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>Property cooling measures finally here – Higher interest rates floor and tighter LTV (for HDB) to moderate demand</li><li><a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934" rel="noopener">ESR-LOGOS REIT (EREIT SP)</a> continues to divest non-core asset; 2 Jalan Kilang Barat for S$35.3m</li><li><a href="https://www.smartkarma.com/entities/first-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:15848" rel="noopener">First REIT (FIRT SP)</a> bagged ~S$17m social loan to fund its acquisition of 2 nursing homes in Japan</li></ul>

Property cooling measures finally here – Higher interest rates floor and tighter LTV (for HDB) to moderate demandESR-LOGOS REIT (EREIT SP) continues to divest non-core asset; 2 Jalan Kilang Barat for S$35.3mFirst REIT (FIRT SP) bagged ~S$17m social loan to fund its acquisition of 2 nursing homes in Japan

ASEAN Builder's Scoop (30Sep22) - Higher IR Floor and Tighter LTV to Moderate Housing Demand

<ul><li>New hospitality packages instantly sold out as F1 splurge continues</li><li>Commercial portfolio of 15 units in International Plaza on market at a guided price of S$60m</li><li>SEC approves <a href="https://www.smartkarma.com/entities/cebu-landmasters-inc" target="_blank" data-smartkarma-citation="entities:31203" rel="noopener">Cebu Landmasters Inc (CLI PM)</a> PHP15bn bonds (Regina Capital)</li></ul>

New hospitality packages instantly sold out as F1 splurge continuesCommercial portfolio of 15 units in International Plaza on market at a guided price of S$60mSEC approves Cebu Landmasters Inc (CLI PM) PHP15bn bonds (Regina Capital)

ASEAN Builder's Scoop (28Sep22) - SG Gearing up for F1 Wkd

<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> extends its loan facility due 19Sep22</li><li><a href="https://www.smartkarma.com/entities/frasers-logistics-commercial-trust" target="_blank" data-smartkarma-citation="entities:22748" rel="noopener">Frasers Logistics &amp; Commercial Trust (FLT SP)</a> establishes S$1bn Euro-commercial paper program</li><li>Oxley Garden collective sale relaunched at the same minimum price of S$200m</li></ul>

Dasin Retail Trust (DASIN SP) extends its loan facility due 19Sep22Frasers Logistics &amp; Commercial Trust (FLT SP) establishes S$1bn Euro-commercial paper programOxley Garden collective sale relaunched at the same minimum price of S$200m

ASEAN Builder's Scoop (20Sep22) - DASIN Extends Loan Facility to End-Sep22

<ul><li>Salim family raised its deemed interest in <a href="https://www.smartkarma.com/entities/gallant-venture-ltd" target="_blank" data-smartkarma-citation="entities:6792" rel="noopener">Gallant Venture (GALV SP)</a> to 73.1% (from 65.8%)</li><li>WeWork launches its flagship 21 Collyer Quay with &gt;220k sqft of Grade A office space</li><li>CK Asset Holdings to launch more Perfect Ten units at ~S$3,000psf</li></ul>

Salim family raised its deemed interest in Gallant Venture (GALV SP) to 73.1% (from 65.8%)WeWork launches its flagship 21 Collyer Quay with &gt;220k sqft of Grade A office spaceCK Asset Holdings to launch more Perfect Ten units at ~S$3,000psf

ASEAN Builder's Scoop (7Sep22) - Salim Raised GALV Stake to 73.1%

<ul><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> 1Q23 DPU +1.3% YoY; Robust occupancies and rental reversion continue to drive organic growth</li><li><a href="https://www.smartkarma.com/entities/mapletree-industrial-trust" target="_blank" data-smartkarma-citation="entities:40" rel="noopener">Mapletree Industrial Trust (MINT SP)</a> 1Q23 DPU +4.2% YoY; Flat quarterly performance despite occupancies trending up</li><li><a href="https://www.smartkarma.com/entities/keppel-dc-reit" target="_blank" data-smartkarma-citation="entities:85" rel="noopener">Keppel DC REIT (KDCREIT SP)</a> 2Q22 DPU +4.8% YoY; Robust occupancy, trading attractively at 5.3% FY23E yield</li></ul>

AIMS APAC REIT (AAREIT SP) 1Q23 DPU +1.3% YoY; Robust occupancies and rental reversion continue to drive organic growthMapletree Industrial Trust (MINT SP) 1Q23 DPU +4.2% YoY; Flat quarterly performance despite occupancies trending upKeppel DC REIT (KDCREIT SP) 2Q22 DPU +4.8% YoY; Robust occupancy, trading attractively at 5.3% FY23E yield

ASEAN Builder's Scoop (26Jul22) - AAREIT Robust Operating Metrics

Philippines

Cebu Landmasters, Inc. offers real estate services. The Company develops and promotes residential, commercial, hospitality, and industrial buildings. Cebu Landmasters serves customers in Philippines.

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Cebu Landmasters Inc (CLI PM)

ASEAN Builder's Scoop (30Sep22) - Higher IR Floor and Tighter LTV to Moderate Housing Demand

EREIT divests 2 JKB at 22% premium; CLI sees strong take-up in 1st Luzon project; Thai land appraisal price to rise by ~8%; Property cooling...

SCCM Asia Research

ASEAN Builder's Scoop (28Sep22) - SG Gearing up for F1 Wkd

SEC approves CLI PHP15bn bonds; WB upgraded Phils growth est; SMRA earmarks IDR500bn bond repayment. New hospitality packages instantly sold out as...

SCCM Asia Research

ASEAN Builder's Scoop (20Sep22) - DASIN Extends Loan Facility to End-Sep22

FLT establishes S$1bn Euro-comm paper program; POGO exit impact, BPO granted full WFH; CLI booked PHP13.5bn reservation sales this year

SCCM Asia Research

ASEAN Builder's Scoop (7Sep22) - Salim Raised GALV Stake to 73.1%

WeWork launches flagship 21 Collyer Quay space; CK Asset launching more Perfect Ten units; Orchard Bel Air enbloc under way; Phils Aug22 inflation...

SCCM Asia Research

ASEAN Builder's Scoop (26Jul22) - AAREIT Robust Operating Metrics

MINT flat quarterly performance; KDCREIT trades attractively at 5.3% yield; CLCT expects retail recovery in 2H22; OUECT massive hotel turnaround;...

SCCM Asia Research

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