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/manulife-us-reit" target="_blank" data-smartkarma-citation="entities:567" rel="noopener">Manulife US REIT (MUST) (MUST SP)</a> 2H21 DPU +1.5% YoY; 4Q21 -7.1% reversions a concern, further M&amp;As may hinge on fundraising efforts</li><li><a href="https://www.smartkarma.com/entities/ascendas-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:39" rel="noopener">Ascendas Real Estate Investment Trust (AREIT SP)</a> 2H21 DPU +2.4% YoY; Improved occupancy while reversions remain relatively robust</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> Jan22 contracted pre-sales rose 87.7% YoY</li></ul>

Manulife US REIT (MUST) (MUST SP) 2H21 DPU +1.5% YoY; 4Q21 -7.1% reversions a concern, further M&amp;As may hinge on fundraising effortsAscendas Real Estate Investment Trust (AREIT SP) 2H21 DPU +2.4% YoY; Improved occupancy while reversions remain relatively robustYanlord Land (YLLG SP) Jan22 contracted pre-sales rose 87.7% YoY

ASEAN Builder's Scoop (9Feb22) - MUST Weak 4Q21 Reversions a Concern

<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> 2H21 DPU +2.8% YoY; Rising portfolio valuations as Cap rates tighten in APAC</li><li><a href="https://www.smartkarma.com/entities/parkway-life-reit" target="_blank" data-smartkarma-citation="entities:13422" rel="noopener">Parkway Life REIT (PREIT SP)</a> Parkway Life REIT (PREIT SP) 4Q21 DPU came in flat; Consistently expensive but delivering stable results</li><li><a href="https://www.smartkarma.com/entities/capitaland-integrated-commercial-trust" target="_blank" data-smartkarma-citation="entities:105" rel="noopener">Capitaland Integrated Commercial Trust (CICT SP)</a> CapitaLand Integrated Commercial Trust (CICT SP) to sell JCube at &lt;4% yield; Received a 10yrs ROFR on the potential redevelopment of the site  </li></ul>

Keppel DC REIT (KDCREIT SP) 2H21 DPU +2.8% YoY; Rising portfolio valuations as Cap rates tighten in APACParkway Life REIT (PREIT SP) Parkway Life REIT (PREIT SP) 4Q21 DPU came in flat; Consistently expensive but delivering stable resultsCapitaland Integrated Commercial Trust (CICT SP) CapitaLand Integrated Commercial Trust (CICT SP) to sell JCube at &lt;4% yield; Received a 10yrs ROFR on the potential redevelopment of the site  

ASEAN Builder's Scoop (25Jan22) - KDCREIT Rising Portfolio Valuations

<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

<ul><li>DWS and Hines teams up to buy ramp-up industrial building for S$93.8m from Soilbuild</li><li>HDB resale flat in Bishan hits new record price of S$1.36m; million-dollar HDB transactions increases 3 times in 2021</li><li>Laguna noteholders to launch class-action suit against Peter Kwee</li></ul>

DWS and Hines teams up to buy ramp-up industrial building for S$93.8m from SoilbuildHDB resale flat in Bishan hits new record price of S$1.36m; million-dollar HDB transactions increases 3 times in 2021Laguna noteholders to launch class-action suit against Peter Kwee

ASEAN Builder's Scoop (7Jan22) - DWS/Hines Buys Soilbuild's Ramp-Up Facility

<ul><li><a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670" rel="noopener">Frasers Property Ltd (FPL SP)</a> providing bridging loan for land investments in China to a JV partner</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> raked in RMB5.075bn pre-sales with 100% sellout at Yanlord Arcadia Shanghai  </li><li>Cuscaden Peak to cover S$34m break fee if <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952" rel="noopener">Singapore Press Holdings (SPH SP)</a> shareholders vote down <a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12" rel="noopener">Keppel Corp (KEP SP)</a> offer</li></ul>

Frasers Property Ltd (FPL SP) providing bridging loan for land investments in China to a JV partnerYanlord Land (YLLG SP) raked in RMB5.075bn pre-sales with 100% sellout at Yanlord Arcadia Shanghai  Cuscaden Peak to cover S$34m break fee if Singapore Press Holdings (SPH SP) shareholders vote down Keppel Corp (KEP SP) offer

ASEAN Builder's Scoop (26Nov21) - FPL Provides Loan to China JV Partner

Singapore

Yanlord Land Group Ltd is a real estate development company. The Company develops high-end residential property projects in the Peoples Republic of China.

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Yanlord Land (YLLG SP)

ASEAN Builder's Scoop (9Feb22) - MUST Weak 4Q21 Reversions a Concern

MUST weak 4Q21 reversions a concern; AREIT improved occupancy and steady reversions; SG may levy prop-related wealth tax; ASII/HKL/Logos Indo...

SCCM Asia Research

ASEAN Builder's Scoop (25Jan22) - KDCREIT Rising Portfolio Valuations

PREIT consistently pricey as results stable; CICT sells JCube at <4% yield; FLT divests CSE at ~2.5% yield; YLLG sells out Shanghai project; SPALI...

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

ASEAN Builder's Scoop (7Jan22) - DWS/Hines Buys Soilbuild's Ramp-Up Facility

DWS/Hines buys Soilbuild's ramp-up facility; YLLG 2021 mrkt sales fell 24% YoY; Bishan HDB S$1.36m record price; LBS to launch MYR1.8bn projects in...

SCCM Asia Research

ASEAN Builder's Scoop (26Nov21) - FPL Provides Loan to China JV Partner

FPL provides loan to China JV partner; YLLG 100% take-up in Shanghai project; Phils Cebu office vacancy to expand; ALLHC seals deal with Newbie...

SCCM Asia Research

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