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>Results ahead of our estimates: 2H22 revenue grew by 18.9% YoY to S$77.1m and 2H22 NPI jumped 16.6% YoY to S$55.5m.</li></ul><div><div><div><ul><li>Robust rent reversions and occupancy: ~5.9% of portfolio NLA secured new and renewal leases with overall rent reversions at +14.9% (+0.2% in 3Q22) and stable occupancy rate of 97.6% in 4Q22 (3Q22: 97.6%).</li></ul><div><div><div><div><ul><li>Utility cost manageable; Debt sufficiently hedged: Portfolio leases have been structured in a way that utility costs are passed through to tenants, and hence mgmt.</li></ul></div></div></div></div></div></div></div></div></div></div></div>

Results ahead of our estimates: 2H22 revenue grew by 18.9% YoY to S$77.1m and 2H22 NPI jumped 16.6% YoY to S$55.5m.Robust rent reversions and occupancy: ~5.9% of portfolio NLA secured new and renewal leases with overall rent reversions at +14.9% (+0.2% in 3Q22) and stable occupancy rate of 97.6% in 4Q22 (3Q22: 97.6%).Utility cost manageable; Debt sufficiently hedged: Portfolio leases have been structured in a way that utility costs are passed through to tenants, and hence mgmt.

AIMS APAC REIT

Aims Apac Reit - Steady Growth Ahead