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/lhn-ltd" target="_blank" data-smartkarma-citation="entities:27234" rel="noopener">LHN Ltd (LHN SP)</a> 1H22 PATMI +117.4% YoY; More Co-living properties will be launched in 2H22</li><li><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> 1Q22 DPU -9.7% YoY; Timing difference in pre-termination compensation received</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> 1Q22 Business Updates – RevPAR recovery appears slow and Commercial occupancy remains flattish at low 90%</li></ul>

LHN Ltd (LHN SP) 1H22 PATMI +117.4% YoY; More Co-living properties will be launched in 2H22EC World Reit (ECWREIT SP) 1Q22 DPU -9.7% YoY; Timing difference in pre-termination compensation receivedOUE Commercial REIT (OUECT SP) 1Q22 Business Updates – RevPAR recovery appears slow and Commercial occupancy remains flattish at low 90%

ASEAN Builder's Scoop (13May22) - LHN Co-Living Bearing Fruits

<ul><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> forward purchases a prime UK warehouse development</li><li>Mapletree Investment hits a record year with closing of S$1.9bn US logistics fund</li><li>Shophouse market rounds off banner year with 217 transactions worth S$1.53bn YTD</li></ul>

Frasers Logistics &amp; Commercial Trust (FLT SP) forward purchases a prime UK warehouse developmentMapletree Investment hits a record year with closing of S$1.9bn US logistics fundShophouse market rounds off banner year with 217 transactions worth S$1.53bn YTD

ASEAN Builder's Scoop (2Dec21) - FLT Fwd-Purchases UK Warehouse Dev't

<h2>Singapore</h2><h3>Condo resale prices, volume continue to climb in Aug21; Suburban (OCR) leading the upward trend</h3><p>Demand for resale non-landed private homes remained robust in Aug21 with prices climbing and more units changing hands despite the Hungry Ghost Festival when sales typically slow down. Condominium resale prices climbed 0.5% MoM, albeit at a slower pace than the revised 0.9% jump in Jul21, according to SRX. YoY, resale prices were up 7.9% from Aug20. MoM, homes in the suburbs enjoyed the biggest price increase of 0.9%. Prices in central Singapore went up by 0.3% while homes in the city fringes saw prices dip 0.2%. More condo units were sold for the second straight month, with an estimated 1,860 units resold in Aug21, a 4.9% increase from the 1,773 units in Jul21. Transactions were 40.5% higher YoY, and 79.5% above the five-year average volume for the month of Aug. Most of the transactions were units in the suburbs, representing 60.4% of total volume for the month. About 23% of transactions were in the city fringes, with the remaining 16.5% in the prime districts or core central region. Prices have increased 6.4 % year-to-date and may increase by more than 8% this year.</p>

SingaporeCondo resale prices, volume continue to climb in Aug21; Suburban (OCR) leading the upward trendDemand for resale non-landed private homes remained robust in Aug21 with prices climbing and more units changing hands despite the Hungry Ghost Festival when sales typically slow down. Condominium resale prices climbed 0.5% MoM, albeit at a slower pace than the revised 0.9% jump in Jul21, according to SRX. YoY, resale prices were up 7.9% from Aug20. MoM, homes in the suburbs enjoyed the biggest price increase of 0.9%. Prices in central Singapore went up by 0.3% while homes in the city fringes saw prices dip 0.2%. More condo units were sold for the second straight month, with an estimated 1,860 units resold in Aug21, a 4.9% increase from the 1,773 units in Jul21. Transactions were 40.5% higher YoY, and 79.5% above the five-year average volume for the month of Aug. Most of the transactions were units in the suburbs, representing 60.4% of total volume for the month. About 23% of transactions were in the city fringes, with the remaining 16.5% in the prime districts or core central region. Prices have increased 6.4 % year-to-date and may increase by more than 8% this year.

<h2>Singapore</h2><h3><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> – Capitalizing on post-Covid trends (BUY; TP S$2.57/unit)</h3><p>The transformative merger between CCT and CMT puts forth stronger value propositions: (i) Largest proxy to SG commercial real estate with a diversified and resilient portfolio; (ii) Potential synergies to unlock and benefit from economies of scale; and (iii) Greater financial flexibility and investment opportunities. With recovery underway, we resume coverage with BUY rating and TP $2.57/unit. CICT currently trades at 5.8% FY22E yield and 1.0x P/B.</p>

SingaporeCapitaland Integrated Commercial Trust (CICT SP) – Capitalizing on post-Covid trends (BUY; TP S$2.57/unit)The transformative merger between CCT and CMT puts forth stronger value propositions: (i) Largest proxy to SG commercial real estate with a diversified and resilient portfolio; (ii) Potential synergies to unlock and benefit from economies of scale; and (iii) Greater financial flexibility and investment opportunities. With recovery underway, we resume coverage with BUY rating and TP $2.57/unit. CICT currently trades at 5.8% FY22E yield and 1.0x P/B.

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<p><strong>On the back of 42% earnings recovery in 2021, we maintain our BUY rating and roll over target price to Bt55 (up from previous TP of Bt43) based on 30xPE’21E, the Thai Commerce group.</strong></p><ul>
<li>Benefit from government stimulus measures.</li>
<li><span>Expansion phase for Mini BigC still go on.</span></li>
</ul><p><strong>We still like this stock for 12-months holding given (1) its strong integrated solid supply chain which allow the company to benefit from industry growth and recovery; (2) growth potential from small stores expansion by double digit growth in the next two years (ie., Mini BigC and BigC Market which currently contribute 15% of total sales).</strong></p>

On the back of 42% earnings recovery in 2021, we maintain our BUY rating and roll over target price to Bt55 (up from previous TP of Bt43) based on 30xPE’21E, the Thai Commerce group.
Benefit from government stimulus measures.
Expansion phase for Mini BigC still go on.
We still like this stock for 12-months holding given (1) its strong integrated solid supply chain which allow the company to benefit from industry growth and recovery; (2) growth potential from small stores expansion by double digit growth in the next two years (ie., Mini BigC and BigC Market which currently contribute 15% of total sales).

Thailand

Central Pattana Public Company Limited and its subsidiaries develop properties including shopping centers, condominiums, and office, for sale and rental.  The Company's projects include Central Plaza Lardprao, Central Plaza Ram-indra,  Central Plaza Pinklao, Central Festival Center Pattaya, and Central Plaza Ratchada.

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Central Pattana Pub (CPN TB)

ASEAN Builder's Scoop (13May22) - LHN Co-Living Bearing Fruits

ECWREIT timing difference in compensation; OUECT recovery appears slow; UHU min leasing risk; FPL boosted invt props; SMPH reopening play for malls

SCCM Asia Research

ASEAN Builder's Scoop (2Dec21) - FLT Fwd-Purchases UK Warehouse Dev't

FLT fwd-purchases UK warehouse dev't; Mapletree closes S$1.9bn US Logistics Fund; Banner year for shophouse mrkt; CPN sets aside THB3bn capex; MEG...

SCCM Asia Research

ASEAN Builder's Scoop (15Sep21)

Condo resale prices, volume climbing in Aug21; CLI breaks ground on PHP4bn Cebu mixed-use project; CPN launches housing project NIRATI; OUE issuing...

SCCM Asia Research

ASEAN Builder's Scoop (10Sep21)

CICT capitalizing on post-Covid trends; HDB resale prices only 0.1% below peak; DMAS on-track to meet FY mktg sales target; CPN new Ayutthaya mall;...

SCCM Asia Research

BJC: Expected Strong Recovery in 2021

On the back of 42% earnings recovery in 2021, we maintain our BUY rating and roll over target price to Bt55 (up from previous TP of Bt43) based on...

Pi Securities PCL, Thailand

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