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/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> to divest Stage 1 properties of Bei Gang Logistics and Chongxian Port Logistics for S$406.8m</li><li>CapitaLand Ascendas REIT (CAREIT SP) to convert San Diego office property to life sciences property for US$40m</li><li><a href="https://www.smartkarma.com/entities/cortina-holdings" target="_blank" data-smartkarma-citation="entities:4046" rel="noopener">Cortina Holdings (CTN SP)</a> to acquire fourth level of a commercial building for S$49m</li></ul>

EC World Reit (ECWREIT SP) to divest Stage 1 properties of Bei Gang Logistics and Chongxian Port Logistics for S$406.8mCapitaLand Ascendas REIT (CAREIT SP) to convert San Diego office property to life sciences property for US$40mCortina Holdings (CTN SP) to acquire fourth level of a commercial building for S$49m

ASEAN Builder's Scoop (5Oct22) - ECWREIT to Divest Assets for S$406.8m

<ul><li><a href="https://www.smartkarma.com/entities/dasin-retail-trust" target="_blank" data-smartkarma-citation="entities:23743" rel="noopener">Dasin Retail Trust (DASIN SP)</a> 1H22 Business Updates – No distributions in 1H22, loan facilities extended until 31Dec22</li><li><a href="https://www.smartkarma.com/entities/bhg-retail-reit" target="_blank" data-smartkarma-citation="entities:21021" rel="noopener">BHG Retail REIT (BHGREIT SP)</a> 1H22 DPU -32.1% YoY; Dragged by one-off refinancing cost and forex losses, though occupancy remains robust</li><li><a href="https://www.smartkarma.com/entities/uol-group-ltd" target="_blank" data-smartkarma-citation="entities:142" rel="noopener">UOL Group (UOL SP)</a> 1H22 PATMI +306% YoY; Robust residential, retail, and hotel operations offset weaknesses in office portfolio</li></ul>

Dasin Retail Trust (DASIN SP) 1H22 Business Updates – No distributions in 1H22, loan facilities extended until 31Dec22BHG Retail REIT (BHGREIT SP) 1H22 DPU -32.1% YoY; Dragged by one-off refinancing cost and forex losses, though occupancy remains robustUOL Group (UOL SP) 1H22 PATMI +306% YoY; Robust residential, retail, and hotel operations offset weaknesses in office portfolio

ASEAN Builder's Scoop (15Aug22) - DASIN Defers Distributions, Extends Loan Facilities

<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> 2H22 DPU +4.9% YoY; Rising cost of debt a concern despite solid operating metrics</li>
<li>
<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>
<li>
<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>
</ul>



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>YTD GCB transactions tally less than half of 1H21 as slowdown bites</li><li><a href="https://www.smartkarma.com/entities/filinvest-land-inc" target="_blank" data-smartkarma-citation="entities:23026" rel="noopener">Filinvest Land (FLI PM)</a> raises PHP11.9bn in oversubscribed bonds (Regina Capital)</li><li>Property prices sustain growth (Regina Capital) - Property prices sustained their growth momentum for 3 straight quarters now, rising by +5.6% YoY to 139.60 in 1Q22 amid the further reopening of the economy.</li></ul>

YTD GCB transactions tally less than half of 1H21 as slowdown bitesFilinvest Land (FLI PM) raises PHP11.9bn in oversubscribed bonds (Regina Capital)Property prices sustain growth (Regina Capital) - Property prices sustained their growth momentum for 3 straight quarters now, rising by +5.6% YoY to 139.60 in 1Q22 amid the further reopening of the economy.

ASEAN Builder's Scoop (24Jun22) - GCB YTD Volume Tally Less than Half of 1H21

<ul><li>Liv @ MB condo by <a href="https://www.smartkarma.com/entities/bukit-sembawang-estates-ltd" target="_blank" data-smartkarma-citation="entities:17987" rel="noopener">Bukit Sembawang Estates (BS SP)</a> in Mountbatten &gt;75% sold @ S$2,387psf</li><li>Asia Green in Tampines on the market with S$470m indicative pricing</li><li>Fresh off student housing deal, <a href="https://www.smartkarma.com/entities/wee-hur-holdings-ltd" target="_blank" data-smartkarma-citation="entities:5653" rel="noopener">Wee Hur Holdings (WHUR SP)</a> keen on more partnerships with institutional investors</li></ul>

Liv @ MB condo by Bukit Sembawang Estates (BS SP) in Mountbatten &gt;75% sold @ S$2,387psfAsia Green in Tampines on the market with S$470m indicative pricingFresh off student housing deal, Wee Hur Holdings (WHUR SP) keen on more partnerships with institutional investors

ASEAN Builder's Scoop (23May22) - Liv@ MB by BS >75% Sold @ S$2,387psf

Philippines

Ayala Land is the largest property developer in the Philippines with a track record in developing large-scale, integrated, mixed-use, and sustainable estates. It offers a balanced and complementary mix of residential developments, shopping centers, offices, hotels and resorts, construction, property management and strategic investments.

Ayala Land Inc (ALI PM)

ASEAN Builder's Scoop (5Oct22) - ECWREIT to Divest Assets for S$406.8m

CAREIT to convert office to life sciences property for US$40m; CTN to buy commercial asset for S$49m; Prelim private resi prices rise 3.4% QoQ in...

SCCM Asia Research

ASEAN Builder's Scoop (15Aug22) - DASIN Defers Distributions, Extends Loan Facilities

BHGREIT dragged by one-off costs; UOL hotel ops leading the way; ART buys 9 props with +2.8% DPU accretion; STRTR divvy specie in ESR shares; ALI...

SCCM Asia Research

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 (24Jun22) - GCB YTD Volume Tally Less than Half of 1H21

FLI raises PHP11.9bn bond; Phils prop prices sustain growth; RGP launching 10,000 Thai low-cost condos in 2022; SREIT buys PJ industrial prop

SCCM Asia Research

ASEAN Builder's Scoop (23May22) - Liv@ MB by BS >75% Sold @ S$2,387psf

Asia Green on market @ S$470m price tag; ALI-AREIT executed property swap; CPN aims to become fully-integrated developer; Ikano Centres unveiled...

SCCM Asia Research