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/capitaland-integrated-commercial-trust" target="_blank" data-smartkarma-citation="entities:105" rel="noopener">Capitaland Integrated Commercial Trust (CICT SP)</a> proposes to acquire 70% interest in 79 Robinson Road; +2.9% accretion to DPU</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> proposes JV participation and bridging loans for China land investments</li><li>Courts Nojima The Hereen sees Japanese furniture brand Nitori Retail opening first Singapore outlet</li></ul>

Capitaland Integrated Commercial Trust (CICT SP) proposes to acquire 70% interest in 79 Robinson Road; +2.9% accretion to DPUFrasers Property Ltd (FPL SP) proposes JV participation and bridging loans for China land investmentsCourts Nojima The Hereen sees Japanese furniture brand Nitori Retail opening first Singapore outlet

ASEAN Builder's Scoop (28Mar22) - CICT Buys 70% of 79 Robinson Rd

<ul><li><a href="https://www.smartkarma.com/entities/keppel-dc-reit" target="_blank" data-smartkarma-citation="entities:85" rel="noopener">Keppel DC REIT (KDCREIT SP)</a> 2H21 DPU +2.8% YoY; Rising portfolio valuations as Cap rates tighten in APAC</li><li><a href="https://www.smartkarma.com/entities/parkway-life-reit" target="_blank" data-smartkarma-citation="entities:13422" rel="noopener">Parkway Life REIT (PREIT SP)</a> Parkway Life REIT (PREIT SP) 4Q21 DPU came in flat; Consistently expensive but delivering stable results</li><li><a href="https://www.smartkarma.com/entities/capitaland-integrated-commercial-trust" target="_blank" data-smartkarma-citation="entities:105" rel="noopener">Capitaland Integrated Commercial Trust (CICT SP)</a> CapitaLand Integrated Commercial Trust (CICT SP) to sell JCube at &lt;4% yield; Received a 10yrs ROFR on the potential redevelopment of the site  </li></ul>

Keppel DC REIT (KDCREIT SP) 2H21 DPU +2.8% YoY; Rising portfolio valuations as Cap rates tighten in APACParkway Life REIT (PREIT SP) Parkway Life REIT (PREIT SP) 4Q21 DPU came in flat; Consistently expensive but delivering stable resultsCapitaland Integrated Commercial Trust (CICT SP) CapitaLand Integrated Commercial Trust (CICT SP) to sell JCube at &lt;4% yield; Received a 10yrs ROFR on the potential redevelopment of the site  

ASEAN Builder's Scoop (25Jan22) - KDCREIT Rising Portfolio Valuations

<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> providing bridging loan for land investments in China to a JV partner</li><li><a href="https://www.smartkarma.com/entities/yanlord-land-group-ltd" target="_blank" data-smartkarma-citation="entities:14152" rel="noopener">Yanlord Land (YLLG SP)</a> raked in RMB5.075bn pre-sales with 100% sellout at Yanlord Arcadia Shanghai  </li><li>Cuscaden Peak to cover S$34m break fee if <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952" rel="noopener">Singapore Press Holdings (SPH SP)</a> shareholders vote down <a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12" rel="noopener">Keppel Corp (KEP SP)</a> offer</li></ul>

Frasers Property Ltd (FPL SP) providing bridging loan for land investments in China to a JV partnerYanlord Land (YLLG SP) raked in RMB5.075bn pre-sales with 100% sellout at Yanlord Arcadia Shanghai  Cuscaden Peak to cover S$34m break fee if Singapore Press Holdings (SPH SP) shareholders vote down Keppel Corp (KEP SP) offer

ASEAN Builder's Scoop (26Nov21) - FPL Provides Loan to China JV Partner

<ul><li><a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> settles with insurers for HK$334m over damage to Festival Walk mall</li><li>New bonus GFA incentive scheme for developments that meet standards on digitalization and productivity</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> scraps plan to acquire Vietnam property developer</li></ul>

Mapletree North Asia Commercial Trust (MAGIC SP) settles with insurers for HK$334m over damage to Festival Walk mallNew bonus GFA incentive scheme for developments that meet standards on digitalization and productivityFrasers Property Ltd (FPL SP) scraps plan to acquire Vietnam property developer

ASEAN Builder's Scoop (25Nov21) - MAGIC Settles FW's Insurance Claims

<h2>Singapore</h2><h3>WeWork closes operations at <a href="https://www.smartkarma.com/entities/prime-us-reit" target="_blank" data-smartkarma-citation="entities:28144" rel="noopener">Prime US REIT (PRIME SP)</a> California property; Discussion over lease obligations ongoing</h3><p>PRIME is in discussions with tenant WeWork on the resolution of the latter's lease obligations at Tower 1 at Emeryville, a Class-A office property in California, after WeWork decided to close its co-working operation at the building. WeWork occupies 56,977sqft of space within the real estate investment trust's 3.89m sqft portfolio. The co-working operator also contributes about 2.5% of PRIME’s cash rental income as at 30Jun. WeWork previously approached the REIT with a proposal to restructure its lease. PRIME's security in relation to that WeWork lease consists of a combination of protections. If the counterparty honours its obligations, such protections will cover the tenant's monthly lease obligations through as much as end-2022.</p>

SingaporeWeWork closes operations at Prime US REIT (PRIME SP) California property; Discussion over lease obligations ongoingPRIME is in discussions with tenant WeWork on the resolution of the latter's lease obligations at Tower 1 at Emeryville, a Class-A office property in California, after WeWork decided to close its co-working operation at the building. WeWork occupies 56,977sqft of space within the real estate investment trust's 3.89m sqft portfolio. The co-working operator also contributes about 2.5% of PRIME’s cash rental income as at 30Jun. WeWork previously approached the REIT with a proposal to restructure its lease. PRIME's security in relation to that WeWork lease consists of a combination of protections. If the counterparty honours its obligations, such protections will cover the tenant's monthly lease obligations through as much as end-2022.

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 (28Mar22) - CICT Buys 70% of 79 Robinson Rd

CICT Buys 70% of 79 Robinson Rd; FPL China land investments; VLL files for VREIT IPO; FILTRT inline FY21 earnings; Phils resi prices rose further...

SCCM Asia Research

ASEAN Builder's Scoop (25Jan22) - KDCREIT Rising Portfolio Valuations

PREIT consistently pricey as results stable; CICT sells JCube at <4% yield; FLT divests CSE at ~2.5% yield; YLLG sells out Shanghai project; SPALI...

SCCM Asia Research

ASEAN Builder's Scoop (26Nov21) - FPL Provides Loan to China JV Partner

FPL provides loan to China JV partner; YLLG 100% take-up in Shanghai project; Phils Cebu office vacancy to expand; ALLHC seals deal with Newbie...

SCCM Asia Research

ASEAN Builder's Scoop (25Nov21) - MAGIC Settles FW's Insurance Claims

MAGIC settles FW's insurance claims; New bonus GFA incentive scheme; FPL cancels VN acquisition; SASSR new CFO; SPSB likely exceeds 2021 sales...

SCCM Asia Research

ASEAN Builder's Scoop (14Sep21)

PRIME in-talks over WeWork lease; Parc Greenwich EC sold 65% at wkd launch; Aug21 new home sales fell 24% MoM; MEG launching 3 Luzon townships;...

SCCM Asia Research

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