Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/capitaland-ltd" target="_blank" data-smartkarma-citation="entities:55" rel="noopener">Capitaland (CAPL SP)</a> divests partial stakes in six Raffles City developments in China; Exceeded divestment target by ~3x for FY21</h3><ul><li>CAPL has entered into conditional agreements to divest partial stakes in six Raffles City (RC) developments in China to Ping An Life Insurance Company. Ping An will acquire 70.0% onshore stake in RC Beijing, RC Chengdu, RC Ningbo, RC Hangzhou and RC Changning; and 60.0% onshore stake in RC Shanghai</li><li>Post-transaction, CAPL will retain an effective stake of 12.6-30% in each development. Under its signature Raffles City trademarks, CAPL will also continue to provide asset management services for these developments and earn fee income. The agreed value for the portfolio is RMB46.7bn (~S$9.6bn), a 6.7% premium to valuation. Targeted for completion in 3Q21, the transaction is expected to generate net proceeds of more than S$2bn. The transaction is set to bring the total capital recycled across the Group to ~S$11.2bn YTD. This is more than three times the set annual target of S$3bn. Concurrently, its Funds Under Management (“FUM”) grows to S$79.2bn</li><li>Part of the unlocked capital will be used to support the Group’s investment pivot to new economy assets such as business parks, logistics and data centres. CapitaLand plans to grow its China exposure in this sector to S$5bn over the next few years, from the S$1.5bn as at end 2020. <section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/215/586/original/image004.png?1624844847" class="editor-image img-responsive" data-smartkarma-image-id="215586"></figure></section></li></ul>

SingaporeCapitaland (CAPL SP) divests partial stakes in six Raffles City developments in China; Exceeded divestment target by ~3x for FY21CAPL has entered into conditional agreements to divest partial stakes in six Raffles City (RC) developments in China to Ping An Life Insurance Company. Ping An will acquire 70.0% onshore stake in RC Beijing, RC Chengdu, RC Ningbo, RC Hangzhou and RC Changning; and 60.0% onshore stake in RC ShanghaiPost-transaction, CAPL will retain an effective stake of 12.6-30% in each development. Under its signature Raffles City trademarks, CAPL will also continue to provide asset management services for these developments and earn fee income. The agreed value for the portfolio is RMB46.7bn (~S$9.6bn), a 6.7% premium to valuation. Targeted for completion in 3Q21, the transaction is expected to generate net proceeds of more than S$2bn. The transaction is set to bring the total capital recycled across the Group to ~S$11.2bn YTD. This is more than three times the set annual target of S$3bn. Concurrently, its Funds Under Management (“FUM”) grows to S$79.2bnPart of the unlocked capital will be used to support the Group’s investment pivot to new economy assets such as business parks, logistics and data centres. CapitaLand plans to grow its China exposure in this sector to S$5bn over the next few years, from the S$1.5bn as at end 2020. 

ASEAN Builder's Scoop (28Jun21) - CAPL Divesting 6 RC China Stakes

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/ascott-residence-trust" target="_blank" data-smartkarma-citation="entities:6560" rel="noopener">Ascott Residence Trust (ART SP)</a> and The Ascott Limited to jointly develop student accommodation property in the US</h3><ul><li>The Ascott Limited and its hospitality trust, ART, will jointly invest and develop a freehold student accommodation asset located in South Carolina, USA for an expected total amount of US$109.9m (S$146.2m). The 678-bed student accommodation will serve over 35,000 undergraduate and graduate students from the nearby University of South Carolina (USC). Construction of the student accommodation asset is scheduled to start in 3Q21 and complete in 2Q23. At the initial stage, Ascott and ART will jointly invest in the asset to own 45% stake each. A third-party partner, which is a joint venture between one of the largest student housing developers in the USA and a large national real estate developer and contractor based in the USA, will own the remaining 10% stake for alignment of interest</li><li>When the property’s performance stabilises, Ascott and ART will acquire the remaining share from the third-party partner. Ascott has separately formed a partnership with the student housing developer to invest and develop more student accommodation properties in the USA. These properties could become a potential pipeline for ART from its sponsor. The accretive investment in this maiden asset in South Carolina, is expected to increase ART’s pro forma FY20 DPS by about 2.1%. Upon stabilisation, the EBITDA yield is expected to be approximately 6.2%. Gearing will rise to 37.1% post-completion of the development. <section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/213/297/original/image003+%282%29.png?1623806610" class="editor-image img-responsive" data-smartkarma-image-id="213297"></figure></section></li></ul>

SingaporeAscott Residence Trust (ART SP) and The Ascott Limited to jointly develop student accommodation property in the USThe Ascott Limited and its hospitality trust, ART, will jointly invest and develop a freehold student accommodation asset located in South Carolina, USA for an expected total amount of US$109.9m (S$146.2m). The 678-bed student accommodation will serve over 35,000 undergraduate and graduate students from the nearby University of South Carolina (USC). Construction of the student accommodation asset is scheduled to start in 3Q21 and complete in 2Q23. At the initial stage, Ascott and ART will jointly invest in the asset to own 45% stake each. A third-party partner, which is a joint venture between one of the largest student housing developers in the USA and a large national real estate developer and contractor based in the USA, will own the remaining 10% stake for alignment of interestWhen the property’s performance stabilises, Ascott and ART will acquire the remaining share from the third-party partner. Ascott has separately formed a partnership with the student housing developer to invest and develop more student accommodation properties in the USA. These properties could become a potential pipeline for ART from its sponsor. The accretive investment in this maiden asset in South Carolina, is expected to increase ART’s pro forma FY20 DPS by about 2.1%. Upon stabilisation, the EBITDA yield is expected to be approximately 6.2%. Gearing will rise to 37.1% post-completion of the development. 

ASEAN Builder's Scoop (16Jun21) - ART to Jointly Develop US Student Accommodation

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/ascott-residence-trust" target="_blank" data-smartkarma-citation="entities:6560" rel="noopener">Ascott Residence Trust (ART SP)</a> acquires three Japan rental housings for JPY6.78bn (S$85.2m); DPU accretive by +2.6%</h3><ul><li>ART has entered into agreements to acquire three freehold rental housing properties in central Sapporo for a total of JPY6.78bn (S$85.2m). The three rental housing properties – City Court Kita 1 jo, Big Palace Minami 5 jo, and Alpha Square Kita 15 jo came from unrelated third parties. The average EBITDA yield of the three acquisitions is ~4%. On a FY2020 pro forma basis, this transaction is expected to be DPS accretive by +2.6% with expected completion by end Jun21. This transaction will be funded by debt and part of the net proceeds from recent divestments of Somerset Xu Hui Shanghai. The exit yield was ~2% and ART has received net proceeds of RMB953.9m (~S$196.8m) and realized a net divestment gain of RMB582.6m (~S$120.2m)</li><li>The three rental housing properties with a total of 411 units will increase ART’s portfolio in Japan to over 4,500 units in 22 serviced residences, hotels and rental housing properties in nine cities. ART will have a total of 14 rental housing properties in Japan including four in Sapporo. The three rental housing properties will be managed by a local property manager, Kabushiki Kaisha Big Service, which is also the current property manager for ART’s rental housing property in Sapporo, Big Palace Kita 14 jo.</li></ul>

SingaporeAscott Residence Trust (ART SP) acquires three Japan rental housings for JPY6.78bn (S$85.2m); DPU accretive by +2.6%ART has entered into agreements to acquire three freehold rental housing properties in central Sapporo for a total of JPY6.78bn (S$85.2m). The three rental housing properties – City Court Kita 1 jo, Big Palace Minami 5 jo, and Alpha Square Kita 15 jo came from unrelated third parties. The average EBITDA yield of the three acquisitions is ~4%. On a FY2020 pro forma basis, this transaction is expected to be DPS accretive by +2.6% with expected completion by end Jun21. This transaction will be funded by debt and part of the net proceeds from recent divestments of Somerset Xu Hui Shanghai. The exit yield was ~2% and ART has received net proceeds of RMB953.9m (~S$196.8m) and realized a net divestment gain of RMB582.6m (~S$120.2m)The three rental housing properties with a total of 411 units will increase ART’s portfolio in Japan to over 4,500 units in 22 serviced residences, hotels and rental housing properties in nine cities. ART will have a total of 14 rental housing properties in Japan including four in Sapporo. The three rental housing properties will be managed by a local property manager, Kabushiki Kaisha Big Service, which is also the current property manager for ART’s rental housing property in Sapporo, Big Palace Kita 14 jo.

ASEAN Builder's Scoop (1June21) - ART Acquires 3 JP Rental Housings

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/iwow-technology-ltd" target="_blank" data-smartkarma-citation="entities:36147:1" rel="noopener">IWOW Technology Ltd (IWOW SP)</a> is a one-stop end-to-end wireless IoT technology provider specialising in offering vertically integrated solutions and a telecommunications infrastructure solutions provider.</li>
<li>IWOW uses open and proprietary wireless communication technologies to create customized Internet-of-Things (IoT) solutions for consumers which connect devices and sensors to cloud application servers for a variety of applications.</li>
<li>The firm reported its 1H26 results on 10th Nov 2025. In this note, we provide an update on its 1H26 earnings.</li>
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IWOW Technology Ltd (IWOW SP) is a one-stop end-to-end wireless IoT technology provider specialising in offering vertically integrated solutions and a telecommunications infrastructure solutions provider.
IWOW uses open and proprietary wireless communication technologies to create customized Internet-of-Things (IoT) solutions for consumers which connect devices and sensors to cloud application servers for a variety of applications.
The firm reported its 1H26 results on 10th Nov 2025. In this note, we provide an update on its 1H26 earnings.


IWOW Technology - 1H26 Earnings Update - Limited Near-Term Catalysts, but Net Cash Still a Positive

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<a href="https://www.smartkarma.com/entities/old-chang-kee-ltd" target="_blank" data-smartkarma-citation="entities:10465:1" rel="noopener">Old Chang Kee (OCK SP)</a> is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings. </li>
<li>It also offers chicken-based products such as chicken wings and chicken balls as a halal-certified food operator.</li>
<li>We initiate non-rated coverage on Old Chang Kee. Post-COVID, the firm’s revenue had steadily recovered to pre-COVID levels by FY23, with a notable shift in its sales mix.</li>
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Old Chang Kee (OCK SP) is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings. 
It also offers chicken-based products such as chicken wings and chicken balls as a halal-certified food operator.
We initiate non-rated coverage on Old Chang Kee. Post-COVID, the firm’s revenue had steadily recovered to pre-COVID levels by FY23, with a notable shift in its sales mix.


Old Chang Kee Initiation - Defying the Dip, Resilience Amidst F&B Headwinds

Singapore

Ascendas Hospitality Trust was a hospitality trust that invested directly or indirectly in a diversified portfolio of income-producing real estate used predominantly for hospitality purposes. Its portfolio comprised 14 hotels with over 4,000 rooms across seven key cities in the Asia Pacific region, including Sydney, Melbourne, Brisbane, Seoul, Tokyo, Osaka, and Singapore. The company was constituted on March 13, 2012, and headquartered in Singapore.

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Ascendas Hospitality Trust (ASCHT SP)

ASEAN Builder's Scoop (28Jun21) - CAPL Divesting 6 RC China Stakes

CAPL divesting 6 RC China stakes, exceeded target by 3x; ART issues forfeiture notice to Park Hotel CQ; Hmlet SG new project launch; Manila 1Q21...

SCCM Asia Research

ASEAN Builder's Scoop (16Jun21) - ART to Jointly Develop US Student Accommodation

ART to jointly develop US student accommodation; May21 new home sales down 30% MoM, take-up remains elevated; MEG board approves REIT listing;...

SCCM Asia Research

ASEAN Builder's Scoop (1June21) - ART Acquires 3 JP Rental Housings

ART acquires 3 JP rental housings; MAGIC inaugural 3.5% perps; PropertyGuru expands further in MY, TH; MSGB on-track to meet FY21 sales target

SCCM Asia Research

IWOW Technology - 1H26 Earnings Update - Limited Near-Term Catalysts, but Net Cash Still a Positive

iWOW Technology reported its 1H26 results on 10th Nov 2025. In this note, we provide an update on its 1H26 earnings as well as share some of our...

Evolve Capital Advisory Pte Ltd

Old Chang Kee Initiation - Defying the Dip, Resilience Amidst F&B Headwinds

We initiate non-rated coverage on Old Chang Kee. Post-COVID, the firm’s revenue had steadily recovered to pre-COVID levels by FY23, with a notable...

Evolve Capital Advisory Pte Ltd

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