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)

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Equity Bottom-Up

<div>Non- SGX Report: These equity research reports are not written by the SGX.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.</div>
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<h2>IREIT Global</h2>
<h3>Occupancy-improvement and M&amp;A prospects</h3>
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<li>1H21 NPI and DPU in line, at 49.6%/51.7% of our FY21e estimates. No rent rebates or deferrals in 1H21. Portfolio valuation up by 3.9% HoH, led by a 7% increase for Berlin campus.</li>
<li>Positive leasing in Germany and Spain to improve occupancy in 3Q21.</li>
<li>We tweak FY21e DPU by 0.5% after a modest lift to revenue. Upgrade to BUY from ACCUMULATE with higher DDM TP of S$0.75, from S$0.68. Cost of equity lowered from 7.85% to 7.3% to reflect resilience of European office asset class. Catalysts expected from potential occupancy improvements and M&amp;As.</li>
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The Positives + Stable. 1H21 NPI and DPU were in line, at 49.6%/51.7% of our FY21e estimates. Gross revenue and NPI increased 31.6% and 23.4% YoY following its acquisition of a remaining 60% interest in the Spanish portfolio on 22 October 2020. Property expenses jumped as its Spanish properties are multi-let and have lower NPI yields. DPU fell 21.4% YoY from an enlarged unit base following IREIT’s rights issue on 18 September 2020 There were no requests for rental rebates or deferrals from tenants in 1H21 – a good sign.
+ Higher valuations. Portfolio valuation was raised by 3.9% HoH, led by a 7% HoH increase for IREIT’s largest property, Berlin campus. Apart from lower discount and capitalisation rates applied across its portfolio, Deutsche Rentenversicherung Bund, its major tenant at the Berlin campus, did not exercise its break option in June 2021 to return part of its leased space to IREIT in 2022. As a result, its entire lease will now only expire in June 2024, raising Berlin campus’ income visibility. This bumped up the property’s valuation.
The Negative - Nil.
Outlook Leasing uptick. Office leasing in Germany and Spain has improved in recent months. In July 2021, IREIT successfully secured three lease extensions and two new leases in Spain. It is also in advanced discussions with a few tenants who have break options and lease expiries in 2022. Portfolio occupancy remains high at 95.9%. FY21 expiries will remain minimal at 2.4% of portfolio GRI. We expect the leasing momentum to benefit occupancy in 3Q21.
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Non- SGX Report: These equity research reports are not written by the SGX.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.






IREIT Global
Occupancy-improvement and M&amp;A prospects





1H21 NPI and DPU in line, at 49.6%/51.7% of our FY21e estimates. No rent rebates or deferrals in 1H21. Portfolio valuation up by 3.9% HoH, led by a 7% increase for Berlin campus.
Positive leasing in Germany and Spain to improve occupancy in 3Q21.
We tweak FY21e DPU by 0.5% after a modest lift to revenue. Upgrade to BUY from ACCUMULATE with higher DDM TP of S$0.75, from S$0.68. Cost of equity lowered from 7.85% to 7.3% to reflect resilience of European office asset class. Catalysts expected from potential occupancy improvements and M&amp;As.







The Positives + Stable. 1H21 NPI and DPU were in line, at 49.6%/51.7% of our FY21e estimates. Gross revenue and NPI increased 31.6% and 23.4% YoY following its acquisition of a remaining 60% interest in the Spanish portfolio on 22 October 2020. Property expenses jumped as its Spanish properties are multi-let and have lower NPI yields. DPU fell 21.4% YoY from an enlarged unit base following IREIT’s rights issue on 18 September 2020 There were no requests for rental rebates or deferrals from tenants in 1H21 – a good sign.
+ Higher valuations. Portfolio valuation was raised by 3.9% HoH, led by a 7% HoH increase for IREIT’s largest property, Berlin campus. Apart from lower discount and capitalisation rates applied across its portfolio, Deutsche Rentenversicherung Bund, its major tenant at the Berlin campus, did not exercise its break option in June 2021 to return part of its leased space to IREIT in 2022. As a result, its entire lease will now only expire in June 2024, raising Berlin campus’ income visibility. This bumped up the property’s valuation.
The Negative - Nil.
Outlook Leasing uptick. Office leasing in Germany and Spain has improved in recent months. In July 2021, IREIT successfully secured three lease extensions and two new leases in Spain. It is also in advanced discussions with a few tenants who have break options and lease expiries in 2022. Portfolio occupancy remains high at 95.9%. FY21 expiries will remain minimal at 2.4% of portfolio GRI. We expect the leasing momentum to benefit occupancy in 3Q21.













(Non-SGX Report) IREIT Global: Occupancy-Improvement and M&A Prospects

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2>
<h3>SREITs results in a glance (see detailed spreadsheet and calendar attached)</h3>
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ECWREIT
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DASIN
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<td style="width: 136.6pt; height: 14.8pt;">
LREIT
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IREIT (€)
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<td style="width: 136.65pt; height: 15.3pt;">
Period
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<td style="width: 136.6pt; height: 15.3pt;">
2Q21
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<td style="width: 136.6pt; height: 15.3pt;">
1H21
</td>
<td style="width: 136.6pt; height: 15.3pt;">
2H21
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<td style="width: 136.6pt; height: 15.3pt;">
1H21
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<td style="width: 136.65pt; height: 15.35pt;">
Gross Revenue (S$m)
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31.2 (10.6% YoY)
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<td style="width: 136.6pt; height: 15.35pt;">
51.3 (38.5% YoY)
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<td style="width: 136.6pt; height: 15.35pt;">
37 (+8.5%YoY)
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<td style="width: 136.6pt; height: 15.35pt;">
23.6 (+31.6% YoY)
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<td style="width: 136.65pt; height: 14.8pt;">
NPI (S$m)
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27.9 (8.1% YoY)
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38.2 (26.3% YoY)
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<td style="width: 136.6pt; height: 14.8pt;">
26.5 (+10% YoY)
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<td style="width: 136.6pt; height: 14.8pt;">
19.3 (+23.4% YoY)
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<td style="width: 136.65pt; height: 14.8pt;">
DPU (S$ c)
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1.532 (10.5% YoY)
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2.98 (55.2% YoY)
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<td style="width: 136.6pt; height: 14.8pt;">
2.34 (+32.8% YoY)
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<td style="width: 136.6pt; height: 14.8pt;">
1.43 (+14.4% YoY)
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NAV per Unit (S$)
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0.93
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1.46
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<td style="width: 136.6pt; height: 14.8pt;">
0.79
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<td style="width: 136.6pt; height: 14.8pt;">
0.5
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P/B (x)
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<td style="width: 136.6pt; height: 14.8pt;">
0.88
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<td style="width: 136.6pt; height: 14.8pt;">
0.34
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<td style="width: 136.6pt; height: 14.8pt;">
1.08
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<td style="width: 136.6pt; height: 14.8pt;">
0.81
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Occupancy (%)
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99.1
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95.7
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99.8 (Overall portfolio)
99.2 (313@Somerset)
100 (Sky Complex)
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95.9 (Overall)
99.8 (Germany)
85.2 (Spanish)
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Reversion (%)
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N/A
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N/A
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NA
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NA
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Gearing (%)
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37.6
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36.7
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32
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33.3
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Cost of Debt (%)
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<td style="width: 136.6pt; height: 14.8pt;">
4.2
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N/A
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<td style="width: 136.6pt; height: 14.8pt;">
0.88
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<td style="width: 136.6pt; height: 14.8pt;">
1.8
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1 Yr Fwd Yield (%)
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<td style="width: 136.6pt; height: 14.8pt;">
7.36
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9.59
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5.78
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6.67
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Debt Hedged (%)
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100% of offshore facilities
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N/A
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Not Disclosed
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NA
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Target Price
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Under Review
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Under Review
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NA
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NA
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Rating
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<td style="width: 136.6pt; height: 15.3pt;">
Under Review
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Under Review
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NA
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NA
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Singapore
SREITs results in a glance (see detailed spreadsheet and calendar attached)




 


ECWREIT


DASIN


LREIT


IREIT (€)




Period


2Q21


1H21


2H21


1H21




Gross Revenue (S$m)


31.2 (10.6% YoY)


51.3 (38.5% YoY)


37 (+8.5%YoY)


23.6 (+31.6% YoY)




NPI (S$m)


27.9 (8.1% YoY)


38.2 (26.3% YoY)


26.5 (+10% YoY)


19.3 (+23.4% YoY)




DPU (S$ c)


1.532 (10.5% YoY)


2.98 (55.2% YoY)


2.34 (+32.8% YoY)


1.43 (+14.4% YoY)




NAV per Unit (S$)


0.93


1.46


0.79


0.5




P/B (x)


0.88


0.34


1.08


0.81




Occupancy (%)


99.1


95.7


99.8 (Overall portfolio)
99.2 (313@Somerset)
100 (Sky Complex)


95.9 (Overall)
99.8 (Germany)
85.2 (Spanish)




Reversion (%)


N/A


N/A


NA


NA




Gearing (%)


37.6


36.7


32


33.3




Cost of Debt (%)


4.2


N/A


0.88


1.8




1 Yr Fwd Yield (%)


7.36


9.59


5.78


6.67




Debt Hedged (%)


100% of offshore facilities


N/A


Not Disclosed


NA




Target Price


Under Review


Under Review


NA


NA




Rating


Under Review


Under Review


NA


NA





ASEAN Builder's Scoop (10Aug21) - ECWREIT Steady as She Goes

<h2>Singapore</h2><h3>SREITs results in a glance (see detailed spreadsheet and calendar attached)</h3><table class="table table-striped"><tbody><tr><td style="width: 241.969px;"> </td><td style="width: 241.969px;">CLCT</td><td style="width: 242.062px;">AIT</td></tr><tr><td style="width: 241.969px;">Period</td><td style="width: 241.969px;">1H21</td><td style="width: 242.062px;">1H21</td></tr><tr><td style="width: 241.969px;">Gross Revenue (S$m)</td><td style="width: 241.969px;">176.9 (74.2% YoY)</td><td style="width: 242.062px;">95.4 (-4% YoY)</td></tr><tr><td style="width: 241.969px;">NPI (S$m)</td><td style="width: 241.969px;">120.3 (84.4% YoY)</td><td style="width: 242.062px;">77.3 (+5% YoY)</td></tr><tr><td style="width: 241.969px;">DPU (S$ c)</td><td style="width: 241.969px;">4.23 (40.1% YoY)</td><td style="width: 242.062px;">0.042 (-9% YoY)</td></tr><tr><td style="width: 241.969px;">NAV per Unit (S$)</td><td style="width: 241.969px;">1.57</td><td style="width: 242.062px;">1.1</td></tr><tr><td style="width: 241.969px;">P/B (x)</td><td style="width: 241.969px;">0.86</td><td style="width: 242.062px;">1.32</td></tr><tr><td style="width: 241.969px;">Occupancy (%)</td><td style="width: 241.969px;">95.4 (Retail)94.0 (Business Park)</td><td style="width: 242.062px;">90</td></tr><tr><td style="width: 241.969px;">Reversion (%)</td><td style="width: 241.969px;">-2.1 (Retail)+6.7 (Business Park)</td><td style="width: 242.062px;">+8 (Bangalore)+12 (Chennai)+7-16% (Hyderabad)+21 (Pune)</td></tr><tr><td style="width: 241.969px;">Gearing (%)</td><td style="width: 241.969px;">35.9</td><td style="width: 242.062px;">33</td></tr><tr><td style="width: 241.969px;">Cost of Debt (%)</td><td style="width: 241.969px;">2.57</td><td style="width: 242.062px;">5.3</td></tr><tr><td style="width: 241.969px;">1 Yr Fwd Yield (%)</td><td style="width: 241.969px;">6.67</td><td style="width: 242.062px;">6.41</td></tr><tr><td style="width: 241.969px;">Debt Hedged (%)</td><td style="width: 241.969px;">78</td><td style="width: 242.062px;">77</td></tr><tr><td style="width: 241.969px;">Target Price</td><td style="width: 241.969px;">N/A</td><td style="width: 242.062px;">N/A</td></tr><tr><td style="width: 241.969px;">Rating</td><td style="width: 241.969px;">N/A</td><td style="width: 242.062px;">N/A</td></tr></tbody></table>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached) CLCTAITPeriod1H211H21Gross Revenue (S$m)176.9 (74.2% YoY)95.4 (-4% YoY)NPI (S$m)120.3 (84.4% YoY)77.3 (+5% YoY)DPU (S$ c)4.23 (40.1% YoY)0.042 (-9% YoY)NAV per Unit (S$)1.571.1P/B (x)0.861.32Occupancy (%)95.4 (Retail)94.0 (Business Park)90Reversion (%)-2.1 (Retail)+6.7 (Business Park)+8 (Bangalore)+12 (Chennai)+7-16% (Hyderabad)+21 (Pune)Gearing (%)35.933Cost of Debt (%)2.575.31 Yr Fwd Yield (%)6.676.41Debt Hedged (%)7877Target PriceN/AN/ARatingN/AN/A

ASEAN Builder's Scoop (29Jul21) - CLCT Consecutive Quarterly Improvements

<h2>Singapore</h2><h3>SREITs results in a glance (see detailed spreadsheet and calendar attached)</h3><table class="table table-striped"><tbody><tr><td style="width: 363.047px;"> </td><td style="width: 362.953px;">MLT</td></tr><tr><td style="width: 363.047px;">Period</td><td style="width: 362.953px;">1Q22</td></tr><tr><td style="width: 363.047px;">Gross Revenue (S$ m)</td><td style="width: 362.953px;">163.7 (+23.7% YoY)</td></tr><tr><td style="width: 363.047px;">NPI (S$ m)</td><td style="width: 362.953px;">144.2 (+21.3% YoY)</td></tr><tr><td style="width: 363.047px;">DPU (S$ c)</td><td style="width: 362.953px;">2.161 (+5.7% YoY)</td></tr><tr><td style="width: 363.047px;">NAV per Unit (S$)</td><td style="width: 362.953px;">1.32</td></tr><tr><td style="width: 363.047px;">P/B (x)</td><td style="width: 362.953px;">1.59</td></tr><tr><td style="width: 363.047px;">Occupancy (%)</td><td style="width: 362.953px;">97.8</td></tr><tr><td style="width: 363.047px;">Reversion (%)</td><td style="width: 362.953px;">2.2</td></tr><tr><td style="width: 363.047px;">Gearing (%)</td><td style="width: 362.953px;">38.2</td></tr><tr><td style="width: 363.047px;">Cost of Debt (%)</td><td style="width: 362.953px;">2.2</td></tr><tr><td style="width: 363.047px;">1 Yr Fwd Yield (%)</td><td style="width: 362.953px;">4.14</td></tr><tr><td style="width: 363.047px;">Debt Hedged (%)</td><td style="width: 362.953px;">75%</td></tr><tr><td style="width: 363.047px;">Target Price</td><td style="width: 362.953px;">NA</td></tr><tr><td style="width: 363.047px;">Rating</td><td style="width: 362.953px;">NA</td></tr></tbody></table>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached) MLTPeriod1Q22Gross Revenue (S$ m)163.7 (+23.7% YoY)NPI (S$ m)144.2 (+21.3% YoY)DPU (S$ c)2.161 (+5.7% YoY)NAV per Unit (S$)1.32P/B (x)1.59Occupancy (%)97.8Reversion (%)2.2Gearing (%)38.2Cost of Debt (%)2.21 Yr Fwd Yield (%)4.14Debt Hedged (%)75%Target PriceNARatingNA

ASEAN Builder's Scoop (21Jul21) - MLT Steady Occ and Reversions Support 1.6x P/B

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/lhn-ltd" target="_blank" data-smartkarma-citation="entities:27234" rel="noopener">LHN Ltd (LHN SP)</a> to acquire an industrial property at Tuas South for S$21m; Expanding its Space Optimisation Business</h3><ul><li>LHN has accepted the OTP for the purchase of Tuas South Property for S$21m. The acquisition is expected to complete by 1Oct21 and will be financed by a mix of internal sources of funding and bank borrowings</li><li>The Tuas South Property is located at 55 Tuas South Avenue 1, with a land area of 51,655sqft and a remaining lease of ~39 years. The property has GFA of 129,138sqft and consists of (i) an 11-storey industrial building with a basement carpark; (ii) a part single-storey industrial factory; and (iii) a part single-storey industrial factory with two storey workers’ dormitory. This property is a foreclosed property and DBS Bank is selling it as the mortgagee of the property exercising its power of sale</li><li>LHN intends to operate the property under the industrial segment of its Space Optimisation Business to provide business spaces under the Business 2 zone for industrial developments as well as a range of value-added logistics support services to its tenants</li></ul>Comments: The Tuas South Property will add 2.9% of Industrial Space to LHN’s Space Optimisation Business, bringing total Industrial space to 1.83m sqft. LHN has been rationalizing its Industrial Space in FY20/21 by not renewing expired leases that are deemed underperforming. Including the 2 new JVs at 202 Kallang Bahru and 5 Toa Payoh, Industrial Space registered a net decline of -1.10m sqft (or -38.3%) over the last two years. We are positive on the acquisition given the strategic location and favorable price. The Consideration of S$21m translates to S$163psf, which is lower than the last two industrial property transactions along Tuas South Avenue 1 in 2020 at S$194psf and S$222psf, respectively (source: edgeprop). We expect future CapEx should be small as the property’s existing GFA of 129,138sqf is already at its maximum allowable plot ratio of 2.5 under the URA’s Master Plan 2019.

SingaporeLHN Ltd (LHN SP) to acquire an industrial property at Tuas South for S$21m; Expanding its Space Optimisation BusinessLHN has accepted the OTP for the purchase of Tuas South Property for S$21m. The acquisition is expected to complete by 1Oct21 and will be financed by a mix of internal sources of funding and bank borrowingsThe Tuas South Property is located at 55 Tuas South Avenue 1, with a land area of 51,655sqft and a remaining lease of ~39 years. The property has GFA of 129,138sqft and consists of (i) an 11-storey industrial building with a basement carpark; (ii) a part single-storey industrial factory; and (iii) a part single-storey industrial factory with two storey workers’ dormitory. This property is a foreclosed property and DBS Bank is selling it as the mortgagee of the property exercising its power of saleLHN intends to operate the property under the industrial segment of its Space Optimisation Business to provide business spaces under the Business 2 zone for industrial developments as well as a range of value-added logistics support services to its tenantsComments: The Tuas South Property will add 2.9% of Industrial Space to LHN’s Space Optimisation Business, bringing total Industrial space to 1.83m sqft. LHN has been rationalizing its Industrial Space in FY20/21 by not renewing expired leases that are deemed underperforming. Including the 2 new JVs at 202 Kallang Bahru and 5 Toa Payoh, Industrial Space registered a net decline of -1.10m sqft (or -38.3%) over the last two years. We are positive on the acquisition given the strategic location and favorable price. The Consideration of S$21m translates to S$163psf, which is lower than the last two industrial property transactions along Tuas South Avenue 1 in 2020 at S$194psf and S$222psf, respectively (source: edgeprop). We expect future CapEx should be small as the property’s existing GFA of 129,138sqf is already at its maximum allowable plot ratio of 2.5 under the URA’s Master Plan 2019.

ASEAN Builder's Scoop (15Jul21) - LHN Expands Its Space Optimization Biz

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.

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IREIT Global (IREIT SP)

(Non-SGX Report) IREIT Global: Occupancy-Improvement and M&A Prospects

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