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/ascendas-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:39" rel="noopener">Ascendas Real Estate Investment Trust (AREIT SP)</a> to acquire 7 logistics properties in Chicago, USA at ~5.3% NPI yield</li><li><a href="https://www.smartkarma.com/entities/oue-commercial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:912" rel="noopener">OUE Commercial REIT (OUECT SP)</a> looking to acquire office assets in Sydney, Melbourne, and London</li><li>The SGD strengthening to keep SREITs resilient after travel rebound</li></ul>

Ascendas Real Estate Investment Trust (AREIT SP) to acquire 7 logistics properties in Chicago, USA at ~5.3% NPI yieldOUE Commercial REIT (OUECT SP) looking to acquire office assets in Sydney, Melbourne, and LondonThe SGD strengthening to keep SREITs resilient after travel rebound

ASEAN Builder's Scoop (10May22) - AREIT Buys 7 Logistics Props in Chicago at ~5.3% Yield

<ul><li><a href="https://www.smartkarma.com/entities/ascendas-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:39" rel="noopener">Ascendas Real Estate Investment Trust (AREIT SP)</a> 1Q22 Business Updates – Robust reversions led by US and AUS portfolio</li><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> 3Q22 Business Updates – A new chapter post successful JEM acquisition fund raising</li><li>ESR-REIT begins to trade today as a merged entity <a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934" rel="noopener">ESR-REIT (EREIT SP)</a> ESR-LOGOS REIT </li></ul>

Ascendas Real Estate Investment Trust (AREIT SP) 1Q22 Business Updates – Robust reversions led by US and AUS portfolioLendlease Global Commercial REIT (LREIT SP) 3Q22 Business Updates – A new chapter post successful JEM acquisition fund raisingESR-REIT begins to trade today as a merged entity ESR-REIT (EREIT SP) ESR-LOGOS REIT 

ASEAN Builder's Scoop (5May22) - AREIT Robust Reversions Led by US, AUS; LREIT

<ul><li><a href="https://www.smartkarma.com/entities/manulife-us-reit" target="_blank" data-smartkarma-citation="entities:567" rel="noopener">Manulife US REIT (MUST) (MUST SP)</a> 2H21 DPU +1.5% YoY; 4Q21 -7.1% reversions a concern, further M&amp;As may hinge on fundraising efforts</li><li><a href="https://www.smartkarma.com/entities/ascendas-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:39" rel="noopener">Ascendas Real Estate Investment Trust (AREIT SP)</a> 2H21 DPU +2.4% YoY; Improved occupancy while reversions remain relatively robust</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> Jan22 contracted pre-sales rose 87.7% YoY</li></ul>

Manulife US REIT (MUST) (MUST SP) 2H21 DPU +1.5% YoY; 4Q21 -7.1% reversions a concern, further M&amp;As may hinge on fundraising effortsAscendas Real Estate Investment Trust (AREIT SP) 2H21 DPU +2.4% YoY; Improved occupancy while reversions remain relatively robustYanlord Land (YLLG SP) Jan22 contracted pre-sales rose 87.7% YoY

ASEAN Builder's Scoop (9Feb22) - MUST Weak 4Q21 Reversions a Concern

<ul><li>AREIT redeveloping Science Park Drive; 10M21 new home sales take-up rate at 181%; KEP final offer for SPH; SDPR new launches sold out; Phils Sep21 remittances rebounded</li><li>New private home sales rose 9% MoM in Oct21; Robust take-up rate (above 100%) for the past 9mo</li><li>Keppel Corp (KEP SP) says its final offer for Singapore Press Holdings (SPH SP) is compelling - KEP stated that its final offer is a compelling one and a win-win proposition which would be put to both KEP’s and SPH’s shareholders for their respective decisions.</li></ul>

AREIT redeveloping Science Park Drive; 10M21 new home sales take-up rate at 181%; KEP final offer for SPH; SDPR new launches sold out; Phils Sep21 remittances reboundedNew private home sales rose 9% MoM in Oct21; Robust take-up rate (above 100%) for the past 9moKeppel Corp (KEP SP) says its final offer for Singapore Press Holdings (SPH SP) is compelling - KEP stated that its final offer is a compelling one and a win-win proposition which would be put to both KEP’s and SPH’s shareholders for their respective decisions.

ASEAN Builder's Scoop (16Nov21) - AREIT Redeveloping Science Park Drive

<h2>Singapore</h2>
<h3>Cuscaden Peak minimum chain offer price for each <a href="https://www.smartkarma.com/entities/sph-reit" target="_blank" data-smartkarma-citation="entities:5994" rel="noopener">SPH REIT (SPHREIT SP)</a> unit stands at S$96.4c</h3>
<ul>
<li>The minimum chain offer price, which consortium Cuscaden Peak will have to offer for each SPHREIT if its acquisition bid for Singapore Press Holdings (SPH SP) succeeds is S$96.4c, fully in cash. The consortium had made a surprise rival bid to privatise SPH, following an earlier offer from Keppel Corp (KEP SP). Such an acquisition would take place by way of a scheme of arrangement. Subject to the finalisation of the terms of such a scheme, the completion of Cuscaden's proposed cash acquisition would result in an obligation for it to undertake a chain offer for all SPHREIT units as well, in accordance with the Singapore Code on Take-overs and Mergers</li>
<li>The minimum chain offer price shall be the simple average of the daily volume-weighted average traded prices of SPHREIT units, on either the latest 20 trading days, or whatever number of trading days there were within 30 calendar days before the announcement of the possible offer. The chain offer will not be made unless and until the possible scheme becomes effective in accordance with its terms, or – if Cuscaden undertakes the proposed acquisition in another method – is declared effective or unconditional, and/or is completed. Cuscaden's offer for SPH is S$2.10 per share in cash. Cuscaden comprises Hotel Properties, businessman Ong Beng Seng and two Temasek-linked entities – CLA Real Estate Holdings and Mapletree. Its proposal still needs to be accepted by the board of SPH.</li>
</ul>

Singapore
Cuscaden Peak minimum chain offer price for each SPH REIT (SPHREIT SP) unit stands at S$96.4c

The minimum chain offer price, which consortium Cuscaden Peak will have to offer for each SPHREIT if its acquisition bid for Singapore Press Holdings (SPH SP) succeeds is S$96.4c, fully in cash. The consortium had made a surprise rival bid to privatise SPH, following an earlier offer from Keppel Corp (KEP SP). Such an acquisition would take place by way of a scheme of arrangement. Subject to the finalisation of the terms of such a scheme, the completion of Cuscaden's proposed cash acquisition would result in an obligation for it to undertake a chain offer for all SPHREIT units as well, in accordance with the Singapore Code on Take-overs and Mergers
The minimum chain offer price shall be the simple average of the daily volume-weighted average traded prices of SPHREIT units, on either the latest 20 trading days, or whatever number of trading days there were within 30 calendar days before the announcement of the possible offer. The chain offer will not be made unless and until the possible scheme becomes effective in accordance with its terms, or – if Cuscaden undertakes the proposed acquisition in another method – is declared effective or unconditional, and/or is completed. Cuscaden's offer for SPH is S$2.10 per share in cash. Cuscaden comprises Hotel Properties, businessman Ong Beng Seng and two Temasek-linked entities – CLA Real Estate Holdings and Mapletree. Its proposal still needs to be accepted by the board of SPH.


ASEAN Builder's Scoop (2Nov21) - Cuscaden Peak Chain Offer for SPHREIT

Singapore

CapitaLand Ascendas REIT is Singapore's first and largest listed business space and industrial real estate investment trust. It focuses on a diversified portfolio of business and industrial properties, including business and science parks, high-specification industrial properties, data centers, light industrial properties, and logistics and distribution centers across Singapore, Australia, Europe, and the US. Headquartered in Singapore, the company was established in 2002.

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CapitaLand Ascendas (CLAR SP)

ASEAN Builder's Scoop (10May22) - AREIT Buys 7 Logistics Props in Chicago at ~5.3% Yield

OUECT looking to buy AUS, London offices; Indo tourist arrivals gradual recovery; Marcos leading Phils election, YTL aims to grow REIT portfolio

SCCM Asia Research

ASEAN Builder's Scoop (5May22) - AREIT Robust Reversions Led by US, AUS; LREIT

Merged EREIT starts trading today; LHN 1H22 +ve profit guidance; MEG raises capex for Bacolod townships; MREIT boosted by acquisitions

SCCM Asia Research

ASEAN Builder's Scoop (9Feb22) - MUST Weak 4Q21 Reversions a Concern

MUST weak 4Q21 reversions a concern; AREIT improved occupancy and steady reversions; SG may levy prop-related wealth tax; ASII/HKL/Logos Indo...

SCCM Asia Research

ASEAN Builder's Scoop (16Nov21) - AREIT Redeveloping Science Park Drive

AREIT redeveloping Science Park Drive; 10M21 new home sales take-up rate at 181%; KEP final offer for SPH; SDPR new launches sold out; Phils Sep21...

SCCM Asia Research

ASEAN Builder's Scoop (2Nov21) - Cuscaden Peak Chain Offer for SPHREIT

Cuscaden Peak chain offer for SPHREIT; URA rejects International Plaza's redevelopment plan; DD riding on hospitality tailwinds; DILD 9M21 mktg...

SCCM Asia Research

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