ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>The past week saw in insights published on Bank Rakyat Indonesia, PT Avia Avian, Ultrajaya Milk, Telekomunikasi Indonesia, Vinagame IPO, and a <a href="https://www.smartkarma.com/entities/digital-core-reit" target="_blank" data-smartkarma-citation="entities:35145:1" rel="noopener">Digital Core REIT</a>/<a href="https://www.smartkarma.com/entities/keppel-dc-reit" target="_blank" data-smartkarma-citation="entities:85:1" rel="noopener">Keppel DC REIT</a> pair trade.</li>
<li>There were also macro insights looking at Thai political situation, and an insight looking at a more positive outlook for the Philippines, which investors remain dramatically underweight.</li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.</li>
</ul>


The past week saw in insights published on Bank Rakyat Indonesia, PT Avia Avian, Ultrajaya Milk, Telekomunikasi Indonesia, Vinagame IPO, and a Digital Core REIT/Keppel DC REIT pair trade.
There were also macro insights looking at Thai political situation, and an insight looking at a more positive outlook for the Philippines, which investors remain dramatically underweight.
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.


The Week That Was in ASEAN@Smartkarma - Bank Rakyat Executing, Avia Avian, and Thai Politics

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

Mapletree Industrial Trust / Equity Bottom-Up

<ul><li>Keppel DC REIT's DPU rose 11.3% in 1H26, driven by positive rental reversions and higher effective interests in assets.</li><li>Digital Core REIT maintained stable DPU despite lower net property income, with 97.3% occupancy and 25% rental reversions.</li><li>NTT DC REIT's occupancy increased to 95.9%, exceeding IPO projections with 10.6% higher distributable income and 31.0% leverage.</li></ul>

Keppel DC REIT's DPU rose 11.3% in 1H26, driven by positive rental reversions and higher effective interests in assets.Digital Core REIT maintained stable DPU despite lower net property income, with 97.3% occupancy and 25% rental reversions.NTT DC REIT's occupancy increased to 95.9%, exceeding IPO projections with 10.6% higher distributable income and 31.0% leverage.

REIT Watch - Data Centre S-REITs Power Ahead on AI and Cloud Growth

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/digital-core-reit" target="_blank" data-smartkarma-citation="entities:35145" rel="noopener">Digital Core REIT (DCREIT SP)</a> acquires interests in freehold data centres in Germany and Texas; DPU accretive by 2.0-3.1%</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> to acquire two freehold logistics facilities and a freehold land in Japan; DPU accretive by 1.3%</li><li>Proposed Dutch tax regime changes will not impact Cromwell European REIT (CERT) distributable income</li></ul>

Digital Core REIT (DCREIT SP) acquires interests in freehold data centres in Germany and Texas; DPU accretive by 2.0-3.1%Daiwa House Logistics Trust (DHLT SP) to acquire two freehold logistics facilities and a freehold land in Japan; DPU accretive by 1.3%Proposed Dutch tax regime changes will not impact Cromwell European REIT (CERT) distributable income

ASEAN Builder's Scoop (23Sep22) - DCREIT Expands into Germany, Texas

<ul><li><a href="https://www.smartkarma.com/entities/digital-core-reit" target="_blank" data-smartkarma-citation="entities:35145" rel="noopener">Digital Core REIT (DCREIT SP)</a> 1Q22 Business Updates – Slight beat to IPO forecast; Gearing for more acquisitions with identified pipeline  </li><li><a href="https://www.smartkarma.com/entities/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889" rel="noopener">Cromwell European REIT (CERT SP)</a> acquires 3 freehold Light Industrial/ Logistics assets in Italy and Germany; NOI yield of 6.8%</li><li><a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57" rel="noopener">City Developments (CIT SP)</a> Piccadilly Grand to start viewing on 23Apr with prices starting from ~S$2,000psf</li></ul>

Digital Core REIT (DCREIT SP) 1Q22 Business Updates – Slight beat to IPO forecast; Gearing for more acquisitions with identified pipeline  Cromwell European REIT (CERT SP) acquires 3 freehold Light Industrial/ Logistics assets in Italy and Germany; NOI yield of 6.8%City Developments (CIT SP) Piccadilly Grand to start viewing on 23Apr with prices starting from ~S$2,000psf

ASEAN Builder's Scoop (22Apr22) - DCREIT Gearing for More Acquisitions

<ul><li>Oct21 retail sales up 7.5% YoY driven by mobile phones sales; F&amp;B saw a revival in Nov, heading into festive season</li><li><a href="https://www.smartkarma.com/entities/roxy-pacific-holdings-ltd" target="_blank" data-smartkarma-citation="entities:1096" rel="noopener">Roxy Pacific Holdings (ROXY SP)</a> sells a healthy 45% of total units at Mori during weekend launch</li><li>Cairnhill 16 saw only 3 units reserved with prices starting from S$2,789psf on launch weekend</li></ul>

Oct21 retail sales up 7.5% YoY driven by mobile phones sales; F&amp;B saw a revival in Nov, heading into festive seasonRoxy Pacific Holdings (ROXY SP) sells a healthy 45% of total units at Mori during weekend launchCairnhill 16 saw only 3 units reserved with prices starting from S$2,789psf on launch weekend

ASEAN Builder's Scoop (6Dec21) - Oct21 Retail Sales up 7.5% YoY

Singapore

Digital Core REIT is a Singapore-based real estate investment trust (S-REIT) that invests in a diversified portfolio of income-producing data center assets globally. It provides critical digital infrastructure, including buildings, power, cooling, and physical security, to cloud, internet, and enterprise customers. The company is headquartered in Singapore and was founded in 2021.

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Digital Core REIT (DCREIT SP)

The Week That Was in ASEAN@Smartkarma - Bank Rakyat Executing, Avia Avian, and Thai Politics

The past week saw insights published on Bank Rakyat Indonesia, PT Avia Avian, Ultrajaya Milk, Telekomunikasi Indonesia, Vinagame IPO, and a Digital...

Angus Mackintosh

REIT Watch - Data Centre S-REITs Power Ahead on AI and Cloud Growth

Keppel DC REIT's DPU rose 11.3% in 1H26, driven by positive rental reversions and higher effective interests in assets. Digital Core REIT...

Singapore Exchange Ltd (SGX)

ASEAN Builder's Scoop (23Sep22) - DCREIT Expands into Germany, Texas

DHLT buys Japan props; CERT no impact from Dutch tax regime changes; LBC rates rising across the board; Phils JLL said more hybrid work by 2025

SCCM Asia Research

ASEAN Builder's Scoop (22Apr22) - DCREIT Gearing for More Acquisitions

CERT buys 3 Italy/Germany assets at 6.8% NOI yield; CIT Piccadily Grand previewing this wkd; VLL shifts to vertical housing

SCCM Asia Research

ASEAN Builder's Scoop (6Dec21) - Oct21 Retail Sales up 7.5% YoY

Oct21 retail sales up 7.5% YoY; ROXY sells 45% of Mori; Cairnhill 16 saw muted response; Villar Group plans commercial REIT IPO; Haus Talk IPO in...

SCCM Asia Research

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