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> 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

<h2>Singapore</h2><h3>11 SREITs, 2 HK, 10 Australia, 3 Japan, 2 New Zealand, and 1 Sweden REITs are added into FTSE EPRA Nareit Global Developed Index</h3><p>The 11 SREITs included are AAREIT, ALLT, CERT, EREIT, FEHT, KORE, LREIT, OUECT, PRIME, SPHREIT, and SGREIT. The 2 HK REITs are Prosperity REIT and Sunlight REIT. On the FTSE EPRA Nareit Global Emerging Index, China’s Shenzhen Properties and Resources, India’s Brookfield India REIT, and Phils’s Ayala REIT is added into the index, while Malaysia’s KLCC Prop &amp; Reit and 4 other China entities (China Jinmao, China South City, Redco Properties, and Ronshine China) are excluded. Please email us if you’d like to see the full list.</p>

Singapore11 SREITs, 2 HK, 10 Australia, 3 Japan, 2 New Zealand, and 1 Sweden REITs are added into FTSE EPRA Nareit Global Developed IndexThe 11 SREITs included are AAREIT, ALLT, CERT, EREIT, FEHT, KORE, LREIT, OUECT, PRIME, SPHREIT, and SGREIT. The 2 HK REITs are Prosperity REIT and Sunlight REIT. On the FTSE EPRA Nareit Global Emerging Index, China’s Shenzhen Properties and Resources, India’s Brookfield India REIT, and Phils’s Ayala REIT is added into the index, while Malaysia’s KLCC Prop &amp; Reit and 4 other China entities (China Jinmao, China South City, Redco Properties, and Ronshine China) are excluded. Please email us if you’d like to see the full list.

<h2>Singapore</h2><h3><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> in talks with WeWork on proposed lease restructuring</h3><ul><li>Co-working space operator WeWork has approached PRIME with a proposal to restructure its lease at the latter's Class-A office property in California, and discussions are ongoing. The tenant occupies 56,977sqft within Tower I at Emeryville, out of the building's NLA of 222,606sqft. The tenant contributes less than 2.5% of PRIME's cash rental income as at end-Mar. It added that the tenant has been current on its rental obligations till mid-Jun21, and the lease terms are currently under evaluation</li><li>PRIME has called on the tenant to continue to meet its rental obligations, and also called upon the existing security package for the payment of such obligations. PRIME's security in relation to that WeWork lease consists of a combination of protections. If the counterparty honours its obligations, such protections will cover the tenant's monthly lease obligations through as much as end-2022. PRIME does not expect the matter to have any impact on the distribution per unit of PRIME for FY21, in light of the security. Based on the independent valuation sought, this will not materially affect the value of PRIME's portfolio as compared to the portfolio appraisal conducted as at last Dec.</li></ul>

SingaporePrime US REIT (PRIME SP) in talks with WeWork on proposed lease restructuringCo-working space operator WeWork has approached PRIME with a proposal to restructure its lease at the latter's Class-A office property in California, and discussions are ongoing. The tenant occupies 56,977sqft within Tower I at Emeryville, out of the building's NLA of 222,606sqft. The tenant contributes less than 2.5% of PRIME's cash rental income as at end-Mar. It added that the tenant has been current on its rental obligations till mid-Jun21, and the lease terms are currently under evaluationPRIME has called on the tenant to continue to meet its rental obligations, and also called upon the existing security package for the payment of such obligations. PRIME's security in relation to that WeWork lease consists of a combination of protections. If the counterparty honours its obligations, such protections will cover the tenant's monthly lease obligations through as much as end-2022. PRIME does not expect the matter to have any impact on the distribution per unit of PRIME for FY21, in light of the security. Based on the independent valuation sought, this will not materially affect the value of PRIME's portfolio as compared to the portfolio appraisal conducted as at last Dec.

ASEAN Builder's Scoop (18Jun21) - PRIME/WeWork Lease Restructuring

Indonesia

PT Lippo Cikarang Tbk operates in the industrial and real estate development activities.  Through its subsidiaries, the Company also provides public transportation and recreational services.

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Pt Lippo Cikarang (LPCK IJ)

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 (2Sep21)

11 SREITs included in FTSE EPRA NGD Index; Int'l Plaza collective sale; Singha focuses on high-end, low-rise projects; FILRT maiden divvy dist;...

SCCM Asia Research

ASEAN Builder's Scoop (18Jun21) - PRIME/WeWork Lease Restructuring

PRIME/WeWork lease restructuring; Park Hotel Mgmt winding up; IOIPG bidding for Marina View plot; LPCK mktg sales on track for FY21; BKK office...

SCCM Asia Research

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