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><strong>Inline 4Q21 results</strong>: 4Q21 revenue and NPI rose by 8.2% and 5.9% YoY (1.2% and 0.8% QoQ) to S$31.9m and S$28.8m, respectively, mainly due to strengthening of RMB (4.4% YoY) and positive straight line adjustments.</li><li><strong>Robust Port and E-Commerce Logistics</strong>: On a QoQ basis, revenues from Port Logistics and E-Commerce Logistics segments have remained robust, increasing for seven consecutive quarters, largely due to embedded step-up rents and the strengthening RMB. Meanwhile, Specialized Logistics’s performance has stabilized with revenue turned slightly +ve QoQ (+1.6%).</li><li><strong>Potentially lower interest cost</strong>: ECWREIT is currently in discussion with lenders to refinance ~S$708m of loans (~98% of loans outstanding) that will be due in FY22E. <div><div><ul style="list-style-type: none;"><li> </li></ul></div></div></li></ul></div></div></div></div>

Inline 4Q21 results: 4Q21 revenue and NPI rose by 8.2% and 5.9% YoY (1.2% and 0.8% QoQ) to S$31.9m and S$28.8m, respectively, mainly due to strengthening of RMB (4.4% YoY) and positive straight line adjustments.Robust Port and E-Commerce Logistics: On a QoQ basis, revenues from Port Logistics and E-Commerce Logistics segments have remained robust, increasing for seven consecutive quarters, largely due to embedded step-up rents and the strengthening RMB. Meanwhile, Specialized Logistics’s performance has stabilized with revenue turned slightly +ve QoQ (+1.6%).Potentially lower interest cost: ECWREIT is currently in discussion with lenders to refinance ~S$708m of loans (~98% of loans outstanding) that will be due in FY22E.  

EC World REIT - DI Retention Has Been Ceased

EC World Reit

EC World REIT - DI Retention Has Been Ceased