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/lhn-ltd" target="_blank" data-smartkarma-citation="entities:27234" rel="noopener">LHN Ltd (LHN SP)</a> acquires Pasir Panjang property for S$30m for its Co-living portfolio expansion</li><li><a href="https://www.smartkarma.com/entities/guocoland-ltd" target="_blank" data-smartkarma-citation="entities:17467" rel="noopener">GuocoLand (GUOL SP)</a> Lentor Modern condo sold 84% of total units at launch weekend for ~S$1,850-2,550psf</li><li><a href="https://www.smartkarma.com/entities/straits-trading-co-ltd" target="_blank" data-smartkarma-citation="entities:15745" rel="noopener">Straits Trading (STRTR SP)</a> acquires remaining 20% stake in Australian trust for S$60m</li></ul>

LHN Ltd (LHN SP) acquires Pasir Panjang property for S$30m for its Co-living portfolio expansionGuocoLand (GUOL SP) Lentor Modern condo sold 84% of total units at launch weekend for ~S$1,850-2,550psfStraits Trading (STRTR SP) acquires remaining 20% stake in Australian trust for S$60m

ASEAN Builder's Scoop (19Sep22) - LHN Buys Co-Living Pasir Panjang Property

<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

<ul><li><a href="https://www.smartkarma.com/entities/vgo-corp-ltd" target="_blank" data-smartkarma-citation="entities:20687" rel="noopener">Hatten Land (HATT SP)</a> to rebrand Melaka mall into e-sports hub</li><li>KPMG moves to Asia Square Tower 2; ByteDance in negotiations to lease space in Capital Tower</li><li>East Village strata owners band together to sell their units for S$83m</li></ul>

Hatten Land (HATT SP) to rebrand Melaka mall into e-sports hubKPMG moves to Asia Square Tower 2; ByteDance in negotiations to lease space in Capital TowerEast Village strata owners band together to sell their units for S$83m

ASEAN Builder's Scoop (14Apr22) - HATT Rebrands Melaka Mall into E-Sports Hub

<ul><li><a href="https://www.smartkarma.com/entities/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889" rel="noopener">Cromwell European REIT (CERT SP)</a> minimal Exposure to Tenant-Customers with business relations to Russia</li><li>PropertyGuru to be listed on NYSE via a SPAC merger; Expects to be adjusted EBITDA positive in FY22</li><li>SREITs index remains defensive with relatively low 37.4% gearing and high level of hedging </li></ul>

Cromwell European REIT (CERT SP) minimal Exposure to Tenant-Customers with business relations to RussiaPropertyGuru to be listed on NYSE via a SPAC merger; Expects to be adjusted EBITDA positive in FY22SREITs index remains defensive with relatively low 37.4% gearing and high level of hedging 

ASEAN Builder's Scoop (14Mar22) - CERT Min Exposure to Russia-Ukraine Conflict

<ul><li>CapitaLand Development (CLD) divests Hanoi office building for S$751m; robust 34% IRR achieved</li><li>Perennial Holdings to redevelop former Caldecott Broadcast Centre into 15 99yr leasehold GCB plots</li><li><a href="https://www.smartkarma.com/entities/yanlord-land-group-ltd" target="_blank" data-smartkarma-citation="entities:14152" rel="noopener">Yanlord Land (YLLG SP)</a> sold out in a Shanghai Project launch; Achieved RMB4bn in pre-sales</li></ul>

CapitaLand Development (CLD) divests Hanoi office building for S$751m; robust 34% IRR achievedPerennial Holdings to redevelop former Caldecott Broadcast Centre into 15 99yr leasehold GCB plotsYanlord Land (YLLG SP) sold out in a Shanghai Project launch; Achieved RMB4bn in pre-sales

ASEAN Builder's Scoop (21Jan22) - CLD Divests Hanoi Office, Closed Fund with 34% IRR

Singapore

Hatten Land Limited operates as a property developer. The Company develops malls, hotels, and residential properties. Hatten Land serves customers in Singapore and Malaysia.

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Hatten Land (HATT SP)

ASEAN Builder's Scoop (19Sep22) - LHN Buys Co-Living Pasir Panjang Property

GUOL sold 84% of Lentor Modern at launch wkd; STRTR acq 20% stake in Aus Trust; MREIT below IPO price boosting yield appeal

SCCM Asia Research

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

ASEAN Builder's Scoop (14Apr22) - HATT Rebrands Melaka Mall into E-Sports Hub

KPMG moves to Asia Square Tower 2 and ByteDance talks with Capital Tower; East Village to sell units for S$83m; JRPT buys back IDR100bn; Ascott...

SCCM Asia Research

ASEAN Builder's Scoop (14Mar22) - CERT Min Exposure to Russia-Ukraine Conflict

PropertyGuru ready for NYSE listing; SREIT defensive with ~37% gearing; AREIT readies PHP11.3bn asset infusion; Ovialand IPO listing in Jun22

SCCM Asia Research

ASEAN Builder's Scoop (21Jan22) - CLD Divests Hanoi Office, Closed Fund with 34% IRR

Perennial developing leasehold GCB plots; YLLG sold out Shanghai project; Mitsui opening LaLaport BBCC mall in KL; ADCP launching mass-transiy resi...

SCCM Asia Research

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