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>New private home sales rose 71% MoM in Jul22; Take-up rate further rebounded to ~207%  </li><li><a href="https://www.smartkarma.com/entities/bumi-serpong-damai-pt" target="_blank" data-smartkarma-citation="entities:15498" rel="noopener">Bumi Serpong Damai (BSDE IJ)</a> invested US$25m in DANA</li><li>Stable ops buoy <a href="https://www.smartkarma.com/entities/areit-ayalaland-reit" target="_blank" data-smartkarma-citation="entities:28856" rel="noopener">Areit (AyalaLand REIT) (AREIT PM)</a> earnings (Regina Capital)</li></ul>

New private home sales rose 71% MoM in Jul22; Take-up rate further rebounded to ~207%  Bumi Serpong Damai (BSDE IJ) invested US$25m in DANAStable ops buoy Areit (AyalaLand REIT) (AREIT PM) earnings (Regina Capital)

ASEAN Builder's Scoop (16Aug22) - SG Jul22 New Home Sales +71% MoM, Robust Take up Rate ~207%

<ul><li>Coffee shop in Yishun sold for record S$40m (~S$9,361psf) in second such sale this year</li><li>Katong News Agency to close after 67 years; Shophouse transactions remain hot this year</li><li><a href="https://www.smartkarma.com/entities/areit-ayalaland-reit" target="_blank" data-smartkarma-citation="entities:28856" rel="noopener">Areit (AyalaLand REIT) (AREIT PM)</a> – Detailing the various headwinds and tailwinds (Regina Capital)</li></ul>

Coffee shop in Yishun sold for record S$40m (~S$9,361psf) in second such sale this yearKatong News Agency to close after 67 years; Shophouse transactions remain hot this yearAreit (AyalaLand REIT) (AREIT PM) – Detailing the various headwinds and tailwinds (Regina Capital)

ASEAN Builder's Scoop (20Jun22) - Another Record Coffee Shop Deal

<ul><li><a href="https://www.smartkarma.com/entities/far-east-hospitality-trust" target="_blank" data-smartkarma-citation="entities:19061" rel="noopener">Far East Hospitality Trust (FEHT SP)</a> 1Q22 Business Updates – Firing from all cylinders, recovery trade continues</li><li><a href="https://www.smartkarma.com/entities/oxley-holdings-ltd" target="_blank" data-smartkarma-citation="entities:1097" rel="noopener">Oxley Holdings (OHL SP)</a> to sell S$84m worth of Vietnamese assets</li><li><a href="https://www.smartkarma.com/entities/aims-amp-capital-industrial" target="_blank" data-smartkarma-citation="entities:933" rel="noopener">AIMS APAC REIT (AAREIT SP)</a> extends target date of acquisition of 315 Alexandra Road</li></ul>

Far East Hospitality Trust (FEHT SP) 1Q22 Business Updates – Firing from all cylinders, recovery trade continuesOxley Holdings (OHL SP) to sell S$84m worth of Vietnamese assetsAIMS APAC REIT (AAREIT SP) extends target date of acquisition of 315 Alexandra Road

ASEAN Builder's Scoop (28Apr22) - FEHT Firing from All Cylinders

<ul><li><a href="https://www.smartkarma.com/entities/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889" rel="noopener">Cromwell European REIT (CERT SP)</a> minimal Exposure to Tenant-Customers with business relations to Russia</li><li>PropertyGuru to be listed on NYSE via a SPAC merger; Expects to be adjusted EBITDA positive in FY22</li><li>SREITs index remains defensive with relatively low 37.4% gearing and high level of hedging </li></ul>

Cromwell European REIT (CERT SP) minimal Exposure to Tenant-Customers with business relations to RussiaPropertyGuru to be listed on NYSE via a SPAC merger; Expects to be adjusted EBITDA positive in FY22SREITs index remains defensive with relatively low 37.4% gearing and high level of hedging 

ASEAN Builder's Scoop (14Mar22) - CERT Min Exposure to Russia-Ukraine Conflict

<ul><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> 2H21 PATMI +126% YoY; Stronger contributions from property development and hotel properties</li><li><a href="https://www.smartkarma.com/entities/mapletree-logistics-trust" target="_blank" data-smartkarma-citation="entities:16035" rel="noopener">Mapletree Logistics Trust (MLT SP)</a> acquires South Korean Logistic at 4.0% NPI yield; Expected to be DPU accretive</li><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> 2H21 net profit fell 13% YoY; Declared S$0.068/share divvy (~5.6% yield)</li></ul>

UOL Group (UOL SP) 2H21 PATMI +126% YoY; Stronger contributions from property development and hotel propertiesMapletree Logistics Trust (MLT SP) acquires South Korean Logistic at 4.0% NPI yield; Expected to be DPU accretiveYanlord Land (YLLG SP) 2H21 net profit fell 13% YoY; Declared S$0.068/share divvy (~5.6% yield)

ASEAN Builder's Scoop (1Mar22) - UOL Stronger Contributions from Prop Dev't and Hotels

Philippines

AREIT, Inc. operates as a real estate investment trust. The Company owns and invests in income-producing commercial portfolio of office, retail, and hotel properties. AREIT serves clients in Philippines.

Areit (AyalaLand REIT) (AREIT PM)

ASEAN Builder's Scoop (16Aug22) - SG Jul22 New Home Sales +71% MoM, Robust Take up Rate ~207%

BSDE invests US$25m in DANA; Stable ops buoy AREIT 2Q22 earnings; Cebu office rentals to remain soft; PAR Mercure KL Glenmarie opening

SCCM Asia Research

ASEAN Builder's Scoop (20Jun22) - Another Record Coffee Shop Deal

Shophouse transactions remain hot this year; AREIT various headwinds and tailwinds; Phils tourism share grew in FY21; DUTI pays whole 2021 profit...

SCCM Asia Research

ASEAN Builder's Scoop (28Apr22) - FEHT Firing from All Cylinders

OHL sells VN assets; AAREIT extends Alexandra Rd target acq date; DILD 1Q22 mktg sales reached 21% FY target; ALI sold AREIT at 11% discount

SCCM Asia Research

ASEAN Builder's Scoop (14Mar22) - CERT Min Exposure to Russia-Ukraine Conflict

PropertyGuru ready for NYSE listing; SREIT defensive with ~37% gearing; AREIT readies PHP11.3bn asset infusion; Ovialand IPO listing in Jun22

SCCM Asia Research

ASEAN Builder's Scoop (1Mar22) - UOL Stronger Contributions from Prop Dev't and Hotels

MLT buys South Korean logistics at 4% yield; DC rates rising except for hotel use; AREIT growing AUM boosted earnings; SIRI targets +26% YoY 2022...

SCCM Asia Research