Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Far East Hospitality Trust / Equity Bottom-Up

<ul>
<li>Not all hospitality REITs in Singapore are beneficiaries of the rebound in tourism in Singapore. </li>
<li>Genting, OUE Commercial REIT, and Fraser Hospitality Trust are not exactly beneficiaries to the current tourism rebound. </li>
<li>Only Far East Hospitality Trust has a 100% exposure in hotels in Singapore while CDL Hospitality Trust has 41% of the total contribution from Singapore. </li>
</ul>


Not all hospitality REITs in Singapore are beneficiaries of the rebound in tourism in Singapore. 
Genting, OUE Commercial REIT, and Fraser Hospitality Trust are not exactly beneficiaries to the current tourism rebound. 
Only Far East Hospitality Trust has a 100% exposure in hotels in Singapore while CDL Hospitality Trust has 41% of the total contribution from Singapore. 


Southeast Asia Tourism: Who Are the Beneficiaries

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Ong Choo Eng and his son Ong Eng Yaw, together with Roswell Assets, Dymon Asia Private Equity, and Crytalic Star have launched a voluntary Offer for <strong><a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong (HWAH SP)</a></strong>.</li>
<li>The S$0.37/share Offer is a nine-year high and a 27.6% premium to last close. It has not been declared final. </li>
<li>However, it appears not all of the founding members of the company are on the same page. The family fissure became public after the last independent director resigned this month. </li>
</ul>


Ong Choo Eng and his son Ong Eng Yaw, together with Roswell Assets, Dymon Asia Private Equity, and Crytalic Star have launched a voluntary Offer for Hwa Hong (HWAH SP).
The S$0.37/share Offer is a nine-year high and a 27.6% premium to last close. It has not been declared final. 
However, it appears not all of the founding members of the company are on the same page. The family fissure became public after the last independent director resigned this month. 


Hwa Hong's Conditional Offer Amid Family Tussle

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong Corp (HWAH SP)</a> announced a voluntary conditional cash offer from Mr Ong Choo and partners at S$0.370 per share, a 27.6% premium to the last close.</li>
<li>The offer is the culmination of a brewing family feud which pits Mr Ong Choo against the families of his five brothers. </li>
<li>The offer price is a 9-year share price high. We estimate around 60% of the public float needs to accept the offer to meet the 50%+ minimum acceptance condition. </li>
</ul>



Hwa Hong Corp (HWAH SP) announced a voluntary conditional cash offer from Mr Ong Choo and partners at S$0.370 per share, a 27.6% premium to the last close.
The offer is the culmination of a brewing family feud which pits Mr Ong Choo against the families of his five brothers. 
The offer price is a 9-year share price high. We estimate around 60% of the public float needs to accept the offer to meet the 50%+ minimum acceptance condition. 


Hwa Hong’s Voluntary Conditional Offer at S$0.370

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/manulife-us-reit" target="_blank" data-smartkarma-citation="entities:567" rel="noopener">Manulife US REIT (MUST) (MUST SP)</a> 1Q22 Business Updates – Slow and bumpy return to office</li><li><a href="https://www.smartkarma.com/entities/first-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:15848" rel="noopener">First REIT (FIRT SP)</a> 1Q22 DPU +1.5% YoY; New chapter began with a steady DPU growth and lower gearing</li><li>ABSD of 35% to be imposed on transfers of residential property to living trust</li></ul>

Manulife US REIT (MUST) (MUST SP) 1Q22 Business Updates – Slow and bumpy return to officeFirst REIT (FIRT SP) 1Q22 DPU +1.5% YoY; New chapter began with a steady DPU growth and lower gearingABSD of 35% to be imposed on transfers of residential property to living trust

ASEAN Builder's Scoop (9May22) - MUST Slow and Bumpy Road

<ul><li><a href="https://www.smartkarma.com/entities/digital-core-reit" target="_blank" data-smartkarma-citation="entities:35145" rel="noopener">Digital Core REIT (DCREIT SP)</a> 1Q22 Business Updates – Slight beat to IPO forecast; Gearing for more acquisitions with identified pipeline  </li><li><a href="https://www.smartkarma.com/entities/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889" rel="noopener">Cromwell European REIT (CERT SP)</a> acquires 3 freehold Light Industrial/ Logistics assets in Italy and Germany; NOI yield of 6.8%</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> Piccadilly Grand to start viewing on 23Apr with prices starting from ~S$2,000psf</li></ul>

Digital Core REIT (DCREIT SP) 1Q22 Business Updates – Slight beat to IPO forecast; Gearing for more acquisitions with identified pipeline  Cromwell European REIT (CERT SP) acquires 3 freehold Light Industrial/ Logistics assets in Italy and Germany; NOI yield of 6.8%City Developments (CIT SP) Piccadilly Grand to start viewing on 23Apr with prices starting from ~S$2,000psf

ASEAN Builder's Scoop (22Apr22) - DCREIT Gearing for More Acquisitions

Singapore

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 Property Limited provides real estate ownership and development services. The Company engages in the development of land, housing projects, apartments, as well as commercial, industrial, and retail properties. Frasers Property serves customers globally.

Singapore Land Group Limited operates as a real estate company. The Company develops and invests in properties, and provides property management, information technology, development management and consultancy services, as well as trades in computers and related products, and invests in hotels and retail centers. Singapore Land Group serves clients in Singapore.

Ascendas India Trust is a business trust that invests in real estate. The trust acquires, owns, and develops land for business use.

GuocoLand Limited is a regional property company with operations in Singapore, China, Malaysia and Vietnam. Headquartered in Singapore, the principal business activities of GuocoLand and its subsidiaries (“the Group”) are property development, property investment, hotel operations and property management.

Ho Bee Land Limited develops and invests in real estate properties in Singapore and United Kingdom.  The Company also operates hotels.

Wing Tai Holdings Limited is an investment holding company whose subsidiaries invest in and develop properties, manufacture woven labels, and trade garments and architectural products and accessories.  The Company also provides management services and operates restaurants.

First Sponsor Group Limited, an investment holding company, is engaged in the property development and investment activities primarily in the People's Republic of China. Its properties include residential and commercial properties.

Yanlord Land Group Ltd is a real estate development company. The Company develops high-end residential property projects in the Peoples Republic of China.

Bukit Sembawang Estates Limited, through its subsidiaries, operates in property development, property mortgage financing, and the holding of properties and investments. The Company provides residential property development throughout Singapore.

Hang Lung Properties Limited, through its subsidiaries, invests in, develops, and manages properties. The Company also manages parking lots. Hang Lung Properties serves customers in Hong Kong.

AEON Mall Co., Ltd. develops, manages, and maintains large-scale shopping malls throughout Japan. The Company develops shopping malls, rent the space, manages and maintains the shopping malls.

Highwealth Construction Corp. develops and sells residential and commercial buildings which are constructed by independent construction contractors.

Brigade Enterprises Limited operates as a real estate development company. The Company focuses on the development of residential, commercial, and hospitality properties.

Shanghai Zhangjiang Hi-Tech Park Development Co.,Ltd. operates real estate development businesses. The Company provides new industry properties development, housing renovation, real estate sales, real estate rental, and other services. Shanghai Zhangjiang Hi-Tech Park Development also offers construction investment, hospitality operation, and other services.

Ruentex Development Co., Ltd. develops, sells, and leases residential and commercial buildings which are constructed by independent contractors.

China World Trade Center Co., Ltd. provides real estate services. The Company operates office building leasing business, shopping mall leasing business, apartment leasing business, hotel management business, and other related businesses. China World Trade Center offers services in China.

Tokyo Tatemono Co., Ltd. develops, sells, and leases commercial buildings, condominiums, and houses.   The Company also develops and manages hotels, vacation houses, leisure facilities, and resort places.

C&D International Investment Group Limited is a green building property development and management company based in Hong Kong.

Hangzhou Binjiang Real Estate Group Co., Ltd. develops and sells real estate properties. The Company also manages and operates hotels.

Hangzhou Binjiang Real Estate Grp (002244 CH)

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.

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City Developments (CIT SP)

Southeast Asia Tourism: Who Are the Beneficiaries

the real beneficiaries of the Singapore rebound in tourism (ex-China) are limited to a few names only. Far East Hospitality Trust and CDL...

Henry Soediarko

Hwa Hong's Conditional Offer Amid Family Tussle

I'd pay up to S$0.35-S$0.36/share, or ~15% annualised, assuming around three months to complete from here. It's a hostile Offer. It has not been...

David Blennerhassett

Hwa Hong’s Voluntary Conditional Offer at S$0.370

Hwa Hong announced a VGO at S$0.370 per share, a 27.6% premium to the last close. We estimate around 60% of the public float needs to accept the...

Arun George

ASEAN Builder's Scoop (9May22) - MUST Slow and Bumpy Road

FIRT new chapter began with steady growth; ABSD 35% imposed to Living Trust; Piccadilly Grand 77% sold; BS previews Liv @ MB; YLLG Apr22 presales...

SCCM Asia Research

ASEAN Builder's Scoop (22Apr22) - DCREIT Gearing for More Acquisitions

CERT buys 3 Italy/Germany assets at 6.8% NOI yield; CIT Piccadily Grand previewing this wkd; VLL shifts to vertical housing

SCCM Asia Research

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