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)

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<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> 2H22 DPU +4.9% YoY; Rising cost of debt a concern despite solid operating metrics</li>
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<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> Chip Eng Seng  (CHIP SP) 1H22 net profit rose significantly on higher construction and hospitality performance</li>
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<a href="https://www.smartkarma.com/entities/singapore-land-group-ltd" target="_blank" data-smartkarma-citation="entities:12891" rel="noopener">Singapore Land Group (SPLG SP)</a> 1H22 adjusted net profit +35% YoY; Boosted by hotel operations</li>
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Lendlease Global Commercial REIT (LREIT SP) 2H22 DPU +4.9% YoY; Rising cost of debt a concern despite solid operating metrics

Chip Eng Seng Corp (CHIP SP) Chip Eng Seng  (CHIP SP) 1H22 net profit rose significantly on higher construction and hospitality performance

Singapore Land Group (SPLG SP) 1H22 adjusted net profit +35% YoY; Boosted by hotel operations


ASEAN Builder's Scoop (8Aug22) - LREIT Rising Cost of Debt

<ul><li>Real Estate Sector: Further upside potential from policy easing (initiate with Outperform rating)</li><li>Privatization offer for <a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648" rel="noopener">Hwa Hong Corp (HWAH SP)</a> closes with acceptance rate of 92.3%</li><li><a href="https://www.smartkarma.com/entities/centurion-corp-ltd" target="_blank" data-smartkarma-citation="entities:5186" rel="noopener">Centurion Corp (CENT SP)</a> expects at least 250% YoY growth in 1H22 net profit</li></ul>

Real Estate Sector: Further upside potential from policy easing (initiate with Outperform rating)Privatization offer for Hwa Hong Corp (HWAH SP) closes with acceptance rate of 92.3%Centurion Corp (CENT SP) expects at least 250% YoY growth in 1H22 net profit

ASEAN Builder's Scoop (2Aug22) - China Prop: Further Upside Potential from Policy Easing

<ul><li><a href="https://www.smartkarma.com/entities/propnex-ltd" target="_blank" data-smartkarma-citation="entities:27209" rel="noopener">Propnex Ltd (PROP SP)</a> 1Q22 NPAT fell 8% YoY; Expects prices to grow 3-5% in 2022</li><li>Condo resale prices edge up +0.7% MoM as suburban prices hit new record high</li><li><a href="https://www.smartkarma.com/entities/centurion-corp-ltd" target="_blank" data-smartkarma-citation="entities:5186" rel="noopener">Centurion Corp (CENT SP)</a> 1Q22 revenue rose ~47% YoY on enlarged capacity and new business streams</li></ul>

Propnex Ltd (PROP SP) 1Q22 NPAT fell 8% YoY; Expects prices to grow 3-5% in 2022Condo resale prices edge up +0.7% MoM as suburban prices hit new record highCenturion Corp (CENT SP) 1Q22 revenue rose ~47% YoY on enlarged capacity and new business streams

ASEAN Builder's Scoop (11May22) - PROP Home Prices to Rise 3-5% in 2022

<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

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 (8Aug22) - LREIT Rising Cost of Debt

SMPH reopening play buoyed 2Q22 earnings; ALI lowers capex and launches; MREIT to acquire PHP20bn office in FY22E. SPLG SP 1H22 adjusted net profit...

SCCM Asia Research

ASEAN Builder's Scoop (2Aug22) - China Prop: Further Upside Potential from Policy Easing

HWAH offer closes with 92.3% acceptance rate; CENT 1H22 profit guidance +>250% YoY; Reopening buoys SMPH 2Q22 earnings; Ascott to open 8 new...

SCCM Asia Research

ASEAN Builder's Scoop (11May22) - PROP Home Prices to Rise 3-5% in 2022

Suburban resale condo prices hit new record in Apr22; SMPH boosted by rebounding mall biz; Office demand outside NCR improving

SCCM Asia Research

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

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