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/first-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:15848" rel="noopener">First REIT (FIRT SP)</a> to divest Siloam Hospitals Surabaya at book value - FIRT enters into a conditional sale and purchase agreement with Siloam International Hospitals and Megapratama Karya Bersama to divest Tata Prima Indah, which owns 100% interest in Siloam Hospitals Surabaya for a divestment consideration of IDR430.0bn (~S$40.9m).</li><li>Kensington Park condo launches S$1.28bn collective sale tender - Kensington Park condominium in Serangoon has been offered for en bloc sale by public tender with a guide price of S$1.28bn. </li><li><a href="https://www.smartkarma.com/entities/megaworld-corp" target="_blank" data-smartkarma-citation="entities:8746" rel="noopener">Megaworld Corp (MEG PM)</a> claims no tax liability with BIR - MEG claimed that it has no outstanding or unpaid taxes that justify an action against the company</li></ul>

First REIT (FIRT SP) to divest Siloam Hospitals Surabaya at book value - FIRT enters into a conditional sale and purchase agreement with Siloam International Hospitals and Megapratama Karya Bersama to divest Tata Prima Indah, which owns 100% interest in Siloam Hospitals Surabaya for a divestment consideration of IDR430.0bn (~S$40.9m).Kensington Park condo launches S$1.28bn collective sale tender - Kensington Park condominium in Serangoon has been offered for en bloc sale by public tender with a guide price of S$1.28bn. Megaworld Corp (MEG PM) claims no tax liability with BIR - MEG claimed that it has no outstanding or unpaid taxes that justify an action against the company

ASEAN Builder's Scoop (19May22) - FIRT Divests Siloam Surabaya at Book

<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/daiwa-house-logistics-trust" target="_blank" data-smartkarma-citation="entities:35020" rel="noopener">Daiwa House Logistics Trust (DHLT SP)</a> 4Q21 business updates (26Nov-31Dec21) – Initial results are inline with forecasts</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> 2H21 DPU fell 29.2% YoY; Gradual improvements post completion of restructuring exercises</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> 1H22 PATMI -18% YoY; Gearing under control, projects progressing well</li></ul>

Daiwa House Logistics Trust (DHLT SP) 4Q21 business updates (26Nov-31Dec21) – Initial results are inline with forecastsFirst REIT (FIRT SP) 2H21 DPU fell 29.2% YoY; Gradual improvements post completion of restructuring exercisesOxley Holdings (OHL SP) 1H22 PATMI -18% YoY; Gearing under control, projects progressing well

ASEAN Builder's Scoop (11Feb22) - DHLT Initial Results Inline

<ul><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> enters Japan nursing home market with ~S$164m acquisition from Sponsor; Embarking on new 2.0 growth strategy</li><li><a href="https://www.smartkarma.com/entities/ck-asset-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22650" rel="noopener">CK Asset Holdings (1113 HK)</a> opens Luxury condo Perfect 10 for preview with prices starting at S$3,200psf</li><li><a href="https://www.smartkarma.com/entities/boldtek-holdings-limited" target="_blank" data-smartkarma-citation="entities:2284" rel="noopener">Boldtek Holdings (LHO SP)</a> begins public preview of new boutique condo Zyanya; Prices starting at S$1,590psf</li></ul>

First REIT (FIRT SP) enters Japan nursing home market with ~S$164m acquisition from Sponsor; Embarking on new 2.0 growth strategyCK Asset Holdings (1113 HK) opens Luxury condo Perfect 10 for preview with prices starting at S$3,200psfBoldtek Holdings (LHO SP) begins public preview of new boutique condo Zyanya; Prices starting at S$1,590psf

ASEAN Builder's Scoop (8Dec21) - FIRT Enters Japan Nursing Home Market

Singapore

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

First REIT (FIRT SP)

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 (19May22) - FIRT Divests Siloam Surabaya at Book

MEG claims no tax liability; PSH targets THB16.3bn sales in FY22; MYR3bn Straits City Penang revealed; KL office rents under pressure

SCCM Asia Research

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 (11Feb22) - DHLT Initial Results Inline

DHLT initial results inline; FIRT gradual improvements post restructuring; OHL gearing under control; Quarz Capital thinks MAGIC offer value...

SCCM Asia Research

ASEAN Builder's Scoop (8Dec21) - FIRT Enters Japan Nursing Home Market

FIRT enters Japan nursing home market; CK Asset previews Perfect 10 from S$3,200psf onwards; BDTK previews Zyanya from S$1,590psf onwards; Ascott...

SCCM Asia Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)