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/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/capitaland-investment-ltd-si" target="_blank" data-smartkarma-citation="entities:33774" rel="noopener">CapitaLand Investment (CLI SP)</a> 1Q22 Business Updates – FUM flat QoQ but lodging business picking up the slacks</li><li><a href="https://www.smartkarma.com/entities/sasseur-reit" target="_blank" data-smartkarma-citation="entities:26807" rel="noopener">Sasseur REIT (SASSR SP)</a> 1Q22 DPU +3.6% YoY; Weathering the storm with robust occupancy</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> 1Q22 Business Updates – Steady and robust occupancy</li></ul>

CapitaLand Investment (CLI SP) 1Q22 Business Updates – FUM flat QoQ but lodging business picking up the slacksSasseur REIT (SASSR SP) 1Q22 DPU +3.6% YoY; Weathering the storm with robust occupancyBHG Retail REIT (BHGREIT SP) 1Q22 Business Updates – Steady and robust occupancy

ASEAN Builder's Scoop (12May22) - CLI Flat FUM but Lodging Picking Up

<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> 2H21 DPU +10.9% YoY; All eyes remain on the hefty 2022 refinancing burden</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> 2H21 DPU -0.9% YoY; Steady as she goes with occupancy rates inching higher</li><li><a href="https://www.smartkarma.com/entities/ireit-global" target="_blank" data-smartkarma-citation="entities:10596" rel="noopener">IREIT Global (IREIT SP)</a> 2H21 DPU +7.9% YoY; Continued to trade ~25% below book value despite an attractive 7+% yield</li></ul>

Dasin Retail Trust (DASIN SP) 2H21 DPU +10.9% YoY; All eyes remain on the hefty 2022 refinancing burdenBHG Retail REIT (BHGREIT SP) 2H21 DPU -0.9% YoY; Steady as she goes with occupancy rates inching higherIREIT Global (IREIT SP) 2H21 DPU +7.9% YoY; Continued to trade ~25% below book value despite an attractive 7+% yield

ASEAN Builder's Scoop 28Feb22 - DASIN All Eyes on Mar22 Loan Refinancing

<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> 1H21 PATMI +846% YoY; Solid divestments and investments YTD, fund management and residential the bright spot</h3><ul><li>1H21 revenue increased by 34.7% YoY to S$2,730m, mainly driven by development projects as more units were handed over in China and higher progressive revenue recognition from One Pearl Bank in Singapore, partially offset by lower handover of units in Vietnam. The increase was also attributed to lower rental rebates granted to tenants in Singapore and China, higher transactional fee from the listed REITs and unlisted funds, as well as contribution from the newly acquired business park properties in China and an office building in Singapore, 79 Robinson Road, which commenced operation 2H20</li><li>1H21 PATMI increased by 845.5% YoY and came in at S$922.2m, while operating PATMI increased by 66% YoY to S$433.6m. CAPL booked portfolio/FV gains of S$489m and no FV losses/impairments in 1H21. As at 30Jun21, net D/E ratio was at 0.64x and total cash and available undrawn facilities amounted to ~S$14.8bn. CAPL made total S$3.6bn investments (&gt;S$3bn in new economy) and S$11.2bn gross divestments (effective value of S$3.3bn) YTD (vs annual recycling target of S$3bn)</li><li>Residential – In SG, CAPL sold 197 units with sales value of S$330m (close to 6x of 1H20). ~92% of launched units have been sold. CanningHill Piers is targeted to be launched in 2H21. In China, CAPL sold 2,625 units in 1H21 (+48.4% YoY), which translated to sales value of RMB8,007m (+43% YoY). In terms of handovers from 3Q21 onwards, CAPL is expected to recognise ~RMB14.1bn from a total of ~6,700 units sold. In Vietnam, CAPL Achieved 80% of 1H21 handover plan of 177 units. Handover pipeline comprising 554 units with a value of S$193m expected to be handed over from 3Q21 onwards. ~87% of launched units have been sold as of 1H21. Two projects are targeted to be launched in 2H21</li><li>Retail and Commercial – CN registered increase in shoppers’ traffic and tenant’s sales YoY in 2Q21, but SG’s recovery is interrupted by new restrictions  in 2Q21. SG’s shoppers’ traffic and tenant’s sales recorded low improvement in 2Q21. Retail occupancy in CN, SG, MY stood at 91.9%, 97.1% and 86% in 2Q21 (vs 90.7%, 97.2% and 87.6% in 1Q21 and 89%, 97.8% and 88.2% in 4Q20), respectively. Office occupancy in SG, Japan, South Korea and Germany stood at 90.4%, 93.9%, 96.8% and 95.5%, respectively</li><li>Lodging – &gt;3,000 units turned operational YTD 2021, bringing total operational units to 71,901 for 7M21 and &gt;8,300 new units secured via management contracts YTD 2021. There was an increase in overall 2Q21 RevPAU by 53% YoY and 19% QoQ from S$43 to S$66, led by Europe (+44% QoQ), China (+22%), Gulf Region (+19%), Singapore (+9%), SEA (+6%) and North Asia (+4%). CAPL is on track to meet 2023 target of 160K units under management with currently c.129K units under management</li><li>1H21 fund management fee income came in at S$188.7m, a 29% YoY increase and 18% HoH. 1H21 fund AUM rose 6.9% YoY to S$83bn, on track to meet 2024 AUM target of S$100bn. CAPL set up 3 new private funds totalling US$800m in Korea, India, Hong Kong and China</li><li>CAPL is currently trading at 19.7x FY21E P/E and 0.92x P/B.</li></ul>

SingaporeCapitaland (CAPL SP) 1H21 PATMI +846% YoY; Solid divestments and investments YTD, fund management and residential the bright spot1H21 revenue increased by 34.7% YoY to S$2,730m, mainly driven by development projects as more units were handed over in China and higher progressive revenue recognition from One Pearl Bank in Singapore, partially offset by lower handover of units in Vietnam. The increase was also attributed to lower rental rebates granted to tenants in Singapore and China, higher transactional fee from the listed REITs and unlisted funds, as well as contribution from the newly acquired business park properties in China and an office building in Singapore, 79 Robinson Road, which commenced operation 2H201H21 PATMI increased by 845.5% YoY and came in at S$922.2m, while operating PATMI increased by 66% YoY to S$433.6m. CAPL booked portfolio/FV gains of S$489m and no FV losses/impairments in 1H21. As at 30Jun21, net D/E ratio was at 0.64x and total cash and available undrawn facilities amounted to ~S$14.8bn. CAPL made total S$3.6bn investments (&gt;S$3bn in new economy) and S$11.2bn gross divestments (effective value of S$3.3bn) YTD (vs annual recycling target of S$3bn)Residential – In SG, CAPL sold 197 units with sales value of S$330m (close to 6x of 1H20). ~92% of launched units have been sold. CanningHill Piers is targeted to be launched in 2H21. In China, CAPL sold 2,625 units in 1H21 (+48.4% YoY), which translated to sales value of RMB8,007m (+43% YoY). In terms of handovers from 3Q21 onwards, CAPL is expected to recognise ~RMB14.1bn from a total of ~6,700 units sold. In Vietnam, CAPL Achieved 80% of 1H21 handover plan of 177 units. Handover pipeline comprising 554 units with a value of S$193m expected to be handed over from 3Q21 onwards. ~87% of launched units have been sold as of 1H21. Two projects are targeted to be launched in 2H21Retail and Commercial – CN registered increase in shoppers’ traffic and tenant’s sales YoY in 2Q21, but SG’s recovery is interrupted by new restrictions  in 2Q21. SG’s shoppers’ traffic and tenant’s sales recorded low improvement in 2Q21. Retail occupancy in CN, SG, MY stood at 91.9%, 97.1% and 86% in 2Q21 (vs 90.7%, 97.2% and 87.6% in 1Q21 and 89%, 97.8% and 88.2% in 4Q20), respectively. Office occupancy in SG, Japan, South Korea and Germany stood at 90.4%, 93.9%, 96.8% and 95.5%, respectivelyLodging – &gt;3,000 units turned operational YTD 2021, bringing total operational units to 71,901 for 7M21 and &gt;8,300 new units secured via management contracts YTD 2021. There was an increase in overall 2Q21 RevPAU by 53% YoY and 19% QoQ from S$43 to S$66, led by Europe (+44% QoQ), China (+22%), Gulf Region (+19%), Singapore (+9%), SEA (+6%) and North Asia (+4%). CAPL is on track to meet 2023 target of 160K units under management with currently c.129K units under management1H21 fund management fee income came in at S$188.7m, a 29% YoY increase and 18% HoH. 1H21 fund AUM rose 6.9% YoY to S$83bn, on track to meet 2024 AUM target of S$100bn. CAPL set up 3 new private funds totalling US$800m in Korea, India, Hong Kong and ChinaCAPL is currently trading at 19.7x FY21E P/E and 0.92x P/B.

ASEAN Builder's Scoop (13Aug21) - CAPL Residential and FM Bright Spots

<h2>Singapore</h2><h3>SREITs results in a glance (see detailed spreadsheet and calendar attached)</h3><table class="table table-striped"><tbody><tr><td style="width: 162.6pt;"> </td><td style="width: 162.5pt;">ECWREIT</td><td style="width: 162.5pt;">SASSR</td><td style="width: 162.5pt;">BHGREIT</td></tr><tr><td style="width: 162.6pt;">Period</td><td style="width: 162.5pt;">1Q21</td><td style="width: 162.5pt;">1Q21</td><td style="width: 162.5pt;">1Q21</td></tr><tr><td style="width: 162.6pt;">Gross Revenue (S$ m)</td><td style="width: 162.5pt;">30.8 (+30.9% YoY)</td><td style="width: 162.5pt;">EMA Rental Income: 34.1 (+23.4% YoY)</td><td style="width: 162.5pt;">Not Disclosed</td></tr><tr><td style="width: 162.6pt;">NPI (S$ m)</td><td style="width: 162.5pt;">27.7 (+30.9% YoY)</td><td style="width: 162.5pt;">EMA Rental Income (Excluding straight-line adjustments): 32.3 (+27.8% YoY)</td><td style="width: 162.5pt;">Not Disclosed</td></tr><tr><td style="width: 162.6pt;">DPU (S$ c)</td><td style="width: 162.5pt;">1.53</td><td style="width: 162.5pt;">1.759 (+31.9% YoY)</td><td style="width: 162.5pt;">Not Disclosed</td></tr><tr><td style="width: 162.6pt;">NAV per Unit (S$)</td><td style="width: 162.5pt;">0.91</td><td style="width: 162.5pt;">0.922</td><td style="width: 162.5pt;">Not Disclosed</td></tr><tr><td style="width: 162.6pt;">P/B (x)</td><td style="width: 162.5pt;">0.81</td><td style="width: 162.5pt;">1.00</td><td style="width: 162.5pt;">0.64(Based on 4Q20 NAV)</td></tr><tr><td style="width: 162.6pt;">Occupancy (%)</td><td style="width: 162.5pt;"> 99.1</td><td style="width: 162.5pt;">93.5</td><td style="width: 162.5pt;">92.1</td></tr><tr><td style="width: 162.6pt;">Reversion (%)</td><td style="width: 162.5pt;"> NA</td><td style="width: 162.5pt;">Not Disclosed</td><td style="width: 162.5pt;">Not Disclosed</td></tr><tr><td style="width: 162.6pt;">Gearing (%)</td><td style="width: 162.5pt;">38.3</td><td style="width: 162.5pt;">27.6</td><td style="width: 162.5pt;">35.6</td></tr><tr><td style="width: 162.6pt;">Cost of Debt (%)</td><td style="width: 162.5pt;">4.1</td><td style="width: 162.5pt;">3.3</td><td style="width: 162.5pt;">3.8</td></tr><tr><td style="width: 162.6pt;">1 Yr Fwd Yield (%)</td><td style="width: 162.5pt;">7.76</td><td style="width: 162.5pt;">7.46</td><td style="width: 162.5pt;">NA</td></tr><tr><td style="width: 162.6pt;">Debt Hedged (%)</td><td style="width: 162.5pt;">100% of offshore facilities</td><td style="width: 162.5pt;">Not Disclosed</td><td style="width: 162.5pt;">60% of offshore loans</td></tr><tr><td style="width: 162.6pt;">Target Price</td><td style="width: 162.5pt;">Under Review</td><td style="width: 162.5pt;">NA</td><td style="width: 162.5pt;">NA</td></tr><tr><td style="width: 162.6pt;">Rating</td><td style="width: 162.5pt;">Under Review</td><td style="width: 162.5pt;">NA</td><td style="width: 162.5pt;">NA</td></tr></tbody></table><h3><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> 1Q21 DPU +32.3% YoY; Robust growth but DI retention persist with retained DI snowballing to S$5.49m</h3><ul><li>Both revenue and NPI grew by 30.9% YoY in 1Q21 to S$30.8m (26.9% BB est.) and S$27.7m (28.1% BB est.), respectively, mainly due to absence of rental rebates in 1Q20 and strengthening of RMB. In RMB terms, gross revenue and NPI were 26.0% and 26.1% YoY higher, respectively</li><li>1Q21 DPU increased 32.3% YoY or 7.4% QoQ to S$1.532c (26.9% BB est.), mainly due to absence of rental rebates given. ECWREIT continued to retain 10% of DI in 1Q21 (vs. 10% in 4Q20 and 5% in 1Q20) on a conservative view of uncertainties arising from prolonged COVID-19 pandemic globally and for general working capital purpose</li><li>ECWREIT has secured renewal of major lease at Hengde Logistics, extending WALE to 3.2 years (by GRI) from 3.1 years as at 31Mar21. ~11.8% of GRI will be due for renewal for the remaining of FY21E</li><li>Portfolio occupancy remains robust at 99.1% (vs. 99.3% in 4Q20 and 96.7% in 3Q20)</li><li>On 30Apr, ECWREIT announced an incident of a displacement and collapse of a berth at Chongxian Port Investment that resulted in the damage of two gantry cranes located within the vicinity of the berth. Due to the location of the damaged area, the operations at the damaged berth and the 2 adjacent berths have been suspended. The rest of the port operation is not affected. The cause of the incident is still being investigated. ECWREIT is working closely with the insurer to assess the quantum of revenue loss and property damage recoverable by insurance claims</li><li>Portfolio gearing stands at 38.3% (vs. 38.1% in 4Q20 and 38.6% in 1Q20) with average cost of debt of 4.1% pa. (vs. 4.2% in 4Q20 and 4.3% in 1Q20) and 100% of offshore facilities hedged</li><li>ECWREIT currently trades at 7.76% FY21E yield and 0.81x P/B.</li></ul>Comments: 1Q21 revenue and NPI came in at 26.5% and 26.0% of our full-year FY21E estimates, respectively. Meanwhile, 1Q21 DPU came in at 27.5% of FY21E estimates. Note that we have assumed a 10% DI retention for FY21E, the higher than expected 1Q21 DPU was due to a lower 1Q21 tax rate at 24.7% (vs. our projected 38.0%). Including 1Q21’s S$1.38m, total retained DI since 1Q20 has amounted to S$5.49m (or S$0.681c per Unit). Port Logistics had done well in 1Q21, with revenue increasing 40.4% YoY to S$12.7m, and NPI increasing 41.8% YoY to S$11.9m (NPI margin +0.9pp. YoY to 93.5%). E-commerce Logistics has also recorded a strong 1Q21 growth, with revenue and NPI rising 32.4% and 30.9% YoY to S$14.7m and S$12.7m, respectively (NPI margin -1.0% to 86.5%). On the other hand, Specialised Logistics was muted in 1Q21, with Revenue and NPI flattish YoY at S$3.4m and S$3.1m, respectively (NPI margin +0.7pp. to 90.7%). While insurance claims could offset the revenue loss and restoration costs somewhat, we are cognizant that Chongxian Port Investment contributed to ~27% and ~28% of FY20 Revenue and NPI, respectively. We are currently reviewing our recommendations for ECWREIT.

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached) ECWREITSASSRBHGREITPeriod1Q211Q211Q21Gross Revenue (S$ m)30.8 (+30.9% YoY)EMA Rental Income: 34.1 (+23.4% YoY)Not DisclosedNPI (S$ m)27.7 (+30.9% YoY)EMA Rental Income (Excluding straight-line adjustments): 32.3 (+27.8% YoY)Not DisclosedDPU (S$ c)1.531.759 (+31.9% YoY)Not DisclosedNAV per Unit (S$)0.910.922Not DisclosedP/B (x)0.811.000.64(Based on 4Q20 NAV)Occupancy (%) 99.193.592.1Reversion (%) NANot DisclosedNot DisclosedGearing (%)38.327.635.6Cost of Debt (%)4.13.33.81 Yr Fwd Yield (%)7.767.46NADebt Hedged (%)100% of offshore facilitiesNot Disclosed60% of offshore loansTarget PriceUnder ReviewNANARatingUnder ReviewNANAEC World Reit (ECWREIT SP) 1Q21 DPU +32.3% YoY; Robust growth but DI retention persist with retained DI snowballing to S$5.49mBoth revenue and NPI grew by 30.9% YoY in 1Q21 to S$30.8m (26.9% BB est.) and S$27.7m (28.1% BB est.), respectively, mainly due to absence of rental rebates in 1Q20 and strengthening of RMB. In RMB terms, gross revenue and NPI were 26.0% and 26.1% YoY higher, respectively1Q21 DPU increased 32.3% YoY or 7.4% QoQ to S$1.532c (26.9% BB est.), mainly due to absence of rental rebates given. ECWREIT continued to retain 10% of DI in 1Q21 (vs. 10% in 4Q20 and 5% in 1Q20) on a conservative view of uncertainties arising from prolonged COVID-19 pandemic globally and for general working capital purposeECWREIT has secured renewal of major lease at Hengde Logistics, extending WALE to 3.2 years (by GRI) from 3.1 years as at 31Mar21. ~11.8% of GRI will be due for renewal for the remaining of FY21EPortfolio occupancy remains robust at 99.1% (vs. 99.3% in 4Q20 and 96.7% in 3Q20)On 30Apr, ECWREIT announced an incident of a displacement and collapse of a berth at Chongxian Port Investment that resulted in the damage of two gantry cranes located within the vicinity of the berth. Due to the location of the damaged area, the operations at the damaged berth and the 2 adjacent berths have been suspended. The rest of the port operation is not affected. The cause of the incident is still being investigated. ECWREIT is working closely with the insurer to assess the quantum of revenue loss and property damage recoverable by insurance claimsPortfolio gearing stands at 38.3% (vs. 38.1% in 4Q20 and 38.6% in 1Q20) with average cost of debt of 4.1% pa. (vs. 4.2% in 4Q20 and 4.3% in 1Q20) and 100% of offshore facilities hedgedECWREIT currently trades at 7.76% FY21E yield and 0.81x P/B.Comments: 1Q21 revenue and NPI came in at 26.5% and 26.0% of our full-year FY21E estimates, respectively. Meanwhile, 1Q21 DPU came in at 27.5% of FY21E estimates. Note that we have assumed a 10% DI retention for FY21E, the higher than expected 1Q21 DPU was due to a lower 1Q21 tax rate at 24.7% (vs. our projected 38.0%). Including 1Q21’s S$1.38m, total retained DI since 1Q20 has amounted to S$5.49m (or S$0.681c per Unit). Port Logistics had done well in 1Q21, with revenue increasing 40.4% YoY to S$12.7m, and NPI increasing 41.8% YoY to S$11.9m (NPI margin +0.9pp. YoY to 93.5%). E-commerce Logistics has also recorded a strong 1Q21 growth, with revenue and NPI rising 32.4% and 30.9% YoY to S$14.7m and S$12.7m, respectively (NPI margin -1.0% to 86.5%). On the other hand, Specialised Logistics was muted in 1Q21, with Revenue and NPI flattish YoY at S$3.4m and S$3.1m, respectively (NPI margin +0.7pp. to 90.7%). While insurance claims could offset the revenue loss and restoration costs somewhat, we are cognizant that Chongxian Port Investment contributed to ~27% and ~28% of FY20 Revenue and NPI, respectively. We are currently reviewing our recommendations for ECWREIT.

ASEAN Builder's Scoop (12May21) - ECWREIT strong growth despite retention

Singapore

BHG Retail REIT is a Singapore-based real estate investment trust that invests in and manages a diversified portfolio of income-producing retail properties, primarily shopping malls, located in various cities across China. These properties offer a mix of shopping, dining, education, and entertainment services to local communities. The company was established in Singapore on November 18, 2015, and its headquarters are located in Singapore.

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BHG Retail REIT (BHGREIT SP)

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 (12May22) - CLI Flat FUM but Lodging Picking Up

SASSR weathering the storm; BHGREIT robust occupancy; CERT office remains weak; IREIT active leasing ongoing; PRIME slowing reversions; DHLT steady...

SCCM Asia Research

ASEAN Builder's Scoop 28Feb22 - DASIN All Eyes on Mar22 Loan Refinancing

BHGREIT steady as she goes; IREIT trading ~25% below book; AEW sells 55MS for S$3,450psf; CLD signs S$1.3bn Vietnam MOU; ELITE embarks on new AEI

SCCM Asia Research

ASEAN Builder's Scoop (13Aug21) - CAPL Residential and FM Bright Spots

CAPL residential and FM bright spots; UOL turnaround story intact; SASSR sustained recovery momentum; CERT strong reversions, VLL muted land...

SCCM Asia Research

ASEAN Builder's Scoop (12May21) - ECWREIT strong growth despite retention

ECWREIT strong growth despite retention; SASSR rebounded from a low-base; CAPL fund mgmt, resi the bright spots; FPL SG & AUS supporting growth;...

SCCM Asia Research

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