External broker reports(aggregated public sources), RHB Invest

RHB Invest

External broker reports(aggregated public sources)

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients. 

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Equity Bottom-Up

<ul><li>ESR-LOGOS REIT is still on track to divest a portfolio of Singapore assets, with proceeds likely for the purchase of newer logistics assets from its sponsor.</li><li>ESR-LOGOS REIT's share price has underperformed year-to-date, mainly due to a pre-emptive fundraising that has resulted in a temporary earnings dilution.</li><li>However, this strengthened its balance sheet against an uncertain macro backdrop.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

ESR-LOGOS REIT is still on track to divest a portfolio of Singapore assets, with proceeds likely for the purchase of newer logistics assets from its sponsor.ESR-LOGOS REIT's share price has underperformed year-to-date, mainly due to a pre-emptive fundraising that has resulted in a temporary earnings dilution.However, this strengthened its balance sheet against an uncertain macro backdrop.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ESR-LOGOS REIT - Asset Rejuvenation In Progress; BUY

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)

<div><div><div><div><ul><li>FY21 results inline: 2H21 Revenue and NPI grew 4.5% and 2.8% YoY to S$121.4m and S$86.3m, respectively, while 2H21 DPU was flattish at -0.6% YoY to S$1.433c.</li></ul><div><div><div><ul><li>QoQ improvements in operating metrics: Overall occupancy was up 0.8pp QoQ to 92% in 4Q21, while rent reversion was +3%.</li></ul><div><div><div><div><ul><li>New acquisition opportunities in sight; AEIs on track</li></ul></div></div></div></div></div></div></div></div></div></div></div>

FY21 results inline: 2H21 Revenue and NPI grew 4.5% and 2.8% YoY to S$121.4m and S$86.3m, respectively, while 2H21 DPU was flattish at -0.6% YoY to S$1.433c.QoQ improvements in operating metrics: Overall occupancy was up 0.8pp QoQ to 92% in 4Q21, while rent reversion was +3%.New acquisition opportunities in sight; AEIs on track

Esr-Reit - Steady Performance with New Acquisitions in Sight

<div><div><div><div><ul><li>Revising up our estimates on robust operating metrics. We raised our occupancy and passing rent estimates by 2.6 pp and 1.7% YoY to 93.7% and S$1.85psf pm in FY22E</li></ul><div><div><div><ul><li>Positive on the proposed merger with ALLT. We believe EREIT’s shareholder should vote in favour of the merger</li></ul><div><div><div><div><ul><li>Reiterate BUY; Upgrade TP to S$0.54/unit: We have priced-in latest developments including higher occupancy and passing rents, AEI and lower cost of funding.</li></ul></div></div></div></div></div></div></div></div></div></div></div>

Revising up our estimates on robust operating metrics. We raised our occupancy and passing rent estimates by 2.6 pp and 1.7% YoY to 93.7% and S$1.85psf pm in FY22EPositive on the proposed merger with ALLT. We believe EREIT’s shareholder should vote in favour of the mergerReiterate BUY; Upgrade TP to S$0.54/unit: We have priced-in latest developments including higher occupancy and passing rents, AEI and lower cost of funding.

ESR-REIT: Robust Performance; Pending Merger Approval

Singapore

ESR-REIT is a real estate investment trust that invests in and manages a diversified portfolio of income-producing industrial properties. These properties include logistics, high-specifications industrial, business parks, and general industrial assets across Singapore, Australia, and Japan. The company is headquartered in Singapore and was founded in 2006.

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ESR-REIT (EREIT SP)

ESR-LOGOS REIT - Asset Rejuvenation In Progress; BUY

ESR-LOGOS REIT is still on track to divest a portfolio of Singapore assets, with proceeds likely for the purchase of newer logistics assets from...

RHB Invest

Esr-Reit - Steady Performance with New Acquisitions in Sight

DPU grew 6.7% YoY to S$2.987c in FY21, forming 99% of our FY forecast. Portfolio occupancy rose by 0.8pp QoQ to 92%, while rent reversion was +3%...

SCCM Asia Research

ESR-REIT: Robust Performance; Pending Merger Approval

Robust performance; Pending merger approval. We raised our TP to S$0.54/unit as we expect operating metrics to remain robust in FY22E.

SCCM Asia Research

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