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/parkway-life-reit" target="_blank" data-smartkarma-citation="entities:13422" rel="noopener">Parkway Life REIT (PREIT SP)</a> to acquire two nursing homes in Japan for ~S$29.4m; No material impact on DPU or NTA</li><li>Hotel operators geared up for a big F1 weekend with occupancy levels seen at peak levels</li><li><a href="https://www.smartkarma.com/entities/lian-beng-group-ltd" target="_blank" data-smartkarma-citation="entities:17636" rel="noopener">Lian Beng (LBG SP)</a> declines SGX in disclosing family members’ remuneration</li></ul>

Parkway Life REIT (PREIT SP) to acquire two nursing homes in Japan for ~S$29.4m; No material impact on DPU or NTAHotel operators geared up for a big F1 weekend with occupancy levels seen at peak levelsLian Beng (LBG SP) declines SGX in disclosing family members’ remuneration

ASEAN Builder's Scoop (21Sep22) - PREIT Buys 2 Japan Nursing Home, No Impact on DPU/NTA

<ul><li><a href="https://www.smartkarma.com/entities/ascendas-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:39" rel="noopener">Ascendas Real Estate Investment Trust (AREIT SP)</a> to acquire a cold storage logistics facility in Singapore for S$191.9m; DPU accretion by +0.56%</li><li><a href="https://www.smartkarma.com/entities/parkway-life-reit" target="_blank" data-smartkarma-citation="entities:13422" rel="noopener">Parkway Life REIT (PREIT SP)</a> acquires 3 Hokkaido nursing homes for ~S$26.1m; No material impact to DPU</li><li>Recent suburban launches seen strong sales despite economic headwinds</li></ul>

Ascendas Real Estate Investment Trust (AREIT SP) to acquire a cold storage logistics facility in Singapore for S$191.9m; DPU accretion by +0.56%Parkway Life REIT (PREIT SP) acquires 3 Hokkaido nursing homes for ~S$26.1m; No material impact to DPURecent suburban launches seen strong sales despite economic headwinds

ASEAN Builder's Scoop (14Sep22) - AREIT Buys SG Cold Storage Facility, +0.56% DPU Accretion

<ul><li><a href="https://www.smartkarma.com/entities/parkway-life-reit" target="_blank" data-smartkarma-citation="entities:13422" rel="noopener">Parkway Life REIT (PREIT SP)</a> 1H22 DPU +1.5% YoY; New rental term underpins organic growth</li><li><a href="https://www.smartkarma.com/entities/lippo-malls-indonesia-retail-trust" target="_blank" data-smartkarma-citation="entities:10946" rel="noopener">Lippo Malls Indonesia Retail Trust (LMRT SP)</a> 2Q22 DPU flat YoY; Occupancy gradually rebounded QoQ with improvement in shopper traffic</li><li><a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670" rel="noopener">Frasers Property Ltd (FPL SP)</a>   3Q22 Business Updates – Robust I&amp;L leasing activity, retail and hospitality picking up in pace</li></ul>

Parkway Life REIT (PREIT SP) 1H22 DPU +1.5% YoY; New rental term underpins organic growthLippo Malls Indonesia Retail Trust (LMRT SP) 2Q22 DPU flat YoY; Occupancy gradually rebounded QoQ with improvement in shopper trafficFrasers Property Ltd (FPL SP)   3Q22 Business Updates – Robust I&amp;L leasing activity, retail and hospitality picking up in pace

ASEAN Builder's Scoop (10Aug22) - PREIT New Rental Term Underpins Growth

<ul><li><a href="https://www.smartkarma.com/entities/parkway-life-reit" target="_blank" data-smartkarma-citation="entities:13422" rel="noopener">Parkway Life REIT (PREIT SP)</a> 1Q22 Business updates – Occupancy remains healthy; Trading at sub 3% yield</li><li><span style="font-size: var(--content-font-size);">EC North Gaia by <a href="https://www.smartkarma.com/entities/sing-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3498" rel="noopener">Sing Holdings (SING SP)</a> saw ~27% take-up rate with S$1,250+psf price</span></li><li><span style="font-size: var(--content-font-size);"><a href="https://www.smartkarma.com/entities/wee-hur-holdings-ltd" target="_blank" data-smartkarma-citation="entities:5653" rel="noopener">Hur Holdings (WHUR SP)</a> divests 49.9% stake in Australia PBSA portfolio</span></li></ul>

Parkway Life REIT (PREIT SP) 1Q22 Business updates – Occupancy remains healthy; Trading at sub 3% yieldEC North Gaia by Sing Holdings (SING SP) saw ~27% take-up rate with S$1,250+psf priceHur Holdings (WHUR SP) divests 49.9% stake in Australia PBSA portfolio

ASEAN Builder's Scoop (25Apr22) - PREIT Trading at Sub 3% Yield

<ul><li><a href="https://www.smartkarma.com/entities/keppel-dc-reit" target="_blank" data-smartkarma-citation="entities:85" rel="noopener">Keppel DC REIT (KDCREIT SP)</a> 2H21 DPU +2.8% YoY; Rising portfolio valuations as Cap rates tighten in APAC</li><li><a href="https://www.smartkarma.com/entities/parkway-life-reit" target="_blank" data-smartkarma-citation="entities:13422" rel="noopener">Parkway Life REIT (PREIT SP)</a> Parkway Life REIT (PREIT SP) 4Q21 DPU came in flat; Consistently expensive but delivering stable results</li><li><a href="https://www.smartkarma.com/entities/capitaland-integrated-commercial-trust" target="_blank" data-smartkarma-citation="entities:105" rel="noopener">Capitaland Integrated Commercial Trust (CICT SP)</a> CapitaLand Integrated Commercial Trust (CICT SP) to sell JCube at &lt;4% yield; Received a 10yrs ROFR on the potential redevelopment of the site  </li></ul>

Keppel DC REIT (KDCREIT SP) 2H21 DPU +2.8% YoY; Rising portfolio valuations as Cap rates tighten in APACParkway Life REIT (PREIT SP) Parkway Life REIT (PREIT SP) 4Q21 DPU came in flat; Consistently expensive but delivering stable resultsCapitaland Integrated Commercial Trust (CICT SP) CapitaLand Integrated Commercial Trust (CICT SP) to sell JCube at &lt;4% yield; Received a 10yrs ROFR on the potential redevelopment of the site  

ASEAN Builder's Scoop (25Jan22) - KDCREIT Rising Portfolio Valuations

Singapore

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.

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Parkway Life REIT (PREIT SP)

ASEAN Builder's Scoop (21Sep22) - PREIT Buys 2 Japan Nursing Home, No Impact on DPU/NTA

Hotel operators geared up for F1 wkd; AMEREIT to acquire 3 Johor props from Sponsor; DILD reached 33% of FY22 mktg sales target

SCCM Asia Research

ASEAN Builder's Scoop (14Sep22) - AREIT Buys SG Cold Storage Facility, +0.56% DPU Accretion

PREIT expands into Japan nursing home; GLS tenders received fewer bids; Condo resale prices marched higher in Aug22; TRCB inks 3 land acq in 2022

SCCM Asia Research

ASEAN Builder's Scoop (10Aug22) - PREIT New Rental Term Underpins Growth

LMRT gradual rebound in occupancy; FPL robust I&L, retail & hospitality picking up pace; MEG strong 1H22 earnings; DILD-Mitbana JV to develop resi...

SCCM Asia Research

ASEAN Builder's Scoop (25Apr22) - PREIT Trading at Sub 3% Yield

EC North Gaia going for S$1,250+psf; WHUR divests Aus PBSA portfolio; 1Q22 office rents +1.6% QoQ ; 1Q22 retail rents -0.4% QoQ; Villar group plans...

SCCM Asia Research

ASEAN Builder's Scoop (25Jan22) - KDCREIT Rising Portfolio Valuations

PREIT consistently pricey as results stable; CICT sells JCube at <4% yield; FLT divests CSE at ~2.5% yield; YLLG sells out Shanghai project; SPALI...

SCCM Asia Research

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