Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

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<p>With the long drawn out merger of CCT+CMT finally approved with minimal resistance, with the little there was coming mostly from CCT holders, the combined entity will add to the bunch of listed REITs which offer a mix of office and retail exposure. </p>
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<p>For investors interested in obtaining Singapore (SG) office or suburban retail exposure, the pure play options are now fairly limited.</p>
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<p><strong>Links to my previous REITs insights:</strong></p>
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<a href="https://www.smartkarma.com/insights/singapore-reits-what-s-been-cooking-this-year" target="_blank" rel="noopener">Singapore REITs - What’s Been Cooking This Year,</a> I spoke about how the REITs have performed this year and touched upon some of the factors that have been driving them. </li>
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<a href="https://www.smartkarma.com/insights/trade-ideas-for-sgreits-retail-reits-share-price-has-been-more-resilient-than-it-should-be" target="_blank" rel="noopener">Trade Ideas for SGREITs - Retail REITs Share Price Has Been More Resilient than It Should Be,</a> covers the factors that have been impacting retail REITs. </li>
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<a href="https://www.smartkarma.com/insights/trade-ideas-sg-office-reits-this-time-it-s-different" target="_blank" rel="noopener">Trade Ideas SG Office REITs - This Time It’s Different</a> covers how the office REITs might fare better.</li>
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<a href="https://www.smartkarma.com/insights/trade-ideas-sg-industrial-reits-bigger-names-have-been-holding-up-a-little-too-well" target="_blank" rel="noopener">Trade Ideas SG Industrial REITs - Bigger Names Have Been Holding up a Little Too Well </a> looks at the industrial REITs</li>
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<a href="https://www.smartkarma.com/insights/singapore-reits-get-out-of-jail-free-card-for-the-tenants" target="_blank" rel="noopener">Singapore REITs - Get Out of Jail Free Card, for the Tenants</a> I spoke about how the recent changes announced by the government would benefit the smaller tenants more than the landlords.</li>
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<a href="https://www.smartkarma.com/insights/trade-ideas-sg-eu-us-focus-reits-the-orphaned-lot-is-starting-to-look-interesting" target="_blank" rel="noopener">Trade Ideas SG EU/​US Focus REITs - The Orphaned Lot Is Starting to Look Interesting</a> looks at the EU/US focussed REITs trading wider than their SG and US listed peers</li>
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<a href="https://www.smartkarma.com/insights/trade-ideas-for-sgreits-update-on-office-vs-retail-trade-up-8-so-far" target="_blank" rel="noopener">Trade Ideas for SGREITs - Update on Office Vs Retail Trade, up 8% so Far</a> I spoke about the recent updates impacting the REITs and implications of Suntec Results</li>
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<a href="https://www.smartkarma.com/insights/trade-ideas-for-sgreits-more-updates-on-office-vs-retail-trade-from-kreit-and-mct-results" target="_blank" rel="noopener">Trade Ideas for SGREITs - More Updates on Office Vs Retail Trade from KREIT and MCT Results</a> I spoke about KREIT and MCT results</li>
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<a href="https://www.smartkarma.com/insights/trade-ideas-sgreits-office-vs-retail-vs-industrial-up-16-so-far" target="_blank" rel="noopener">Trade Ideas SGREITs - Office Vs Retail Vs Industrial, up 16% so Far</a> I spoke about sticking to the trade till CMT results and post that switching to office versus industrial</li>
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<a href="https://www.smartkarma.com/insights/singapore-reits-update-even-as-circuit-breaker-ends-2q-dpu-for-retail-reits-will-be-close-to-0" target="_blank" rel="noopener">Singapore REITs Update - Even as Circuit Breaker Ends, 2Q DPU for Retail REITs Will Be Close to 0</a> I covered the impact of the governments plans for circuit breaker exit</li>
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<a href="https://www.smartkarma.com/insights/trade-ideas-for-singapore-reits-coming-back-to-life" target="_blank" rel="noopener">Trade Ideas for Singapore REITs - Coming Back to Life</a> I covered the updates over the Jan-Mar 2020 earnings season</li>
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<a href="https://www.smartkarma.com/insights/singapore-reits-reits-will-have-to-fund-some-sme-rents-by-law" target="_blank" rel="noopener">Singapore REITs - REITs Will Have to Fund Some SME Rents, by Law</a>, I spoke out the updates from the Fortitude budget</li>
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<a href="https://www.smartkarma.com/insights/singapore-reits-new-rental-relief-framework-for-smes" target="_blank" rel="noopener">Singapore REITs - New Rental Relief Framework for SMEs</a>, I spoke about the impact of the rental relief for SMEs</li>
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With the long drawn out merger of CCT+CMT finally approved with minimal resistance, with the little there was coming mostly from CCT holders, the combined entity will add to the bunch of listed REITs which offer a mix of office and retail exposure. 

For investors interested in obtaining Singapore (SG) office or suburban retail exposure, the pure play options are now fairly limited.


Links to my previous REITs insights:




Singapore REITs - What’s Been Cooking This Year, I spoke about how the REITs have performed this year and touched upon some of the factors that have been driving them. 

Trade Ideas for SGREITs - Retail REITs Share Price Has Been More Resilient than It Should Be, covers the factors that have been impacting retail REITs. 

Trade Ideas SG Office REITs - This Time It’s Different covers how the office REITs might fare better.

Trade Ideas SG Industrial REITs - Bigger Names Have Been Holding up a Little Too Well  looks at the industrial REITs

Singapore REITs - Get Out of Jail Free Card, for the Tenants I spoke about how the recent changes announced by the government would benefit the smaller tenants more than the landlords.

Trade Ideas SG EU/​US Focus REITs - The Orphaned Lot Is Starting to Look Interesting looks at the EU/US focussed REITs trading wider than their SG and US listed peers

Trade Ideas for SGREITs - Update on Office Vs Retail Trade, up 8% so Far I spoke about the recent updates impacting the REITs and implications of Suntec Results

Trade Ideas for SGREITs - More Updates on Office Vs Retail Trade from KREIT and MCT Results I spoke about KREIT and MCT results

Trade Ideas SGREITs - Office Vs Retail Vs Industrial, up 16% so Far I spoke about sticking to the trade till CMT results and post that switching to office versus industrial

Singapore REITs Update - Even as Circuit Breaker Ends, 2Q DPU for Retail REITs Will Be Close to 0 I covered the impact of the governments plans for circuit breaker exit

Trade Ideas for Singapore REITs - Coming Back to Life I covered the updates over the Jan-Mar 2020 earnings season

Singapore REITs - REITs Will Have to Fund Some SME Rents, by Law, I spoke out the updates from the Fortitude budget

Singapore REITs - New Rental Relief Framework for SMEs, I spoke about the impact of the rental relief for SMEs



Trade Ideas for Singapore REITs - Implications from CCT+CMT Merger

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)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

Lendlease Global Commercial REIT / Equity Bottom-Up

<p><em><strong>Non- SGX Report: These equity research reports are not written by the SGX</strong>.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.</em></p>
<p>Lendlease Global Commercial REIT</p>
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<h3>First step to growing its portfolio</h3>
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<div class="content-highlight">Lendlease Global Commercial REIT (LREIT) took the first step to grow its portfolio by acquiring an effective stake of 3.75% in Jem.</div>
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<div class="content-highlight">The acquisition provides LREIT with preemptive rights and exposure to Jem’s stable office income.</div>
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<div class="content-highlight">Reiterate Add on LREIT. LREIT is trading at 0.8xFY20P/BV.</div>
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<p><strong>Acquired stake in Jem via 5% interest in LARIF3</strong></p>
<p>LREIT announced today that it has acquired a 5% stake in Lendlease Asian Retail Investment Fund 3 Ltd (LARIF3) — which holds a 75% indirect interest in Jem, an integrated office and retail development at Jurong Gateway — from Lendlease International Pty Ltd, at a purchase consideration of c.S$45m. Lendlease Pty Ltd will now hold a c.15.1% interest in the fund versus 20.1% previously.</p>
<p><strong>Acquisition provides preemptive rights to LREIT</strong></p>
<p>The acquisition stake of 5% translates into an effective 3.75% stake in Jem and will be funded via internal funds and debt. Proforma gearing is expected to increase from 35.1% to 36.9%, and proforma DPU would rise by 0.65% to 3.07 Scts. The initial stake of 5% allows LREIT to gain pre-emptive rights, providing it the opportunity to increase its strategic stake in the fund over time if other investors were to divest their interests. While it is a small initial stake, this is nonetheless the first step to grow LREIT.</p>
<p><strong>Jem, a suburban mall with stable office income</strong></p>
<p>Jem, which has an NLA of 892,000 sf, is one of the largest suburban malls in Singapore. The mall enjoys direct connectivity to both the Jurong East MRT station and bus interchange. It has retail space (65% of NLA) spread across six levels, as well as office space (35% of NLA) across 12 levels, which are fully leased to Singapore’s Ministry of National Development (MND) for 30 years. Anchor tenants of the mall include FairPrice Xtra, Cathay Cineplex and Don Don Donki. Other major retail tenants include Koufu, Uniqlo, H&amp;M and Courts, with Ikea slated to open in 2021. Based on our observation, the mall is almost fully occupied. We expect Jem to perform in line with other strategically located suburban malls.</p>
<p><strong>Reiterate Add, with an unchanged DDM-based TP</strong></p>
<p>We reiterate Add on LREIT and an unchanged TP of S$0.85. We believe LREIT is a domestic recovery proxy following the Covid-19 outbreak, and we continue to like the income stability provided by the long lease structure of Sky Complex and annual rent escalation from &gt;90% of its NLA. LREIT trades at an attractive valuation of 6.4% FY21F dividend yield and 0.8x FY20 P/BV (vs. sector average of 0.9x P/BV and pre-Covid-19 peak of 1.1x FY20 P/BV). Potential re-rating catalyst/downside risks include faster/slower-than-expected recovery from the Covid-19 outbreak.</p>
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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.
Lendlease Global Commercial REIT








First step to growing its portfolio






Lendlease Global Commercial REIT (LREIT) took the first step to grow its portfolio by acquiring an effective stake of 3.75% in Jem.


The acquisition provides LREIT with preemptive rights and exposure to Jem’s stable office income.


Reiterate Add on LREIT. LREIT is trading at 0.8xFY20P/BV.






Acquired stake in Jem via 5% interest in LARIF3
LREIT announced today that it has acquired a 5% stake in Lendlease Asian Retail Investment Fund 3 Ltd (LARIF3) — which holds a 75% indirect interest in Jem, an integrated office and retail development at Jurong Gateway — from Lendlease International Pty Ltd, at a purchase consideration of c.S$45m. Lendlease Pty Ltd will now hold a c.15.1% interest in the fund versus 20.1% previously.
Acquisition provides preemptive rights to LREIT
The acquisition stake of 5% translates into an effective 3.75% stake in Jem and will be funded via internal funds and debt. Proforma gearing is expected to increase from 35.1% to 36.9%, and proforma DPU would rise by 0.65% to 3.07 Scts. The initial stake of 5% allows LREIT to gain pre-emptive rights, providing it the opportunity to increase its strategic stake in the fund over time if other investors were to divest their interests. While it is a small initial stake, this is nonetheless the first step to grow LREIT.
Jem, a suburban mall with stable office income
Jem, which has an NLA of 892,000 sf, is one of the largest suburban malls in Singapore. The mall enjoys direct connectivity to both the Jurong East MRT station and bus interchange. It has retail space (65% of NLA) spread across six levels, as well as office space (35% of NLA) across 12 levels, which are fully leased to Singapore’s Ministry of National Development (MND) for 30 years. Anchor tenants of the mall include FairPrice Xtra, Cathay Cineplex and Don Don Donki. Other major retail tenants include Koufu, Uniqlo, H&amp;M and Courts, with Ikea slated to open in 2021. Based on our observation, the mall is almost fully occupied. We expect Jem to perform in line with other strategically located suburban malls.
Reiterate Add, with an unchanged DDM-based TP
We reiterate Add on LREIT and an unchanged TP of S$0.85. We believe LREIT is a domestic recovery proxy following the Covid-19 outbreak, and we continue to like the income stability provided by the long lease structure of Sky Complex and annual rent escalation from &gt;90% of its NLA. LREIT trades at an attractive valuation of 6.4% FY21F dividend yield and 0.8x FY20 P/BV (vs. sector average of 0.9x P/BV and pre-Covid-19 peak of 1.1x FY20 P/BV). Potential re-rating catalyst/downside risks include faster/slower-than-expected recovery from the Covid-19 outbreak.

















Non-SGX Report: Lendlease Global Commercial REIT: First Step to Growing Its Portfolio

Equity Capital Markets

Frasers Centrepoint Trust / Equity Capital Markets

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<p><a href="https://www.smartkarma.com/entities/frasers-centrepoint-trust" target="_blank" data-smartkarma-citation="entities:2870:1" rel="noopener">Frasers Centrepoint Trust (FCT SP)</a> plans to raise around US$1.0bn via undertaking a private placement and/or preferential offering to fund the purchase of 63.11% stake in a portfolio of 5 retail malls and one office asset. The company aims to raise S$575 via a private placement, with an upsize option of another S$100m, and around S$746 via a preferential offering. This is a big deal for the company as its current market cap is only US$2.1bn.</p>
<p>I covered the background of the deal in my earlier note, <a href="https://www.smartkarma.com/insights/fct-placement-early-look-taking-a-big-bite-it-will-soon-be-the-only-pure-play-sg-suburban-play" target="_blank" rel="noopener">FCT Placement Early Look - Taking a Big Bite, It Will Soon Be the Only Pure Play SG Suburban Play.</a></p>
</div><div><p> In this insight I'll talk about the deal dynamics and updates since then. </p></div><div><p><strong>Links to our prior coverage of FCT:</strong></p></div><div><ul style="list-style-type: disc;"><li><a href="https://www.smartkarma.com/insights/fct-placement-little-dpu-accretiveness-but-a-quality-target-for-long-term-growth" target="_blank" rel="noopener">FCT Placement: Little DPU Accretiveness but A Quality Target for Long Term Growth</a></li></ul></div>


Frasers Centrepoint Trust (FCT SP) plans to raise around US$1.0bn via undertaking a private placement and/or preferential offering to fund the purchase of 63.11% stake in a portfolio of 5 retail malls and one office asset. The company aims to raise S$575 via a private placement, with an upsize option of another S$100m, and around S$746 via a preferential offering. This is a big deal for the company as its current market cap is only US$2.1bn.
I covered the background of the deal in my earlier note, FCT Placement Early Look - Taking a Big Bite, It Will Soon Be the Only Pure Play SG Suburban Play.
 In this insight I'll talk about the deal dynamics and updates since then. Links to our prior coverage of FCT:FCT Placement: Little DPU Accretiveness but A Quality Target for Long Term Growth

FCT Placement - Well Flagged but Still a Large Deal to Digest

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<div><em><strong>Non- SGX Report: These equity research reports are not written by the SGX</strong>.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.</em></div>
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<p>Company Note</p>
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<h2>Lendlease Global Commercial REIT</h2>
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<h3>An undervalued REIT</h3>
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<li>FY6/21F will be a fresh start for LREIT, in our view. It has factored in the potential Covid-19 impact in FY20 and we expect footfall to gradually recover.</li>
<li>The portfolio is supported by the long lease structure of Sky Complex and annual escalation from 91% of its NLA, which limits income downside risk.</li>
<li>LREIT is trading at an attractive 0.77x FY20 P/BV vs. sector average of 0.9x. It offers ~7% dividend yield. Initiate coverage with an Add (TP: S$0.85).</li>
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<p><strong>Domestic recovery proxy, attractive valuation and strong yield<br></strong>We initiate coverage on Lendlease Global Commercial REIT (LREIT) with an Add rating and DDM-based TP of S$0.85 (COE 7.6%, terminal growth 2.0%). We believe LREIT is a domestic recovery proxy for Covid-19 with upside from acquisitions and asset enhancement initiatives (AEIs). We see limited downside risks to our FY21F dividend yield of 6.6% with its 100% committed dividend payout. LREIT trades at an attractive valuation of 0.77x FY20 P/BV, vs. sector average of 0.93x P/BV and pre-Covid-19 peak of 1.1x FY20 P/BV, which prices in the c.20% valuation decline for 313@somerset (313), assuming no change in Sky Complex's valuation. Its P/BV gap vs. peers widened from 9- 16% in Jan 2020 to 17-37% as of yesterday, probably due to its higher asset concentration risk. We believe the recovery of 313’s rental income and potential acquisitions in the pipeline would narrow this gap. Downside risks include slower recovery from the Covid-19 pandemic and single tenant risk exposure in Sky Complex.</p>
<p><strong>Entering a recovery phase with limited downside risk<br></strong>We believe FY21F would be a fresh start for LREIT as it has factored in all potential Covid-19 impacts in FY20. Our checks on Google Mobility reveal that traffic in retail and recreation areas have recovered to 80% of pre-Covid-19 levels[Fig 3]. Our ground checks also reveal that footfall at 313 has been decent post circuit breaker in mid-Jul, with some tenants seeing 80% recovery yoy. Our base case assumes -7% rental reversion and 95% occupancy rate for FY21F for 313 but if traffic recovers faster than expected, our FY21F DPU would rise 4% in a bull case scenario (based on -2% reversion and 99% occupancy rate) [Fig 9]. Both of LREIT’s assets, 313 and Sky Complex, are leased at attractive rental rates vs market rate. This, coupled with (i) the long lease structure of Sky Complex (leased to Sky Italia (unlisted), subsidiary of Comcast Corp (CMCSA US, NR), world's largest broadcasting company) until 2032F with break lease option in 2026, and (ii) rental escalation from ~91% of its NLA, provide strong support to its income.</p>
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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.

Company Note




Lendlease Global Commercial REIT




An undervalued REIT





FY6/21F will be a fresh start for LREIT, in our view. It has factored in the potential Covid-19 impact in FY20 and we expect footfall to gradually recover.
The portfolio is supported by the long lease structure of Sky Complex and annual escalation from 91% of its NLA, which limits income downside risk.
LREIT is trading at an attractive 0.77x FY20 P/BV vs. sector average of 0.9x. It offers ~7% dividend yield. Initiate coverage with an Add (TP: S$0.85).





Domestic recovery proxy, attractive valuation and strong yield We initiate coverage on Lendlease Global Commercial REIT (LREIT) with an Add rating and DDM-based TP of S$0.85 (COE 7.6%, terminal growth 2.0%). We believe LREIT is a domestic recovery proxy for Covid-19 with upside from acquisitions and asset enhancement initiatives (AEIs). We see limited downside risks to our FY21F dividend yield of 6.6% with its 100% committed dividend payout. LREIT trades at an attractive valuation of 0.77x FY20 P/BV, vs. sector average of 0.93x P/BV and pre-Covid-19 peak of 1.1x FY20 P/BV, which prices in the c.20% valuation decline for 313@somerset (313), assuming no change in Sky Complex's valuation. Its P/BV gap vs. peers widened from 9- 16% in Jan 2020 to 17-37% as of yesterday, probably due to its higher asset concentration risk. We believe the recovery of 313’s rental income and potential acquisitions in the pipeline would narrow this gap. Downside risks include slower recovery from the Covid-19 pandemic and single tenant risk exposure in Sky Complex.
Entering a recovery phase with limited downside risk We believe FY21F would be a fresh start for LREIT as it has factored in all potential Covid-19 impacts in FY20. Our checks on Google Mobility reveal that traffic in retail and recreation areas have recovered to 80% of pre-Covid-19 levels[Fig 3]. Our ground checks also reveal that footfall at 313 has been decent post circuit breaker in mid-Jul, with some tenants seeing 80% recovery yoy. Our base case assumes -7% rental reversion and 95% occupancy rate for FY21F for 313 but if traffic recovers faster than expected, our FY21F DPU would rise 4% in a bull case scenario (based on -2% reversion and 99% occupancy rate) [Fig 9]. Both of LREIT’s assets, 313 and Sky Complex, are leased at attractive rental rates vs market rate. This, coupled with (i) the long lease structure of Sky Complex (leased to Sky Italia (unlisted), subsidiary of Comcast Corp (CMCSA US, NR), world's largest broadcasting company) until 2032F with break lease option in 2026, and (ii) rental escalation from ~91% of its NLA, provide strong support to its income.





















Non-SGX Report: Lendlease Global Commercial REIT: An Undervalued REIT

Capitaland Integrated Commercial Trust / Event-Driven

<div><p><a href="https://www.smartkarma.com/entities/capitaland-mall-trust" target="_blank" data-smartkarma-citation="entities:105:1" rel="noopener">Capitaland Mall Trust (CT SP)</a> and <a href="https://www.smartkarma.com/entities/capitaland-commercial-trust" target="_blank" data-smartkarma-citation="entities:1077:1" rel="noopener">Capitaland Commercial Trust (CCT SP)</a> announced on 22nd Jan 2020 that the two would merge by way of a trust scheme of arrangement to form CapitaLand Integrated Commercial Trust. </p></div><div><p>I've spoke about the deal in my earlier insights:</p></div><div><ul>
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<a href="https://www.smartkarma.com/insights/cct-cmt-is-it-really-a-merger-of-equals-solving-cmt-s-problem" target="_blank" rel="noopener">CCT+CMT: Is It Really a Merger of Equals? Solving CMT’s Problem</a> I spoke about how CCT's shareholders aren't exactly getting a splendid deal and they would have been better off going it alone.</li>
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<a href="https://www.smartkarma.com/insights/cct-cmt-and-then-came-covid" target="_blank" rel="noopener">CCT+CMT: And Then Came COVID</a> I spoke about the impact of COVID-19 and the recent measures put in by the government on the performance of the two REITs.</li>
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<a href="https://www.smartkarma.com/insights/cct-cmt-cct-results-update" target="_blank" rel="noopener">CCT+CMT: CCT Results Update</a> I looked at CCT's 1Q20 results.</li>
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<a href="https://www.smartkarma.com/insights/cct-cmt-cmt-results-update-doing-the-right-thing-but-feeling-the-pain" target="_blank" rel="noopener">CCT+CMT: CMT Results Update, Doing the Right Thing but Feeling the Pain</a> I looked at CMT's 1Q20 results.</li>
</ul></div><div><p>In this insight, I'll take a quick look at CMT's results which were announced today.</p></div>

Capitaland Mall Trust (CT SP) and Capitaland Commercial Trust (CCT SP) announced on 22nd Jan 2020 that the two would merge by way of a trust scheme of arrangement to form CapitaLand Integrated Commercial Trust. I've spoke about the deal in my earlier insights:

CCT+CMT: Is It Really a Merger of Equals? Solving CMT’s Problem I spoke about how CCT's shareholders aren't exactly getting a splendid deal and they would have been better off going it alone.

CCT+CMT: And Then Came COVID I spoke about the impact of COVID-19 and the recent measures put in by the government on the performance of the two REITs.

CCT+CMT: CCT Results Update I looked at CCT's 1Q20 results.

CCT+CMT: CMT Results Update, Doing the Right Thing but Feeling the Pain I looked at CMT's 1Q20 results.
In this insight, I'll take a quick look at CMT's results which were announced today.

Singapore

Lendlease Global Commercial REIT operates as a real estate investment trust. The Company invests in diversified portfolio of real estate assets. Lendlease Global Commercial REIT serves customers worldwide.

Lendlease Global Commercial REIT (LREIT SP)

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Lendlease Global Commercial REIT (LREIT SP)

Trade Ideas for Singapore REITs - Implications from CCT+CMT Merger

In my earlier insight on Singapore's Fortitude budget, Singapore REITs - REITs Will Have to Fund Some SME Rents, by Law, I had mentioned the...

Sumeet Singh

Non-SGX Report: Lendlease Global Commercial REIT: First Step to Growing Its Portfolio

Non- SGX Report: These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external...

Singapore Exchange Ltd (SGX)

FCT Placement - Well Flagged but Still a Large Deal to Digest

Frasers Centrepoint Trust (FCT SP) plans to raise around US$1.0bn via undertaking a private placement and/or preferential offering to fund the...

Sumeet Singh

Non-SGX Report: Lendlease Global Commercial REIT: An Undervalued REIT

Non- SGX Report: These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external...

Singapore Exchange Ltd (SGX)

CCT+CMT: CMT 2Q20 Results Update

Capitaland Mall Trust (CT SP) and Capitaland Commercial Trust (CCT SP) announced on 22nd Jan 2020 that the two would merge by way of a trust scheme...

Sumeet Singh

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