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

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.

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.

Frasers Hospitality Trust operates as a real estate investment trust. The Trust owns, operates and invests in hotels and serviced residences.

BHG Retail REIT is a real estate investment trust (REIT) in Singapore.

EC World Real Estate Investment Trust (EC World REIT) is the first Chinese specialised logistics and e-commerce logistics REIT listed on SGX-ST. 

It has a portfolio of quality properties located predominantly in one of the largest e-commerce clusters in the Yangtze River Delta which offers investors unique exposure to the logistics and e-commerce sectors in Hangzhou and Wuhan, China.
  
EC World REIT’s investment strategy is to invest principally, directly or indirectly, in a diversified portfolio of income-producing real estate which is used primarily for e-commerce, supply-chain management and logistics purposes, as well as real estate-related assets, with an initial geographical focus on the PRC. 

EC World REIT is listed in several indices. These include the FTSE ASEAN All-Share Index, FTSE ST All-Share Index, FTSE ST China Index and FTSE ST Singapore Shariah Index. For more information, please visit: http://www.ecwreit.com/ 

EC World REIT is managed by EC World Asset Management Pte. Ltd., which is an indirect wholly-owned subsidiary of the Sponsor – Forchn Holdings Group Co., Ltd.

Keppel Pacific Oak US REIT operates as a real estate investment trust with properties located in the United States. The Company invests in a diversified portfolio of income-producing commercial and real estate assets in key growth markets of the US.

Manulife US REIT is a Singapore listed REIT established with the investment strategy principally to invest, directly or indirectly, in a portfolio of income-producing office real estate in key markets in the United States, as well as real estate-related assets.

Lippo Malls Indonesia Retail Trust is a real estate investment trust that invests in malls and other retail locations.

Lippo Malls Indonesia Retail Trust (LMRT SP)

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.

Hong Fok Corporation Limited is an investment holding company whose principal activities consist of property investment, property development, property management, and investment trading.

Cathay No. 2 REIT is a property trust established in Taiwan as a standalone unit trust fund and constituted by a trust deed. The Trust owns and leases a portfolio of office properties in Taipei.

CTO Realty Growth, Inc. operates as a real estate investment trust. The Company invests in income producing properties to generate predictable cash flows and having a diversified portfolio of income properties. CTO Realty Growth serves customers in the United States.

Hotel Property Investments owns a portfolio of properties.  The Company's properties consist of pubs, detached bottle shops and other on-site specialty stores, which are used to generate capital returns for its security holders. Hotel Property Investment's properties are located throughout Queensland and South Australia.

Tosei Reit Investment Corporation is a real estate investment trust(REIT). The Company mainly invests in office buildings and commercial facilities in Tokyo area.

Starts Proceed Investment Corp is a real estate investment trust (J-REIT) which invests in securitized real estate products.  The Company invests in lease real estate properties, short-term leasing apartments, and special feature business hotel.

Starts Proceed Investment Corporation (8979 JP)

Chatham Lodging Trust is a self-advised hotel investment company. The Company invests in upscale extended-stay, select-service, and full service hotels. Chatham's properties are located in major markets with high barriers to entry, near primary demand generators for both business and leisure guests.

CapitaLand Malaysia Mall Trust is a real estate investment trust.  The trust, located in Malaysia, makes long-term investments in income-producing real estate primarily used for retail purposes.

CapitalLand Malaysia Mall Trust (CMMT MK)

Sunlight Real Estate Investment Trust is a real estate investment trust that invests in a portfolio of office and retail properties throughout Hong Kong.

Spring Real Estate Investment Trust is a real estate investment trust formed primarily to own and invest in high quality income-producing real estate in Asia.

Custodian REIT plc is a real estate investment trust. The Company invests in commercial properties, including industrial, retail and office properties throughout the United Kingdom.

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.

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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

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