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/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/ioi-properties-group-bhd" target="_blank" data-smartkarma-citation="entities:18876" rel="noopener">IOI Properties Group (IOIPG MK)</a> Central Boulevard office to receive TOP in 3Q23</li><li>Mapletree Investment posted 6.2% YoY rise in FY22; AUM grew ~19% YoY to S$78.7bn</li><li>Nearly half of <a href="https://www.smartkarma.com/entities/capitaland-investment-ltd-si" target="_blank" data-smartkarma-citation="entities:33774" rel="noopener">CapitaLand Investment (CLI SP)</a> global portfolio is green building-certified</li></ul>

IOI Properties Group (IOIPG MK) Central Boulevard office to receive TOP in 3Q23Mapletree Investment posted 6.2% YoY rise in FY22; AUM grew ~19% YoY to S$78.7bnNearly half of CapitaLand Investment (CLI SP) global portfolio is green building-certified

ASEAN Builder's Scoop (1Jun22) - IOIP Central Boulevard Office to TOP in 3Q23

<ul><li>CapitaLand Development invests in 2 prime residential sites in Wuhan and Chengdu for CNY3.5bn</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> plans to acquire minority interest in property at 8 Shenton Way</li><li><a href="https://www.smartkarma.com/entities/ara-logos-logistics-trust" target="_blank" data-smartkarma-citation="entities:937" rel="noopener">ARA LOGOS (ALLT SP)</a> to receive writ of summons amounting to S$8m</li></ul>

CapitaLand Development invests in 2 prime residential sites in Wuhan and Chengdu for CNY3.5bnChip Eng Seng Corp (CHIP SP) plans to acquire minority interest in property at 8 Shenton WayARA LOGOS (ALLT SP) to receive writ of summons amounting to S$8m

ASEAN Builder's Scoop (5Apr22) - Capitaland Development Invests CNY3.5bn in CHN

<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> 2H21 DPU +10.9% YoY; All eyes remain on the hefty 2022 refinancing burden</li><li><a href="https://www.smartkarma.com/entities/bhg-retail-reit" target="_blank" data-smartkarma-citation="entities:21021" rel="noopener">BHG Retail REIT (BHGREIT SP)</a> 2H21 DPU -0.9% YoY; Steady as she goes with occupancy rates inching higher</li><li><a href="https://www.smartkarma.com/entities/ireit-global" target="_blank" data-smartkarma-citation="entities:10596" rel="noopener">IREIT Global (IREIT SP)</a> 2H21 DPU +7.9% YoY; Continued to trade ~25% below book value despite an attractive 7+% yield</li></ul>

Dasin Retail Trust (DASIN SP) 2H21 DPU +10.9% YoY; All eyes remain on the hefty 2022 refinancing burdenBHG Retail REIT (BHGREIT SP) 2H21 DPU -0.9% YoY; Steady as she goes with occupancy rates inching higherIREIT Global (IREIT SP) 2H21 DPU +7.9% YoY; Continued to trade ~25% below book value despite an attractive 7+% yield

ASEAN Builder's Scoop 28Feb22 - DASIN All Eyes on Mar22 Loan Refinancing

<ul><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> 2H21 DPU -4.2% YoY; Weakness in MG and LP offset by office and hotel recovery</li><li><a href="https://www.smartkarma.com/entities/prime-us-reit" target="_blank" data-smartkarma-citation="entities:28144" rel="noopener">Prime US REIT (PRIME SP)</a> 2H21 DPU +0.9% YoY; Strong reversions continue but occupancy remains a struggle</li><li>Frasers Hospitality forays into Cambodia, to launch 3 more properties</li></ul>

OUE Commercial REIT (OUECT SP) 2H21 DPU -4.2% YoY; Weakness in MG and LP offset by office and hotel recoveryPrime US REIT (PRIME SP) 2H21 DPU +0.9% YoY; Strong reversions continue but occupancy remains a struggleFrasers Hospitality forays into Cambodia, to launch 3 more properties

ASEAN Builder's Scoop (17Feb22) - OUECT Persistent Weakness in MG and LP

Singapore

Chip Eng Seng Corporation Ltd. is a multinational conglomerate engaged in construction, civil infrastructure, property development, property investment, hospitality, and education. The company provides general building, civil engineering, property development and management, investment property leasing, hotel operations, and education services. It was founded in 1960 and is headquartered in Singapore.

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Chip Eng Seng (CHIP SP)

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 (1Jun22) - IOIP Central Boulevard Office to TOP in 3Q23

Mapletree Investment AUM +19% YoY to S$78.7bn; CLI ~48% of portfolio is green-certified; HOUSE 1Q22 earnings +22% YoY; BSP sees inflation above 5%

SCCM Asia Research

ASEAN Builder's Scoop (5Apr22) - Capitaland Development Invests CNY3.5bn in CHN

CHIP to acquire a min stake in 8 Shenton Way; ALLT receives S$8m writ of summons; WINGT divests Penang property for MYR17.5m; MSGB to launch...

SCCM Asia Research

ASEAN Builder's Scoop 28Feb22 - DASIN All Eyes on Mar22 Loan Refinancing

BHGREIT steady as she goes; IREIT trading ~25% below book; AEW sells 55MS for S$3,450psf; CLD signs S$1.3bn Vietnam MOU; ELITE embarks on new AEI

SCCM Asia Research

ASEAN Builder's Scoop (17Feb22) - OUECT Persistent Weakness in MG and LP

OUECT persistent weakness in MG and LP; PRIME strong reversions continue; Condo/HDB rents continued rising in Jan22; ALCO introducing FY23E...

SCCM Asia Research

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