Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

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.

Research from SooChow CSSD Capital Markets (Asia)

SooChow CSSD Capital Markets (Asia)

Equity Bottom-Up

<div><div><div><div><ul><li>Solid set of results-  3Q22 revenue grew by 14.5% YoY to S$36.8m and 3Q22 NPI jumped 14.8% YoY to S$27.1m.</li></ul><div><div><div><ul><li>Rising occupancy rate and +ve rent reversions-  6.1% of portfolio NLA had secured new leases and renewal leases with overall rent reversion at +0.2% in 3Q22 (+2.1% in 2Q22) and higher occupancy rate at 97.6% in 3Q22 (2Q22: 97.3%).</li></ul><div><div><div><div><ul><li>Lower share of fixed-rate debts- The share of fixed-rate debts has declined to 57% and ~90% of total debts will mature during FY24-27E.</li></ul></div></div></div></div></div></div></div></div></div></div></div>

Solid set of results-  3Q22 revenue grew by 14.5% YoY to S$36.8m and 3Q22 NPI jumped 14.8% YoY to S$27.1m.Rising occupancy rate and +ve rent reversions-  6.1% of portfolio NLA had secured new leases and renewal leases with overall rent reversion at +0.2% in 3Q22 (+2.1% in 2Q22) and higher occupancy rate at 97.6% in 3Q22 (2Q22: 97.3%).Lower share of fixed-rate debts- The share of fixed-rate debts has declined to 57% and ~90% of total debts will mature during FY24-27E.

AIMS APAC REIT (AAREIT SP) - On a Solid Organic Growth Path