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

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/cdl-hospitality-trusts" target="_blank" data-smartkarma-citation="entities:936" rel="noopener">CDL Hospitality Trusts (CDREIT SP)</a> enters UK's build-to-rent sector with S$136m investment; 5.1% stabilized pro-forma NPI yield</h3><ul><li>CDREIT has entered into a land-purchase agreement and a development-funding agreement to invest in a build-to-rent (BTR) residential property in Manchester, United Kingdom, for a purchase consideration of GBP73.3m (S$136m). This is in line with CDREIT's strategy to strengthen its rental income base and boost its portfolio diversification. This transaction is a forward-funding arrangement, which enables CDREIT to invest in a residential BTR property at a fixed-cost, with cash flows managed over the duration of development. The pro forma stabilised NPI yield is estimated to be 5.1%, which translates to a 2.2% accretion on the FY20 DPU on a pro forma basis. CDREIT has also acquired land and buildings on the south east side of Longacre Street in Ancoats in Manchester, from BTR developer and operator Packaged Living for a consideration of GBP9.5m</li><li>In connection with the land acquisition and under a development-funding agreement, Packaged Living will redevelop the land into a residential BTR building to be known as The Castings. This will cost GBP63.8m, of which GBP58.2m will be paid out periodically over the development period; the remaining GBP5.6m will be paid shortly after project completion, expected in May24. An independent valuer has valued The Castings on a forward-funding basis at GBP76.1m, which is higher than the purchase consideration of GBP73.3m. Including the estimated furnishing and fit-out expenses of GBP3.1m, the total project cost is estimated to be GBP76.4m. The total transaction cost, including all other transaction expenses and professional fees, is GBP78.9m.</li></ul>

SingaporeCDL Hospitality Trusts (CDREIT SP) enters UK's build-to-rent sector with S$136m investment; 5.1% stabilized pro-forma NPI yieldCDREIT has entered into a land-purchase agreement and a development-funding agreement to invest in a build-to-rent (BTR) residential property in Manchester, United Kingdom, for a purchase consideration of GBP73.3m (S$136m). This is in line with CDREIT's strategy to strengthen its rental income base and boost its portfolio diversification. This transaction is a forward-funding arrangement, which enables CDREIT to invest in a residential BTR property at a fixed-cost, with cash flows managed over the duration of development. The pro forma stabilised NPI yield is estimated to be 5.1%, which translates to a 2.2% accretion on the FY20 DPU on a pro forma basis. CDREIT has also acquired land and buildings on the south east side of Longacre Street in Ancoats in Manchester, from BTR developer and operator Packaged Living for a consideration of GBP9.5mIn connection with the land acquisition and under a development-funding agreement, Packaged Living will redevelop the land into a residential BTR building to be known as The Castings. This will cost GBP63.8m, of which GBP58.2m will be paid out periodically over the development period; the remaining GBP5.6m will be paid shortly after project completion, expected in May24. An independent valuer has valued The Castings on a forward-funding basis at GBP76.1m, which is higher than the purchase consideration of GBP73.3m. Including the estimated furnishing and fit-out expenses of GBP3.1m, the total project cost is estimated to be GBP76.4m. The total transaction cost, including all other transaction expenses and professional fees, is GBP78.9m.

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/lhn-ltd" target="_blank" data-smartkarma-citation="entities:27234" rel="noopener">LHN Ltd (LHN SP)</a> – Strong Start to FY21; Riding on Co-living trend (BUY; TP S$0.42/Unit)</h3><ul><li>1H21 PATMI jumped 3.66x YoY to S$14.8m, boosted by dormitories mgmt. contracts, which added S$22.4m to top line. While the dormitories mgmt. contracts should taper off in 2H22E, LHN’s recent acquisitions spree of S$61.9m investments in 4 co-living assets (additional 166 keys by end-FY22E) should support earnings with 10-20% ROI upon stabilization. We maintain BUY with a higher TP of S$0.42/share.</li><li>Dormitories mgmt. contracts continue to propel FY21E results. 1H21 revenue +24.9% YoY to S$64.5m, primarily due to higher contributions from Facilities Management Business (+225.5% YoY to S$31.6m) and Logistics Services Business (+6.0% YoY to S$13.5m), partially offset by lower revenue from Space Optimisation Business (-33.6% YoY to S$19.4m). 1H21 PATMI +366.3% YoY to S$14.8m on better margins, higher other income and share of results from associates and JVs, as well as lower fair value loss on investment properties. 1H21 Revenue/PATMI form 52%/59% of our full-year FY21E forecasts as we expect higher 1H21 results vs. 2H21E’s due to the frontloading of dormitories mgmt. contracts, which started in 2H20 and added S$22.4m to 1H21 topline. With the resurgence of Covid-19 cases in Singapore, LHN has recently secured renewal of these contracts for another 6-9months into 1H22E, adding S$12.3m and S$3.4m to 2H21E and 1H22E revenues, respectively</li><li>Mixed performance within Space Optimisation Segment. Industrial Properties and Commercial Properties recorded lower revenues (-46.7% YoY to S$12.8m) due to expiry of 6 master leases (avg. NLA -36.4% YoY to 2.2m sqft), negative rent reversion, downtime at 1557 Keppel Road due to AEI works and IFRS 16 impacts. Meanwhile, Residential Properties revenue (+28.9% YoY to S$6.5m) was boosted by contribution from new serviced residence in Cambodia and higher revenue at 1A Lutheran Road. For the remaining of FY21E, we expect non-renewal of 2 expiring Commercial sites (aggregate NLA of c.63k sqft)</li><li>String of acquisitions for Co-living business should propel growth moving forward. The newly acquired 320 Balestier Road (16Dec20) and 40 &amp; 42 Amber Road (9Jun21), as well as proposed acquisitions of 75 Beach Road and 115 Geylang Road (both are expected to be completed by Jul21) are expected to add 166 keys to LHN’s co-living portfolio in FY22E. The 4 projects with S$61.9m total investments should generate 10-20% return to bottom-line upon stabilization from FY23-24E onwards</li><li>Maintain BUY with a higher TP of S$0.42/shr. Taking into account (i) non-renewal of leases; (ii) renewed dormitories mgmt. contract; (iii) better Logistics Services Business; (iv) the new Co-living keys in FY22E; and (v) higher finance costs, our FY21/22E EPS are adjusted by +10%/-13% to S$6.87c/S$4.55c, respectively. EPS should resume growth at 9% CAGR from FY22-25E as new Residential projects ramp up while Industrial and Commercial Properties improve alongside economy recovery. LHN is currently trading at FY21E P/E of 4.9x and 4.1% yield.</li></ul>

SingaporeLHN Ltd (LHN SP) – Strong Start to FY21; Riding on Co-living trend (BUY; TP S$0.42/Unit)1H21 PATMI jumped 3.66x YoY to S$14.8m, boosted by dormitories mgmt. contracts, which added S$22.4m to top line. While the dormitories mgmt. contracts should taper off in 2H22E, LHN’s recent acquisitions spree of S$61.9m investments in 4 co-living assets (additional 166 keys by end-FY22E) should support earnings with 10-20% ROI upon stabilization. We maintain BUY with a higher TP of S$0.42/share.Dormitories mgmt. contracts continue to propel FY21E results. 1H21 revenue +24.9% YoY to S$64.5m, primarily due to higher contributions from Facilities Management Business (+225.5% YoY to S$31.6m) and Logistics Services Business (+6.0% YoY to S$13.5m), partially offset by lower revenue from Space Optimisation Business (-33.6% YoY to S$19.4m). 1H21 PATMI +366.3% YoY to S$14.8m on better margins, higher other income and share of results from associates and JVs, as well as lower fair value loss on investment properties. 1H21 Revenue/PATMI form 52%/59% of our full-year FY21E forecasts as we expect higher 1H21 results vs. 2H21E’s due to the frontloading of dormitories mgmt. contracts, which started in 2H20 and added S$22.4m to 1H21 topline. With the resurgence of Covid-19 cases in Singapore, LHN has recently secured renewal of these contracts for another 6-9months into 1H22E, adding S$12.3m and S$3.4m to 2H21E and 1H22E revenues, respectivelyMixed performance within Space Optimisation Segment. Industrial Properties and Commercial Properties recorded lower revenues (-46.7% YoY to S$12.8m) due to expiry of 6 master leases (avg. NLA -36.4% YoY to 2.2m sqft), negative rent reversion, downtime at 1557 Keppel Road due to AEI works and IFRS 16 impacts. Meanwhile, Residential Properties revenue (+28.9% YoY to S$6.5m) was boosted by contribution from new serviced residence in Cambodia and higher revenue at 1A Lutheran Road. For the remaining of FY21E, we expect non-renewal of 2 expiring Commercial sites (aggregate NLA of c.63k sqft)String of acquisitions for Co-living business should propel growth moving forward. The newly acquired 320 Balestier Road (16Dec20) and 40 &amp; 42 Amber Road (9Jun21), as well as proposed acquisitions of 75 Beach Road and 115 Geylang Road (both are expected to be completed by Jul21) are expected to add 166 keys to LHN’s co-living portfolio in FY22E. The 4 projects with S$61.9m total investments should generate 10-20% return to bottom-line upon stabilization from FY23-24E onwardsMaintain BUY with a higher TP of S$0.42/shr. Taking into account (i) non-renewal of leases; (ii) renewed dormitories mgmt. contract; (iii) better Logistics Services Business; (iv) the new Co-living keys in FY22E; and (v) higher finance costs, our FY21/22E EPS are adjusted by +10%/-13% to S$6.87c/S$4.55c, respectively. EPS should resume growth at 9% CAGR from FY22-25E as new Residential projects ramp up while Industrial and Commercial Properties improve alongside economy recovery. LHN is currently trading at FY21E P/E of 4.9x and 4.1% yield.

<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: 98.1pt;">
 
</td>
<td style="width: 98.1pt;">
SGREIT
</td>
<td style="width: 98.1pt;">
CDREIT
</td>
<td style="width: 98.1pt;">
FEHT
</td>
<td style="width: 98.1pt;">
OUECT
</td>
<td style="width: 98.1pt;">
FIRT
</td>
<td style="width: 98.15pt;">
FHT
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
Period
</td>
<td style="width: 98.1pt;">
2H21
</td>
<td style="width: 98.1pt;">
1H21
</td>
<td style="width: 98.1pt;">
1H21
</td>
<td style="width: 98.1pt;">
1H21
</td>
<td style="width: 98.1pt;">
1H21
</td>
<td style="width: 98.15pt;">
9M21
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
Gross Revenue (S$ m)
</td>
<td style="width: 98.1pt;">
92.9 (10.5% YoY)
</td>
<td style="width: 98.1pt;">
66.2 (27.2% YoY)
</td>
<td style="width: 98.1pt;">
41.6 (-6.1% YoY)
</td>
<td style="width: 98.1pt;">
133.5 (-6% YoY)
</td>
<td style="width: 98.1pt;">
38.9 (+0.9% YoY)
</td>
<td style="width: 98.15pt;">
NA
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
NPI (S$ m)
</td>
<td style="width: 98.1pt;">
69.8 (20.2% YoY)
</td>
<td style="width: 98.1pt;">
37.0 (24.4% YoY)
</td>
<td style="width: 98.1pt;">
36.2 (-6.2% YoY)
</td>
<td style="width: 98.1pt;">
109 (-3.1% YoY)
</td>
<td style="width: 98.1pt;">
37.6 (+0.2% YoY)
</td>
<td style="width: 98.15pt;">
NA
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
DPU (S$ c)
</td>
<td style="width: 98.1pt;">
2.07 (195.7% YoY)
</td>
<td style="width: 98.1pt;">
1.22 (-19.2% YoY)
</td>
<td style="width: 98.1pt;">
1.1 (+6.8% YoY)
</td>
<td style="width: 98.1pt;">
1.23 (+23% YoY)
</td>
<td style="width: 98.1pt;">
1.3 (-43.5% YoY)
</td>
<td style="width: 98.15pt;">
NA
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
NAV per Unit (S$)
</td>
<td style="width: 98.1pt;">
0.81
</td>
<td style="width: 98.1pt;">
1.29
</td>
<td style="width: 98.1pt;">
0.7912
</td>
<td style="width: 98.1pt;">
0.58
</td>
<td style="width: 98.1pt;">
0.3512
</td>
<td style="width: 98.15pt;">
1H21: 0.66
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
P/B (x)
</td>
<td style="width: 98.1pt;">
0.75
</td>
<td style="width: 98.1pt;">
0.95
</td>
<td style="width: 98.1pt;">
0.73
</td>
<td style="width: 98.1pt;">
1.34
</td>
<td style="width: 98.1pt;">
0.75
</td>
<td style="width: 98.15pt;">
0.79
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
Occupancy (%)
</td>
<td style="width: 98.1pt;">
96.7
</td>
<td style="width: 98.1pt;">
5 SG Hotels excl. W Hotel and NCQ: 73.5
6 SG Hotels excl. W Hotel: 70.2
</td>
<td style="width: 98.1pt;">
Hotels : 77.6
Service Residence : 76.2
</td>
<td style="width: 98.1pt;">
91.7 (Commercial)
92.3 (SG Office)
89.6 (Mandarin  Gallery)
</td>
<td style="width: 98.1pt;">
Not Disclosed
</td>
<td style="width: 98.15pt;">
SG: 59.8
AUS: 44.3
UK: 18.8
JP: 31.3
MY: 7.7
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
Reversion (%)
</td>
<td style="width: 98.1pt;">
Not disclosed
</td>
<td style="width: 98.1pt;">
RevPAR (% YoY):
SG: -19.5 (or -9.5 incl. W Hotel)
Maldives: +139.2
NZ: -31.8
Germany: +61.2
Italy: -84.4
JP: -27.9
UK: -21.8
</td>
<td style="width: 98.1pt;">
RevPAR (% YoY):
Hotels: -35.4
Service Residence: -16.9 YoY
</td>
<td style="width: 98.1pt;">
2Q21 Office reversions: -5.7 to +2.2
</td>
<td style="width: 98.1pt;">
Not Disclosed
</td>
<td style="width: 98.15pt;">
RevPAR (% YoY):
SG: -31.4
AUS: -52.3
UK: -68.9
JP: -40.8
MY: -87.7
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
Gearing (%)
</td>
<td style="width: 98.1pt;">
36.1
</td>
<td style="width: 98.1pt;">
39.1
</td>
<td style="width: 98.1pt;">
41.3
</td>
<td style="width: 98.1pt;">
38
</td>
<td style="width: 98.1pt;">
34.7
</td>
<td style="width: 98.15pt;">
42.1
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
Cost of Debt (%)
</td>
<td style="width: 98.1pt;">
3.28
</td>
<td style="width: 98.1pt;">
1.9
</td>
<td style="width: 98.1pt;">
2.1
</td>
<td style="width: 98.1pt;">
3.2
</td>
<td style="width: 98.1pt;">
Not Disclosed
</td>
<td style="width: 98.15pt;">
2.0
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
1 Yr Fwd Yield (%)
</td>
<td style="width: 98.1pt;">
6.9
</td>
<td style="width: 98.1pt;">
4.4
</td>
<td style="width: 98.1pt;">
4.7
</td>
<td style="width: 98.1pt;">
7.4
</td>
<td style="width: 98.1pt;">
9.8 (annualized 1H21)
</td>
<td style="width: 98.15pt;">
3.1
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
Debt Hedged (%)
</td>
<td style="width: 98.1pt;">
91
</td>
<td style="width: 98.1pt;">
63.3
</td>
<td style="width: 98.1pt;">
68.2
</td>
<td style="width: 98.1pt;">
82.2
</td>
<td style="width: 98.1pt;">
Not Disclosed
</td>
<td style="width: 98.15pt;">
77
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
Target Price
</td>
<td style="width: 98.1pt;">
Under Review
</td>
<td style="width: 98.1pt;">
N/A
</td>
<td style="width: 98.1pt;">
N/A
</td>
<td style="width: 98.1pt;">
N/A
</td>
<td style="width: 98.1pt;">
N/A
</td>
<td style="width: 98.15pt;">
N/A
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
Rating
</td>
<td style="width: 98.1pt;">
Under Review
</td>
<td style="width: 98.1pt;">
N/A
</td>
<td style="width: 98.1pt;">
N/A
</td>
<td style="width: 98.1pt;">
N/A
</td>
<td style="width: 98.1pt;">
N/A
</td>
<td style="width: 98.15pt;">
N/A
</td>
</tr>
</tbody>
</table>

Singapore
SREITs results in a glance (see detailed spreadsheet and calendar attached)




 


SGREIT


CDREIT


FEHT


OUECT


FIRT


FHT




Period


2H21


1H21


1H21


1H21


1H21


9M21




Gross Revenue (S$ m)


92.9 (10.5% YoY)


66.2 (27.2% YoY)


41.6 (-6.1% YoY)


133.5 (-6% YoY)


38.9 (+0.9% YoY)


NA




NPI (S$ m)


69.8 (20.2% YoY)


37.0 (24.4% YoY)


36.2 (-6.2% YoY)


109 (-3.1% YoY)


37.6 (+0.2% YoY)


NA




DPU (S$ c)


2.07 (195.7% YoY)


1.22 (-19.2% YoY)


1.1 (+6.8% YoY)


1.23 (+23% YoY)


1.3 (-43.5% YoY)


NA




NAV per Unit (S$)


0.81


1.29


0.7912


0.58


0.3512


1H21: 0.66




P/B (x)


0.75


0.95


0.73


1.34


0.75


0.79




Occupancy (%)


96.7


5 SG Hotels excl. W Hotel and NCQ: 73.5
6 SG Hotels excl. W Hotel: 70.2


Hotels : 77.6
Service Residence : 76.2


91.7 (Commercial)
92.3 (SG Office)
89.6 (Mandarin  Gallery)


Not Disclosed


SG: 59.8
AUS: 44.3
UK: 18.8
JP: 31.3
MY: 7.7




Reversion (%)


Not disclosed


RevPAR (% YoY):
SG: -19.5 (or -9.5 incl. W Hotel)
Maldives: +139.2
NZ: -31.8
Germany: +61.2
Italy: -84.4
JP: -27.9
UK: -21.8


RevPAR (% YoY):
Hotels: -35.4
Service Residence: -16.9 YoY


2Q21 Office reversions: -5.7 to +2.2


Not Disclosed


RevPAR (% YoY):
SG: -31.4
AUS: -52.3
UK: -68.9
JP: -40.8
MY: -87.7




Gearing (%)


36.1


39.1


41.3


38


34.7


42.1




Cost of Debt (%)


3.28


1.9


2.1


3.2


Not Disclosed


2.0




1 Yr Fwd Yield (%)


6.9


4.4


4.7


7.4


9.8 (annualized 1H21)


3.1




Debt Hedged (%)


91


63.3


68.2


82.2


Not Disclosed


77




Target Price


Under Review


N/A


N/A


N/A


N/A


N/A




Rating


Under Review


N/A


N/A


N/A


N/A


N/A





ASEAN Builder's Scoop (30Jul21) - SGREIT Solid Set of Results

<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: 97.4pt;"> </td><td style="width: 97.4pt;">KDCREIT</td><td style="width: 97.45pt;">MAGIC</td><td style="width: 97.4pt;">ART</td><td style="width: 97.45pt;">KORE (US$)</td><td style="width: 97.4pt;">PREIT</td><td style="width: 97.45pt;">LMRT</td></tr><tr><td style="width: 97.4pt;">Period</td><td style="width: 97.4pt;">2Q21</td><td style="width: 97.45pt;">1Q22</td><td style="width: 97.4pt;">1H21</td><td style="width: 97.45pt;">1H21</td><td style="width: 97.4pt;">2Q21</td><td style="width: 97.45pt;">2Q21</td></tr><tr><td style="width: 97.4pt;">Gross Revenue (S$ m)</td><td style="width: 97.4pt;">68.5 (+7.5% YoY)</td><td style="width: 97.45pt;">103 (+10.0% YoY)</td><td style="width: 97.4pt;">185.0 (-11.2% YoY)</td><td style="width: 97.45pt;">68.38 (-3% YoY)</td><td style="width: 97.4pt;">29.6 (-2.3% YoY)</td><td style="width: 97.45pt;">49.65 (+81.3% YoY)</td></tr><tr><td style="width: 97.4pt;">NPI (S$ m)</td><td style="width: 97.4pt;">62.8 (+6.9% YoY)</td><td style="width: 97.45pt;">78.3 (+14.3% YoY)</td><td style="width: 97.4pt;">82.1 (-7.3% YoY)</td><td style="width: 97.45pt;">40.58 (-3.1% YoY)</td><td style="width: 97.4pt;">27.4 (-2.8% YoY)</td><td style="width: 97.45pt;">31.8 (+148% YoY)</td></tr><tr><td style="width: 97.4pt;">DPU (S$ c)</td><td style="width: 97.4pt;">2.462 (+7.5% YoY)</td><td style="width: 97.45pt;">Not Disclosed</td><td style="width: 97.4pt;">2.050 (+95.2% YoY)</td><td style="width: 97.45pt;">3.16 (+1.9% YoY)</td><td style="width: 97.4pt;">3.38 (+0.7% YoY)</td><td style="width: 97.45pt;">0.09 (-18.2% YoY)</td></tr><tr><td style="width: 97.4pt;">NAV per Unit (S$)</td><td style="width: 97.4pt;">1.21</td><td style="width: 97.45pt;">1.238</td><td style="width: 97.4pt;">1.19</td><td style="width: 97.45pt;">0.82</td><td style="width: 97.4pt;">1.98</td><td style="width: 97.45pt;">0.0955</td></tr><tr><td style="width: 97.4pt;">P/B (x)</td><td style="width: 97.4pt;">2.12</td><td style="width: 97.45pt;">0.83</td><td style="width: 97.4pt;">0.85</td><td style="width: 97.45pt;">0.95</td><td style="width: 97.4pt;">2.38</td><td style="width: 97.45pt;">0.64</td></tr><tr><td style="width: 97.4pt;">Occupancy (%)</td><td style="width: 97.4pt;">98.0</td><td style="width: 97.45pt;">99.8 (Festival Walk)92.9 (Gateway Plaza)99.7 (Sandhill Plaza)98.2 (Japan Properties)95.7 (The Pinnacle Gangnam)</td><td style="width: 97.4pt;">Mid-50</td><td style="width: 97.45pt;">90.5</td><td style="width: 97.4pt;">99.7</td><td style="width: 97.45pt;">83.4</td></tr><tr><td style="width: 97.4pt;">Reversion (%)</td><td style="width: 97.4pt;">NA</td><td style="width: 97.45pt;">-34 (Festival Walk)-27 (Gateway Plaza)-4 (Sandhill Plaza)+0.2 (Japan Properties)</td><td style="width: 97.4pt;">Portfolio RevPAU: S$60 (-14% YoY)</td><td style="width: 97.45pt;">+5.4</td><td style="width: 97.4pt;">Not Disclosed</td><td style="width: 97.45pt;">3.4</td></tr><tr><td style="width: 97.4pt;">Gearing (%)</td><td style="width: 97.4pt;">36.7</td><td style="width: 97.45pt;">41.8</td><td style="width: 97.4pt;">35.9</td><td style="width: 97.45pt;">37.1</td><td style="width: 97.4pt;">37</td><td style="width: 97.45pt;">42.5</td></tr><tr><td style="width: 97.4pt;">Cost of Debt (%)</td><td style="width: 97.4pt;">1.5</td><td style="width: 97.45pt;">1.87</td><td style="width: 97.4pt;">1.6</td><td style="width: 97.45pt;">2.82</td><td style="width: 97.4pt;">0.56</td><td style="width: 97.45pt;">6.47</td></tr><tr><td style="width: 97.4pt;">1 Yr Fwd Yield (%)</td><td style="width: 97.4pt;">3.91</td><td style="width: 97.45pt;">6.8</td><td style="width: 97.4pt;">4.16</td><td style="width: 97.45pt;">7.77</td><td style="width: 97.4pt;">2.97</td><td style="width: 97.45pt;">5.5 (annualized 1H21)</td></tr><tr><td style="width: 97.4pt;">Debt Hedged (%)</td><td style="width: 97.4pt;">67</td><td style="width: 97.45pt;">82</td><td style="width: 97.4pt;">50</td><td style="width: 97.45pt;">84.7</td><td style="width: 97.4pt;">82</td><td style="width: 97.45pt;">80.6</td></tr><tr><td style="width: 97.4pt;">Target Price</td><td style="width: 97.4pt;">NA</td><td style="width: 97.45pt;">N/A</td><td style="width: 97.4pt;">NA</td><td style="width: 97.45pt;">N/A</td><td style="width: 97.4pt;">N/A</td><td style="width: 97.45pt;">N/A</td></tr><tr><td style="width: 97.4pt;">Rating</td><td style="width: 97.4pt;">NA</td><td style="width: 97.45pt;">N/A</td><td style="width: 97.4pt;">NA</td><td style="width: 97.45pt;">N/A</td><td style="width: 97.4pt;">N/A</td><td style="width: 97.45pt;">N/A</td></tr></tbody></table>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached) KDCREITMAGICARTKORE (US$)PREITLMRTPeriod2Q211Q221H211H212Q212Q21Gross Revenue (S$ m)68.5 (+7.5% YoY)103 (+10.0% YoY)185.0 (-11.2% YoY)68.38 (-3% YoY)29.6 (-2.3% YoY)49.65 (+81.3% YoY)NPI (S$ m)62.8 (+6.9% YoY)78.3 (+14.3% YoY)82.1 (-7.3% YoY)40.58 (-3.1% YoY)27.4 (-2.8% YoY)31.8 (+148% YoY)DPU (S$ c)2.462 (+7.5% YoY)Not Disclosed2.050 (+95.2% YoY)3.16 (+1.9% YoY)3.38 (+0.7% YoY)0.09 (-18.2% YoY)NAV per Unit (S$)1.211.2381.190.821.980.0955P/B (x)2.120.830.850.952.380.64Occupancy (%)98.099.8 (Festival Walk)92.9 (Gateway Plaza)99.7 (Sandhill Plaza)98.2 (Japan Properties)95.7 (The Pinnacle Gangnam)Mid-5090.599.783.4Reversion (%)NA-34 (Festival Walk)-27 (Gateway Plaza)-4 (Sandhill Plaza)+0.2 (Japan Properties)Portfolio RevPAU: S$60 (-14% YoY)+5.4Not Disclosed3.4Gearing (%)36.741.835.937.13742.5Cost of Debt (%)1.51.871.62.820.566.471 Yr Fwd Yield (%)3.916.84.167.772.975.5 (annualized 1H21)Debt Hedged (%)67825084.78280.6Target PriceNAN/ANAN/AN/AN/ARatingNAN/ANAN/AN/AN/A

ASEAN Builder's Scoop (27Jul21) - KDCREIT Maiden China Acq

Singapore

Starhill Global REIT is a real estate investment trust.  The trust invests in retail and office buildings in Singapore and overseas.

Fortune REIT is a real estate investment trust that invests in a portfolio of retail shopping malls located in Hong Kong.

Far East Hospitality Trust is a hospitality stapled group comprising Far East H-REIT and Far East H-BT. Far East H-REIT is a Singapore-based real estate investment trust, which invests in hospitality assets and Far East H-BT, a Singapore-based business trust which will be dormant as of the Listing Date.

Cromwell Real Estate Investment Trust is a real estate investment trust with a commercial portfolio of offices and light industrial /  logistics assets across Europe.

AIMS APAC REIT is a real estate investment trust. The Trust's principal investment objective is owning and investing in a diversified portfolio of income-producing industrial real estate assets throughout Asia Pacific, including warehousing and logistics, manufacturing, business parks and hi-tech spaces.

OUE Commercial Real Estate Investment Trust (“OUE C-REIT”) is one of the largest diversified Singapore REITs (“S-REITs”) with total assets of S$6.0 billion as at 31 December 2022. With seven properties across the commercial and hospitality segments in Singapore and Shanghai, the property portfolio comprises more than 2.1 million square feet of prime office and retail space, and 1,643 upper upscale hotel rooms.

OUE C-REIT invests in income-producing real estate used primarily for commercial purposes (including real estate used primarily for office and/or retail purposes) in financial and business hubs, hospitality and/or hospitality-related purposes, as well as real estate-related assets.

Frasers Hospitality Trust operates as a real estate investment trust. The Trust owns, operates and invests in hotels and serviced residences.

First Real Estate Investment Trust is a healthcare real estate investment trust. The Trust invests in and owns a diversified portfolio of healthcare and healthcare-related real-estate assets in Asia.

Sabana Industrial Real Estate Investment Trust is a real estate investment trust. The Trust focuses on investments in income-producing real estate used for industrial purposes in Asia, as well as real estate-related assets, in line with Sabana investment principles.

IREIT Global is the first Singapore-listed real estate investment trust with the investment strategy of principally investing, directly or indirectly, in a portfolio of income-producing real estate in Europe which is used primarily for office, retail and industrial (including logistics) purposes, as well as real estate-related assets.

IREIT Global’s current portfolio comprises 5 freehold office properties in Germany, 5 freehold office properties in Spain and 27 freehold retail properties in France, with a total lettable area of approximately 384,000 sqm and a portfolio valuation of approximately €974.9 million.

IREIT Global is managed by IREIT Global Group Pte. Ltd., which is jointly owned by Tikehau Capital and City Developments Limited ("CDL"). Tikehau Capital is a global alternative asset management group listed in France, while CDL is a leading global real estate company listed in Singapore.

Ichigo Office REIT Investment Corporation is a real estate investment trust (J-REIT). The Company mainly invests in office buildings in major cities in Japan. The REIT merged with FC Residential Investment Corporation in 2005.

Ichigo Office REIT Investment Corporation (8975 JP)

Ichigo Office REIT Investment Corporation

TOKYU REIT, Inc. is a real estate investment trust (REIT) that directly invests in real estate properties such as office and commercial buildings in the Tokyo area.  The Company also invests in securitized real estate products.

Piedmont Office Realty Trust Inc. is a fully integrated and self-managed real estate investment trust (REIT). The trust specializes in the acquisition, ownership, management and development of primarily office buildings located in major U.S. markets.

Piedmont Office Realty Trust, Inc (PDM US)

Hoshino Resorts REIT, Inc. is a real estate investment trust (REIT) which invests in Hotels, Japanese-Style Inns and related facilities.

Kiwi Property Group Ltd is a property trust that invests in, manages and develops a portfolio of diversified properties throughout New Zealand. The Trust's properties include office, retail and industrial properties.

Arena REIT operates as a real estate investment trust. The Trust owns a portfolio in sectors such as childcare, healthcare, education and government tenanted facilities in Australia.

Japan Excellent, Inc. is a real estate investment trust (REIT), which mainly invests in office buildings in Tokyo area and major cities in Japan.

Armada Hoffler Properties, Inc. operates as a full service real estate company. The Company develops, builds, owns and manages office, retail, and residential properties. Armada Hoffler Properties offers its services in the Mid-Atlantic region of the United States.

Urstadt Biddle Properties Inc is a real estate investment trust. The Company is engaged in the acquisition, ownership, and management of commercial real estate, primarily neighborhood and community shopping centers in the northeastern United States. Urstadt also owns office and retail buildings and industrial properties.

NIPPON REIT Investment Corporation is a real estate investment trust(REIT). The Company mainly invests in real estate properties such as business offices, residential buidings and shopping centers.

CDL Hospitality Trusts is a stapled group compromising H-REIT and HBT. H-REIT is a real estate investment trust that invest in a portfolio of income-producing properties and HBT is a business trust.

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CDL Hospitality Trusts (CDREIT SP)

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