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/suntec-reit" target="_blank" data-smartkarma-citation="entities:151" rel="noopener">Suntec REIT (SUN SP)</a> 1Q22 DPU +16.9% YoY; Reversions improving as retail rebounded</li><li><a href="https://www.smartkarma.com/entities/capitaland-china-trust" target="_blank" data-smartkarma-citation="entities:8859" rel="noopener">CapitaLand China Trust (CLCT SP)</a> 1Q22 Business Updates – New Economy assets cushioned weakness in Retail</li><li><a href="https://www.smartkarma.com/entities/ascendas-india-trust" target="_blank" data-smartkarma-citation="entities:935" rel="noopener">Ascendas India Trust (AIT SP)</a> 1Q22 Business Updates – Slowing reversions though occupancy remains steady at 87%</li></ul>

Suntec REIT (SUN SP) 1Q22 DPU +16.9% YoY; Reversions improving as retail reboundedCapitaLand China Trust (CLCT SP) 1Q22 Business Updates – New Economy assets cushioned weakness in RetailAscendas India Trust (AIT SP) 1Q22 Business Updates – Slowing reversions though occupancy remains steady at 87%

ASEAN Builder's Scoop (26Apr22) - SUN Retail Rebound Boosts Growth

<ul><li><a href="https://www.smartkarma.com/entities/united-hampshire-us-reit" target="_blank" data-smartkarma-citation="entities:28874" rel="noopener">United Hampshire US REIT (UHU SP)</a> revises price downward on proposed divestment of 2 self-storage properties</li><li>New private home sales rose 24% MoM in Mar22; Take-up rate remains robust at ~212% though on a downward trend</li><li><a href="https://www.smartkarma.com/entities/sm-prime-holdings-inc" target="_blank" data-smartkarma-citation="entities:89" rel="noopener">Sm Prime Holdings (SMPH PM)</a> allots PHP80bn for FY22 capex (Regina Capital)</li></ul>

United Hampshire US REIT (UHU SP) revises price downward on proposed divestment of 2 self-storage propertiesNew private home sales rose 24% MoM in Mar22; Take-up rate remains robust at ~212% though on a downward trendSm Prime Holdings (SMPH PM) allots PHP80bn for FY22 capex (Regina Capital)

ASEAN Builder's Scoop (19Apr22) - UHU Revises Price Downwards on 2 Divestments

<ul><li><a href="https://www.smartkarma.com/entities/yanlord-land-group-ltd" target="_blank" data-smartkarma-citation="entities:14152" rel="noopener">Yanlord Land (YLLG SP)</a> Mar22 contracted pre-sales rose 0.8% YoY; 1Q22 presales down 11.4% YoY </li><li><a href="https://www.smartkarma.com/entities/las-vegas-sands-corp" target="_blank" data-smartkarma-citation="entities:807" rel="noopener">Las Vegas Sands (LVS US)</a> given one more year to begin construction of its S$4.5bn Marina Bay Sands extension</li><li><a href="https://www.smartkarma.com/entities/capitaland-investment-ltd-si" target="_blank" data-smartkarma-citation="entities:33774" rel="noopener">Capitaland Investment (CLI SP)</a> to issue S$400m worth of fixed rate notes at 3.33% due 2027</li></ul>

Yanlord Land (YLLG SP) Mar22 contracted pre-sales rose 0.8% YoY; 1Q22 presales down 11.4% YoY Las Vegas Sands (LVS US) given one more year to begin construction of its S$4.5bn Marina Bay Sands extensionCapitaland Investment (CLI SP) to issue S$400m worth of fixed rate notes at 3.33% due 2027

ASEAN Builder's Scoop (7Apr22) - YLLG Mar22 Presales Inched up 0.8% YoY

<ul><li>Feb22 retail sales down 3.4% YoY due to Feb21 CNY Spending; F&amp;B sales falls 0.6% YoY</li><li><a href="https://www.smartkarma.com/entities/united-hampshire-us-reit" target="_blank" data-smartkarma-citation="entities:28874" rel="noopener">United Hampshire US REIT (UHU SP)</a> extends divestment due-diligence period for a third time</li><li>Prime logistics properties displays continued strong growth in 1Q22, increasing 3% QoQ in 1Q22</li></ul>

Feb22 retail sales down 3.4% YoY due to Feb21 CNY Spending; F&amp;B sales falls 0.6% YoYUnited Hampshire US REIT (UHU SP) extends divestment due-diligence period for a third timePrime logistics properties displays continued strong growth in 1Q22, increasing 3% QoQ in 1Q22

ASEAN Builder's Scoop (6Apr22) - Feb22 Retail Sales Down 1.2% MoM

<ul><li>Jan22 retail sales up 11.8% YoY driven by CNY Spending; F&amp;B sales increased 9.5% YoY despite restrictions</li><li>CBD shophouse transactions reached an all-time high in 2021 with new record prices</li><li>Green Lebond industrial building repurposed and refitted by Beblu</li></ul>

Jan22 retail sales up 11.8% YoY driven by CNY Spending; F&amp;B sales increased 9.5% YoY despite restrictionsCBD shophouse transactions reached an all-time high in 2021 with new record pricesGreen Lebond industrial building repurposed and refitted by Beblu

ASEAN Builder's Scoop (7Mar22) - Jan21 Retail Sales Driven by CNY Spending

Philippines

SM Prime Holdings Inc., through its subsidiaries, is engaged in residential property, shopping malls, offices, hotels and convention centers development.

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Sm Prime Holdings (SMPH PM)

ASEAN Builder's Scoop (26Apr22) - SUN Retail Rebound Boosts Growth

CLCT New Economy cushioned Retail weakness; AIT slowing reversions; SMPH sets PHP80bn FY22 capex; MEG builds smart condo tower

SCCM Asia Research

ASEAN Builder's Scoop (19Apr22) - UHU Revises Price Downwards on 2 Divestments

Mar22 new home sales take-up rate on downward trend; SMPH allots PHP80bn capex in 2022; Phils NCR office demand surges; BKK housing devs sentiment...

SCCM Asia Research

ASEAN Builder's Scoop (7Apr22) - YLLG Mar22 Presales Inched up 0.8% YoY

YLLG Mar22 Presales Inched up 0.8% YoY; LVS given a year's grace for MBS extension; SMPH's to open newest mall in Roxas City; MGSB's M Arisa sees...

SCCM Asia Research

ASEAN Builder's Scoop (6Apr22) - Feb22 Retail Sales Down 1.2% MoM

UHU extends divestment due-diligence for third time; Prime logistics rentals up 3% QoQ in 1Q22; Reebonz building up for sale

SCCM Asia Research

ASEAN Builder's Scoop (7Mar22) - Jan21 Retail Sales Driven by CNY Spending

CBD shophouses reached record high; SMPH increases 2022 capex; MREIT targets PHP20bn acq in 2022; PSH undergoing restructuring; PAR to launch 6 new...

SCCM Asia Research

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