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/lhn-ltd" target="_blank" data-smartkarma-citation="entities:27234" rel="noopener">LHN Ltd (LHN SP)</a> 1H22 PATMI +117.4% YoY; More Co-living properties will be launched in 2H22</li><li><a href="https://www.smartkarma.com/entities/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> 1Q22 DPU -9.7% YoY; Timing difference in pre-termination compensation received</li><li><a href="https://www.smartkarma.com/entities/oue-commercial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:912" rel="noopener">OUE Commercial REIT (OUECT SP)</a> 1Q22 Business Updates – RevPAR recovery appears slow and Commercial occupancy remains flattish at low 90%</li></ul>

LHN Ltd (LHN SP) 1H22 PATMI +117.4% YoY; More Co-living properties will be launched in 2H22EC World Reit (ECWREIT SP) 1Q22 DPU -9.7% YoY; Timing difference in pre-termination compensation receivedOUE Commercial REIT (OUECT SP) 1Q22 Business Updates – RevPAR recovery appears slow and Commercial occupancy remains flattish at low 90%

ASEAN Builder's Scoop (13May22) - LHN Co-Living Bearing Fruits

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPOs front, Campus Activewear got great coverage, while Rainbow and Shieldus appear to be struggling.</li>
<li>There were no large placements, apart from a selldown in <a href="https://www.smartkarma.com/entities/areit-ayalaland-reit" target="_blank" data-smartkarma-citation="entities:28856:1" rel="noopener">Areit (AyalaLand REIT) (AREIT PM)</a> and a friends and family round in <a href="https://www.smartkarma.com/entities/zhongyuan-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:24139:1" rel="noopener">Zhongyuan Bank (1216 HK)</a>.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPOs front, Campus Activewear got great coverage, while Rainbow and Shieldus appear to be struggling.
There were no large placements, apart from a selldown in Areit (AyalaLand REIT) (AREIT PM) and a friends and family round in Zhongyuan Bank (1216 HK).


ECM Weekly (2nd May 22) - LIC, Shieldus, One Store, Campus, Rainbow, Kakao Pay, Uju, GoTo, Zhongyuan

<ul><li><a href="https://www.smartkarma.com/entities/uol-group-ltd" target="_blank" data-smartkarma-citation="entities:142" rel="noopener">UOL Group (UOL SP)</a> plans to launch Ang Mo Kio Avenue 1 in Jun22</li><li><a href="https://www.smartkarma.com/entities/mandarin-oriental-intl-ltd" target="_blank" data-smartkarma-citation="entities:4773" rel="noopener">Mandarin Oriental Intl (MAND SP)</a> narrows FY21 loss to US$141.4m; 1H22 remains in red despite global travel improvements</li><li>Rising interest in Shophouses and boutique commercial spaces along East Coast Road</li></ul>

UOL Group (UOL SP) plans to launch Ang Mo Kio Avenue 1 in Jun22Mandarin Oriental Intl (MAND SP) narrows FY21 loss to US$141.4m; 1H22 remains in red despite global travel improvementsRising interest in Shophouses and boutique commercial spaces along East Coast Road

ASEAN Builder's Scoop (4Mar21) - UOL Launching AMK Ave 1 in Jun22

<ul><li>SCCM | <a href="https://www.smartkarma.com/entities/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> – DI retention has been ceased (BUY; TP S$0.85/Unit)</li><li><a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57" rel="noopener">City Developments (CIT SP)</a> commits to Taronga Ventures for its environment tech fund</li><li><a href="https://www.smartkarma.com/entities/okh-global-ltd" target="_blank" data-smartkarma-citation="entities:9157" rel="noopener">Okh Global Ltd (OKH SP)</a> divests holdings in 2 companies at a loss to pay down debt</li></ul>

SCCM | EC World Reit (ECWREIT SP) – DI retention has been ceased (BUY; TP S$0.85/Unit)City Developments (CIT SP) commits to Taronga Ventures for its environment tech fundOkh Global Ltd (OKH SP) divests holdings in 2 companies at a loss to pay down debt

ASEAN Builder's Scoop (3Mar22) - ECWREIT DI Retention Has Been Ceased

<ul><li><a href="https://www.smartkarma.com/entities/lhn-ltd" target="_blank" data-smartkarma-citation="entities:27234" rel="noopener">LHN Ltd (LHN SP)</a> opens 2 new hotels under Co-living Coliwoo brand in Katong; On track to open 3 more by end-2022</li><li>SC Capital Partners launches pan-Asian Data Centre platform, SC Zeus Data Centers</li><li>PropertyGuru FY21 revenue rose 22.7% YoY; Targets FY22 revenue to grow a further +44% YoY</li></ul>

LHN Ltd (LHN SP) opens 2 new hotels under Co-living Coliwoo brand in Katong; On track to open 3 more by end-2022SC Capital Partners launches pan-Asian Data Centre platform, SC Zeus Data CentersPropertyGuru FY21 revenue rose 22.7% YoY; Targets FY22 revenue to grow a further +44% YoY

ASEAN Builder's Scoop (2Mar22) - LHN Opens 2 Co-Living Hotels in Katong Area

Philippines

Ayala Land is the largest property developer in the Philippines with a track record in developing large-scale, integrated, mixed-use, and sustainable estates. It offers a balanced and complementary mix of residential developments, shopping centers, offices, hotels and resorts, construction, property management and strategic investments.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ayala Land Inc (ALI PM)

ASEAN Builder's Scoop (13May22) - LHN Co-Living Bearing Fruits

ECWREIT timing difference in compensation; OUECT recovery appears slow; UHU min leasing risk; FPL boosted invt props; SMPH reopening play for malls

SCCM Asia Research

ECM Weekly (2nd May 22) - LIC, Shieldus, One Store, Campus, Rainbow, Kakao Pay, Uju, GoTo, Zhongyuan

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

ASEAN Builder's Scoop (4Mar21) - UOL Launching AMK Ave 1 in Jun22

MAND remains in red despite improvements; Rising shophouses interest in East Coast; ALI plans PHP100bn new launches; Phils expect Feb21 CPI rising...

SCCM Asia Research

ASEAN Builder's Scoop (3Mar22) - ECWREIT DI Retention Has Been Ceased

ECWREIT DI Retention Has Been Ceased; CIT commits to environment tech fund; ALI plans PHP100bn projects in 2022; HOUSE robust affordable housing...

SCCM Asia Research

ASEAN Builder's Scoop (2Mar22) - LHN Opens 2 Co-Living Hotels in Katong Area

SC Cap Partners launches DC platform; ALI FY21 earnings boosted by property dev't; ORI looks to spin off 3 subs in 2022-24; SPSB plans MYR4bn new...

SCCM Asia Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)