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

Frasers Hospitality Trust / Equity Bottom-Up

<ul>
<li>Most of the countries that <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a> has assets in have their borders already opened. </li>
<li>The full impact of the reopening will only be seen in the subsequent quarters thus it is almost certain that next quarter's result will be better than the past one.</li>
<li>The upside from privatization is mostly priced in but the recovery of the business is real albeit potentially gradual. </li>
</ul>


Most of the countries that Frasers Hospitality Trust (FHT SP) has assets in have their borders already opened. 
The full impact of the reopening will only be seen in the subsequent quarters thus it is almost certain that next quarter's result will be better than the past one.
The upside from privatization is mostly priced in but the recovery of the business is real albeit potentially gradual. 


Fraser Hospitality Trust (FRHO): Privatization + Recovery.

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

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 <img src='https://api2.sgx.com/sites/default/files/2022-05/Hospitality%20SREITs_0.PNG' alt='Hospitality S-REITs with Singapore assets' />
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 <div class='content-caption'>Hospitality S-REITs with Singapore assets</div>
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<html><body>Twenty three S-Reits and property trusts have reported financial results or business updates this reporting season. All pure-play hospitality Reits with Singapore assets have reported, and they are: Ascott Residence Trust, CDL Hospitality Trusts, Far East Hospitality Trust, and Frasers Hospitality Trust. These 4 averaged 23.4 per cent total returns in the year to date. 
Most of the hospitality trusts with Singapore assets reported higher RevPAR (revenue per available room) in Q1 2022, due to growth in average daily rates (ADR) and occupancy. The trusts also expressed optimism for 2022 as they see recovery and reopening across their operating markets. 
Ascott Residence Trust noted that several countries saw restrictions tighten in January and February this year while most started to substantially ease border controls towards the end of Q1 2022. It reported a 22 per cent year-on-year increase in portfolio RevPAU (revenue per available unit) from S$55 to S$67 despite the spread of the Omicron variant. 
Its longer-stay properties contributed about 28 per cent of Q1 2022 gross profit, up from around 12 per cent in Q1 2021. As more countries reopen borders, the trust noted an uptick in international corporate and leisure bookings. Three of its properties (2 in Singapore, 1 in Australia) also transited from block bookings to welcoming public guests, in line with the respective countries’ reopening plans. In Singapore, its lyf one-north, which obtained TOP in January 2022, also achieved strong occupancy of over 85 per cent in Q1 2022. 
CDL Hospitality Trusts recorded RevPAR growth across majority of its portfolio. In Singapore, its Q1 2022 RevPAR rose 40.7 per cent year on year, driven by growth in average room rate. It noted that market demand is recovering, with staycations and corporate project groups still comprising the bulk of demand. Two of its Singapore hotels continue to operate as facilities used for isolation purposes and these contracts are expected to end by Q3 2022. The other 4 Singapore hotels are expected to be supported primarily by the return of international travellers, staycations, long-stay project groups, as well as the return of meeting groups, including major MICE events. 
Far East Hospitality Trust’s hotel portfolio reported 15.7 per cent higher RevPAR of S$59 in Q1 2022 from S$51 in Q1 2021 and 31.8 per cent higher ADR, despite a 8.4pp dip in average occupancy rate to 67.7 per cent due to the cessation of the government contract for isolation purposes at 3 of its hotels. 
Its serviced residences continued to demonstrate strong performance, recording higher Q1 2022 occupancy rate of 86.8 per cent, a 7.5 per cent year-on-year rise in ADR, and 24.3 per cent increase in RevPAU with support from long-stay corporate sources. 
Frasers Hospitality Trust reported higher gross revenue by 10.4 per cent year on year in H1 FY22 with the improved operating environment. Its Singapore portfolio recorded higher ADR and occupancy rate, which lifted its RevPAR by 15.3 per cent year on year in H1 FY22, mainly supported by long-stay business. The trust remains optimistic about international travel and aims to capture the recovery of hotel demand. REIT Watch is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/hospitality-s-reits-see-higher-revpar-as-borders-reopen"> read </a>the original version.</body></html>


      
    
    Hospitality S-REITs with Singapore assets

Twenty three S-Reits and property trusts have reported financial results or business updates this reporting season. All pure-play hospitality Reits with Singapore assets have reported, and they are: Ascott Residence Trust, CDL Hospitality Trusts, Far East Hospitality Trust, and Frasers Hospitality Trust. These 4 averaged 23.4 per cent total returns in the year to date.  
Most of the hospitality trusts with Singapore assets reported higher RevPAR (revenue per available room) in Q1 2022, due to growth in average daily rates (ADR) and occupancy. The trusts also expressed optimism for 2022 as they see recovery and reopening across their operating markets.  
Ascott Residence Trust noted that several countries saw restrictions tighten in January and February this year while most started to substantially ease border controls towards the end of Q1 2022. It reported a 22 per cent year-on-year increase in portfolio RevPAU (revenue per available unit) from S$55 to S$67 despite the spread of the Omicron variant.  
Its longer-stay properties contributed about 28 per cent of Q1 2022 gross profit, up from around 12 per cent in Q1 2021. As more countries reopen borders, the trust noted an uptick in international corporate and leisure bookings. Three of its properties (2 in Singapore, 1 in Australia) also transited from block bookings to welcoming public guests, in line with the respective countries’ reopening plans. In Singapore, its lyf one-north, which obtained TOP in January 2022, also achieved strong occupancy of over 85 per cent in Q1 2022.  
CDL Hospitality Trusts recorded RevPAR growth across majority of its portfolio. In Singapore, its Q1 2022 RevPAR rose 40.7 per cent year on year, driven by growth in average room rate. It noted that market demand is recovering, with staycations and corporate project groups still comprising the bulk of demand. Two of its Singapore hotels continue to operate as facilities used for isolation purposes and these contracts are expected to end by Q3 2022. The other 4 Singapore hotels are expected to be supported primarily by the return of international travellers, staycations, long-stay project groups, as well as the return of meeting groups, including major MICE events.  
Far East Hospitality Trust’s hotel portfolio reported 15.7 per cent higher RevPAR of S$59 in Q1 2022 from S$51 in Q1 2021 and 31.8 per cent higher ADR, despite a 8.4pp dip in average occupancy rate to 67.7 per cent due to the cessation of the government contract for isolation purposes at 3 of its hotels.  
Its serviced residences continued to demonstrate strong performance, recording higher Q1 2022 occupancy rate of 86.8 per cent, a 7.5 per cent year-on-year rise in ADR, and 24.3 per cent increase in RevPAU with support from long-stay corporate sources.  
Frasers Hospitality Trust reported higher gross revenue by 10.4 per cent year on year in H1 FY22 with the improved operating environment. Its Singapore portfolio recorded higher ADR and occupancy rate, which lifted its RevPAR by 15.3 per cent year on year in H1 FY22, mainly supported by long-stay business. The trust remains optimistic about international travel and aims to capture the recovery of hotel demand.  REIT Watch is a weekly column on The Business Times, read the original version.


REIT Watch - Hospitality S-Reits see higher RevPAR as borders reopen

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/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

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 <img src='https://api2.sgx.com/sites/default/files/2022-04/sreit.PNG' alt='SREIT asset' />
 </figure>
 <div class='content-caption'>SREIT asset</div>
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<html><body>Singapore's Central Business District (CBD) saw Grade A office rents record the fastest quarterly growth since rents turned around in Q2 2021, according to JLL Singapore in a recent report. 
Grade A office rents in the CBD rose 2.3 per cent to S$10.46 per square foot (psf) per month (pm) in the latest quarter, up from Q4 2021's S$10.23. Rental rates have recovered by 6.9 per cent from its recent lows in Q1 2021. 
Office Reits may also be poised to benefit from a growth in demand for office space as up to 75 per cent of office workers are allowed to return to their workplaces, even as hybrid working continues. 
Listed on SGX are 5 S-Reits with Singapore office properties in their portfolios. They are, Keppel Reit which is a pure-play office S-Reit, and diversified S-Reits CapitaLand Integrated Commercial Trust (CICT), Suntec Reit, Mapletree Commercial Trust (MCT), and OUE Commercial Reit (OUE C-Reit). Keppel Reit in FY21 had a tenant retention rate of 62 per cent and noted that a majority of new and expansion leases were in Singapore. 
Its weighted average signing rent for Singapore office leases was approximately S$10.56 psf pm. 
Building valuations for Marina Bay Financial Centre Towers 1 &amp; 2, One Raffles Quay and Keppel Bay Tower increased due to higher rental rates. 
OUE C-Reit which has a portfolio of 3 office properties in Singapore's CBD noted in its FY21 results that average passing rents of Singapore office properties at Dec 2021 were higher year on year, with OUE Bayfront hitting a high of S$12.49 psf due to the successful renewal of an anchor tenant. The Reit expects positive leasing momentum to continue in 2022, supported by the technology sector amid a limited supply pipeline. 
CICT recently announced its proposed acquisition of 70 per cent interest in 79 Robinson Road which has a building occupancy rate of 92.9 per cent. The acquisition is expected to offer pro forma annualised net property income yield of 4 per cent, distribution per unit accretion of 2.9 per cent, and is expected to complete in Q2 2022. 
Across the broader S-Reits sector, S-Reits demonstrated resiliency amid the backdrop of rising inflation and a rate hike cycle with the iEdge S-Reit Index posting 1.3 per cent total returns in Q1 2022, outperforming the average decline of 4.9 per cent across global Reit hubs. 
Despite rising interest rates, S-Reits have an average distribution yield of 6.3 per cent, around 400 bps spread over Singapore's 10-year government bond yields. The sector has an average gearing ratio of about 37 per cent (current regulatory ceiling is 50 per cent) and has an average 75 per cent of their borrowings pegged at fixed rates (entered directly in fixed rates or hedged through floating-to-fixed interest rate swaps). 
The top 5 performing S-Reits and property trusts in Q1 2022 averaged 14.1 per cent total returns, outperforming STI's 9.6 per cent, and are mainly from the hospitality and office sub-segments. They are: Suntec Reit (+17.6 per cent), Frasers Hospitality Trust (+15.1 per cent), Far East Hospitality Trust (+13.1 per cent), CDL Hospitality Trusts (+13.0 per cent), and Ascott Residence Trust (+11.5 per cent). 
Drivers that potentially drove the sub-segments were the continued reopening theme and relaxation of Covid measures across Singapore and the region, as well as the positive momentum in office rental rates.  REIT Watch is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/singapore-office-s-reits-poised-to-benefit-from-positive-rental-momentum-0"> read </a>the original version.</body></html>


      
    
    SREIT asset

Singapore's Central Business District (CBD) saw Grade A office rents record the fastest quarterly growth since rents turned around in Q2 2021, according to JLL Singapore in a recent report.  
Grade A office rents in the CBD rose 2.3 per cent to S$10.46 per square foot (psf) per month (pm) in the latest quarter, up from Q4 2021's S$10.23. Rental rates have recovered by 6.9 per cent from its recent lows in Q1 2021.  
Office Reits may also be poised to benefit from a growth in demand for office space as up to 75 per cent of office workers are allowed to return to their workplaces, even as hybrid working continues.  
Listed on SGX are 5 S-Reits with Singapore office properties in their portfolios. They are, Keppel Reit which is a pure-play office S-Reit, and diversified S-Reits CapitaLand Integrated Commercial Trust (CICT), Suntec Reit, Mapletree Commercial Trust (MCT), and OUE Commercial Reit (OUE C-Reit). Keppel Reit in FY21 had a tenant retention rate of 62 per cent and noted that a majority of new and expansion leases were in Singapore.  
Its weighted average signing rent for Singapore office leases was approximately S$10.56 psf pm.  
Building valuations for Marina Bay Financial Centre Towers 1 &amp; 2, One Raffles Quay and Keppel Bay Tower increased due to higher rental rates.  
OUE C-Reit which has a portfolio of 3 office properties in Singapore's CBD noted in its FY21 results that average passing rents of Singapore office properties at Dec 2021 were higher year on year, with OUE Bayfront hitting a high of S$12.49 psf due to the successful renewal of an anchor tenant. The Reit expects positive leasing momentum to continue in 2022, supported by the technology sector amid a limited supply pipeline.  
CICT recently announced its proposed acquisition of 70 per cent interest in 79 Robinson Road which has a building occupancy rate of 92.9 per cent. The acquisition is expected to offer pro forma annualised net property income yield of 4 per cent, distribution per unit accretion of 2.9 per cent, and is expected to complete in Q2 2022.  
Across the broader S-Reits sector, S-Reits demonstrated resiliency amid the backdrop of rising inflation and a rate hike cycle with the iEdge S-Reit Index posting 1.3 per cent total returns in Q1 2022, outperforming the average decline of 4.9 per cent across global Reit hubs.  
Despite rising interest rates, S-Reits have an average distribution yield of 6.3 per cent, around 400 bps spread over Singapore's 10-year government bond yields. The sector has an average gearing ratio of about 37 per cent (current regulatory ceiling is 50 per cent) and has an average 75 per cent of their borrowings pegged at fixed rates (entered directly in fixed rates or hedged through floating-to-fixed interest rate swaps).  
The top 5 performing S-Reits and property trusts in Q1 2022 averaged 14.1 per cent total returns, outperforming STI's 9.6 per cent, and are mainly from the hospitality and office sub-segments. They are: Suntec Reit (+17.6 per cent), Frasers Hospitality Trust (+15.1 per cent), Far East Hospitality Trust (+13.1 per cent), CDL Hospitality Trusts (+13.0 per cent), and Ascott Residence Trust (+11.5 per cent).  
Drivers that potentially drove the sub-segments were the continued reopening theme and relaxation of Covid measures across Singapore and the region, as well as the positive momentum in office rental rates.   REIT Watch is a weekly column on The Business Times, read the original version.


REIT Watch - Singapore office S-Reits poised to benefit from positive rental momentum

Singapore

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.

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.

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.

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.

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Far East Hospitality Trust (FEHT 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

Fraser Hospitality Trust (FRHO): Privatization + Recovery.

The upside may not be much anymore since the bulk of the upside from the privatization news is already priced in but the gross operating revenue is...

Henry Soediarko

REIT Watch - Hospitality S-Reits see higher RevPAR as borders reopen

Twenty three S-Reits and property trusts have reported financial results or business updates this reporting season. All...

Singapore Exchange Ltd (SGX)

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

REIT Watch - Singapore office S-Reits poised to benefit from positive rental momentum

Singapore's Central Business District (CBD) saw Grade A office rents record the fastest quarterly growth since rents turned...

Singapore Exchange Ltd (SGX)

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