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/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> FY22 DPU +0.4% YoY; Losing growth momentum as reversions flatten</li><li><a href="https://www.smartkarma.com/entities/keppel-reit" target="_blank" data-smartkarma-citation="entities:192" rel="noopener">Keppel REIT (KREIT SP)</a> 1Q22 Business Updates – Riding on higher signing rents</li><li><a href="https://www.smartkarma.com/entities/sabana-industrial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:911" rel="noopener">Sabana Industrial REIT (SSREIT SP)</a> 1Q22 Business Updates – Steady as she goes; Second major AEI plan underway  </li></ul>

Mapletree Commercial Trust (MCT SP) FY22 DPU +0.4% YoY; Losing growth momentum as reversions flattenKeppel REIT (KREIT SP) 1Q22 Business Updates – Riding on higher signing rentsSabana Industrial REIT (SSREIT SP) 1Q22 Business Updates – Steady as she goes; Second major AEI plan underway  

ASEAN Builder's Scoop (21Apr22) - MCT Losing Growth Momentum

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

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The Straits Times Index (STI) gained more than 5 per cent in the 2022 year to date (YTD) till Feb 24, while the iEdge S-Reit Index declined close to 4 per cent during the same period amid expectations of rate hikes.

During last week's Thursday (Feb 24) session after Russia's announcement of a military operation in Ukraine, the STI and iEdge S-Reit Index dipped more than 3 per cent and close to 2 per cent respectively. Despite the decline, the STI maintained its position as one of the best performing indices globally in 2022.

Similarly, the iEdge S-Reit Index is also one of the most resilient Reit benchmarks this year, outperforming the FTSE EPRA Nareit Developed Index which declined more than 8 per cent in the 2022 YTD till Feb 24. 
S-REITs with positive total returns during this period include Suntec REIT (8.9 per cent), Sabana Industrial REIT (5.9 per cent), CapitaLand Integrated Commercial Trust (3.6 per cent), Far East Hospitality Trust (1.7 per cent), Keppel REIT (1.7 per cent), Ascott Residence Trust (1.7 per cent), First REIT (0.5 per cent) and ARA US Hospitality Trust (0.4 per cent), while Sasseur REIT and Daiwa House Logistics Trust returned flat for the period. 
Retail investors continued to drive fund flow activities in the S-Reits and property trusts sector, accumulating net retail inflows of S$350 million in the 2022 YTD till Feb 24, while institutional investors have seen net outflows of S$250 million for the sector.

However, during Thursday's session, the S-Reits sector garnered more than S$30 million of net inflows from institutional investors. 
S-REITs which saw the most net institutional inflows during this session include – CapitaLand Integrated Commercial Trust (+S$14 million), Ascendas REIT (+S$6 million), Suntec REIT (+S$5 million), Mapletree Industrial Trust (+S$4 million) and Mapletree North Asia Commercial Trust (+S$3 million). 
The S-Reits' earnings season is largely complete, with optimistic outlook and improving distribution per unit (DPU) a common theme.

CapitaLand Integrated Commercial Trust posted distributable income of S$675 million for the full year FY21, an increase of more than 80 per cent from FY20's distributable income of S$369 million. The trust remains optimistic about its outlook for 2022, noting that its portfolio valuation as at end-2021 improved 3.5 per cent year on year, signifying an improving outlook for Singapore's retail and office market.

Suntec Reit reported its full year FY21 results last month and announced a DPU of 8.666 cents, which was 17 per cent higher than its FY20 DPU. The increase in DPU was a result of higher distribution income, driven by contributions from the 2 newly acquired assets in London and higher income from Suntec City Mall.

The Reit noted that the recovery of retail business at Suntec City Mall has been encouraging with December 2021 tenant sales exceeding that of December 2019.

ARA US Hospitality Trust, which reported its full year FY21 results last week, posted distributable income of US$2.0 million. This follows from reporting no distributable income in FY20.

The trust saw continued strong recovery in the US hospitality industry in H2 2021, riding on the success of a widespread vaccination programme and the reopening of the markets across the country.  REIT Watch is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/green-shoots-for-retail-and-hospitality-s-reits-amid-new-pandemic-phase"> </a><a href="https://www.businesstimes.com.sg/companies-markets/s-reits-remain-optimistic-about-2022-growth-0">read</a><a href="https://www.businesstimes.com.sg/companies-markets/green-shoots-for-retail-and-hospitality-s-reits-amid-new-pandemic-phase"> </a>the original version.

 
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    SREITs


The Straits Times Index (STI) gained more than 5 per cent in the 2022 year to date (YTD) till Feb 24, while the iEdge S-Reit Index declined close to 4 per cent during the same period amid expectations of rate hikes.

During last week's Thursday (Feb 24) session after Russia's announcement of a military operation in Ukraine, the STI and iEdge S-Reit Index dipped more than 3 per cent and close to 2 per cent respectively. Despite the decline, the STI maintained its position as one of the best performing indices globally in 2022.

Similarly, the iEdge S-Reit Index is also one of the most resilient Reit benchmarks this year, outperforming the FTSE EPRA Nareit Developed Index which declined more than 8 per cent in the 2022 YTD till Feb 24.  
S-REITs with positive total returns during this period include Suntec REIT (8.9 per cent), Sabana Industrial REIT (5.9 per cent), CapitaLand Integrated Commercial Trust (3.6 per cent), Far East Hospitality Trust (1.7 per cent), Keppel REIT (1.7 per cent), Ascott Residence Trust (1.7 per cent), First REIT (0.5 per cent) and ARA US Hospitality Trust (0.4 per cent), while Sasseur REIT and Daiwa House Logistics Trust returned flat for the period.  
Retail investors continued to drive fund flow activities in the S-Reits and property trusts sector, accumulating net retail inflows of S$350 million in the 2022 YTD till Feb 24, while institutional investors have seen net outflows of S$250 million for the sector.

However, during Thursday's session, the S-Reits sector garnered more than S$30 million of net inflows from institutional investors.  
S-REITs which saw the most net institutional inflows during this session include – CapitaLand Integrated Commercial Trust (+S$14 million), Ascendas REIT (+S$6 million), Suntec REIT (+S$5 million), Mapletree Industrial Trust (+S$4 million) and Mapletree North Asia Commercial Trust (+S$3 million).  
The S-Reits' earnings season is largely complete, with optimistic outlook and improving distribution per unit (DPU) a common theme.

CapitaLand Integrated Commercial Trust posted distributable income of S$675 million for the full year FY21, an increase of more than 80 per cent from FY20's distributable income of S$369 million. The trust remains optimistic about its outlook for 2022, noting that its portfolio valuation as at end-2021 improved 3.5 per cent year on year, signifying an improving outlook for Singapore's retail and office market.

Suntec Reit reported its full year FY21 results last month and announced a DPU of 8.666 cents, which was 17 per cent higher than its FY20 DPU. The increase in DPU was a result of higher distribution income, driven by contributions from the 2 newly acquired assets in London and higher income from Suntec City Mall.

The Reit noted that the recovery of retail business at Suntec City Mall has been encouraging with December 2021 tenant sales exceeding that of December 2019.

ARA US Hospitality Trust, which reported its full year FY21 results last week, posted distributable income of US$2.0 million. This follows from reporting no distributable income in FY20.

The trust saw continued strong recovery in the US hospitality industry in H2 2021, riding on the success of a widespread vaccination programme and the reopening of the markets across the country.   REIT Watch is a weekly column on The Business Times, read the original version.

 



REIT Watch - S-Reits remain optimistic about 2022 growth

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>Under the revised scheme consideration, each <a href="https://www.smartkarma.com/entities/ara-logos-logistics-trust" target="_blank" data-smartkarma-citation="entities:937:1" rel="noopener">ARA LOGOS (ALLT SP)</a> unitholder will receive S$0.097 in cash and 1.7729 new <a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934:1" rel="noopener">ESR-REIT (EREIT SP)</a> units at an issue price of S$0.4924.</li>
<li>The IFA considers the revised scheme consideration to be fair. We think that IFA’s valuation approach is broadly sound with some areas for improvement. </li>
<li>We think that the revised offer is reasonable. For a 28 April payment date, the gross and annualised spread is 2.9% and 18.2%, respectively. </li>
</ul>


Under the revised scheme consideration, each ARA LOGOS (ALLT SP) unitholder will receive S$0.097 in cash and 1.7729 new ESR-REIT (EREIT SP) units at an issue price of S$0.4924.
The IFA considers the revised scheme consideration to be fair. We think that IFA’s valuation approach is broadly sound with some areas for improvement. 
We think that the revised offer is reasonable. For a 28 April payment date, the gross and annualised spread is 2.9% and 18.2%, respectively. 


ARA LOGOS/ESR-REIT Scheme Meeting on 21 March, IFA Opinion

CDL Hospitality Trusts / Equity Bottom-Up

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<html><body>Singapore continues to lead the Asia ex-Japan region as the largest REIT exchange traded fund (ETF) market following the listing of CSOP iEdge S-REIT Leaders ETF and the UOB APAC Green REIT ETF on the Singapore Exchange last year. 
Together with the two new listings, the 5 Singapore-listed Reit ETFs now have combined assets under management (AUM) of close to S$800 million, which has more than doubled since January 2020. 
The 2 ETFs with 100 per cent focus on S-REITs – Lion-Phillip S-REIT ETF and CSOP iEdge S-REIT Leaders ETF – recorded a combined AUM of S$353 million while the other three ETFs which offer Asia and Asia Pacific exposure – NikkoAM-StraitsTrading Asia Ex Japan REIT ETF, Phillip SGX APAC Dividend Leaders REIT ETF and UOB Asia Pacific (APAC) Green REIT ETF – recorded S$437 million of combined AUM. 
Retail investors, which net bought (note that net buy/sell amount is derived by subtracting total sell amount from total buy amount) over S$1 billion of S-Reits in 2021, have been a key driver of the overall S-Reits sector fund flow activities. 
Since the start of 2022, retail investors continue to net buy S-Reits, accumulating more than S$350 million in net retail inflows in the year to date. 
Similarly, the 5 Reit ETFs have seen 24 consecutive months of net buys by retail investors. 
In January 2022, retail investors net bought S$15 million of Reit ETFs from the secondary market, the largest amount seen over the last 24 months. 
Retail investors are active holders of Reit ETFs and are holding 43 per cent of the combined AUM across the 5 Reit ETFs (as of Jan 2022). 
Aside from direct cash investments, retail investors may also invest in Singapore-listed Reit ETFs via the Supplementary Retirement Scheme (SRS) and the CPF investment scheme (CPFIS). The NikkoAM-StraitsTrading Asia ex Japan Reit ETF was included under CPFIS in November 2021. 
In terms of sector performance, the FTSE ST Reit Index declined close to 2 per cent in the 2022 year to date till Feb 10, amid increasing expectations of a potential rate hike. 
The index yield spread (difference between risk-free rate and FTSE ST Reit Index's dividend yield) stands at 402bps, which is close to the average yield spread over the last 10 years. 
While interest rates gyration may potentially narrow the yield spread, fundamental factors such as macro-economic recovery and reopening may also have a positive impact on dividend yields. 
The 5 best performing Reits in the 2022 year to date include - Suntec Reit (+6.8 per cent), Sabana Industrial Reit (+4.8 per cent), Ascott Residence Trust (+4.6 per cent), Keppel Reit (+4.4 per cent) and CDL Hospitality Trusts (+4.3 per cent). REIT Watch is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/retail-interest-picks-up-in-s-reit-etfs"> read </a>the original version.</body></html>


      
    
    Buy sell activities 

Singapore continues to lead the Asia ex-Japan region as the largest REIT exchange traded fund (ETF) market following the listing of CSOP iEdge S-REIT Leaders ETF and the UOB APAC Green REIT ETF on the Singapore Exchange last year.  
Together with the two new listings, the 5 Singapore-listed Reit ETFs now have combined assets under management (AUM) of close to S$800 million, which has more than doubled since January 2020.  
The 2 ETFs with 100 per cent focus on S-REITs – Lion-Phillip S-REIT ETF and CSOP iEdge S-REIT Leaders ETF – recorded a combined AUM of S$353 million while the other three ETFs which offer Asia and Asia Pacific exposure – NikkoAM-StraitsTrading Asia Ex Japan REIT ETF, Phillip SGX APAC Dividend Leaders REIT ETF and UOB Asia Pacific (APAC) Green REIT ETF – recorded S$437 million of combined AUM.  
Retail investors, which net bought (note that net buy/sell amount is derived by subtracting total sell amount from total buy amount) over S$1 billion of S-Reits in 2021, have been a key driver of the overall S-Reits sector fund flow activities.  
Since the start of 2022, retail investors continue to net buy S-Reits, accumulating more than S$350 million in net retail inflows in the year to date.  
Similarly, the 5 Reit ETFs have seen 24 consecutive months of net buys by retail investors.  
In January 2022, retail investors net bought S$15 million of Reit ETFs from the secondary market, the largest amount seen over the last 24 months.  
Retail investors are active holders of Reit ETFs and are holding 43 per cent of the combined AUM across the 5 Reit ETFs (as of Jan 2022).  
Aside from direct cash investments, retail investors may also invest in Singapore-listed Reit ETFs via the Supplementary Retirement Scheme (SRS) and the CPF investment scheme (CPFIS). The NikkoAM-StraitsTrading Asia ex Japan Reit ETF was included under CPFIS in November 2021.  
In terms of sector performance, the FTSE ST Reit Index declined close to 2 per cent in the 2022 year to date till Feb 10, amid increasing expectations of a potential rate hike.  
The index yield spread (difference between risk-free rate and FTSE ST Reit Index's dividend yield) stands at 402bps, which is close to the average yield spread over the last 10 years.  
While interest rates gyration may potentially narrow the yield spread, fundamental factors such as macro-economic recovery and reopening may also have a positive impact on dividend yields.  
The 5 best performing Reits in the 2022 year to date include - Suntec Reit (+6.8 per cent), Sabana Industrial Reit (+4.8 per cent), Ascott Residence Trust (+4.6 per cent), Keppel Reit (+4.4 per cent) and CDL Hospitality Trusts (+4.3 per cent).  REIT Watch is a weekly column on The Business Times, read the original version.


REIT Watch - Retail interest picks up in S-Reit ETFs

Sabana Industrial REIT / Equity Bottom-Up

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SPH REIT kicked off the current financial reporting season for S-REITs on 7 Jan 2022 with the release of its first quarter (ended 30 Nov 2021) business update. This was followed by Sabana Industrial Trust, which reported its second half and full year (ended 31 Dec 2021) financial results on 20 Jan 2022. 
Another 25 S-Reits have also confirmed that they will unveil results or business updates between Jan 24 and Feb 23 for their respective period ended Dec 31, 2021. Among them, 16 S-Reits would be reporting full-year financial results, 4 would be reporting first-half or third-quarter financial results, and another 5 would be providing quarterly business updates.

SPH Reit, in its Q1 FY2022 business update, reiterated its strategy to remain focused on maintaining high occupancy and generating sustainable cash flow while working in partnership with tenants. The Reit's portfolio occupancy rates maintained at 98.8 per cent for the quarter while portfolio weighted average lease expiry (WALE) improved to 5.5 years by net lettable area (NLA) and 2.9 years by gross rental income (GRI) from FY2021's WALE of 5.4 years by NLA and 2.7 years by GRI. 
The Reit remains cautiously optimistic despite the developments surrounding the Omicron variant. It noted resilient tenants' sales in Q1 FY2022 for its Singapore portfolio despite restrictions on dining-in. Occupancy rates for its Singapore portfolio also improved to 99.8 per cent from 98.9 per cent in Q4 FY2021, in line with its strategy of maintaining high occupancy and stabilised cashflow.

Sabana Industrial Reit (Sabana) reported a 14.4 per cent year-on-year increase in gross revenue for H2 FY2021, mainly due to higher occupancy rates from several properties across the portfolio. Net property income (NPI) also rose 10.4 per cent year on year on the higher revenue.

For the full year, the Reit's revenue and NPI increased 14.2 per cent and 16.4 per cent year on year respectively, compared to FY2020. This translated to a full year distribution per unit (DPU) of 3.05 cents, a 10.5 per cent year-on-year increase. 
The Reit manager noted that its focus on attracting tenants in expansionary sectors has led to the continued onboarding of companies from the electronics, healthcare, data centre, and logistics sectors in FY2021. Sabana's overall occupancy rate as at Dec 31, 2021 was 85.4 per cent, up from 76.5 per cent as at Dec 31, 2020 and the highest since 2018. During the year, Sabana announced the removal of its syariah compliance requirement to provide the Reit with access to more diversified funding sources and to enable it to appeal to a wider pool of tenants for its next phase of growth.  REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/full-steam-ahead-for-s-reits-earnings-season">read </a>the original version.
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    Schedule of expected S-Reits earnings or business updates


SPH REIT kicked off the current financial reporting season for S-REITs on 7 Jan 2022 with the release of its first quarter (ended 30 Nov 2021) business update. This was followed by Sabana Industrial Trust, which reported its second half and full year (ended 31 Dec 2021) financial results on 20 Jan 2022.  
Another 25 S-Reits have also confirmed that they will unveil results or business updates between Jan 24 and Feb 23 for their respective period ended Dec 31, 2021. Among them, 16 S-Reits would be reporting full-year financial results, 4 would be reporting first-half or third-quarter financial results, and another 5 would be providing quarterly business updates.

SPH Reit, in its Q1 FY2022 business update, reiterated its strategy to remain focused on maintaining high occupancy and generating sustainable cash flow while working in partnership with tenants. The Reit's portfolio occupancy rates maintained at 98.8 per cent for the quarter while portfolio weighted average lease expiry (WALE) improved to 5.5 years by net lettable area (NLA) and 2.9 years by gross rental income (GRI) from FY2021's WALE of 5.4 years by NLA and 2.7 years by GRI.  
The Reit remains cautiously optimistic despite the developments surrounding the Omicron variant. It noted resilient tenants' sales in Q1 FY2022 for its Singapore portfolio despite restrictions on dining-in. Occupancy rates for its Singapore portfolio also improved to 99.8 per cent from 98.9 per cent in Q4 FY2021, in line with its strategy of maintaining high occupancy and stabilised cashflow.

Sabana Industrial Reit (Sabana) reported a 14.4 per cent year-on-year increase in gross revenue for H2 FY2021, mainly due to higher occupancy rates from several properties across the portfolio. Net property income (NPI) also rose 10.4 per cent year on year on the higher revenue.

For the full year, the Reit's revenue and NPI increased 14.2 per cent and 16.4 per cent year on year respectively, compared to FY2020. This translated to a full year distribution per unit (DPU) of 3.05 cents, a 10.5 per cent year-on-year increase.  
The Reit manager noted that its focus on attracting tenants in expansionary sectors has led to the continued onboarding of companies from the electronics, healthcare, data centre, and logistics sectors in FY2021. Sabana's overall occupancy rate as at Dec 31, 2021 was 85.4 per cent, up from 76.5 per cent as at Dec 31, 2020 and the highest since 2018. During the year, Sabana announced the removal of its syariah compliance requirement to provide the Reit with access to more diversified funding sources and to enable it to appeal to a wider pool of tenants for its next phase of growth.   REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - Full steam ahead for S-Reits' earnings season

Singapore

Sabana Industrial Real Estate Investment Trust is a real estate investment trust. The Trust focuses on investments in income-producing real estate used for industrial purposes in Asia, as well as real estate-related assets, in line with Sabana investment principles.

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Sabana Industrial REIT (SSREIT SP)

ASEAN Builder's Scoop (21Apr22) - MCT Losing Growth Momentum

KREIT riding on higher signing rents; SSREIT second major AEI plan underway; LHN seeks clear indentity with logistics spinoff; FILRT occupancy to...

SCCM Asia Research

REIT Watch - S-Reits remain optimistic about 2022 growth

The Straits Times Index (STI) gained more than 5 per cent in the 2022 year to date (YTD) till Feb 24, while the iEdge S-Reit...

Singapore Exchange Ltd (SGX)

ARA LOGOS/ESR-REIT Scheme Meeting on 21 March, IFA Opinion

ARA Logos and ESR-REIT merger scheme meeting is set for 21 March. The IFA considers the revised scheme consideration to be fair. For a 28 April...

Arun George

REIT Watch - Retail interest picks up in S-Reit ETFs

Singapore continues to lead the Asia ex-Japan region as the largest REIT exchange traded fund (ETF) market following the listing...

Singapore Exchange Ltd (SGX)

REIT Watch - Full steam ahead for S-Reits' earnings season

SPH REIT kicked off the current financial reporting season for S-REITs on 7 Jan 2022 with the release of its first quarter...

Singapore Exchange Ltd (SGX)

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