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>
<table class="table table-striped">
<tbody>
<tr>
<td style="width: 98.1pt;">
 
</td>
<td style="width: 98.1pt;">
SGREIT
</td>
<td style="width: 98.1pt;">
CDREIT
</td>
<td style="width: 98.1pt;">
FEHT
</td>
<td style="width: 98.1pt;">
OUECT
</td>
<td style="width: 98.1pt;">
FIRT
</td>
<td style="width: 98.15pt;">
FHT
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
Period
</td>
<td style="width: 98.1pt;">
2H21
</td>
<td style="width: 98.1pt;">
1H21
</td>
<td style="width: 98.1pt;">
1H21
</td>
<td style="width: 98.1pt;">
1H21
</td>
<td style="width: 98.1pt;">
1H21
</td>
<td style="width: 98.15pt;">
9M21
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
Gross Revenue (S$ m)
</td>
<td style="width: 98.1pt;">
92.9 (10.5% YoY)
</td>
<td style="width: 98.1pt;">
66.2 (27.2% YoY)
</td>
<td style="width: 98.1pt;">
41.6 (-6.1% YoY)
</td>
<td style="width: 98.1pt;">
133.5 (-6% YoY)
</td>
<td style="width: 98.1pt;">
38.9 (+0.9% YoY)
</td>
<td style="width: 98.15pt;">
NA
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
NPI (S$ m)
</td>
<td style="width: 98.1pt;">
69.8 (20.2% YoY)
</td>
<td style="width: 98.1pt;">
37.0 (24.4% YoY)
</td>
<td style="width: 98.1pt;">
36.2 (-6.2% YoY)
</td>
<td style="width: 98.1pt;">
109 (-3.1% YoY)
</td>
<td style="width: 98.1pt;">
37.6 (+0.2% YoY)
</td>
<td style="width: 98.15pt;">
NA
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
DPU (S$ c)
</td>
<td style="width: 98.1pt;">
2.07 (195.7% YoY)
</td>
<td style="width: 98.1pt;">
1.22 (-19.2% YoY)
</td>
<td style="width: 98.1pt;">
1.1 (+6.8% YoY)
</td>
<td style="width: 98.1pt;">
1.23 (+23% YoY)
</td>
<td style="width: 98.1pt;">
1.3 (-43.5% YoY)
</td>
<td style="width: 98.15pt;">
NA
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
NAV per Unit (S$)
</td>
<td style="width: 98.1pt;">
0.81
</td>
<td style="width: 98.1pt;">
1.29
</td>
<td style="width: 98.1pt;">
0.7912
</td>
<td style="width: 98.1pt;">
0.58
</td>
<td style="width: 98.1pt;">
0.3512
</td>
<td style="width: 98.15pt;">
1H21: 0.66
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
P/B (x)
</td>
<td style="width: 98.1pt;">
0.75
</td>
<td style="width: 98.1pt;">
0.95
</td>
<td style="width: 98.1pt;">
0.73
</td>
<td style="width: 98.1pt;">
1.34
</td>
<td style="width: 98.1pt;">
0.75
</td>
<td style="width: 98.15pt;">
0.79
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
Occupancy (%)
</td>
<td style="width: 98.1pt;">
96.7
</td>
<td style="width: 98.1pt;">
5 SG Hotels excl. W Hotel and NCQ: 73.5
6 SG Hotels excl. W Hotel: 70.2
</td>
<td style="width: 98.1pt;">
Hotels : 77.6
Service Residence : 76.2
</td>
<td style="width: 98.1pt;">
91.7 (Commercial)
92.3 (SG Office)
89.6 (Mandarin  Gallery)
</td>
<td style="width: 98.1pt;">
Not Disclosed
</td>
<td style="width: 98.15pt;">
SG: 59.8
AUS: 44.3
UK: 18.8
JP: 31.3
MY: 7.7
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
Reversion (%)
</td>
<td style="width: 98.1pt;">
Not disclosed
</td>
<td style="width: 98.1pt;">
RevPAR (% YoY):
SG: -19.5 (or -9.5 incl. W Hotel)
Maldives: +139.2
NZ: -31.8
Germany: +61.2
Italy: -84.4
JP: -27.9
UK: -21.8
</td>
<td style="width: 98.1pt;">
RevPAR (% YoY):
Hotels: -35.4
Service Residence: -16.9 YoY
</td>
<td style="width: 98.1pt;">
2Q21 Office reversions: -5.7 to +2.2
</td>
<td style="width: 98.1pt;">
Not Disclosed
</td>
<td style="width: 98.15pt;">
RevPAR (% YoY):
SG: -31.4
AUS: -52.3
UK: -68.9
JP: -40.8
MY: -87.7
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
Gearing (%)
</td>
<td style="width: 98.1pt;">
36.1
</td>
<td style="width: 98.1pt;">
39.1
</td>
<td style="width: 98.1pt;">
41.3
</td>
<td style="width: 98.1pt;">
38
</td>
<td style="width: 98.1pt;">
34.7
</td>
<td style="width: 98.15pt;">
42.1
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
Cost of Debt (%)
</td>
<td style="width: 98.1pt;">
3.28
</td>
<td style="width: 98.1pt;">
1.9
</td>
<td style="width: 98.1pt;">
2.1
</td>
<td style="width: 98.1pt;">
3.2
</td>
<td style="width: 98.1pt;">
Not Disclosed
</td>
<td style="width: 98.15pt;">
2.0
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
1 Yr Fwd Yield (%)
</td>
<td style="width: 98.1pt;">
6.9
</td>
<td style="width: 98.1pt;">
4.4
</td>
<td style="width: 98.1pt;">
4.7
</td>
<td style="width: 98.1pt;">
7.4
</td>
<td style="width: 98.1pt;">
9.8 (annualized 1H21)
</td>
<td style="width: 98.15pt;">
3.1
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
Debt Hedged (%)
</td>
<td style="width: 98.1pt;">
91
</td>
<td style="width: 98.1pt;">
63.3
</td>
<td style="width: 98.1pt;">
68.2
</td>
<td style="width: 98.1pt;">
82.2
</td>
<td style="width: 98.1pt;">
Not Disclosed
</td>
<td style="width: 98.15pt;">
77
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
Target Price
</td>
<td style="width: 98.1pt;">
Under Review
</td>
<td style="width: 98.1pt;">
N/A
</td>
<td style="width: 98.1pt;">
N/A
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<td style="width: 98.1pt;">
N/A
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N/A
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N/A
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<td style="width: 98.1pt;">
Rating
</td>
<td style="width: 98.1pt;">
Under Review
</td>
<td style="width: 98.1pt;">
N/A
</td>
<td style="width: 98.1pt;">
N/A
</td>
<td style="width: 98.1pt;">
N/A
</td>
<td style="width: 98.1pt;">
N/A
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<td style="width: 98.15pt;">
N/A
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</tbody>
</table>

Singapore
SREITs results in a glance (see detailed spreadsheet and calendar attached)




 


SGREIT


CDREIT


FEHT


OUECT


FIRT


FHT




Period


2H21


1H21


1H21


1H21


1H21


9M21




Gross Revenue (S$ m)


92.9 (10.5% YoY)


66.2 (27.2% YoY)


41.6 (-6.1% YoY)


133.5 (-6% YoY)


38.9 (+0.9% YoY)


NA




NPI (S$ m)


69.8 (20.2% YoY)


37.0 (24.4% YoY)


36.2 (-6.2% YoY)


109 (-3.1% YoY)


37.6 (+0.2% YoY)


NA




DPU (S$ c)


2.07 (195.7% YoY)


1.22 (-19.2% YoY)


1.1 (+6.8% YoY)


1.23 (+23% YoY)


1.3 (-43.5% YoY)


NA




NAV per Unit (S$)


0.81


1.29


0.7912


0.58


0.3512


1H21: 0.66




P/B (x)


0.75


0.95


0.73


1.34


0.75


0.79




Occupancy (%)


96.7


5 SG Hotels excl. W Hotel and NCQ: 73.5
6 SG Hotels excl. W Hotel: 70.2


Hotels : 77.6
Service Residence : 76.2


91.7 (Commercial)
92.3 (SG Office)
89.6 (Mandarin  Gallery)


Not Disclosed


SG: 59.8
AUS: 44.3
UK: 18.8
JP: 31.3
MY: 7.7




Reversion (%)


Not disclosed


RevPAR (% YoY):
SG: -19.5 (or -9.5 incl. W Hotel)
Maldives: +139.2
NZ: -31.8
Germany: +61.2
Italy: -84.4
JP: -27.9
UK: -21.8


RevPAR (% YoY):
Hotels: -35.4
Service Residence: -16.9 YoY


2Q21 Office reversions: -5.7 to +2.2


Not Disclosed


RevPAR (% YoY):
SG: -31.4
AUS: -52.3
UK: -68.9
JP: -40.8
MY: -87.7




Gearing (%)


36.1


39.1


41.3


38


34.7


42.1




Cost of Debt (%)


3.28


1.9


2.1


3.2


Not Disclosed


2.0




1 Yr Fwd Yield (%)


6.9


4.4


4.7


7.4


9.8 (annualized 1H21)


3.1




Debt Hedged (%)


91


63.3


68.2


82.2


Not Disclosed


77




Target Price


Under Review


N/A


N/A


N/A


N/A


N/A




Rating


Under Review


N/A


N/A


N/A


N/A


N/A





ASEAN Builder's Scoop (30Jul21) - SGREIT Solid Set of Results

<h2>Singapore</h2>
<h3>Ang Mo Kio 99-year private housing plot draws 15 bids while EC plot in Tengah draws seven bids</h3>
<ul>
<li>A 99-year leasehold private housing site in Ang Mo Kio Avenue 1, opposite the Bishan-Ang Mo Kio Park, has drawn 15 bids in a state tender. The highest bid of S$381.38m, or nearly S$1,118psf ppr, came from a 60:20:20 joint venture between UOL Group Ltd (UOL SP), Singapore Land Group Limited (SPLG SP) and Kheong Leong Company. This was 6.3% higher than the second highest bid of S$358.89m or S$1,052psf ppr from Titus Residential SG, a tie-up between City Developments Ltd (CIT SP) and MCL Land. Also bidding for the site was a tie-up between Far East Organisation, Sino Group and Sekisui House, which offered S$353.33m or $1,036psf ppr. UOL plans to develop a 24-25 storey project of more than 370 units that will enjoy unblocked views of the Bishan-Ang Mo Kio Park, Lower Peirce Reservoir Park and Shangri-la Park landed housing estate. It is also a timely replenishment for UOL’s land bank</li>
<li>Also closing was the tender for the maiden EC housing site in the Tengah estate. The 99-year leasehold plot in Tengah Garden Walk drew seven bids. The highest offer of S$400.3m, or S$603.17 psf ppr, was from a tie-up between CIT and MCL Land; it was just a tad higher than the nearly S$400.2m or S$602.99psf ppr from the second highest bid, from CSC Land Group. The top bid marks a record land rate for an EC site under the GLS programme. The previous high was S$583psf ppr garnered by the Sumang Walk EC site awarded in Mar18.</li>
</ul>

Singapore
Ang Mo Kio 99-year private housing plot draws 15 bids while EC plot in Tengah draws seven bids

A 99-year leasehold private housing site in Ang Mo Kio Avenue 1, opposite the Bishan-Ang Mo Kio Park, has drawn 15 bids in a state tender. The highest bid of S$381.38m, or nearly S$1,118psf ppr, came from a 60:20:20 joint venture between UOL Group Ltd (UOL SP), Singapore Land Group Limited (SPLG SP) and Kheong Leong Company. This was 6.3% higher than the second highest bid of S$358.89m or S$1,052psf ppr from Titus Residential SG, a tie-up between City Developments Ltd (CIT SP) and MCL Land. Also bidding for the site was a tie-up between Far East Organisation, Sino Group and Sekisui House, which offered S$353.33m or $1,036psf ppr. UOL plans to develop a 24-25 storey project of more than 370 units that will enjoy unblocked views of the Bishan-Ang Mo Kio Park, Lower Peirce Reservoir Park and Shangri-la Park landed housing estate. It is also a timely replenishment for UOL’s land bank
Also closing was the tender for the maiden EC housing site in the Tengah estate. The 99-year leasehold plot in Tengah Garden Walk drew seven bids. The highest offer of S$400.3m, or S$603.17 psf ppr, was from a tie-up between CIT and MCL Land; it was just a tad higher than the nearly S$400.2m or S$602.99psf ppr from the second highest bid, from CSC Land Group. The top bid marks a record land rate for an EC site under the GLS programme. The previous high was S$583psf ppr garnered by the Sumang Walk EC site awarded in Mar18.


ASEAN Builder's Scoop (27May21) - AMK Site Drew High 15bids

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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OUE Commercial REIT (OUECT SP)

ASEAN Builder's Scoop (30Jul21) - SGREIT Solid Set of Results

SGREIT solid set of results; CDREIT not out of woods yet; FEHT weak operations continued; OUECT slowing reversions offset by hotel rebound; FIRT...

SCCM Asia Research

ASEAN Builder's Scoop (27May21) - AMK Site Drew High 15bids

AMK site drew high 15bids, UOL winner; CAPL rises stake in DLSP; Frasers Hosp expands in China; GLP eyes US$2bn HK IPO; METRO sees decentralized...

SCCM Asia Research

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52-week Range

Market Cap (USDm)

P/E

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