Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/haw-par-corp-ltd" target="_blank" data-smartkarma-citation="entities:9898:1" rel="noopener">Haw Par Corp (HPAR SP)</a></strong> is trading around multi-year trough levels on an implied stub valuation, and on an HPAR/<strong><a href="https://www.smartkarma.com/entities/uol-group-ltd" target="_blank" data-smartkarma-citation="entities:142:1" rel="noopener">UOL Group (UOL SP)</a></strong> ratio.</li>
<li>Preceding my comments on HPAR are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Haw Par Corp (HPAR SP) is trading around multi-year trough levels on an implied stub valuation, and on an HPAR/UOL Group (UOL SP) ratio.
Preceding my comments on HPAR are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


<ul>
<li>Last November I highlighted <strong><a href="https://www.smartkarma.com/entities/haw-par-corp-ltd" target="_blank" data-smartkarma-citation="entities:9898:1" rel="noopener">Haw Par Corp (HPAR SP)</a></strong>'s multi-year trough levels on an implied stub valuation, and on an HPAR/<strong><a href="https://www.smartkarma.com/entities/united-overseas-bank-ltd" target="_blank" data-smartkarma-citation="entities:113:1" rel="noopener">UOB (UOB SP)</a> </strong>ratio.</li>
<li>That trade has panned out well as the ratio steadily increased. But it remains below the 200 MDA.</li>
<li>A recovery in Tiger Balm sales is expected in Haw Par's full-year results later this month.  UOB's financials, and <strong><a href="https://www.smartkarma.com/entities/uol-group-ltd" target="_blank" data-smartkarma-citation="entities:142:1" rel="noopener">UOL (UOL SP)</a></strong>'s, are also due out this month.</li>
</ul>


Last November I highlighted Haw Par Corp (HPAR SP)'s multi-year trough levels on an implied stub valuation, and on an HPAR/UOB (UOB SP) ratio.
That trade has panned out well as the ratio steadily increased. But it remains below the 200 MDA.
A recovery in Tiger Balm sales is expected in Haw Par's full-year results later this month.  UOB's financials, and UOL (UOL SP)'s, are also due out this month.


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/lendlease-global-commercial-reit" target="_blank" data-smartkarma-citation="entities:28292" rel="noopener">Lendlease Global Commercial REIT (LREIT SP)</a> 2H22 DPU +4.9% YoY; Rising cost of debt a concern despite solid operating metrics</li>
<li>
<a href="https://www.smartkarma.com/entities/chip-eng-seng-corp-ltd" target="_blank" data-smartkarma-citation="entities:6441" rel="noopener">Chip Eng Seng Corp (CHIP SP)</a> Chip Eng Seng  (CHIP SP) 1H22 net profit rose significantly on higher construction and hospitality performance</li>
<li>
<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> 1H22 adjusted net profit +35% YoY; Boosted by hotel operations</li>
</ul>



Lendlease Global Commercial REIT (LREIT SP) 2H22 DPU +4.9% YoY; Rising cost of debt a concern despite solid operating metrics

Chip Eng Seng Corp (CHIP SP) Chip Eng Seng  (CHIP SP) 1H22 net profit rose significantly on higher construction and hospitality performance

Singapore Land Group (SPLG SP) 1H22 adjusted net profit +35% YoY; Boosted by hotel operations


ASEAN Builder's Scoop (8Aug22) - LREIT Rising Cost of Debt

<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

<h2>Singapore</h2><h3>SREITs results in a glance (see detailed spreadsheet and calendar attached)</h3><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/238/244/original/image_50824297521635443513931.png?1635443517" class="editor-image img-responsive" data-smartkarma-image-id="238244"></figure><h3><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> 1H22 DPU +5.3% YoY; Reversions turning positive, VivoCity on track for a recovery play</h3><ul><li>1H22 revenue and NPI increased by 11.5% and 10.7% YoY, respectively, to S$243.7m (47.9% of BB est.) and S$189.9m (51.4% of BB est.), mainly due to lower rental rebates as well as compensation received from a pre-terminated lease at mTower.</li></ul>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached)Mapletree Commercial Trust (MCT SP) 1H22 DPU +5.3% YoY; Reversions turning positive, VivoCity on track for a recovery play1H22 revenue and NPI increased by 11.5% and 10.7% YoY, respectively, to S$243.7m (47.9% of BB est.) and S$189.9m (51.4% of BB est.), mainly due to lower rental rebates as well as compensation received from a pre-terminated lease at mTower.

Singapore

Singapore Land Group Limited operates as a real estate company. The Company develops and invests in properties, and provides property management, information technology, development management and consultancy services, as well as trades in computers and related products, and invests in hotels and retail centers. Singapore Land Group serves clients in Singapore.

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Singapore Land Group (SPLG SP)

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ASEAN Builder's Scoop (8Aug22) - LREIT Rising Cost of Debt

SMPH reopening play buoyed 2Q22 earnings; ALI lowers capex and launches; MREIT to acquire PHP20bn office in FY22E. SPLG SP 1H22 adjusted net profit...

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 (28Oct21)

MCT reversions turning positive; AIT declining occupancies; KORE robust double-digit reversions; UOL/SPLG JV won Watten Estate en-bloc; Phils...

SCCM Asia Research

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