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/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/lendlease-global-commercial-reit" target="_blank" data-smartkarma-citation="entities:28292" rel="noopener">Lendlease Global Commercial REIT (LREIT SP)</a> 1H22 DPU +2.6% YoY – Record high occupancy rate, rising cost of debt despite high level of hedging</li><li>Dec21 retail sales up 6.7% YoY driven by year-end multiple retail sectors; F&amp;B sales increased 7.4% YoY despite restrictions</li><li>Kheng Leong purchased Gilstead Road site for S$70m - Kheng Leong is paying S$70m for 2 bungalows in Gilstead Road with a total freehold land area of 43,457sqft. </li></ul>

Lendlease Global Commercial REIT (LREIT SP) 1H22 DPU +2.6% YoY – Record high occupancy rate, rising cost of debt despite high level of hedgingDec21 retail sales up 6.7% YoY driven by year-end multiple retail sectors; F&amp;B sales increased 7.4% YoY despite restrictionsKheng Leong purchased Gilstead Road site for S$70m - Kheng Leong is paying S$70m for 2 bungalows in Gilstead Road with a total freehold land area of 43,457sqft. 

ASEAN Builder's Scoop (7Feb22) - LREIT Record High Occupancy

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

<ul><li>Management reiterates its long-term focus on existing projects and recurring assets monetization, also pushes pre-sales from Tangerang.</li><li>Incorporating risks of weaker market demand amid volatility, we trimmed our FY25/26F pre-sales by -11%/-12% to Rp4.05/4.19tr.</li><li>Maintain Buy on SMRA with an unchanged disc.to RNAV-based TP of Rp800; LT prospects lie on its end-users targeted product offerings.</li></ul>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.

Management reiterates its long-term focus on existing projects and recurring assets monetization, also pushes pre-sales from Tangerang.Incorporating risks of weaker market demand amid volatility, we trimmed our FY25/26F pre-sales by -11%/-12% to Rp4.05/4.19tr.Maintain Buy on SMRA with an unchanged disc.to RNAV-based TP of Rp800; LT prospects lie on its end-users targeted product offerings.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.

Summarecon Agung (SMRA.IJ) Lowering Our FY25F Pre-Sales By -11%

<ul><li>SMRA’s robust 9M24 results were primarily driven by the mixes of product handover from pre-sales during 3Q22-2Q23. </li><li>We lower our FY24-26F pre-sales target by 6-11% and adjust revenue recognition schedule, leading to a downward FY25-26F NP by 4-5%. </li><li>We maintain our Buy rating with a lower TP of Rp800, as we assigned a higher disc. to RNAV to incorporate a weaker pre-sales outlook.</li></ul>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.

SMRA’s robust 9M24 results were primarily driven by the mixes of product handover from pre-sales during 3Q22-2Q23. We lower our FY24-26F pre-sales target by 6-11% and adjust revenue recognition schedule, leading to a downward FY25-26F NP by 4-5%. We maintain our Buy rating with a lower TP of Rp800, as we assigned a higher disc. to RNAV to incorporate a weaker pre-sales outlook.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.

Summarecon Agung - Soft Pre-Sales but Remains a Bargain in the Sector

<ul><li>SMRA’s 1H24 pre-sales of Rp1.72tr only formed 34% of its FY24F target, yet we deem this expected as it aims to backload sales in 2H24.</li><li>We estimate a one-off tax expenses of ~Rp600bn from the recent transfer of Kelapa Gading assets.</li><li>We maintain our Buy rating with TP of Rp1,000 (73% disc to RNAV) on SMRA’s attractive and strategically-located projects</li></ul>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.

SMRA’s 1H24 pre-sales of Rp1.72tr only formed 34% of its FY24F target, yet we deem this expected as it aims to backload sales in 2H24.We estimate a one-off tax expenses of ~Rp600bn from the recent transfer of Kelapa Gading assets.We maintain our Buy rating with TP of Rp1,000 (73% disc to RNAV) on SMRA’s attractive and strategically-located projectsContent 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.

Indonesia

Summarecon Agung is a major Indonesian property developer specializing in integrated township development, encompassing residential, commercial, and mixed-use properties. The company also engages in investment property, including shopping malls, and leisure and hospitality businesses such as hotels and sports clubs. It was founded in 1975 and is headquartered in Jakarta, Indonesia.

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Summarecon Agung (SMRA IJ)

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 (7Feb22) - LREIT Record High Occupancy

Dec21 retail sales robust +6.7% YoY, +2.3% MoM; Kheng Leong buys Gilstead Rd site for S$70m; SMRA/LPKR targets >IDR5tn mktg sales in FY22; HOUSE...

SCCM Asia Research