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/dasin-retail-trust" target="_blank" data-smartkarma-citation="entities:23743" rel="noopener">Dasin Retail Trust (DASIN SP)</a> extends facilities for another 3mo following MOU on potential asset sales</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> Keppel DC Singapore 1 master lease commences legal proceedings against DXC Technology Services</li><li><a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934" rel="noopener">ESR-REIT (EREIT SP)</a>, <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> unitholders approve merger to form ESR-Logos REIT</li></ul>

Dasin Retail Trust (DASIN SP) extends facilities for another 3mo following MOU on potential asset salesKeppel DC REIT (KDCREIT SP) Keppel DC Singapore 1 master lease commences legal proceedings against DXC Technology ServicesESR-REIT (EREIT SP), ARA LOGOS (ALLT SP) unitholders approve merger to form ESR-Logos REIT

ASEAN Builder's Scoop (22Mar22) - DASIN Extends Loan Facilities Again

<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> enters into MOU for potential divestment of 2 retail properties</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> offers Cash-Only Alternative to <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</li><li>Quarz requests for MAS intervention; claims <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> has responsibility to seek better price</li></ul>

Dasin Retail Trust (DASIN SP) enters into MOU for potential divestment of 2 retail propertiesMapletree Commercial Trust (MCT SP) offers Cash-Only Alternative to Mapletree North Asia Commercial Trust (MAGIC SP) unitholdersQuarz requests for MAS intervention; claims Mapletree North Asia Commercial Trust (MAGIC SP) has responsibility to seek better price

ASEAN Builder's Scoop (21Mar22) - DASIN Enters MOU to Divest 2 Properties

<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/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> and <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> proposed merger to form Mapletree Pan Asia Commercial Trust (MPACT); DPU and NAV accretive to MCT unitholders</li><li>The transaction will be ~8.9% and ~6.5% of accretive to DPU and NAV, respectively, on a pro forma basis to MCT unitholders. As for MAGIC unitholders, total consideration is at an attractive premium over trading prices and implies a 1.0x P/NAV, translating into a 1-year total return of ~32.2%</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> acquires 50% interest in Sydney office building for ~S$410m; DPU accretive by ~1%</li></ul>

Mapletree Commercial Trust (MCT SP) and Mapletree North Asia Commercial Trust (MAGIC SP) proposed merger to form Mapletree Pan Asia Commercial Trust (MPACT); DPU and NAV accretive to MCT unitholdersThe transaction will be ~8.9% and ~6.5% of accretive to DPU and NAV, respectively, on a pro forma basis to MCT unitholders. As for MAGIC unitholders, total consideration is at an attractive premium over trading prices and implies a 1.0x P/NAV, translating into a 1-year total return of ~32.2%Capitaland Integrated Commercial Trust (CICT SP) acquires 50% interest in Sydney office building for ~S$410m; DPU accretive by ~1%

ASEAN Builder's Scoop (3Jan22) - MCT/MAGIC Merger

<h2>Singapore</h2><p>SREITs results in a glance (see detailed spreadsheet and calendar attached)</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/235/060/original/image_86658513151634177122386.png?1634177126" class="editor-image img-responsive" data-smartkarma-image-id="235060"></figure><h3><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> 2Q22 DPU +18.8% YoY; Strong operational metrics with additional inorganic growth booster</h3><ul><li>1H22 revenue and NPI rose by 13.0% and 19.4% YoY, respectively, to S$65.2m (47.2% BB est.) and S$47.7m (55.5% BB est.), mainly due to acquisition of 7 Bulim Street (acquired in Oct20) and higher rental contribution from 7 Bulim Street, 20 Gul Way, 8 &amp; 10 Pandan Crescent and 541 Yishun Industrial Park A (new master tenant commenced in Jan21)</li><li>1H22 DPU surged 18.8% YoY to S$4.75c (50.0% BB est.). 2Q22 DPU also surged 25.0% YoY and 11.1% QoQ to S$2.50c</li></ul>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached)AIMS APAC REIT (AAREIT SP) 2Q22 DPU +18.8% YoY; Strong operational metrics with additional inorganic growth booster1H22 revenue and NPI rose by 13.0% and 19.4% YoY, respectively, to S$65.2m (47.2% BB est.) and S$47.7m (55.5% BB est.), mainly due to acquisition of 7 Bulim Street (acquired in Oct20) and higher rental contribution from 7 Bulim Street, 20 Gul Way, 8 &amp; 10 Pandan Crescent and 541 Yishun Industrial Park A (new master tenant commenced in Jan21)1H22 DPU surged 18.8% YoY to S$4.75c (50.0% BB est.). 2Q22 DPU also surged 25.0% YoY and 11.1% QoQ to S$2.50c

Singapore

Dasin Retail Trust is a Singapore-based retail property trust that invests in and develops income-producing real estate, primarily retail malls, in Greater China, with a focus on the Guangdong-Hong Kong-Macau Greater Bay Area. Its portfolio includes seven retail malls in Zhongshan, Zhuhai, and Foshan cities in Guangdong, PRC. The trust was listed on the Singapore Exchange on January 20, 2017, and is headquartered in Singapore.

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Dasin Retail Trust (DASIN SP)

ASEAN Builder's Scoop (22Mar22) - DASIN Extends Loan Facilities Again

KDCREIT master lessee in legal dispute over default payment; EREIT-ALLT merger approved; CPG eyes PHP3.5bn sales from Naic project

SCCM Asia Research

ASEAN Builder's Scoop (21Mar22) - DASIN Enters MOU to Divest 2 Properties

MCT offers Cash-Only option to MAGIC; Metro diversification strategy; ECW robust sales YTD; S TB earmarks THB11bn capex in 2022; FILRT boost from...

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 (3Jan22) - MCT/MAGIC Merger

MCT/MAGIC merger; CICT buys Sydney office; KDCREIT buys UK DC; ART buys more US dormitories; ECWREIT buyers backed out; DASIN loan extension; VLL...

SCCM Asia Research

ASEAN Builder's Scoop (13Oct21)

AAREIT strong operational metrics with inorganic booster; DASIN completes manager sale; Ascott record signing in VN; AWC repositioning 3 mega projects

SCCM Asia Research

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