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/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889" rel="noopener">Cromwell European REIT (CERT SP)</a> to divest 3 light industrial/logistics asset in Germany and France for EUR22m</li><li><a href="https://www.smartkarma.com/entities/esr-group-limited" target="_blank" data-smartkarma-citation="entities:27983" rel="noopener">ESR Group (1821 HK)</a> in partnership with GIC to launch its Australia third core-plus logistics fund</li><li><a href="https://www.smartkarma.com/entities/kop-ltd" target="_blank" data-smartkarma-citation="entities:8401" rel="noopener">Kop Ltd (KOPL SP)</a> auditors flagged material uncertainty as a going concern</li></ul>

Cromwell European REIT (CERT SP) to divest 3 light industrial/logistics asset in Germany and France for EUR22mESR Group (1821 HK) in partnership with GIC to launch its Australia third core-plus logistics fundKop Ltd (KOPL SP) auditors flagged material uncertainty as a going concern

ASEAN Builder's Scoop (12Sep22) - CERT Divests 3 Logistics Assets for EUR22m

Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Casino Business Review LLC

Extensive experience in marketing and development in the Asian gaming market

Global Gaming and Casinos Industry

Equity Bottom-Up

<ul>
<li>We have been bullish on BLOOM since before the pandemic. We now find the early recovery trend signaling an average weight to an overweight position. </li>
<li>BLOOM has announced plans for a third integrated resort in the Philippines tracking the rapid build up of GGR in that nation as covid lockdowns wane.</li>
<li>International flights to the Philippines have returned to 71% of 2019. Inbound recovery is strong without China.</li>
</ul>


We have been bullish on BLOOM since before the pandemic. We now find the early recovery trend signaling an average weight to an overweight position. 
BLOOM has announced plans for a third integrated resort in the Philippines tracking the rapid build up of GGR in that nation as covid lockdowns wane.
International flights to the Philippines have returned to 71% of 2019. Inbound recovery is strong without China.


Bloomberry Resorts Corp: Time to Consider Overweight on Rapid Recovery Trend and Expansion Plans

<ul><li>Freehold GCB at Swiss Club Road up for sale at S$39.9m; 1H22 tally -60% YoY</li><li>Collective sale attempt for People’s Park Centre closed without any bids</li><li>Belmont Road bungalow on sale for S$55.5m or S$2,055psf; Seller to gain ~60% profit</li></ul>

Freehold GCB at Swiss Club Road up for sale at S$39.9m; 1H22 tally -60% YoYCollective sale attempt for People’s Park Centre closed without any bidsBelmont Road bungalow on sale for S$55.5m or S$2,055psf; Seller to gain ~60% profit

ASEAN Builder's Scoop (19Aug22) - GCB 1H22 Tally Fell -60% YoY

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Semirara Mining And Power Corp / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/semirara-mining-and-power-corporation" target="_blank" data-smartkarma-citation="entities:18925:1" rel="noopener">Semirara Mining And Power Corp (SCC PM)</a> will replace <a href="https://www.smartkarma.com/entities/security-bank-corp" target="_blank" data-smartkarma-citation="entities:3929:1" rel="noopener">Security Bank (SECB PM)</a> in the <a href="https://www.smartkarma.com/entities/philippines-stock-exchange-psei-index" target="_blank" data-smartkarma-citation="entities:22912:1" rel="noopener">Philippines Stock Exchange PSEi Index (PCOMP INDEX)</a> at the close of trading on 5 August.</li>
<li>Passive trackers will need to buy 5.5 days of ADV on <a href="https://www.smartkarma.com/entities/semirara-mining-and-power-corporation" target="_blank" data-smartkarma-citation="entities:18925:1" rel="noopener">Semirara Mining And Power Corp (SCC PM)</a> and sell nearly 30 days of ADV on <a href="https://www.smartkarma.com/entities/security-bank-corp" target="_blank" data-smartkarma-citation="entities:3929:1" rel="noopener">Security Bank (SECB PM)</a>.</li>
<li>Historically, the adds have outperformed the deletes and there has been a pop/drop in the adds/deletes the day after announcement. Square off existing pre-positions by mid week.</li>
</ul>



Semirara Mining And Power Corp (SCC PM) will replace Security Bank (SECB PM) in the Philippines Stock Exchange PSEi Index (PCOMP INDEX) at the close of trading on 5 August.
Passive trackers will need to buy 5.5 days of ADV on Semirara Mining And Power Corp (SCC PM) and sell nearly 30 days of ADV on Security Bank (SECB PM).
Historically, the adds have outperformed the deletes and there has been a pop/drop in the adds/deletes the day after announcement. Square off existing pre-positions by mid week.


PCOMP Index Rebalance: Semirara Mining (SCC) Replaces Security Bank (SECB)

<ul><li><a href="https://www.smartkarma.com/entities/capitaland-integrated-commercial-trust" target="_blank" data-smartkarma-citation="entities:105" rel="noopener">Capitaland Integrated Commercial Trust (CICT SP)</a> 1H22 DPU +0.8% YoY; Retail turning around led by Downtown malls, but rising energy cost a concern</li><li><a href="https://www.smartkarma.com/entities/keppel-pacific-oak-us-reit" target="_blank" data-smartkarma-citation="entities:25988" rel="noopener">Keppel Pacific Oak US REIT (KORE SP)</a> 2Q22 DPU -9.5% YoY; Declining reversions continue  </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> to acquire Park View Mansions development for S$260m</li></ul>

Capitaland Integrated Commercial Trust (CICT SP) 1H22 DPU +0.8% YoY; Retail turning around led by Downtown malls, but rising energy cost a concernKeppel Pacific Oak US REIT (KORE SP) 2Q22 DPU -9.5% YoY; Declining reversions continue  Chip Eng Seng Corp (CHIP SP) to acquire Park View Mansions development for S$260m

ASEAN Builder's Scoop (28Jul22) - CICT Rising Energy Cost a Concern

Philippines

Bloomberry Resorts Corp is a holding company for its subsidiaries which provide lodging and leisure services. The Subsidiaries operates and develops, tourist facilities, casinos, and hotel and amusement-themed projects.

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Bloomberry Resorts (BLOOM PM)

ASEAN Builder's Scoop (12Sep22) - CERT Divests 3 Logistics Assets for EUR22m

ESR/GIC launching 3rd AUS fund; KOPL auditors flagged material uncertainty; RCR detailed value-accretive infusions; Colliers Phils - FDI to drive...

SCCM Asia Research

Bloomberry Resorts Corp: Time to Consider Overweight on Rapid Recovery Trend and Expansion Plans

Bloomberry Resorts is rapidly moving toward recovery as Philippine market shakes off covid pauses and lockdowns. Stock does not yet reflect values...

Howard J Klein

ASEAN Builder's Scoop (19Aug22) - GCB 1H22 Tally Fell -60% YoY

People's Park Centre enbloc attempt failed; BLOOM to develop new Cavite casino; Phils BSP hikes benchmark rate; Manila retail prices accelerated in...

SCCM Asia Research

PCOMP Index Rebalance: Semirara Mining (SCC) Replaces Security Bank (SECB)

Semirara Mining will replace Security Bank in the PCOMP at the close on 5 August. There are 5 trading days to implementation and passive fund...

Brian Freitas

ASEAN Builder's Scoop (28Jul22) - CICT Rising Energy Cost a Concern

KORE declining reversions continue; Orchard Bel-Air en-bloc sale for S$587.5m; SIRI to launch 31 projects worth THB31.2bn; BLOOM tops off Solaire...

SCCM Asia Research

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