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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SPHREIT
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Period
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3Q21
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Gross Revenue (S$ m)
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69.6 (+82.8% YoY)
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NPI (S$ m)
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Not Disclosed
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DPU (S$ c)
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1.38 (+176.0% YoY)
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NAV per Unit (S$)
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Not Disclosed
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P/B (x)
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1.02 (Based on 2Q21 NAV)
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Occupancy (%)
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98.4
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Reversion (%)
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Not Disclosed
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Gearing (%)
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<td style="width: 141.2pt;">
Not Disclosed
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Cost of Debt (%)
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1.86
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1 Yr Fwd Yield (%)
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5.62
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Debt Hedged (%)
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58
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Target Price
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NA
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Rating
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NA
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Singapore
SREITs results in a glance (see detailed spreadsheet and calendar attached)




 


SPHREIT




Period


3Q21




Gross Revenue (S$ m)


69.6 (+82.8% YoY)




NPI (S$ m)


Not Disclosed




DPU (S$ c)


1.38 (+176.0% YoY)




NAV per Unit (S$)


Not Disclosed




P/B (x)


1.02 (Based on 2Q21 NAV)




Occupancy (%)


98.4




Reversion (%)


Not Disclosed




Gearing (%)


Not Disclosed




Cost of Debt (%)


1.86




1 Yr Fwd Yield (%)


5.62




Debt Hedged (%)


58




Target Price


NA




Rating


NA





ASEAN Builder's Scoop (13Jul21) - SPHREIT No Mention of Rebates

Independent Insight Provider

Stewart Paterson

As Amazon and other non-traditional retailers increase their presence in ASEAN the potential for profit erosion and capital destruction at the "bricks and mortar" companies is very real. In a worst case scenario there is the potential for bankruptcy and debt default. In developed retail markets the impact of internet shopping has been very real with bankruptcies rising as Amazon and others take market share and lower prices. <a href="https://www.smartkarma.com/profiles/2" target="_blank" data-smartkarma-citation="accounts:2">Raghav Kapoor</a> has written extensively on Amazon's launch in Singapore…

As Amazon and other non-traditional retailers increase their presence in ASEAN the potential for profit erosion and capital destruction at the "bricks and mortar" companies is very real. In a worst case scenario there is the potential for bankruptcy and debt default. In developed retail markets the impact of internet shopping has been very real with bankruptcies rising as Amazon and others take market share and lower prices. Raghav Kapoor has written extensively on Amazon's launch in Singapore…

Money Matters: ASEAN Retail and the Great Disruption.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

In this note, <a href="https://www.smartkarma.com/entities/137" target="_blank" data-smartkarma-citation="entities:137:1">AMMB Holdings Bhd (AMM MK)</a> / <a href="https://www.smartkarma.com/entities/24161" target="_blank" data-smartkarma-citation="entities:24161:1">RHB Bank Bhd (RHBBANK MK)</a> rekindle a failed engagement; <a href="https://www.smartkarma.com/entities/18379" target="_blank" data-smartkarma-citation="entities:18379:1">Start Today Co Ltd (3092 JP)</a>’s Maezawa pledges a chunk of shares, potential averting a sell-down; <a href="https://www.smartkarma.com/entities/10374" target="_blank" data-smartkarma-citation="entities:10374:1">Southern Cross Media Group Ltd (SXL AU)</a> makes for an interesting target after shares touch 12-month lows, and speculative interest in <a href="https://www.smartkarma.com/entities/24157" target="_blank" data-smartkarma-citation="entities:24157:1">Pepper Group Ltd (PEP AU)</a> lifts the shadow on non-financial banking.(This report covers specific insights &amp; comments involving Stubs, Pairs, Arbitrage, share Classification and Events – or SPACE - in the past week.)

In this note, AMMB Holdings Bhd (AMM MK) / RHB Bank Bhd (RHBBANK MK) rekindle a failed engagement; Start Today Co Ltd (3092 JP)’s Maezawa pledges a chunk of shares, potential averting a sell-down; Southern Cross Media Group Ltd (SXL AU) makes for an interesting target after shares touch 12-month lows, and speculative interest in Pepper Group Ltd (PEP AU) lifts the shadow on non-financial banking.(This report covers specific insights &amp; comments involving Stubs, Pairs, Arbitrage, share Classification and Events – or SPACE - in the past week.)

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

Industrial production in Malaysia grew 2.7% y-o-y in May 2016 compared to 3.0% y-o-y in April. The slowdown seen in the latest data release comes on the back of relatively stable industrial production growth seen in the January-April period. The main contribution to industrial production came from electricity production and manufacturing, while mining continued to exhibit weakness.Electricity production grew 8.9% y-o-y in May on a 3-month moving average basis compared to 9.1% y-o-y in April…

Industrial production in Malaysia grew 2.7% y-o-y in May 2016 compared to 3.0% y-o-y in April. The slowdown seen in the latest data release comes on the back of relatively stable industrial production growth seen in the January-April period. The main contribution to industrial production came from electricity production and manufacturing, while mining continued to exhibit weakness.Electricity production grew 8.9% y-o-y in May on a 3-month moving average basis compared to 9.1% y-o-y in April…

Malaysia: Bank Negara Malaysia Cuts Rates by 25 Basis Points; Data Reflects Slowing Domestic Demand

Global Special Situations

Charles Nave

Shortly we will see the circular regarding Parkson Retail's acquisition of a 67% stake in PRA SP from Parkson Holdings Bhd &nbsp;(PKS MK).Before such time it's important to review how this transaction will look to&nbsp;long only holders of Parkson Retail and those looking at the arb.

Shortly we will see the circular regarding Parkson Retail's acquisition of a 67% stake in PRA SP from Parkson Holdings Bhd &nbsp;(PKS MK).Before such time it's important to review how this transaction will look to&nbsp;long only holders of Parkson Retail and those looking at the arb.

Parkson Retail (3368 HK):  Birth of a HoldCo

Malaysia

Parkson Holdings Berhad is an investment holding company. The Company, through its subsidiaries, operates a chain of department stores in Malaysia, China, and Vietnam.

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Parkson Holdings (PKS MK)

ASEAN Builder's Scoop (13Jul21) - SPHREIT No Mention of Rebates

SPHREIT no mention of rebates; CAPL opens RC the Bund Shanghai; LMRT extends mall closure in Medan; SLI plans for 3bn shares follow-on offer; 2Q21...

SCCM Asia Research

Money Matters: ASEAN Retail and the Great Disruption.

As Amazon and other non-traditional retailers increase their presence in ASEAN the potential for profit erosion and capital destruction at the...

Stewart Paterson

Last Week, in Event SPACE (4 June 2017)

In this note, AMMB Holdings Bhd (AMM MK) / RHB Bank Bhd (RHBBANK MK) rekindle a failed engagement; Start Today Co Ltd (3092 JP)’s Maezawa pledges a...

David Blennerhassett

Malaysia: Bank Negara Malaysia Cuts Rates by 25 Basis Points; Data Reflects Slowing Domestic Demand

Industrial production in Malaysia grew 2.7% y-o-y in May 2016 compared to 3.0% y-o-y in April. The slowdown seen in the latest data release comes...

Rajan Govil

Parkson Retail (3368 HK): Birth of a HoldCo

Shortly we will see the circular regarding Parkson Retail's acquisition of a 67% stake in PRA SP from Parkson Holdings Bhd (PKS MK).Before such...

Charles Nave

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)