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/mapletree-logistics-trust" target="_blank" data-smartkarma-citation="entities:16035" rel="noopener">Mapletree Logistics Trust (MLT SP)</a> 1Q23 DPU +5.0% YoY; Robust DPU growth and reversions number </li><li><a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> 1Q23 Business Updates – FW recovery continues</li><li><a href="https://www.smartkarma.com/entities/capitaland-integrated-commercial-trust" target="_blank" data-smartkarma-citation="entities:105" rel="noopener">Capitaland Integrated Commercial Trust (CICT SP)</a> , <a href="https://www.smartkarma.com/entities/link-reit" target="_blank" data-smartkarma-citation="entities:872" rel="noopener">Link REIT (823 HK)</a>, <a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670" rel="noopener">Frasers Property Ltd (FPL SP)</a> competing for NTUC's S$4bn shopping malls</li></ul>

Mapletree Logistics Trust (MLT SP) 1Q23 DPU +5.0% YoY; Robust DPU growth and reversions number Mapletree North Asia Commercial Trust (MAGIC SP) 1Q23 Business Updates – FW recovery continuesCapitaland Integrated Commercial Trust (CICT SP) , Link REIT (823 HK), Frasers Property Ltd (FPL SP) competing for NTUC's S$4bn shopping malls

ASEAN Builder's Scoop (22Jul22) - MLT Robust Growth and Reversions

<ul>
<li>
<a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670" rel="noopener">Frasers Property Ltd (FPL SP)</a> to privatize Frasers Hospitality Trust (FHT SP) with S$0.700/unit cash offer</li>
<li>
<a href="https://www.smartkarma.com/entities/frasers-logistics-commercial-trust" target="_blank" data-smartkarma-citation="entities:22748" rel="noopener">Frasers Logistics &amp; Commercial Trust (FLT SP)</a> acquires 3 freehold L&amp;I properties in Australia for A$61m</li>
<li>
<a href="https://www.smartkarma.com/entities/lhn-ltd" target="_blank" data-smartkarma-citation="entities:27234" rel="noopener">LHN Ltd (LHN SP)</a> proposed a special dividend of ~S$0.15c/share</li>
</ul>



Frasers Property Ltd (FPL SP) to privatize Frasers Hospitality Trust (FHT SP) with S$0.700/unit cash offer

Frasers Logistics &amp; Commercial Trust (FLT SP) acquires 3 freehold L&amp;I properties in Australia for A$61m

LHN Ltd (LHN SP) proposed a special dividend of ~S$0.15c/share


ASEAN Builder's Scoop (13Jun22) - FHT Cash Privatisation Offer at S$0.700/Unit

<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

<ul><li>CapitaLand Development invests in 2 prime residential sites in Wuhan and Chengdu for CNY3.5bn</li><li><a href="https://www.smartkarma.com/entities/chip-eng-seng-corp-ltd" target="_blank" data-smartkarma-citation="entities:6441" rel="noopener">Chip Eng Seng Corp (CHIP SP)</a> plans to acquire minority interest in property at 8 Shenton Way</li><li><a href="https://www.smartkarma.com/entities/ara-logos-logistics-trust" target="_blank" data-smartkarma-citation="entities:937" rel="noopener">ARA LOGOS (ALLT SP)</a> to receive writ of summons amounting to S$8m</li></ul>

CapitaLand Development invests in 2 prime residential sites in Wuhan and Chengdu for CNY3.5bnChip Eng Seng Corp (CHIP SP) plans to acquire minority interest in property at 8 Shenton WayARA LOGOS (ALLT SP) to receive writ of summons amounting to S$8m

ASEAN Builder's Scoop (5Apr22) - Capitaland Development Invests CNY3.5bn in CHN

<ul><li><a href="https://www.smartkarma.com/entities/capitaland-integrated-commercial-trust" target="_blank" data-smartkarma-citation="entities:105" rel="noopener">Capitaland Integrated Commercial Trust (CICT SP)</a> proposes to acquire 70% interest in 79 Robinson Road; +2.9% accretion to DPU</li><li><a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670" rel="noopener">Frasers Property Ltd (FPL SP)</a> proposes JV participation and bridging loans for China land investments</li><li>Courts Nojima The Hereen sees Japanese furniture brand Nitori Retail opening first Singapore outlet</li></ul>

Capitaland Integrated Commercial Trust (CICT SP) proposes to acquire 70% interest in 79 Robinson Road; +2.9% accretion to DPUFrasers Property Ltd (FPL SP) proposes JV participation and bridging loans for China land investmentsCourts Nojima The Hereen sees Japanese furniture brand Nitori Retail opening first Singapore outlet

ASEAN Builder's Scoop (28Mar22) - CICT Buys 70% of 79 Robinson Rd

Singapore

Frasers Property is a multinational investor, developer, and operator of real estate products and services, spanning residential, retail, commercial, business parks, industrial, logistics, and hospitality sectors. The company develops, owns, and manages a diverse portfolio of properties globally, including serviced apartments and hotels, and sponsors real estate investment trusts. Headquartered in Singapore, the company was founded in 1963.

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Frasers Property (FPL SP)

ASEAN Builder's Scoop (22Jul22) - MLT Robust Growth and Reversions

MAGIC FW recovery continues; CICT/Link REIT/FPL vying for NTUC's mall assets; Non-landed luxury prop deals rose 64% YoY in 2Q22; CPN rolling out 50...

SCCM Asia Research

ASEAN Builder's Scoop (13Jun22) - FHT Cash Privatisation Offer at S$0.700/Unit

FLT buys AUS L&I prop for A$61m; LHN special dividend; FLI elevated office vacancies; SMRA evaluates project post KPK arrest; SSIA targets 80ha...

SCCM Asia Research

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

ASEAN Builder's Scoop (5Apr22) - Capitaland Development Invests CNY3.5bn in CHN

CHIP to acquire a min stake in 8 Shenton Way; ALLT receives S$8m writ of summons; WINGT divests Penang property for MYR17.5m; MSGB to launch...

SCCM Asia Research

ASEAN Builder's Scoop (28Mar22) - CICT Buys 70% of 79 Robinson Rd

CICT Buys 70% of 79 Robinson Rd; FPL China land investments; VLL files for VREIT IPO; FILTRT inline FY21 earnings; Phils resi prices rose further...

SCCM Asia Research

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