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/aims-amp-capital-industrial" target="_blank" data-smartkarma-citation="entities:933" rel="noopener">AIMS APAC REIT (AAREIT SP)</a> partners with SP Group to install large-scale rooftop solar system across SG properties</li><li><a href="https://www.smartkarma.com/entities/united-hampshire-us-reit" target="_blank" data-smartkarma-citation="entities:28874" rel="noopener">United Hampshire US REIT (UHU SP)</a> set to be included in three indices effective 26Sep22</li><li>New private home sales dropped 48% MoM in Aug22; But take-up rate further rebounded to ~326%   </li></ul>

AIMS APAC REIT (AAREIT SP) partners with SP Group to install large-scale rooftop solar system across SG propertiesUnited Hampshire US REIT (UHU SP) set to be included in three indices effective 26Sep22New private home sales dropped 48% MoM in Aug22; But take-up rate further rebounded to ~326%   

ASEAN Builder's Scoop (16Sep22) - AAREIT Partners SP Group in ESG Move

<ul><li><a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670" rel="noopener">Frasers Property Ltd (FPL SP)</a> sold ~75% of Sky Eden@Bedok at S$2,100psf on first day of launch</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 issue dividend in specie of Aspen Group (ASPEN SP) shares</li><li>HDB resale prices continued upward momentum of +0.4% MoM growth in Aug22; But price gains have slowed down</li></ul>

Frasers Property Ltd (FPL SP) sold ~75% of Sky Eden@Bedok at S$2,100psf on first day of launchOxley Holdings (OHL SP) to issue dividend in specie of Aspen Group (ASPEN SP) sharesHDB resale prices continued upward momentum of +0.4% MoM growth in Aug22; But price gains have slowed down

ASEAN Builder's Scoop (9Sep22) - FPL Sold ~75% Sky Eden@Bedok at Launch Day

<ul><li>TE Cap Partners/Lasalle IM JV eyeing a S$4,000psf forward sale of Solitaire On Cecil (former PIL building)</li><li>Freehold Oakwood Studios in Orchard is on the market at a guided price of S$170m</li><li><a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670" rel="noopener">Frasers Property Ltd (FPL SP)</a> offering fixed rate green notes up to S$375m</li></ul>

TE Cap Partners/Lasalle IM JV eyeing a S$4,000psf forward sale of Solitaire On Cecil (former PIL building)Freehold Oakwood Studios in Orchard is on the market at a guided price of S$170mFrasers Property Ltd (FPL SP) offering fixed rate green notes up to S$375m

ASEAN Builder's Scoop (8Sep22) - Solitaire on Cecil on Market for ~S$4,000psf

<ul><li><a href="https://www.smartkarma.com/entities/wing-tai-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19015" rel="noopener">Wing Tai Holdings (WINGT SP)</a> FY22 net profit rose 222% YoY; Declared S$6c total dividends</li><li><a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670" rel="noopener">Frasers Property Ltd (FPL SP)</a> to launch Sky Eden@Bedok with indicative pricing from S$1,937psf</li><li>Prime freehold resale homes on market at cheaper or equal to new OCR leasehold prices</li></ul>

Wing Tai Holdings (WINGT SP) FY22 net profit rose 222% YoY; Declared S$6c total dividendsFrasers Property Ltd (FPL SP) to launch Sky Eden@Bedok with indicative pricing from S$1,937psfPrime freehold resale homes on market at cheaper or equal to new OCR leasehold prices

ASEAN Builder's Scoop (26Aug22) - WINGT FY22 Earnings Rose 222%, Declared S$6c Total Divvy

<ul><li><a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670" rel="noopener">Frasers Property Ltd (FPL SP)</a> establishes Frasers Property Capital to focus on finding capital partners for investments</li><li><a href="https://www.smartkarma.com/entities/united-hampshire-us-reit" target="_blank" data-smartkarma-citation="entities:28874" rel="noopener">United Hampshire US REIT (UHU SP)</a> is confident in refinancing its short-term debt maturing in FY23</li><li>Relocation of Paya Lebar Air Base could increase housing supply with more en-bloc sales and SERS</li></ul>

Frasers Property Ltd (FPL SP) establishes Frasers Property Capital to focus on finding capital partners for investmentsUnited Hampshire US REIT (UHU SP) is confident in refinancing its short-term debt maturing in FY23Relocation of Paya Lebar Air Base could increase housing supply with more en-bloc sales and SERS

ASEAN Builder's Scoop (23Aug22) - FPL Establishes FP Capital to Find Capital Partners

Singapore

Singapore Land Group Limited operates as a real estate company. The Company develops and invests in properties, and provides property management, information technology, development management and consultancy services, as well as trades in computers and related products, and invests in hotels and retail centers. Singapore Land Group serves clients in Singapore.

UOL Group Limited is a property company. The Company has a diversified portfolio of development and investment properties, hotels, and serviced suites. UOL Group, through its subsidiary owns a portfolio of commercial assets and hotels. UOL Group operates in Asia, Oceania, and North America.

Ascendas India Trust is a business trust that invests in real estate. The trust acquires, owns, and develops land for business use.

GuocoLand Limited is a regional property company with operations in Singapore, China, Malaysia and Vietnam. Headquartered in Singapore, the principal business activities of GuocoLand and its subsidiaries (“the Group”) are property development, property investment, hotel operations and property management.

City Developments Limited is a property developer and owner. The Company, through its subsidiaries, are principally engaged in the investment of properties and shares, property management, project management and the provision of consultancy services, hospitality-related information technology, and procurement services. City Developments has a global presence.

Ho Bee Land Limited develops and invests in real estate properties in Singapore and United Kingdom.  The Company also operates hotels.

First Sponsor Group Limited, an investment holding company, is engaged in the property development and investment activities primarily in the People's Republic of China. Its properties include residential and commercial properties.

Bukit Sembawang Estates Limited, through its subsidiaries, operates in property development, property mortgage financing, and the holding of properties and investments. The Company provides residential property development throughout Singapore.

Wing Tai Holdings Limited is an investment holding company whose subsidiaries invest in and develop properties, manufacture woven labels, and trade garments and architectural products and accessories.  The Company also provides management services and operates restaurants.

Yanlord Land Group Ltd is a real estate development company. The Company develops high-end residential property projects in the Peoples Republic of China.

WHA Corp PCL is a built-to-suit distribution center and factory developer in Thailand.

Land and Houses Public Company Limited develops real estate projects including single-detached homes, townhouses, and condominiums. The Company builds single and attached homes, primarily on land that it develops and improves. Land and Houses also operates its own architectural, engineering, design and construction teams for customer's specific designs and orders.

Sobha Limited provides construction services. The Company offers design and architecture, mechanical, plumbing, interiors, landscape, residential, commercial, and civil construction services. Sobha serves customers in India, Singapore, and United Arab Emirates.

Huafa Industrial Co., Ltd. Zhuhai develops residential and commercial properties. The Company also provides property rental services.

Huafa Industrial Co., Ltd. Zhuhai (600325 CH)

Kerry Properties Limited, through its subsidiaries, invests in and develops real estate.  The Company also owns and operates logistics, freight and warehouses business.  In addition, Kerry Properties invests in infrastructure-related projects and operates hotels.

AEON Mall Co., Ltd. develops, manages, and maintains large-scale shopping malls throughout Japan. The Company develops shopping malls, rent the space, manages and maintains the shopping malls.

Chengdu Hi-tech Development Co., Ltd. develops and sells real estate properties.  The Company also designs and produces kitchen cabinets, produces pharmaceuticals, and develops taxation software.

Chengdu Hi Tech Development Co Ltd. (000628 CH)

Greentown China Holdings Ltd. develops real estate.  The Company builds residential villas, low-rise apartment buildings, and high-rise apartment buildings for middle and high-income people.

Farglory Land Development Co., Ltd. develops and sells residential and commercial buildings which are constructed by independent contractors.

Lendlease Group designs, develops, and manages property and infrastructure assets. The Company constructs apartments, commercial buildings, government offices, retirement living, and educational facilities. Lendlease serves customers worldwide.

Frasers Property Limited provides real estate ownership and development services. The Company engages in the development of land, housing projects, apartments, as well as commercial, industrial, and retail properties. Frasers Property serves customers globally.

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Frasers Property Ltd (FPL SP)

ASEAN Builder's Scoop (16Sep22) - AAREIT Partners SP Group in ESG Move

UHU included in 3 indexes; New home sales take-up rate reached >300% in Aug22; FPL green note oversubsribed; New private home sales dropped 48% MoM...

SCCM Asia Research

ASEAN Builder's Scoop (9Sep22) - FPL Sold ~75% Sky Eden@Bedok at Launch Day

OHL to issue dividend in specie of ASPEN; HDB resale price rose at slower pace in Aug22; Horizon Towers, Sultan Plaza back on market; SSIA swung...

SCCM Asia Research

ASEAN Builder's Scoop (8Sep22) - Solitaire on Cecil on Market for ~S$4,000psf

Oakwood Studios on market for S$170m; MEG opening Mactan hotel; ADCP bagged new TOD project; Global air travel catching up

SCCM Asia Research

ASEAN Builder's Scoop (26Aug22) - WINGT FY22 Earnings Rose 222%, Declared S$6c Total Divvy

FPL launching Sky Eden@Bedok from S$1,937psf onwards; Prime freehold resale/new OCR leasehold prices narrow; ASRI 1H22 earnings returns to black

SCCM Asia Research

ASEAN Builder's Scoop (23Aug22) - FPL Establishes FP Capital to Find Capital Partners

UHU confident in refinancing short-term debt; More housing supply from PLAB relocation; DMCI Homes reports project updates; Phils BSP sees economy...

SCCM Asia Research

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