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/daiwa-house-logistics-trust" target="_blank" data-smartkarma-citation="entities:35020" rel="noopener">Daiwa House Logistics Trust (DHLT SP)</a> 4Q21 business updates (26Nov-31Dec21) – Initial results are inline with forecasts</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> 2H21 DPU fell 29.2% YoY; Gradual improvements post completion of restructuring exercises</li><li><a href="https://www.smartkarma.com/entities/oxley-holdings-ltd" target="_blank" data-smartkarma-citation="entities:1097" rel="noopener">Oxley Holdings (OHL SP)</a> 1H22 PATMI -18% YoY; Gearing under control, projects progressing well</li></ul>

Daiwa House Logistics Trust (DHLT SP) 4Q21 business updates (26Nov-31Dec21) – Initial results are inline with forecastsFirst REIT (FIRT SP) 2H21 DPU fell 29.2% YoY; Gradual improvements post completion of restructuring exercisesOxley Holdings (OHL SP) 1H22 PATMI -18% YoY; Gearing under control, projects progressing well

ASEAN Builder's Scoop (11Feb22) - DHLT Initial Results Inline

<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> FY21 results boosted by facilities management and logistics services; Maintains S$0.01 DPS</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> to achieve 100% occupancy rate for Münster Campus by Sep22 onwards</li><li><a href="https://www.smartkarma.com/entities/daiwa-house-logistics-trust" target="_blank" data-smartkarma-citation="entities:35020" rel="noopener">Daiwa House Logistics Trust (DHLT SP)</a> IPO sees healthy demand; Listing on 3Dec</li></ul>

LHN Ltd (LHN SP) FY21 results boosted by facilities management and logistics services; Maintains S$0.01 DPSIREIT Global (IREIT SP) to achieve 100% occupancy rate for Münster Campus by Sep22 onwardsDaiwa House Logistics Trust (DHLT SP) IPO sees healthy demand; Listing on 3Dec

ASEAN Builder's Scoop (29Nov21) - LHN Boosted by Facilities and Logistics Services

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>Industrial S-REITs in Singapore show resilient performance with positive rental reversions and proactive leasing and capital management.</li><li>CLAR reported S$1.6 billion in acquisitions, including a Japan data centre, with portfolio occupancy at 90.5%.</li><li>MLT and MINT focus on portfolio rejuvenation through divestments and acquisitions, targeting modern assets and data centres.</li></ul>

Industrial S-REITs in Singapore show resilient performance with positive rental reversions and proactive leasing and capital management.CLAR reported S$1.6 billion in acquisitions, including a Japan data centre, with portfolio occupancy at 90.5%.MLT and MINT focus on portfolio rejuvenation through divestments and acquisitions, targeting modern assets and data centres.

REIT Watch – Industrial S-REITs maintain operational resilience while undertaking portfolio rejuvenation

CapitaLand India Trust / Equity Bottom-Up

<ul><li>S-REITs have seen S$925 million in net retail buying in 2026, double the pace of 2025.  </li><li>UI Boustead REIT increased occupancy to 92.2% and co-invested in Japan's UIB Konan Phase 3 logistics.  </li><li>CapitaLand India Trust and CapitaLand Ascendas REIT drive income through leasing momentum and diversified industrial portfolios.</li></ul>

S-REITs have seen S$925 million in net retail buying in 2026, double the pace of 2025.  UI Boustead REIT increased occupancy to 92.2% and co-invested in Japan's UIB Konan Phase 3 logistics.  CapitaLand India Trust and CapitaLand Ascendas REIT drive income through leasing momentum and diversified industrial portfolios.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ui-boustead-reit" target="_blank" data-smartkarma-citation="entities:47562:1" rel="noopener">UI Boustead REIT (UIBREIT SP)</a>  (UBREIT), a logistics and industrial REIT, raised around US$767m in its Singapore IPO.</li>
<li>UBREIT’s initial portfolio comprises 21 properties in Singapore and two properties in Japan. The total value of the IPO Portfolio is approximately S$1.9bn (US$1.5bn) as at 30 September 2025.</li>
<li>We have looked at the company’s past performance and valuations, in our earlier notes. In this note we talk about the trading dynamics.</li>
</ul>



UI Boustead REIT (UIBREIT SP)  (UBREIT), a logistics and industrial REIT, raised around US$767m in its Singapore IPO.
UBREIT’s initial portfolio comprises 21 properties in Singapore and two properties in Japan. The total value of the IPO Portfolio is approximately S$1.9bn (US$1.5bn) as at 30 September 2025.
We have looked at the company’s past performance and valuations, in our earlier notes. In this note we talk about the trading dynamics.


Aequitas: UI Boustead REIT IPO Trading - Decent Yield, Though Peers Have Been Correcting

Singapore

Daiwa House Logistics Trust is a Singapore real estate investment trust (REIT) that invests in a diversified portfolio of income-producing logistics and industrial real estate assets across Asia, primarily in Japan and the ASEAN region. Its portfolio includes modern logistics facilities. The trust was listed on the Singapore Exchange on November 26, 2021, and is headquartered in Singapore.

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Daiwa House Logistics (DHLT SP)

ASEAN Builder's Scoop (11Feb22) - DHLT Initial Results Inline

DHLT initial results inline; FIRT gradual improvements post restructuring; OHL gearing under control; Quarz Capital thinks MAGIC offer value...

SCCM Asia Research

ASEAN Builder's Scoop (29Nov21) - LHN Boosted by Facilities and Logistics Services

LHN boosted by Facilities and Logistics services; IREIT secures new leases at Munster Campus; DHLT IPO debuts on 3Dec; The Commodore sold 70% on...

SCCM Asia Research

REIT Watch – Industrial S-REITs maintain operational resilience while undertaking portfolio rejuvenation

Industrial S-REITs in Singapore show resilient performance with positive rental reversions and proactive leasing and capital management. CLAR...

Singapore Exchange Ltd (SGX)

REIT Watch - S REIT Retail Flows in 2026

S-REITs have seen S$925 million in net retail buying in 2026, double the pace of 2025. UI Boustead REIT increased occupancy to 92.2% and...

Singapore Exchange Ltd (SGX)

Aequitas: UI Boustead REIT IPO Trading - Decent Yield, Though Peers Have Been Correcting

UI Boustead REIT (UIBREIT SP) (UBREIT), a logistics and industrial REIT, raised around US$767m in its Singapore IPO. In this note, we talk about...

Sumeet Singh

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