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>2Q22 private home prices +3.2% QoQ; More cooling measures in the works?</li><li>Supply of industrial space increases in 2H22 GLS programme post best performance in 8 years</li><li>Home loan rates continue to edge higher and surpass 3.0% mark</li></ul>

2Q22 private home prices +3.2% QoQ; More cooling measures in the works?Supply of industrial space increases in 2H22 GLS programme post best performance in 8 yearsHome loan rates continue to edge higher and surpass 3.0% mark

ASEAN Builder's Scoop (1Jul22) - 2Q22 Private Home Prices +3.2% QoQ

<ul><li><a href="https://www.smartkarma.com/entities/frasers-logistics-commercial-trust" target="_blank" data-smartkarma-citation="entities:22748" rel="noopener">Frasers Logistics &amp; Commercial Trust (FLT SP)</a> 1H22 DPU +1.3% YoY; Healthy reversions with ample debt headroom for next inorganic moves </li><li><a href="https://www.smartkarma.com/entities/aims-amp-capital-industrial" target="_blank" data-smartkarma-citation="entities:933" rel="noopener">AIMS APAC REIT (AAREIT SP)</a> is in exclusive due diligence with Avaya House in AUS, but no binding agreement yet</li><li>Sino-Ocean has exercised options to purchase Dasin Retail Trust (DASIN SP)</li></ul>

Frasers Logistics &amp; Commercial Trust (FLT SP) 1H22 DPU +1.3% YoY; Healthy reversions with ample debt headroom for next inorganic moves AIMS APAC REIT (AAREIT SP) is in exclusive due diligence with Avaya House in AUS, but no binding agreement yetSino-Ocean has exercised options to purchase Dasin Retail Trust (DASIN SP)

ASEAN Builder's Scoop (6May22) - FLT Ample Debt Headroom for Inorganic Moves

<ul><li><a href="https://www.smartkarma.com/entities/far-east-hospitality-trust" target="_blank" data-smartkarma-citation="entities:19061" rel="noopener">Far East Hospitality Trust (FEHT SP)</a> 1Q22 Business Updates – Firing from all cylinders, recovery trade continues</li><li><a href="https://www.smartkarma.com/entities/oxley-holdings-ltd" target="_blank" data-smartkarma-citation="entities:1097" rel="noopener">Oxley Holdings (OHL SP)</a> to sell S$84m worth of Vietnamese assets</li><li><a href="https://www.smartkarma.com/entities/aims-amp-capital-industrial" target="_blank" data-smartkarma-citation="entities:933" rel="noopener">AIMS APAC REIT (AAREIT SP)</a> extends target date of acquisition of 315 Alexandra Road</li></ul>

Far East Hospitality Trust (FEHT SP) 1Q22 Business Updates – Firing from all cylinders, recovery trade continuesOxley Holdings (OHL SP) to sell S$84m worth of Vietnamese assetsAIMS APAC REIT (AAREIT SP) extends target date of acquisition of 315 Alexandra Road

ASEAN Builder's Scoop (28Apr22) - FEHT Firing from All Cylinders

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/mapletree-logistics-trust" target="_blank" data-smartkarma-citation="entities:16035" rel="noopener">Mapletree Logistics Trust (MLT SP)</a> to acquire logistics facility in Malaysia with 5.4% NPI yield; Accretive to both NAV and DPU</h3><ul><li>MLT has proposed to acquire Mapletree Logistics Hub Shah Alam, Malaysia at a purchase price of RM404.8m (S$130.2m), 0.05% discount to an independent valuation of RM405m. The total transaction costs will be S$132.2m, comprising the acquisition price of ~RM404.8m (S$130.2), acquisition fee of ~S$0.7m and other fees and expenses of ~S$1.3m</li><li>The freehold property is s located in the free trade zone of the Port of Tanjung Pelepas, Southern Johor. Spanning a total NLA of c.131,986sqm, the property is comprised a block of single-storey warehouse with mezzanine floor offices and two blocks of double-storey ramp-up warehouses with mezzanine floor offices and other ancillary buildings. The property has a diversified tenant base comprising end-users as well as 3PLs leasing the premises as their Southeast Asian distribution hub for predominantly consumer goods, including subsidiaries of Decathlon and Maersk. The occupancy rate stands at 95% as at 30Jun21 with a WALE of ~3.5 years with built in rental escalation</li><li>The acquisition is expected to generate an initial NPI yield of 5.4% (based on purchase price) and will be accretive on NAV and distribution level. It will funded through a combination of the proceeds from the Equity Fund Raising, a drawdown of debt facilities and the issuance of the Senior ABS MTNs. Upon completion, MLT’s aggregate leverage ratio is estimated to be c.39.0%.</li></ul>

SingaporeMapletree Logistics Trust (MLT SP) to acquire logistics facility in Malaysia with 5.4% NPI yield; Accretive to both NAV and DPUMLT has proposed to acquire Mapletree Logistics Hub Shah Alam, Malaysia at a purchase price of RM404.8m (S$130.2m), 0.05% discount to an independent valuation of RM405m. The total transaction costs will be S$132.2m, comprising the acquisition price of ~RM404.8m (S$130.2), acquisition fee of ~S$0.7m and other fees and expenses of ~S$1.3mThe freehold property is s located in the free trade zone of the Port of Tanjung Pelepas, Southern Johor. Spanning a total NLA of c.131,986sqm, the property is comprised a block of single-storey warehouse with mezzanine floor offices and two blocks of double-storey ramp-up warehouses with mezzanine floor offices and other ancillary buildings. The property has a diversified tenant base comprising end-users as well as 3PLs leasing the premises as their Southeast Asian distribution hub for predominantly consumer goods, including subsidiaries of Decathlon and Maersk. The occupancy rate stands at 95% as at 30Jun21 with a WALE of ~3.5 years with built in rental escalationThe acquisition is expected to generate an initial NPI yield of 5.4% (based on purchase price) and will be accretive on NAV and distribution level. It will funded through a combination of the proceeds from the Equity Fund Raising, a drawdown of debt facilities and the issuance of the Senior ABS MTNs. Upon completion, MLT’s aggregate leverage ratio is estimated to be c.39.0%.

Deciphering real estate markets globally., Rems Advisors

TAN Kok Keong

Deciphering real estate markets globally.

Rems Advisors

<p>We visited Forest City in Iskandar Malaysia over the weekend following reports of the Chinese government's order for <a href="https://www.smartkarma.com/entities/5225" target="_blank" data-smartkarma-citation="entities:5225:1">Country Garden Holdings Co (2007 HK)</a> to close all its showrooms in China.  The following are some observations from us, post-visit. </p><h2>Key observations from the visit</h2><p>The following are our key observations and feedback from agents/visitors we spoke to: </p><ul><li>
<strong>The number of visitors shrank: </strong>The sale agent we met told us that the news of closing down of all showrooms in China really hurt their…</li></ul>

We visited Forest City in Iskandar Malaysia over the weekend following reports of the Chinese government's order for Country Garden Holdings Co (2007 HK) to close all its showrooms in China.  The following are some observations from us, post-visit. Key observations from the visitThe following are our key observations and feedback from agents/visitors we spoke to: 
The number of visitors shrank: The sale agent we met told us that the news of closing down of all showrooms in China really hurt their…

Seeing the Forest for the Trees in Malaysia - Country Garden

Malaysia

Country Heights Holdings Berhad is an investment holding company.  The Company, through its subsidiaries, operates in property development and construction, property investment and management, hotel, and golf resort.  Country Heights also provides educational, computer, leisure, marketing, health screening, exhibition center, and event management services.

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Country Heights Holdings (CHH MK)

ASEAN Builder's Scoop (1Jul22) - 2Q22 Private Home Prices +3.2% QoQ

2H22 Industrial GLS supply increases; Home loan rates surpass 3% mark; SENA-LEO in JV to develop warehouse; Phils BSP to tweak rates further

SCCM Asia Research

ASEAN Builder's Scoop (6May22) - FLT Ample Debt Headroom for Inorganic Moves

AAREIT in talks with Avaya House; Sino-Ocean exercised options to buy DASIN; SEC greenlights VREIT IPO; BKK office oversupply

SCCM Asia Research

ASEAN Builder's Scoop (28Apr22) - FEHT Firing from All Cylinders

OHL sells VN assets; AAREIT extends Alexandra Rd target acq date; DILD 1Q22 mktg sales reached 21% FY target; ALI sold AREIT at 11% discount

SCCM Asia Research

ASEAN Builder's Scoop (23Aug21)

MLT acquires MY logistics @ 5.4% yield; The Executive Centre new Co-working space at ORQ; JFC injects P3.7bn into DD industrial subs; RCR IPO...

SCCM Asia Research

Seeing the Forest for the Trees in Malaysia - Country Garden

We visited Forest City in Iskandar Malaysia over the weekend following reports of the Chinese government's order for Country Garden Holdings Co...

TAN Kok Keong

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