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/dasin-retail-trust" target="_blank" data-smartkarma-citation="entities:23743" rel="noopener">Dasin Retail Trust (DASIN SP)</a> 2H21 DPU +10.9% YoY; All eyes remain on the hefty 2022 refinancing burden</li><li><a href="https://www.smartkarma.com/entities/bhg-retail-reit" target="_blank" data-smartkarma-citation="entities:21021" rel="noopener">BHG Retail REIT (BHGREIT SP)</a> 2H21 DPU -0.9% YoY; Steady as she goes with occupancy rates inching higher</li><li><a href="https://www.smartkarma.com/entities/ireit-global" target="_blank" data-smartkarma-citation="entities:10596" rel="noopener">IREIT Global (IREIT SP)</a> 2H21 DPU +7.9% YoY; Continued to trade ~25% below book value despite an attractive 7+% yield</li></ul>

Dasin Retail Trust (DASIN SP) 2H21 DPU +10.9% YoY; All eyes remain on the hefty 2022 refinancing burdenBHG Retail REIT (BHGREIT SP) 2H21 DPU -0.9% YoY; Steady as she goes with occupancy rates inching higherIREIT Global (IREIT SP) 2H21 DPU +7.9% YoY; Continued to trade ~25% below book value despite an attractive 7+% yield

ASEAN Builder's Scoop 28Feb22 - DASIN All Eyes on Mar22 Loan Refinancing

<ul><li><a href="https://www.smartkarma.com/entities/oue-commercial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:912" rel="noopener">OUE Commercial REIT (OUECT SP)</a> 2H21 DPU -4.2% YoY; Weakness in MG and LP offset by office and hotel recovery</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> 2H21 DPU +0.9% YoY; Strong reversions continue but occupancy remains a struggle</li><li>Frasers Hospitality forays into Cambodia, to launch 3 more properties</li></ul>

OUE Commercial REIT (OUECT SP) 2H21 DPU -4.2% YoY; Weakness in MG and LP offset by office and hotel recoveryPrime US REIT (PRIME SP) 2H21 DPU +0.9% YoY; Strong reversions continue but occupancy remains a struggleFrasers Hospitality forays into Cambodia, to launch 3 more properties

ASEAN Builder's Scoop (17Feb22) - OUECT Persistent Weakness in MG and LP

<ul><li>Mapletree Logistics Trust (MLT SP) to purchase 17 properties in China, Vietnam and Japan for ~S$1.4bn; DPU accretive by +2.2%</li><li>Ascendas India Trust (AIT SP) completes acquisition of Building Q1 in Aurum Q Parc at Navi Mumbai</li><li>Digital Realty seeks to list data centre-focused Digital Core REIT; FY22-23 dividend yield forecasts of 4.75-5%</li></ul>

Mapletree Logistics Trust (MLT SP) to purchase 17 properties in China, Vietnam and Japan for ~S$1.4bn; DPU accretive by +2.2%Ascendas India Trust (AIT SP) completes acquisition of Building Q1 in Aurum Q Parc at Navi MumbaiDigital Realty seeks to list data centre-focused Digital Core REIT; FY22-23 dividend yield forecasts of 4.75-5%

ASEAN Builder's Scoop (23Nov21) - MLT Acquires CN, VN, JPN Logistics for ~S$1.4bn

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/capitaland-ltd" target="_blank" data-smartkarma-citation="entities:55" rel="noopener">Capitaland (CAPL SP)</a> 3Q21 Business Updates – A good start with key metrics growing robustly</h3><ul><li>9M21 revenue came in at S$1.6bn with Fee income Related Business (FRB) making up 40% of total revenue and Real-estate investment business making up the remaining 60%. 9M21 FRB rose by 19% YoY to S$656m, with fund management rising by 35% YoY to S$292m, followed by property management rising by 2.6% YoY to S$236m and lodging management rising by 23% to S$128m, respectively     </li></ul>

SingaporeCapitaland (CAPL SP) 3Q21 Business Updates – A good start with key metrics growing robustly9M21 revenue came in at S$1.6bn with Fee income Related Business (FRB) making up 40% of total revenue and Real-estate investment business making up the remaining 60%. 9M21 FRB rose by 19% YoY to S$656m, with fund management rising by 35% YoY to S$292m, followed by property management rising by 2.6% YoY to S$236m and lodging management rising by 23% to S$128m, respectively     

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/lendlease-group" target="_blank" data-smartkarma-citation="entities:11248" rel="noopener">Lendlease Group (LLC AU)</a> will begin construction on a large-scale Singapore vaccine facility in end-2021</h3><p>Lendlease is commencing construction on a large-scale, greenfield vaccine facility in late-2021. It did not disclose the identity of the client. The move comes as the Republic sees an increase in the number of Covid-19 vaccine-related investments, with three major pharmaceutical companies – BioNTech, Sanofi and Thermo Fisher Scientific – having plans to set up vaccine manufacturing facilities here. LLC has also been appointed to take on additional projects for existing Singapore clients, including expanding existing facilities to enhance their capabilities. The life sciences sector are one of LLC’s key focus areas where it is looking to apply its expertise across the integrated real estate value chain. In Mar21, LLC inked a partnership in the US with institutional investor Ivanhoe Cambridge to develop the 60 Guest Street project in Boston, a 320,000sqft life sciences hub.</p>

SingaporeLendlease Group (LLC AU) will begin construction on a large-scale Singapore vaccine facility in end-2021Lendlease is commencing construction on a large-scale, greenfield vaccine facility in late-2021. It did not disclose the identity of the client. The move comes as the Republic sees an increase in the number of Covid-19 vaccine-related investments, with three major pharmaceutical companies – BioNTech, Sanofi and Thermo Fisher Scientific – having plans to set up vaccine manufacturing facilities here. LLC has also been appointed to take on additional projects for existing Singapore clients, including expanding existing facilities to enhance their capabilities. The life sciences sector are one of LLC’s key focus areas where it is looking to apply its expertise across the integrated real estate value chain. In Mar21, LLC inked a partnership in the US with institutional investor Ivanhoe Cambridge to develop the 60 Guest Street project in Boston, a 320,000sqft life sciences hub.

Singapore

CDL Hospitality Trusts is a stapled group compromising H-REIT and HBT. H-REIT is a real estate investment trust that invest in a portfolio of income-producing properties and HBT is a business trust.

Fortune REIT is a real estate investment trust that invests in a portfolio of retail shopping malls located in Hong Kong.

Far East Hospitality Trust is a hospitality stapled group comprising Far East H-REIT and Far East H-BT. Far East H-REIT is a Singapore-based real estate investment trust, which invests in hospitality assets and Far East H-BT, a Singapore-based business trust which will be dormant as of the Listing Date.

AIMS APAC REIT is a real estate investment trust. The Trust's principal investment objective is owning and investing in a diversified portfolio of income-producing industrial real estate assets throughout Asia Pacific, including warehousing and logistics, manufacturing, business parks and hi-tech spaces.

Starhill Global REIT is a real estate investment trust.  The trust invests in retail and office buildings in Singapore and overseas.

ESR-LOGOS Real Estate Investment Trust (“ESR-LOGOS REIT”) is a leading New Economy and future-ready Asia Pacific S-REIT. Listed on the Singapore Exchange Securities Trading Limited since 25 July 2006, ESR-LOGOS REIT invests in quality income-producing industrial properties in key gateway markets.

As at 28 April 2022, ESR-LOGOS REIT holds interests in a diversified portfolio of logistics properties, high-specifications industrial properties, business parks and general industrial properties with total assets of approximately S$5.5 billion. Its portfolio comprises 84 properties located across the developed markets of Singapore (63 assets) and Australia (21 assets), with a total gross floor area of approximately 2.4 million sqm, as well as investments in three property funds in Australia. ESR-LOGOS REIT is also a constituent of the FTSE EPRA Nareit Global Real Estate Index. 

ESR-LOGOS REIT is managed by ESR-LOGOS Funds Management (S) Limited (the “Manager”) and sponsored by the ESR Group (“ESR”). The Manager is owned by ESR (67.3%), Shanghai Summit Pte. Ltd. (25.0%), and Mitsui & Co., Ltd (7.7%), respectively.

For further information on ESR-LOGOS REIT, please visit www.esr-logosreit.com.sg.

Parkway Life Real Estate Investment Trust (Parkway Life REIT) invests primarily in income producing real estate and real estate related assets in the Asia Pacific region. The trust's real estate is used primarily for healthcare and healthcare-related purposes.

Cromwell Real Estate Investment Trust is a real estate investment trust with a commercial portfolio of offices and light industrial /  logistics assets across Europe.

SPH REIT is a Singapore-based REIT established principally to invest, directly or indirectly, in a portfolio of income-producing real estate which is used primarily for retail purposes in Asia-Pacific, as well as real estate-related assets.

Frasers Hospitality Trust operates as a real estate investment trust. The Trust owns, operates and invests in hotels and serviced residences.

Champion REIT is a real estate investment trust. The Trust, through its subsidiaries, invests in a wide range of real estate properties, including offices and retail.

Easterly Government Properties, Inc. intends to qualify as a real estate investment trust, or REIT, focused primarily on the acquisition, development and management of Class A commercial properties that are leased to U.S. Government agencies that serve essential U.S. Government functions.

Sunway Real Estate Investment Trust invests in retail, office, and hotel properties.

Sunway Real Estate Investment Trust (SREIT MK)

Hulic Reit, Inc. is a real estate investment trust which mainly invests in real estate and securitized real estate products. The Company invests mainly in properties which are business offices, commercial buildings and nursing homes.

Paramount Group, Inc operates and manages Class A office properties. The Company provides asset management, leasing, acquisitions, redevelopment and financing. Paramount Group owns properties in New York City, Washington D.C. and San Francisco.

UMH Properties, Inc. is a real estate investment trust.  The trust owns and operates manufactured home communities located in New Jersey, New York, Pennsylvania, Ohio, and Tennessee.

Ingenia Communities Group manages, develops and invests in a portfolio of retirement village accomodation housing units.

NexPoint Residential Trust, Inc. operates as a REIT.  The Company owns and operates real estate properties in the United States, primarily Multi-family in the Southeast and Southwest.

Alexander's, Inc. leases, manages, develops and redevelops real estate properties. The Company focuses on properties in the metropolitan and suburban areas of New York City where its department stores had previously been located. Alexander's owns operating properties and properties undergoing redevelopment.

Charter Hall Retail REIT owns a portfolio of supermarkets and shopping centers located in non-metropolitan areas throughout Australia, New Zealand and the United States.

OUE Commercial Real Estate Investment Trust (“OUE C-REIT”) is one of the largest diversified Singapore REITs (“S-REITs”) with total assets of S$6.0 billion as at 31 December 2022. With seven properties across the commercial and hospitality segments in Singapore and Shanghai, the property portfolio comprises more than 2.1 million square feet of prime office and retail space, and 1,643 upper upscale hotel rooms.

OUE C-REIT invests in income-producing real estate used primarily for commercial purposes (including real estate used primarily for office and/or retail purposes) in financial and business hubs, hospitality and/or hospitality-related purposes, as well as real estate-related assets.

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OUE Commercial REIT (OUECT SP)

ASEAN Builder's Scoop 28Feb22 - DASIN All Eyes on Mar22 Loan Refinancing

BHGREIT steady as she goes; IREIT trading ~25% below book; AEW sells 55MS for S$3,450psf; CLD signs S$1.3bn Vietnam MOU; ELITE embarks on new AEI

SCCM Asia Research

ASEAN Builder's Scoop (17Feb22) - OUECT Persistent Weakness in MG and LP

OUECT persistent weakness in MG and LP; PRIME strong reversions continue; Condo/HDB rents continued rising in Jan22; ALCO introducing FY23E...

SCCM Asia Research

ASEAN Builder's Scoop (23Nov21) - MLT Acquires CN, VN, JPN Logistics for ~S$1.4bn

MLT acquires CN, VN, JPN logistics for ~S$1.4bn; AIT completes Navi Mumbai acq; Digital Core REIT offers 4.75-5% yield; FLI resi buoys 3Q21...

SCCM Asia Research

ASEAN Builder's Scoop (3Nov21)

CLI 3Q21 results a good start; OUECT declining QoQ reversions; MUST green shoots of recovery; HOBEE buys Melbourne site; ALLHC expands Cavite...

SCCM Asia Research

ASEAN Builder's Scoop (8Oct21)

LLC begins SG vaccine facility in end-2021; OUECT S$540m green loan at 3.2%; HDB resale prices new record; Ascott expands Co-living biz; FPT...

SCCM Asia Research

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