Singapore and emerging market real estate

Royston Foo

Thematic (Sector/Industry)

Top Singapore property news this week that you need to know.The merger between ESR-REIT and Viva Industrial Trust has been the talk of the town for the week. Investors are now speculating which other industrial REITs might be next for a M&amp;A. Some names mentioned were Cache Logistics Trust, Soilbuild REIT, and Sabana REIT. During the week, Perennial announced the appointment of Kempinski Hotels to operate the hotel at Capitol Singapore and this could potentially mark the new beginning and…

Top Singapore property news this week that you need to know.The merger between ESR-REIT and Viva Industrial Trust has been the talk of the town for the week. Investors are now speculating which other industrial REITs might be next for a M&amp;A. Some names mentioned were Cache Logistics Trust, Soilbuild REIT, and Sabana REIT. During the week, Perennial announced the appointment of Kempinski Hotels to operate the hotel at Capitol Singapore and this could potentially mark the new beginning and…

Singapore Property Weekly Recap (18th May to 25th May 2018)

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Lippo Malls Indonesia Retail Trust / Equity Bottom-Up

Since the announcement of the 10% service charge withholding tax, <a href="https://www.smartkarma.com/entities/10946" target="_blank" data-smartkarma-citation="entities:10946:1">Lippo Malls Indonesia Retail Trust (LMRT SP)</a> has come off 15.8% in 10 days which caused dividend yield to spike to 10.5%. On a 3-year basis, LMRT current share price at 0.34 is still 13% higher than its low at 0.3. On a phone conversation with the CEO, Ms. Chan Lie Ling, she explained that for many years the service charge and utility recovery withholding tax have always been there but an unclear explanation led to a non-existent…

Since the announcement of the 10% service charge withholding tax, Lippo Malls Indonesia Retail Trust (LMRT SP) has come off 15.8% in 10 days which caused dividend yield to spike to 10.5%. On a 3-year basis, LMRT current share price at 0.34 is still 13% higher than its low at 0.3. On a phone conversation with the CEO, Ms. Chan Lie Ling, she explained that for many years the service charge and utility recovery withholding tax have always been there but an unclear explanation led to a non-existent…

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

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December Quarter Earnings of Four Largest Industrial REITs

<a href="https://www.smartkarma.com/entities/937" target="_blank" data-smartkarma-citation="entities:937:1">Cache Logistics Trust (CACHE SP)</a> (“CLT”) has started the book building process for a subordinated perpetual bond. The indicative price guidance of the perp is around 5.75% area but final coupon is expected to be around 5.5% area. The perp is callable in 5 years at the issuer’s discretion. Issue price shall be 100.15% but the issue size has not been confirmed at this stage.To be in line with the Monetary Authority of Singapore’s guideline for the perp to be treated as equity, this perpetual bond…

Cache Logistics Trust (CACHE SP) (“CLT”) has started the book building process for a subordinated perpetual bond. The indicative price guidance of the perp is around 5.75% area but final coupon is expected to be around 5.5% area. The perp is callable in 5 years at the issuer’s discretion. Issue price shall be 100.15% but the issue size has not been confirmed at this stage.To be in line with the Monetary Authority of Singapore’s guideline for the perp to be treated as equity, this perpetual bond…

Cache Logistics Trust – Getting Ready to Acquire Blackstone's Australia Portfolio

Real Estate, General Equities

Will Tan

<div class="content-highlight">Towards the end of 2017, there are acquisitions signed notably i) <a href="https://www.smartkarma.com/entities/1670" target="_blank" data-smartkarma-citation="entities:1670:1">Frasers Centrepoint Ltd (FCL SP)</a>'s acquisition of a portfolio of 6 logistics cross-dock facilities in Germany for EUR247m as well as ii) <a href="https://www.smartkarma.com/entities/55" target="_blank" data-smartkarma-citation="entities:55:1">Capitaland Ltd (CAPL SP)</a> and <a href="https://www.smartkarma.com/entities/11675" target="_blank" data-smartkarma-citation="entities:11675:1">Lum Chang Holdings Ltd (LCH SP)</a> JV acquisition of German office building in Frankfurt for EUR$234.3m. These deals trail <a href="https://www.smartkarma.com/entities/2894" target="_blank" data-smartkarma-citation="entities:2894:1">Global Logistic Properties Ltd (GLP SP)</a>'s <a href="https://www.reuters.com/article/us-glp-m-a-gazelle/global-logistic-properties-buys-european-logistics-firm-for-2-8-billion-idUSKCN1C7001" target="_blank">recent acquisition of European logistics platform Gazeley for about $2.8 billion</a> and reflect market…</div>

Towards the end of 2017, there are acquisitions signed notably i) Frasers Centrepoint Ltd (FCL SP)'s acquisition of a portfolio of 6 logistics cross-dock facilities in Germany for EUR247m as well as ii) Capitaland Ltd (CAPL SP) and Lum Chang Holdings Ltd (LCH SP) JV acquisition of German office building in Frankfurt for EUR$234.3m. These deals trail Global Logistic Properties Ltd (GLP SP)'s recent acquisition of European logistics platform Gazeley for about $2.8 billion and reflect market…

Takeaways from FCL's Germany Logistics Portfolio Acquisition and Thoughts on S-REIT Implications

Singapore

ARA LOGOS Logistics Trust operates as a real estate investment trust. The Company invests in logistics warehouse properties. ARA LOGOS Logistics Trust serves customers in Singapore.

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ARA LOGOS (ALLT SP)

Singapore Property Weekly Recap (18th May to 25th May 2018)

Top Singapore property news this week that you need to know.The merger between ESR-REIT and Viva Industrial Trust has been the talk of the town for...

Royston Foo

Lippo Mall REIT: Downside Priced-In

Since the announcement of the 10% service charge withholding tax, Lippo Malls Indonesia Retail Trust (LMRT SP) has come off 15.8% in 10 days which...

Henry Soediarko

December Quarter Earnings of Four Largest Industrial REITs

Singapore Exchange Ltd (SGX)

Cache Logistics Trust – Getting Ready to Acquire Blackstone's Australia Portfolio

Cache Logistics Trust (CACHE SP) (“CLT”) has started the book building process for a subordinated perpetual bond. The indicative price guidance of...

Royston Foo

Takeaways from FCL's Germany Logistics Portfolio Acquisition and Thoughts on S-REIT Implications

Towards the end of 2017, there are acquisitions signed notably i) Frasers Centrepoint Ltd (FCL SP)'s acquisition of a portfolio of 6 logistics...

Will Tan

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