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

Mapletree North Asia Commercial Trust / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106:1" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> has introduced a new cash-only consideration of S$1.1949 per MNACT unit. The scheme meeting is at the end-May with an effective date of end-August. </li>
<li>
<a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a>/MNACT will continue to be able to pay permitted distributions – consensus 2HFY21/22 DPU of 3.57 cents to be paid in June.</li>
<li>Quarz Capital now supports the merger. Including potential permitted 2H MNACT DPU and at last close, the gross spread to the cash-only consideration is 0.9%. </li>
</ul>



Mapletree Commercial Trust (MCT SP) has introduced a new cash-only consideration of S$1.1949 per MNACT unit. The scheme meeting is at the end-May with an effective date of end-August. 

Mapletree North Asia Commercial Trust (MAGIC SP)/MNACT will continue to be able to pay permitted distributions – consensus 2HFY21/22 DPU of 3.57 cents to be paid in June.
Quarz Capital now supports the merger. Including potential permitted 2H MNACT DPU and at last close, the gross spread to the cash-only consideration is 0.9%. 


MCT and MNACT’s New Cash-Only Scheme Option Gets Quarz Onside

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

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2022-03/Capture_24.PNG' alt='Five trusts with 100% assets in China' />
 </figure>
 <div class='content-caption'>Five trusts with 100% assets in China</div>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
Listed on SGX are 4 S-Reits and 1 property trust with pure exposure to China. These trusts have assets across sub-sectors such as retail malls, logistics and industrial, and office and business parks based in China.

All 5 trusts have recorded stronger rental income and declared increases in distributions made to unitholders for full year 2021. Common themes across their full-year earnings were resilient portfolio occupancy rates, recovery in shopper footfalls and tenant sales, and contributions from acquisitions despite recent Covid-19 resurgences. 
CapitaLand China Trust (CLCT), which is diversified across 11 retail assets, five business parks and four logistics properties, reported 37.5 per cent higher FY2021 distribution per unit (DPU) and 85.2 per cent higher annual net property income (NPI) for the year. Increases were due to new contributions from its recently acquired logistics and business park portfolios, Rock Square and CapitaMall Nuohemule. 
CLCT noted better occupancy rate of 96.3 per cent in FY2021, alongside higher tenant sales and shopper traffic of 16.1 per cent and 9.3 per cent respectively despite mall closures and restrictions due to sporadic Covid-19 outbreaks.

Beyond retail malls, CLCT now has a combined 21.9 per cent exposure to new economy assets through its business park and logistics portfolio which registered 7.0 per cent and 2.7 per cent in rental reversion respectively in FY2021. CLCT is also the first S-Reit to secure a loan linked to the sustainability performance of a China portfolio. 
Sasseur REIT and its portfolio of four retail outlet malls posted 8.5 per cent growth in DPU and 10.1 per cent growth in entrusted management agreement (EMA) rental income in FY2021, despite COVID-19 disruptions. 
The Reit saw continued robust consumption trends in the cities where its outlets are located, coupled with intensive promotional efforts with tenants which drove higher sales. Its portfolio occupancy rate rose to 94.5 per cent in Q42021 compared to 93.7 per cent in Q32021. The Reit believes that it will continue to benefit from China's domestic consumption. 
EC World REIT (ECW) is a specialised logistics and e-commerce logistics REIT with eight properties in Hangzhou and Wuhan. The REIT recorded 12.7 per cent growth in NPI and 16.9 per cent increase in DPU, largely due to the absence of one-off rebates provided to tenants in FY2020. Its portfolio has an occupancy rate of 99.2 per cent as of 31 December 2021 and is diversified across three segments: e-commerce logistics (41.8 per cent of portfolio valuation), port logistics (40.5 per cent), and specialised logistics (17.8 per cent). 
On Jan 10, 2022, ECW received a formal notice in relation to the compulsory expropriation of Fu Zhuo Industrial and is entitled to receive compensation based on the expropriation valuation. The Reit does not expect the compulsory expropriation to have a material impact on its portfolio and Fu Zhuo Industrial accounts for under 1.5 per cent of its portfolio valuation and 1.6 per cent of its NPI in FY2021. 
BHG Retail REIT across its six retail malls reported increases of 14.9 per cent in NPI and 11.3 per cent in DPU for FY2021. The REIT noted that its malls continued to see healthy leasing demands with occupancy rate at 97.0 per cent as at 31 December 2021 alongside healthy retention rates. The REIT will remain cautious about risks of COVID-19 resurgence and continues to refresh its malls’ offerings to pursue growth opportunities. 
Dasin Retail Trust has a portfolio of seven retail malls and registered increases of 10.9 per cent in NPI and 32.5 per cent in DPU for FY2021. It maintains an occupancy rate of 93.9 per cent across a diversified tenant base with no single trade sector contributing over 25.0 per cent of its gross rental income. The Trust Manager also looks to source new expansion opportunities with its new strategic partner and major shareholder Sino-Ocean Capital. 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/pure-play-china-s-reits-record-strong-2021-growth-0">read </a>the original version.
</body></html>


      
    
    Five trusts with 100% assets in China


Listed on SGX are 4 S-Reits and 1 property trust with pure exposure to China. These trusts have assets across sub-sectors such as retail malls, logistics and industrial, and office and business parks based in China.

All 5 trusts have recorded stronger rental income and declared increases in distributions made to unitholders for full year 2021. Common themes across their full-year earnings were resilient portfolio occupancy rates, recovery in shopper footfalls and tenant sales, and contributions from acquisitions despite recent Covid-19 resurgences.  
CapitaLand China Trust (CLCT), which is diversified across 11 retail assets, five business parks and four logistics properties, reported 37.5 per cent higher FY2021 distribution per unit (DPU) and 85.2 per cent higher annual net property income (NPI) for the year. Increases were due to new contributions from its recently acquired logistics and business park portfolios, Rock Square and CapitaMall Nuohemule.  
CLCT noted better occupancy rate of 96.3 per cent in FY2021, alongside higher tenant sales and shopper traffic of 16.1 per cent and 9.3 per cent respectively despite mall closures and restrictions due to sporadic Covid-19 outbreaks.

Beyond retail malls, CLCT now has a combined 21.9 per cent exposure to new economy assets through its business park and logistics portfolio which registered 7.0 per cent and 2.7 per cent in rental reversion respectively in FY2021. CLCT is also the first S-Reit to secure a loan linked to the sustainability performance of a China portfolio.  
Sasseur REIT and its portfolio of four retail outlet malls posted 8.5 per cent growth in DPU and 10.1 per cent growth in entrusted management agreement (EMA) rental income in FY2021, despite COVID-19 disruptions.  
The Reit saw continued robust consumption trends in the cities where its outlets are located, coupled with intensive promotional efforts with tenants which drove higher sales. Its portfolio occupancy rate rose to 94.5 per cent in Q42021 compared to 93.7 per cent in Q32021. The Reit believes that it will continue to benefit from China's domestic consumption.  
EC World REIT (ECW) is a specialised logistics and e-commerce logistics REIT with eight properties in Hangzhou and Wuhan. The REIT recorded 12.7 per cent growth in NPI and 16.9 per cent increase in DPU, largely due to the absence of one-off rebates provided to tenants in FY2020. Its portfolio has an occupancy rate of 99.2 per cent as of 31 December 2021 and is diversified across three segments: e-commerce logistics (41.8 per cent of portfolio valuation), port logistics (40.5 per cent), and specialised logistics (17.8 per cent).  
On Jan 10, 2022, ECW received a formal notice in relation to the compulsory expropriation of Fu Zhuo Industrial and is entitled to receive compensation based on the expropriation valuation. The Reit does not expect the compulsory expropriation to have a material impact on its portfolio and Fu Zhuo Industrial accounts for under 1.5 per cent of its portfolio valuation and 1.6 per cent of its NPI in FY2021.  
BHG Retail REIT across its six retail malls reported increases of 14.9 per cent in NPI and 11.3 per cent in DPU for FY2021. The REIT noted that its malls continued to see healthy leasing demands with occupancy rate at 97.0 per cent as at 31 December 2021 alongside healthy retention rates. The REIT will remain cautious about risks of COVID-19 resurgence and continues to refresh its malls’ offerings to pursue growth opportunities.  
Dasin Retail Trust has a portfolio of seven retail malls and registered increases of 10.9 per cent in NPI and 32.5 per cent in DPU for FY2021. It maintains an occupancy rate of 93.9 per cent across a diversified tenant base with no single trade sector contributing over 25.0 per cent of its gross rental income. The Trust Manager also looks to source new expansion opportunities with its new strategic partner and major shareholder Sino-Ocean Capital.  REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - Pure-play China S-Reits record strong 2021 growth

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2022-03/Capture_20.PNG' alt='5 sreits with lower gearing ratios' />
 </figure>
 <div class='content-caption'>5 sreits with lower gearing ratios</div>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
The iEdge S-Reit Index declined 3 per cent in total returns in 2022 year to date (YTD), amid geopolitical escalations, macro uncertainty and increasing expectations of a potential rate hike.

Despite the decline, it remained one of the most defensive Reit indices globally, with the FTSE EPRA Nareit Developed Index declining 7 per cent during the same period.

Interest rates have always been a key driver for the sector, given the impact on yield spreads and borrowing costs. 
S-Reits have been actively managing their interest rate exposures.

On average, close to 75 per cent of S-Reits' current debts are entered directly in fixed rates or hedged through floating-to-fixed interest rate swaps.

S-Reits currently have an average gearing ratio of 37.4 per cent, based on latest company filings, well below the regulatory threshold of 50 per cent. 
This translates into approximately S$24.6 billion (based on Bloomberg data for total assets multiplied by company-reported gearing ratio) of potential debt headroom for the sector, to fund capital-intensive acquisitions. 
The five S-REITs that maintain the lowest gearing ratios are Sasseur REIT, Digital Core REIT, SPH REIT, IREIT Global and Lendlease Global Commercial REIT. Sasseur REIT reported a gearing of 26.1 per cent as of 31 Dec 2021, lowest amongst all S-REITs. 
The Reit noted that this demonstrated strong fundamentals of the portfolio as well as prudent capital management, with an expanded debt headroom to pursue potential acquisition opportunities.

With an average debt maturity of 1.2 years as at Dec 31, 2021, the Reit is actively exploring refinancing opportunities with a view to de-risk the current debt profile by staggering its debt maturity and amount.

Sasseur Reit posted FY2021 distribution per unit (DPU) of 7.104 Singapore cents, up 8.5 per cent year on year. The Reit's 4 outlets in China recorded total sales of almost 4.2 billion yuan in FY2021, representing a growth of 12.3 per cent year on year.

The Reit also observed continued robust consumption trends in the cities where its outlets are located, coupled with intensive promotional efforts in close collaboration with tenants which led to the higher sales.

Listed in 2021, Digital Core Reit is a pure-play data centre Reit with an initial public offering (IPO) portfolio of 10 quality freehold data centres located across the United States and Canada.

The Reit reported a gearing of 27 per cent as at IPO, noting ample debt headroom and potential to fuel outsized growth prospects.

In its FY2021 financial release, SPH Reit reported a gearing of 30.3 per cent with revolving credit facility lines of S$225 million undrawn as at Aug 31, 2021, providing ample debt headroom and additional liquidity if needed.

The Reit noted that its loans were refinanced in FY2021 at a lower interest rate, resulting in lower average cost of debt of 1.84 per cent, compared to 2.66 per cent in FY2020.

As at Nov 30, 2022, the Reit's average cost of debt is at 1.68 per cent and has a weighted average term to maturity of 2.7 years.  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-hedge-against-rising-interest-rates-0">read </a>the original version.
</body></html>


      
    
    5 sreits with lower gearing ratios


The iEdge S-Reit Index declined 3 per cent in total returns in 2022 year to date (YTD), amid geopolitical escalations, macro uncertainty and increasing expectations of a potential rate hike.

Despite the decline, it remained one of the most defensive Reit indices globally, with the FTSE EPRA Nareit Developed Index declining 7 per cent during the same period.

Interest rates have always been a key driver for the sector, given the impact on yield spreads and borrowing costs.  
S-Reits have been actively managing their interest rate exposures.

On average, close to 75 per cent of S-Reits' current debts are entered directly in fixed rates or hedged through floating-to-fixed interest rate swaps.

S-Reits currently have an average gearing ratio of 37.4 per cent, based on latest company filings, well below the regulatory threshold of 50 per cent.  
This translates into approximately S$24.6 billion (based on Bloomberg data for total assets multiplied by company-reported gearing ratio) of potential debt headroom for the sector, to fund capital-intensive acquisitions.  
The five S-REITs that maintain the lowest gearing ratios are Sasseur REIT, Digital Core REIT, SPH REIT, IREIT Global and Lendlease Global Commercial REIT. Sasseur REIT reported a gearing of 26.1 per cent as of 31 Dec 2021, lowest amongst all S-REITs.  
The Reit noted that this demonstrated strong fundamentals of the portfolio as well as prudent capital management, with an expanded debt headroom to pursue potential acquisition opportunities.

With an average debt maturity of 1.2 years as at Dec 31, 2021, the Reit is actively exploring refinancing opportunities with a view to de-risk the current debt profile by staggering its debt maturity and amount.

Sasseur Reit posted FY2021 distribution per unit (DPU) of 7.104 Singapore cents, up 8.5 per cent year on year. The Reit's 4 outlets in China recorded total sales of almost 4.2 billion yuan in FY2021, representing a growth of 12.3 per cent year on year.

The Reit also observed continued robust consumption trends in the cities where its outlets are located, coupled with intensive promotional efforts in close collaboration with tenants which led to the higher sales.

Listed in 2021, Digital Core Reit is a pure-play data centre Reit with an initial public offering (IPO) portfolio of 10 quality freehold data centres located across the United States and Canada.

The Reit reported a gearing of 27 per cent as at IPO, noting ample debt headroom and potential to fuel outsized growth prospects.

In its FY2021 financial release, SPH Reit reported a gearing of 30.3 per cent with revolving credit facility lines of S$225 million undrawn as at Aug 31, 2021, providing ample debt headroom and additional liquidity if needed.

The Reit noted that its loans were refinanced in FY2021 at a lower interest rate, resulting in lower average cost of debt of 1.84 per cent, compared to 2.66 per cent in FY2020.

As at Nov 30, 2022, the Reit's average cost of debt is at 1.68 per cent and has a weighted average term to maturity of 2.7 years.   REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - S-Reits hedge against rising interest rates

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2022-02/REIT%20watch.PNG' alt='SREITs' />
 </figure>
 <div class='content-caption'>SREITs</div>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
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.

 
</body></html>


      
    
    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

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/sasseur-reit" target="_blank" data-smartkarma-citation="entities:26807" rel="noopener">Sasseur REIT (SASSR SP)</a> 4Q21 DPU -1.8% YoY; Record high DPU despite retention, attractive 8.7% yield  </li><li><a href="https://www.smartkarma.com/entities/genting-singapore-ltd" target="_blank" data-smartkarma-citation="entities:439" rel="noopener">Genting Singapore (GENS SP)</a> RWS to start S$400m expansion in 2Q22</li><li>Property executives cites rising inflation and interest rates as major risks</li></ul>

Sasseur REIT (SASSR SP) 4Q21 DPU -1.8% YoY; Record high DPU despite retention, attractive 8.7% yield  Genting Singapore (GENS SP) RWS to start S$400m expansion in 2Q22Property executives cites rising inflation and interest rates as major risks

ASEAN Builder's Scoop (18Feb22) - SASSR Record High FY21 DPU

Singapore

Sasseur Real Estate Investment Trust (“Sasseur REIT”) is the first outlet REIT listed in Asia. Sasseur REIT’s property portfolio comprises four outlets with an estimated appraised value of RMB 8.5 billion and net lettable area of 310,241 square metres. The outlets are strategically located in the high-growth cities of Chongqing, Hefei and Kunming in China and well-positioned to ride on the growth of the rising spending power of the Chinese middle class.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Sasseur REIT (SASSR SP)

MCT and MNACT’s New Cash-Only Scheme Option Gets Quarz Onside

MCT has introduced a new cash-only consideration of S$1.1949 per MNACT unit, which Quarz considers fair. Including potential permitted 2H DPU, the...

Arun George

REIT Watch - Pure-play China S-Reits record strong 2021 growth

Listed on SGX are 4 S-Reits and 1 property trust with pure exposure to China. These trusts have assets across sub-sectors such...

Singapore Exchange Ltd (SGX)

REIT Watch - S-Reits hedge against rising interest rates

The iEdge S-Reit Index declined 3 per cent in total returns in 2022 year to date (YTD), amid geopolitical escalations, macro...

Singapore Exchange Ltd (SGX)

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)

ASEAN Builder's Scoop (18Feb22) - SASSR Record High FY21 DPU

RWS commences S$400m expansion; Interest rates risk highest among RE players; New hotel formed in former Lee Rubber building in KL; BSP keeps...

SCCM Asia Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)