External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

External broker reports(aggregated public sources)

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Manulife US REIT (MUST) / Equity Bottom-Up

<ul><li>Manulife US REIT (SGX:BTOU) has endured a series of downsizing and non-renewals by key tenants.</li><li>We estimate that Manulife US REIT's portfolio occupancy could deteriorate by 9ppt to 79% by end-24 if vacant spaces are not backfilled.</li><li>We expect valuation of investment properties to decline 15%, or US$250m, and aggregate leverage to hit 51.5% at end-23.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Manulife US REIT (SGX:BTOU) has endured a series of downsizing and non-renewals by key tenants.We estimate that Manulife US REIT's portfolio occupancy could deteriorate by 9ppt to 79% by end-24 if vacant spaces are not backfilled.We expect valuation of investment properties to decline 15%, or US$250m, and aggregate leverage to hit 51.5% at end-23.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Manulife US REIT - All Bad But Negatives Largely Priced In

External broker reports(aggregated public sources), RHB Invest

RHB Invest

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Keep BUY rating on Manulife US REIT (SGX:BTOU) with US$0.40 target price, 126% upside and 23% yield.</li><li>We think the Phipps Tower disposal to Manulife US REIT’s sponsor is another positive step, demonstrating much-awaited sponsor commitment and brightening its longer-term prospects amid a very challenging near-term US office outlook.</li><li>Phipps Tower in Atlanta (Built in 2010) is the second sale in two months to Manulife US REIT’s sponsor (purchased from the sponsor in 2018 for US$205m).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Keep BUY rating on Manulife US REIT (SGX:BTOU) with US$0.40 target price, 126% upside and 23% yield.We think the Phipps Tower disposal to Manulife US REIT’s sponsor is another positive step, demonstrating much-awaited sponsor commitment and brightening its longer-term prospects amid a very challenging near-term US office outlook.Phipps Tower in Atlanta (Built in 2010) is the second sale in two months to Manulife US REIT’s sponsor (purchased from the sponsor in 2018 for US$205m).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Manulife US REIT - On The Road To Redemption; BUY

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/manulife-us-reit" target="_blank" data-smartkarma-citation="entities:567" rel="noopener">Manulife US REIT (MUST) (MUST SP)</a> partners with Flex by JLL to take up ~15,400sqft flexible working space at Plaza</li><li>Condo and HDB rentals climbed faster +3.2% and +2.4% MoM, respectively, in Aug22</li><li><a href="https://www.smartkarma.com/entities/low-keng-huat-singapore-ltd" target="_blank" data-smartkarma-citation="entities:1928" rel="noopener">Low Keng Huat Singapore (LKH SP)</a> 1H23 swung into loss due to slower property sales and divestment loss</li></ul>

Manulife US REIT (MUST) (MUST SP) partners with Flex by JLL to take up ~15,400sqft flexible working space at PlazaCondo and HDB rentals climbed faster +3.2% and +2.4% MoM, respectively, in Aug22Low Keng Huat Singapore (LKH SP) 1H23 swung into loss due to slower property sales and divestment loss

ASEAN Builder's Scoop (15Sep22) - MUST Partners with Flex by JLL

<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> 1H22 DPU -3.3% YoY; Cyclical downturn incoming, hotelisation trend emerging</li>
<li>
<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> 1H22 DPU +5.7% YoY; Operation metrics holding up well (for now) amidst recession</li>
<li>
<a href="https://www.smartkarma.com/entities/ara-us-hospitality-trust" target="_blank" data-smartkarma-citation="entities:28048" rel="noopener">ARA US Hospitality Trust (ARAUS SP)</a> 1H22 DPU of US$1.43c declared; A significant recovery in occupancies and RevPAR</li>
</ul>



Manulife US REIT (MUST) (MUST SP) 1H22 DPU -3.3% YoY; Cyclical downturn incoming, hotelisation trend emerging

Prime US REIT (PRIME SP) 1H22 DPU +5.7% YoY; Operation metrics holding up well (for now) amidst recession

ARA US Hospitality Trust (ARAUS SP) 1H22 DPU of US$1.43c declared; A significant recovery in occupancies and RevPAR


ASEAN Builder's Scoop (4Aug22) - MUST Hotelisation Trend Emerging

<ul><li><a href="https://www.smartkarma.com/entities/guocoland-ltd" target="_blank" data-smartkarma-citation="entities:17467" rel="noopener">GuocoLand (GUOL SP)</a> Midtown Modern launches double-storey homes at S$15.5-17m each; Development is now 76% sold</li><li>May22 retail sales up 17.8% YoY and +1.8% MoM; F&amp;B sales rose 40.1% YoY and +7.9% MoM</li><li>Property investment sales almost double to S$20.2bn in 1H22; On-track to reach S$32-35bn for 2022</li></ul>

GuocoLand (GUOL SP) Midtown Modern launches double-storey homes at S$15.5-17m each; Development is now 76% soldMay22 retail sales up 17.8% YoY and +1.8% MoM; F&amp;B sales rose 40.1% YoY and +7.9% MoMProperty investment sales almost double to S$20.2bn in 1H22; On-track to reach S$32-35bn for 2022

ASEAN Builder's Scoop (6Jul22) - GUOL Midtown Modern 76% Sold

Singapore

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.

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Manulife US REIT (MUST) (MUST SP)

Manulife US REIT - All Bad But Negatives Largely Priced In

We estimate that Manulife US REIT's portfolio occupancy could deteriorate by 9ppt to 79% by end-24 if vacant spaces are not backfilled.

UOB Kay Hian

Manulife US REIT - On The Road To Redemption; BUY

Keep BUY rating on Manulife US REIT (SGX:BTOU) with US$0.40 target price, 126% upside and 23% yield. We think the Phipps Tower disposal to Manulife...

RHB Invest

ASEAN Builder's Scoop (15Sep22) - MUST Partners with Flex by JLL

Condo and HDB rentals climbed faster MoM in Aug22; LKH swung into net loss in 1H23; POGO returning in the Phils; ECWI remains optimistic in UK, AUS

SCCM Asia Research

ASEAN Builder's Scoop (4Aug22) - MUST Hotelisation Trend Emerging

PRIME operations holding up well for now; ARAUS significant recovery in RevPAR; Ascott first lyf brand in Tokyo; CBD office rents up 0.4% QoQ in...

SCCM Asia Research

ASEAN Builder's Scoop (6Jul22) - GUOL Midtown Modern 76% Sold

May retail sales +1.8% MoM, F&B going strong; SG prop investment +89% YoY in 1H22; Phils BSP signals more rate hikes; GuocoLand (GUOL SP) Midtown...

SCCM Asia Research

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