistics & Commercial Trust (FLT SP)

Central Pattana Public Company Limited and its subsidiaries develop properties including shopping centers, condominiums, and office, for sale and rental.  The Company's projects include Central Plaza Lardprao, Central Plaza Ram-indra,  Central Plaza Pinklao, Central Festival Center Pattaya, and Central Plaza Ratchada.

Deutsche Wohnen SE operates as a holding company. The Company, through its subsidiaries, focuses on developing and managing residential and commercial properties. Deutsche Wohnen owns and manages residential and nursing facilities for elderly people. Deutsche Wohnen offers property and lease agreement management, ambulant nursing, and assisted living services in Germany.

Fastighets AB Balder owns and manages commercial and residential properties in Sweden.  The Company maintains and rents apartments, offices, shops, banks, hotels and warehouses.  Balder manages the properties through regional offices.

Swire Pacific Limited operates as a holding company. The Company, through its subsidiaries, focuses on real estate, aviation, beverage, industrial, marine services, trading, and industrial businesses. Swire Pacific operates worldwide.

Wharf Real Estate Investment Company Limited provides real estate investment services. The Company develops, invests, and operates residential and commercial properties. Wharf Real Estate Investment operates business in Hong Kong.

China Merchants Shekou Industrial Zone Holdings Co., Ltd. operates as a park integrated developer. The Company conducts land and real estate development and management, community development, and other services. China Merchants Shekou Industrial Zone Holdings provides services in China.

China Merchants Shekou Industr (001979 CH)

China Vanke Co., Ltd. operates real estate development businesses.  The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses.

Vinhomes Joint Stock Company offers real estate services. The Company provides sale and leasing of residential complexes and apartments, as well as professional and personalized services, community building activities, and other facilities. Vinhomes serves customers in Vietnam.

The Howard Hughes Corporation develops real estate. The Company manages master planned communities, shopping malls, and mixed-use developments throughout the United States.

Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. operates in land development, property management, and infrastructure facilities construction within the Lujiazui Finance and Trade Zone.  The Company also undertakes building and renovation projects.

Shanghai Lujiazui Finance & Trade Zone (600663 CH)

CapitaLand Investment Limited (CLI) is a global real estate investment manager with the aim to scale its FUM and fee-related earnings through its full stack of investment management and operating capabilities. The Company's portfolio of integrated developments, retail, office, lodging and new economy assets are either owned/managed directly or through its fund management platform.

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CapitaLand Investment /Sing (CLI SP)

ASEAN Builder's Scoop (7Jun22) - CLI Acquires Office Tower in Melbourne

YLLG's pre-sales down 70% in May22; Gov't to release commercial sites with 15-30 year lease tenures; Paya Lebar Air Base to be redeveloped; BKSL to...

SCCM Asia Research

ASEAN Builder's Scoop (1Jun22) - IOIP Central Boulevard Office to TOP in 3Q23

Mapletree Investment AUM +19% YoY to S$78.7bn; CLI ~48% of portfolio is green-certified; HOUSE 1Q22 earnings +22% YoY; BSP sees inflation above 5%

SCCM Asia Research

ASEAN Builder's Scoop (12May22) - CLI Flat FUM but Lodging Picking Up

SASSR weathering the storm; BHGREIT robust occupancy; CERT office remains weak; IREIT active leasing ongoing; PRIME slowing reversions; DHLT steady...

SCCM Asia Research

ASEAN Builder's Scoop (7Apr22) - YLLG Mar22 Presales Inched up 0.8% YoY

YLLG Mar22 Presales Inched up 0.8% YoY; LVS given a year's grace for MBS extension; SMPH's to open newest mall in Roxas City; MGSB's M Arisa sees...

SCCM Asia Research

ASEAN Builder's Scoop (30Mar22) - CLI/YLLG/GUOL Min Impact from SH Lockdown

Grade-A CBD rents highest QoQ growth in 1Q22; NWR launching 2 projects worth ~THB1.9bn; Thai targets 16m foreign arrivals in 2022

SCCM Asia Research

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