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

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h3><a href="https://www.smartkarma.com/entities/lhn-ltd" target="_blank" data-smartkarma-citation="entities:27234" rel="noopener">LHN Ltd (LHN SP)</a> JV acquires Balestier hotel for S$15m; Another expansion on its Co-living business (BUY; TP S$0.42/share)</h3>LHN’s Coliwoo and Four Star have formed a JV to acquire Balestier Hotel for S$15m and intended to run and operate it as a Co-living hotel. Coliwoo will control 40% of the new JV company, while Four Star will control the remaining 60%. The Co-living hotel will operate under Coliwoo brand, a Co-living business that runs more than 800 rooms in Singapore in areas such as Balestier, Boon Lay, and Bukit Timah. Balestier Hotel is at 471 &amp; 473 Balestier Road, and the freehold property has a total GFA of about 10,000sqft. The seller of the hotel is an independent third party. The completion of the transaction is expected to be completed by 22Dec21.Comments: This acquisition adds to 320 Balestier Road (acquired in 16Dec20) and 40 &amp; 42 Amber Road (acquired in 9Jun21), as well as acquisitions of 75 Beach Road and 115 Geylang Road, which are expected to add 166 keys to LHN’s Co-living portfolio in FY22E. These 4 projects with S$61.9m total investments should generate 10-20% return to bottom-line upon stabilization from FY23-24E onwards. We continue to like LHN for its efficient space optimization business as well as its expansion in the Co-living business. We reiterate BUY with TP S$0.42/share. LHN is trading at an attractive 4.4x FY21E P/E and ~4.5% yield.

LHN Ltd (LHN SP) JV acquires Balestier hotel for S$15m; Another expansion on its Co-living business (BUY; TP S$0.42/share)LHN’s Coliwoo and Four Star have formed a JV to acquire Balestier Hotel for S$15m and intended to run and operate it as a Co-living hotel. Coliwoo will control 40% of the new JV company, while Four Star will control the remaining 60%. The Co-living hotel will operate under Coliwoo brand, a Co-living business that runs more than 800 rooms in Singapore in areas such as Balestier, Boon Lay, and Bukit Timah. Balestier Hotel is at 471 &amp; 473 Balestier Road, and the freehold property has a total GFA of about 10,000sqft. The seller of the hotel is an independent third party. The completion of the transaction is expected to be completed by 22Dec21.Comments: This acquisition adds to 320 Balestier Road (acquired in 16Dec20) and 40 &amp; 42 Amber Road (acquired in 9Jun21), as well as acquisitions of 75 Beach Road and 115 Geylang Road, which are expected to add 166 keys to LHN’s Co-living portfolio in FY22E. These 4 projects with S$61.9m total investments should generate 10-20% return to bottom-line upon stabilization from FY23-24E onwards. We continue to like LHN for its efficient space optimization business as well as its expansion in the Co-living business. We reiterate BUY with TP S$0.42/share. LHN is trading at an attractive 4.4x FY21E P/E and ~4.5% yield.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

RL Commercial REIT / Equity Capital Markets

RL Commercial REIT (RREIT), sponsored by Robinsons Land Corporation (RLC), aims to raise up to US$491m in its Philippines listing. In addition, MREIT, sponsored by Megaworld, aims to raise up to US$540m in its Philippines listing.  Both will be a 100% secondary shares offering. We have looked at both the REITs individually in our earlier notes:<ul>
<li dir="ltr" aria-level="1"><a href="https://www.smartkarma.com/insights/rl-commercial-reit-pre-ipo-motley-crew-of-assets-has-weathered-covid-well" target="_blank" rel="noopener">RL Commercial REIT Pre-IPO - Motley crew of assets has weathered COVID well</a></li>
<li dir="ltr" aria-level="1"><a href="https://www.smartkarma.com/insights/mreit-pre-ipo-mediocre-performance-convoluted-lease-low-asset-yield" target="_blank" rel="noopener">MREIT Pre-IPO - Mediocre performance, convoluted lease, low asset yield</a></li>
</ul>Apart from these two REITs we have also covered prior listings of the three currently listed REITs in the Philippines:<ul>
<li dir="ltr" aria-level="1"><a href="https://www.smartkarma.com/insights/filinvest-reit-ipo-almost-like-a-single-asset-reit-covid-hasn-t-been-kind" target="_blank" rel="noopener">Filinvest REIT IPO - Almost like a single asset REIT, COVID hasn’t been kind</a></li>
<li dir="ltr" aria-level="1"><a href="https://www.smartkarma.com/insights/ddpm-reit-pre-ipo-brand-new-assets-but-not-with-the-best-of-outlooks" target="_blank" rel="noopener">DDMP REIT Pre-IPO - Brand new assets but not with the best of outlooks</a></li>
<li dir="ltr" aria-level="1"><a href="https://www.smartkarma.com/insights/areit-pre-ipo-first-philippines-reit-listing-comes-with-its-peculiarities" target="_blank" rel="noopener">AREIT Pre-IPO - First REIT listing comes with its peculiarities</a></li>
</ul>In this note we will undertake a peer comparison across for the two listing candidates and the three currently listed REITs.

RL Commercial REIT (RREIT), sponsored by Robinsons Land Corporation (RLC), aims to raise up to US$491m in its Philippines listing. In addition, MREIT, sponsored by Megaworld, aims to raise up to US$540m in its Philippines listing.  Both will be a 100% secondary shares offering. We have looked at both the REITs individually in our earlier notes:
RL Commercial REIT Pre-IPO - Motley crew of assets has weathered COVID well
MREIT Pre-IPO - Mediocre performance, convoluted lease, low asset yield
Apart from these two REITs we have also covered prior listings of the three currently listed REITs in the Philippines:
Filinvest REIT IPO - Almost like a single asset REIT, COVID hasn’t been kind
DDMP REIT Pre-IPO - Brand new assets but not with the best of outlooks
AREIT Pre-IPO - First REIT listing comes with its peculiarities
In this note we will undertake a peer comparison across for the two listing candidates and the three currently listed REITs.

RL Commercial REIT and MREIT Peer Comparison - One Is Much Better Shape

<h2>Singapore</h2><h3>Jul 21 new private home sales surge 82% MoM; On track for a record year (since 2013)</h3><ul><li>Sales of new private homes surged in Jul21 with developers selling 1,589 units, up 82% MoM from 872 units in Jun21. On a YoY basis, sales were up 47% from 1,080 units in Jul20. Including ECs sold, developers moved 1,744 new homes last month, 81% higher MoM and 53% higher YoY</li><li>Developers launched 1,104 units in Jul21, up 36% MoM and 27% YoY higher. There were no new ECs launched in Jun21. Jul21 take-up rate was robust at 144% (from 107% in Jun21 and 124% in Jul20). Pasir Ris 8 was the top seller last month, moving 418 units, or 86% of its 487 units, with median price of S$1,624psf</li><li>Sales in Jul21 were driven by Pasir Ris 8, followed by Normanton Park, which sold 125 units, Midwood, which sold 91 units and Sengkang Grand Residences, which sold 89 units. Excluding EC, sales volume in Jul21 was highest in OCR followed by RCR and CCR, respectively. The sales volume was 1,012 (64%), 438 (28%) and 139 (9%) units, respectively</li><li>Almost 50% of sales last month were priced below S$1.5m, 29% were between S$1.5-2m, and 21.5% were above S$2m. The average price paid for a unit last month was S$1.7m. In the first seven months of 2021, developers have sold an estimated 8,004 units. Barring new cooling measures, total new private home sales is on course to exceed 11,000 units (excluding ECs) by the end of 2021, locking in the highest annual new sales figure since 2013, which saw 14,948 new sales.</li></ul>

SingaporeJul 21 new private home sales surge 82% MoM; On track for a record year (since 2013)Sales of new private homes surged in Jul21 with developers selling 1,589 units, up 82% MoM from 872 units in Jun21. On a YoY basis, sales were up 47% from 1,080 units in Jul20. Including ECs sold, developers moved 1,744 new homes last month, 81% higher MoM and 53% higher YoYDevelopers launched 1,104 units in Jul21, up 36% MoM and 27% YoY higher. There were no new ECs launched in Jun21. Jul21 take-up rate was robust at 144% (from 107% in Jun21 and 124% in Jul20). Pasir Ris 8 was the top seller last month, moving 418 units, or 86% of its 487 units, with median price of S$1,624psfSales in Jul21 were driven by Pasir Ris 8, followed by Normanton Park, which sold 125 units, Midwood, which sold 91 units and Sengkang Grand Residences, which sold 89 units. Excluding EC, sales volume in Jul21 was highest in OCR followed by RCR and CCR, respectively. The sales volume was 1,012 (64%), 438 (28%) and 139 (9%) units, respectivelyAlmost 50% of sales last month were priced below S$1.5m, 29% were between S$1.5-2m, and 21.5% were above S$2m. The average price paid for a unit last month was S$1.7m. In the first seven months of 2021, developers have sold an estimated 8,004 units. Barring new cooling measures, total new private home sales is on course to exceed 11,000 units (excluding ECs) by the end of 2021, locking in the highest annual new sales figure since 2013, which saw 14,948 new sales.

<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: 146.859px; height: 12px;"> </td><td style="width: 143.312px; height: 12px;">AREIT</td><td style="width: 147.344px; height: 12px;">MINT</td><td style="width: 145.031px; height: 12px;">AAREIT</td><td style="width: 143.453px; height: 12px;">EREIT</td></tr><tr><td style="width: 146.859px; height: 13px;">Period</td><td style="width: 143.312px; height: 13px;">1H21</td><td style="width: 147.344px; height: 13px;">1Q22</td><td style="width: 145.031px; height: 13px;">1Q22</td><td style="width: 143.453px; height: 13px;">2Q21</td></tr><tr><td style="width: 146.859px; height: 13px;">Gross Revenue (S$ m)</td><td style="width: 143.312px; height: 13px;">586.0 (+12.4% YoY)</td><td style="width: 147.344px; height: 13px;">128.1 (+29.2% YoY)</td><td style="width: 145.031px; height: 13px;">31.8 (+16.8% YoY)</td><td style="width: 143.453px; height: 13px;">59.5 (+6.25% YoY)</td></tr><tr><td style="width: 146.859px; height: 12px;">NPI (S$ m)</td><td style="width: 143.312px; height: 12px;">445.6 (+14.8% YoY)</td><td style="width: 147.344px; height: 12px;">104.7 (+33.1% YoY)</td><td style="width: 145.031px; height: 12px;">23.1 (+23.9% YoY)</td><td style="width: 143.453px; height: 12px;">42.9 (+9.4% YoY)</td></tr><tr><td style="width: 146.859px; height: 12px;">DPU (S$ c)</td><td style="width: 143.312px; height: 12px;">7.66 (+5.4% YoY)</td><td style="width: 147.344px; height: 12px;">3.35 (+16.7% YoY)</td><td style="width: 145.031px; height: 12px;">2.25 (+12.5% YoY)</td><td style="width: 143.453px; height: 12px;">0.754 (13.9% YoY)</td></tr><tr><td style="width: 146.859px; height: 12px;">NAV per Unit (S$)</td><td style="width: 143.312px; height: 12px;">2.27</td><td style="width: 147.344px; height: 12px;">1.75</td><td style="width: 145.031px; height: 12px;">1.35</td><td style="width: 143.453px; height: 12px;">0.398</td></tr><tr><td style="width: 146.859px; height: 12px;">P/B (x)</td><td style="width: 143.312px; height: 12px;">1.37</td><td style="width: 147.344px; height: 12px;">1.65</td><td style="width: 145.031px; height: 12px;">1.15</td><td style="width: 143.453px; height: 12px;">1.1</td></tr><tr><td style="width: 146.859px; height: 12px;">Occupancy (%)</td><td style="width: 143.312px; height: 12px;">91.3</td><td style="width: 147.344px; height: 12px;">94.3 (Overall); 97.8 (North American); 93.4 (Singapore)</td><td style="width: 145.031px; height: 12px;">95.7</td><td style="width: 143.453px; height: 12px;">91.7</td></tr><tr><td style="width: 146.859px; height: 6px;">Reversion (%)</td><td style="width: 143.312px; height: 6px;">6.4</td><td style="width: 147.344px; height: 6px;">Not Disclosed</td><td style="width: 145.031px; height: 6px;">Not disclosed</td><td style="width: 143.453px; height: 6px;">-0.2</td></tr><tr><td style="width: 146.859px; height: 12px;">Gearing (%)</td><td style="width: 143.312px; height: 12px;">37.6</td><td style="width: 147.344px; height: 12px;">31</td><td style="width: 145.031px; height: 12px;">34.3</td><td style="width: 143.453px; height: 12px;">42.9</td></tr><tr><td style="width: 146.859px; height: 12px;">Cost of Debt (%)</td><td style="width: 143.312px; height: 12px;">2.4</td><td style="width: 147.344px; height: 12px;">2.7</td><td style="width: 145.031px; height: 12px;">2.8</td><td style="width: 143.453px; height: 12px;">3.24</td></tr><tr><td style="width: 146.859px; height: 12px;">1 Yr Fwd Yield (%)</td><td style="width: 143.312px; height: 12px;">5.06</td><td style="width: 147.344px; height: 12px;">4.69</td><td style="width: 145.031px; height: 12px;">6.1</td><td style="width: 143.453px; height: 12px;">7.05</td></tr><tr><td style="width: 146.859px; height: 12px;">Debt Hedged (%)</td><td style="width: 143.312px; height: 12px;">75.2</td><td style="width: 147.344px; height: 12px;">95.8</td><td style="width: 145.031px; height: 12px;">77.2</td><td style="width: 143.453px; height: 12px;">75</td></tr><tr><td style="width: 146.859px; height: 12px;">Target Price</td><td style="width: 143.312px; height: 12px;">Under Review</td><td style="width: 147.344px; height: 12px;">N/A</td><td style="width: 145.031px; height: 12px;">Under Review</td><td style="width: 143.453px; height: 12px;">N/A</td></tr><tr><td style="width: 146.859px; height: 13px;">Rating</td><td style="width: 143.312px; height: 13px;">Under Review</td><td style="width: 147.344px; height: 13px;">N/A</td><td style="width: 145.031px; height: 13px;">Under Review</td><td style="width: 143.453px; height: 13px;">Under Review</td></tr></tbody></table>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached) AREITMINTAAREITEREITPeriod1H211Q221Q222Q21Gross Revenue (S$ m)586.0 (+12.4% YoY)128.1 (+29.2% YoY)31.8 (+16.8% YoY)59.5 (+6.25% YoY)NPI (S$ m)445.6 (+14.8% YoY)104.7 (+33.1% YoY)23.1 (+23.9% YoY)42.9 (+9.4% YoY)DPU (S$ c)7.66 (+5.4% YoY)3.35 (+16.7% YoY)2.25 (+12.5% YoY)0.754 (13.9% YoY)NAV per Unit (S$)2.271.751.350.398P/B (x)1.371.651.151.1Occupancy (%)91.394.3 (Overall); 97.8 (North American); 93.4 (Singapore)95.791.7Reversion (%)6.4Not DisclosedNot disclosed-0.2Gearing (%)37.63134.342.9Cost of Debt (%)2.42.72.83.241 Yr Fwd Yield (%)5.064.696.17.05Debt Hedged (%)75.295.877.275Target PriceUnder ReviewN/AUnder ReviewN/ARatingUnder ReviewN/AUnder ReviewUnder Review

ASEAN Builder's Scoop (03Aug21) - AREIT Boosted by DPU-Accretive Acq

<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

Philippines

DoubleDragon Properties Corp offers real estate development services in the Philippines.  The Company focuses on commercial, residential, and public-private partnership projects.

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Doubledragon Properties (DD PM)

ASEAN Builder's Scoop (27Sep21)

LHN expands further its Co-living business; FIRT declines to acquire a ROFR asset; DD Hotel 101 Cebu Mactan begins constructions; 2Q21 Phils prop...

SCCM Asia Research

RL Commercial REIT and MREIT Peer Comparison - One Is Much Better Shape

RL Commercial REIT (RREIT) aims to raise up to US$491m in its Philippines listing. In addition, MREIT, sponsored by Megaworld, aims to raise up to...

Sumeet Singh

ASEAN Builder's Scoop (17Aug21)

SG new home sales on track for a record year; OHL SG resi >90% sold; FLI supported by resi recovery; FILRT focuses on BPO tenants; NOBLE shifts...

SCCM Asia Research

ASEAN Builder's Scoop (03Aug21) - AREIT Boosted by DPU-Accretive Acq

AREIT boosted by DPU-accretive acq; KEP-SPH better yield for SPH holders; SMPH 1H21 supported by resi biz; DD launches buyback program; LPKR strong...

SCCM Asia Research

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

KDCREIT maiden China acq; MAGIC improvements seen at FW; ART recovery momentum continues; KORE occupancy weakness; PLIFE flattish quarter; LMRT...

SCCM Asia Research

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