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/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

<ul><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> 1Q23 DPU +5.0% YoY; Robust DPU growth and reversions number </li><li><a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> 1Q23 Business Updates – FW recovery continues</li><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> , <a href="https://www.smartkarma.com/entities/link-reit" target="_blank" data-smartkarma-citation="entities:872" rel="noopener">Link REIT (823 HK)</a>, <a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670" rel="noopener">Frasers Property Ltd (FPL SP)</a> competing for NTUC's S$4bn shopping malls</li></ul>

Mapletree Logistics Trust (MLT SP) 1Q23 DPU +5.0% YoY; Robust DPU growth and reversions number Mapletree North Asia Commercial Trust (MAGIC SP) 1Q23 Business Updates – FW recovery continuesCapitaland Integrated Commercial Trust (CICT SP) , Link REIT (823 HK), Frasers Property Ltd (FPL SP) competing for NTUC's S$4bn shopping malls

ASEAN Builder's Scoop (22Jul22) - MLT Robust Growth and Reversions

<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> renews leases with Temasek subsidiaries</li><li><a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> , <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> unitholders approved merger to create third largest SREIT</li><li>Suburban condos have outperformed prime ones the last decade and may continue given regulations in place</li></ul>

Capitaland Integrated Commercial Trust (CICT SP) renews leases with Temasek subsidiariesMapletree Commercial Trust (MCT SP) , Mapletree North Asia Commercial Trust (MAGIC SP) unitholders approved merger to create third largest SREITSuburban condos have outperformed prime ones the last decade and may continue given regulations in place

ASEAN Builder's Scoop (24May22) - CICT Renews Leases with Temasek Subs

<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> 1Q22 Business Updates – Improving retail metrics + robust office reversions = top pick</li><li><a href="https://www.smartkarma.com/entities/ara-us-hospitality-trust" target="_blank" data-smartkarma-citation="entities:28048" rel="noopener">ARA US Hospitality Trust (ARAUS SP)</a> 1Q22 Business Updates – Recovery story intact though gearing reaches ~45%</li><li><a href="https://www.smartkarma.com/entities/lippo-malls-indonesia-retail-trust" target="_blank" data-smartkarma-citation="entities:10946" rel="noopener">Lippo Malls Indonesia Retail Trust (LMRT SP)</a> 1Q22 DPU +12.5% YoY; Looking brighter with reversions turning positive</li></ul>

Capitaland Integrated Commercial Trust (CICT SP) 1Q22 Business Updates – Improving retail metrics + robust office reversions = top pickARA US Hospitality Trust (ARAUS SP) 1Q22 Business Updates – Recovery story intact though gearing reaches ~45%Lippo Malls Indonesia Retail Trust (LMRT SP) 1Q22 DPU +12.5% YoY; Looking brighter with reversions turning positive

ASEAN Builder's Scoop (4May22) - CICT Improving Retail + Robust Office Metrics;

<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> proposes to acquire 70% interest in 79 Robinson Road; +2.9% accretion to DPU</li><li><a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670" rel="noopener">Frasers Property Ltd (FPL SP)</a> proposes JV participation and bridging loans for China land investments</li><li>Courts Nojima The Hereen sees Japanese furniture brand Nitori Retail opening first Singapore outlet</li></ul>

Capitaland Integrated Commercial Trust (CICT SP) proposes to acquire 70% interest in 79 Robinson Road; +2.9% accretion to DPUFrasers Property Ltd (FPL SP) proposes JV participation and bridging loans for China land investmentsCourts Nojima The Hereen sees Japanese furniture brand Nitori Retail opening first Singapore outlet

ASEAN Builder's Scoop (28Mar22) - CICT Buys 70% of 79 Robinson Rd

Singapore

Capitaland Integrated Commercial Trust operates as a retail estate investment trust. The Compnay invests in retail and office properties and integrated developments. Capitaland Integrated Commercial Trust serves clients in Asia Pacific.

Capitaland Integrated Commercial Trust (CICT SP)

Capitaland Integrated Commercial Trust (CICT SP)

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

ASEAN Builder's Scoop (22Jul22) - MLT Robust Growth and Reversions

MAGIC FW recovery continues; CICT/Link REIT/FPL vying for NTUC's mall assets; Non-landed luxury prop deals rose 64% YoY in 2Q22; CPN rolling out 50...

SCCM Asia Research

ASEAN Builder's Scoop (24May22) - CICT Renews Leases with Temasek Subs

MCT-MAGIC merger gets nod from unitholders; Suburban condos outperforming prime; APAC driving global RE flows; House inquiry of BIG, MEG closure...

SCCM Asia Research

ASEAN Builder's Scoop (4May22) - CICT Improving Retail + Robust Office Metrics;

ARAUS high gearing despite recovery story intact; LMRT reversions turning positive; ALLHC focuses on cold storage and others; BKK condo mrkt...

SCCM Asia Research

ASEAN Builder's Scoop (28Mar22) - CICT Buys 70% of 79 Robinson Rd

CICT Buys 70% of 79 Robinson Rd; FPL China land investments; VLL files for VREIT IPO; FILTRT inline FY21 earnings; Phils resi prices rose further...

SCCM Asia Research