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>8 bids drawn for Jalan Tembusu plot – winner: <a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57" rel="noopener">City Developments (CIT SP)</a> ; 4 bids for Lentor plot – winner: Intreprid, <a href="https://www.smartkarma.com/entities/guocoland-ltd" target="_blank" data-smartkarma-citation="entities:17467" rel="noopener">GuocoLand (GUOL SP)</a> , and TID</li><li>Office rents improved further in 4Q21; Rents expected to rise 3-5% in 2022</li><li>Luxury homes still draw demands post cooling measures</li></ul>

8 bids drawn for Jalan Tembusu plot – winner: City Developments (CIT SP) ; 4 bids for Lentor plot – winner: Intreprid, GuocoLand (GUOL SP) , and TIDOffice rents improved further in 4Q21; Rents expected to rise 3-5% in 2022Luxury homes still draw demands post cooling measures

ASEAN Builder's Scoop (19Jan22) - CIT Won Tembusu Plot

<ul><li><a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934" rel="noopener">ESR-REIT (EREIT SP)</a> to divest industrial building at 28 Senoko Drive for S$12mTanglin</li><li>Shopping Centre en bloc sale could benefit <a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57" rel="noopener">City Developments (CIT SP)</a> </li><li>Co-living providers expect higher demand in 2022 as inquiries rose; Robust occupancies may continue</li></ul>

ESR-REIT (EREIT SP) to divest industrial building at 28 Senoko Drive for S$12mTanglinShopping Centre en bloc sale could benefit City Developments (CIT SP) Co-living providers expect higher demand in 2022 as inquiries rose; Robust occupancies may continue

ASEAN Builder's Scoop (11Jan22) - EREIT to Divest 28 Senoko Drive

<ul><li><a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> and <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> proposed merger to form Mapletree Pan Asia Commercial Trust (MPACT); DPU and NAV accretive to MCT unitholders</li><li>The transaction will be ~8.9% and ~6.5% of accretive to DPU and NAV, respectively, on a pro forma basis to MCT unitholders. As for MAGIC unitholders, total consideration is at an attractive premium over trading prices and implies a 1.0x P/NAV, translating into a 1-year total return of ~32.2%</li><li><a href="https://www.smartkarma.com/entities/capitaland-integrated-commercial-trust" target="_blank" data-smartkarma-citation="entities:105" rel="noopener">Capitaland Integrated Commercial Trust (CICT SP)</a> acquires 50% interest in Sydney office building for ~S$410m; DPU accretive by ~1%</li></ul>

Mapletree Commercial Trust (MCT SP) and Mapletree North Asia Commercial Trust (MAGIC SP) proposed merger to form Mapletree Pan Asia Commercial Trust (MPACT); DPU and NAV accretive to MCT unitholdersThe transaction will be ~8.9% and ~6.5% of accretive to DPU and NAV, respectively, on a pro forma basis to MCT unitholders. As for MAGIC unitholders, total consideration is at an attractive premium over trading prices and implies a 1.0x P/NAV, translating into a 1-year total return of ~32.2%Capitaland Integrated Commercial Trust (CICT SP) acquires 50% interest in Sydney office building for ~S$410m; DPU accretive by ~1%

ASEAN Builder's Scoop (3Jan22) - MCT/MAGIC Merger

<ul><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> divests Seoul Hotel with expected gain of ~S$530m; Divestment of non-core assets continues</li><li><a href="https://www.smartkarma.com/entities/parkway-life-reit" target="_blank" data-smartkarma-citation="entities:13422" rel="noopener">Parkway Life REIT (PREIT SP)</a> acquires Tokyo nursing home at 5.9% NPI yield </li><li><a href="https://www.smartkarma.com/entities/8990-holdings-inc" target="_blank" data-smartkarma-citation="entities:22652" rel="noopener">8990 holdings (HOUSE PM)</a> current ~671ha Land bank can deliver PHP165bn sales</li></ul>

City Developments (CIT SP) divests Seoul Hotel with expected gain of ~S$530m; Divestment of non-core assets continuesParkway Life REIT (PREIT SP) acquires Tokyo nursing home at 5.9% NPI yield 8990 holdings (HOUSE PM) current ~671ha Land bank can deliver PHP165bn sales

ASEAN Builder's Scoop (12Dec21) - CIT Divests Seoul Hotel for ~S$530m Gain

<ul><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> obtains option to buy S$126.3m worth of assets from Tan Chong International (TCI SP)</li><li>Perfect Ten by CK Asset Holdings will open sales gallery to public on 8Dec</li><li>UOB Asset Management (UOBAM) lists first Reit ETF on Singapore Exchange</li></ul>

City Developments (CIT SP) obtains option to buy S$126.3m worth of assets from Tan Chong International (TCI SP)Perfect Ten by CK Asset Holdings will open sales gallery to public on 8DecUOB Asset Management (UOBAM) lists first Reit ETF on Singapore Exchange

ASEAN Builder's Scoop (24Nov21) - CIT Obtains Option to Buy Assets from TCI

Singapore

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)

ASEAN Builder's Scoop (19Jan22) - CIT Won Tembusu Plot

CIT won Tembusu plot, GUOL/HL consortium won Lentor plot; SG office rents to rise 3-5% in 2022; Luxury homes shine despite cooling measures; Thai...

SCCM Asia Research

ASEAN Builder's Scoop (11Jan22) - EREIT to Divest 28 Senoko Drive

EREIT to divest 28 Senoko Drive; Tanglin Shopping Centre en-bloc; Co-living robust occupancies; Retail rents down 7 straight quarters; DMW...

SCCM Asia Research

ASEAN Builder's Scoop (3Jan22) - MCT/MAGIC Merger

MCT/MAGIC merger; CICT buys Sydney office; KDCREIT buys UK DC; ART buys more US dormitories; ECWREIT buyers backed out; DASIN loan extension; VLL...

SCCM Asia Research

ASEAN Builder's Scoop (12Dec21) - CIT Divests Seoul Hotel for ~S$530m Gain

CIT divests Seoul hotel for ~S$530m gain; PREIT buys Tokyo nursing home at 5.9% yield; HOUSE ample land bank for next 7-10yrs; Phils FDI exceeds...

SCCM Asia Research

ASEAN Builder's Scoop (24Nov21) - CIT Obtains Option to Buy Assets from TCI

CIT obtains option to buy assets from TCI; Perfect Ten sales gallery open on 8Dec; UOBAM first REIT ETF listed; F&B/tourism remains subdued in...

SCCM Asia Research

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