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>AEW acquires Westgate Tower for S$2,200psf; Parkview Square at Bugis under exclusive DD for S$2,700psf</li><li>Condo resale prices rise for 22nd straight month in May22; Jumping 0.3% MoM</li><li><a href="https://www.smartkarma.com/entities/far-east-orchard-ltd" target="_blank" data-smartkarma-citation="entities:9875" rel="noopener">Far East Orchard (FEOR SP)</a> made 4th investment in student hostel in Bristol</li></ul>

AEW acquires Westgate Tower for S$2,200psf; Parkview Square at Bugis under exclusive DD for S$2,700psfCondo resale prices rise for 22nd straight month in May22; Jumping 0.3% MoMFar East Orchard (FEOR SP) made 4th investment in student hostel in Bristol

ASEAN Builder's Scoop (15Jun22) - AEW Buys Westgate Tower, Parkview Square Under DD

<ul><li>SingHaiyi Group (SHG) places S$1.28bn top bid for Dunman site; <a href="https://www.smartkarma.com/entities/uol-group-ltd" target="_blank" data-smartkarma-citation="entities:142" rel="noopener">UOL Group (UOL SP)</a> - <a href="https://www.smartkarma.com/entities/singapore-land-group-ltd" target="_blank" data-smartkarma-citation="entities:12891" rel="noopener">Singapore Land Group (SPLG SP)</a>  won Pine Grove (A) site</li><li>Chinese national buys 20 units at CanningHill Piers for ~S$85m; 92% total units are now snapped</li><li>Warehouses occupancy and rents likely to rise in tandem with oil prices</li></ul>

SingHaiyi Group (SHG) places S$1.28bn top bid for Dunman site; UOL Group (UOL SP) - Singapore Land Group (SPLG SP)  won Pine Grove (A) siteChinese national buys 20 units at CanningHill Piers for ~S$85m; 92% total units are now snappedWarehouses occupancy and rents likely to rise in tandem with oil prices

ASEAN Builder's Scoop (3Jun22) - SHG Won Dunman Site

<ul><li><a href="https://www.smartkarma.com/entities/metro-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7401" rel="noopener">Metro Holdings (METRO SP)</a> 2H22 net profit fell 68% YoY due to impairment losses from China; Invested 10% stake in DocMed Technology</li><li>Bukit Sembawang Estates (BS SP) 2H22 net profit tumbles 75% YoY; Proposed a total dividend of S$16c/share</li><li><a href="https://www.smartkarma.com/entities/robinsons-land-corp" target="_blank" data-smartkarma-citation="entities:8831" rel="noopener">Robinsons Land Co (RLC PM)</a> digesting 1Q22 earnings, a hit and miss (Regina Capital)</li></ul>

Metro Holdings (METRO SP) 2H22 net profit fell 68% YoY due to impairment losses from China; Invested 10% stake in DocMed TechnologyBukit Sembawang Estates (BS SP) 2H22 net profit tumbles 75% YoY; Proposed a total dividend of S$16c/shareRobinsons Land Co (RLC PM) digesting 1Q22 earnings, a hit and miss (Regina Capital)

ASEAN Builder's Scoop (30May22) - METRO Invested 10% in DocMed

<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> 1Q22 DPU +0.2% YoY; Occupancy reaching record high of 98.7% but growth stalls</li><li><a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> 2H22 DPU +2.8% YoY; Reversions improving but in-place restrictions cap upside again in FW  </li><li><a href="https://www.smartkarma.com/entities/keppel-pacific-oak-us-reit" target="_blank" data-smartkarma-citation="entities:25988" rel="noopener">Keppel Pacific Oak US REIT (KORE SP)</a> 1Q22 Business Updates – Declining reversions with steady occupancy</li></ul>

Keppel DC REIT (KDCREIT SP) 1Q22 DPU +0.2% YoY; Occupancy reaching record high of 98.7% but growth stallsMapletree North Asia Commercial Trust (MAGIC SP) 2H22 DPU +2.8% YoY; Reversions improving but in-place restrictions cap upside again in FW  Keppel Pacific Oak US REIT (KORE SP) 1Q22 Business Updates – Declining reversions with steady occupancy

ASEAN Builder's Scoop (20Apr22) - KDCREIT Growth Stalls Despite High Occ

<ul><li><a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934" rel="noopener">ESR-REIT (EREIT SP)</a> to undertake a BTS redevelopment work at 21B Senoko Loop</li><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> auditor flags material uncertainty, raising doubts on ability as a going concern</li><li>Ascott targets to sign 150 lyf Co-living properties by 2030</li></ul>

ESR-REIT (EREIT SP) to undertake a BTS redevelopment work at 21B Senoko LoopDasin Retail Trust (DASIN SP) auditor flags material uncertainty, raising doubts on ability as a going concernAscott targets to sign 150 lyf Co-living properties by 2030

ASEAN Builder's Scoop (12Apr22) - EREIT BTS Redevelopment at 21B Senoko Loop

Philippines

Robinsons Land Corporation invests in and develops real estate. The Company develops residential housing and commercial real estate and operates shopping malls and hotels.

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Robinsons Land Co (RLC PM)

ASEAN Builder's Scoop (15Jun22) - AEW Buys Westgate Tower, Parkview Square Under DD

Condo resale price rose again in May22; FEOR expands PBSA in Bristol; Russians led condo revival in Phuket; MER-RLC partners to boost capacity

SCCM Asia Research

ASEAN Builder's Scoop (3Jun22) - SHG Won Dunman Site

UOL-SPLG Won Pine Grove (A) Site; CanningHill Piers 92% sold; Warehouse rents rising in tandem with oil; MICE full recovery by 2025; RLC, VLL bond...

SCCM Asia Research

ASEAN Builder's Scoop (30May22) - METRO Invested 10% in DocMed

BS 2H22 Earnings Tumbled 75% YoY; RLC 1Q earnings a hit and miss; MREIT mulls PHP15bn asset infusion; DILD 1Q22 earnings fell into red

SCCM Asia Research

ASEAN Builder's Scoop (20Apr22) - KDCREIT Growth Stalls Despite High Occ

MAGIC challenges remain at FW; KORE declining reversions; Perfect Ten condo cuts prices; IMF sees Phils growing faster in 2022

SCCM Asia Research

ASEAN Builder's Scoop (12Apr22) - EREIT BTS Redevelopment at 21B Senoko Loop

DASIN auditor flags material uncertainty; Ascott targets 150 lyf signing by 2030; CBD office rents rose 1.5% QoQ in 1Q22; AXRB buys Johor logistics

SCCM Asia Research

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