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

<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> acquires right-of-use Mount Elizabeth property; Further expansion of its Space Optimisation segment</li><li><a href="https://www.smartkarma.com/entities/keppel-reit" target="_blank" data-smartkarma-citation="entities:192" rel="noopener">Keppel REIT (KREIT SP)</a> acquires a freehold Grade-A office building under development in North Sydney; DPU accretive by +3.0%</li><li>Supply chain issues bolstering demand for warehousing during holiday season</li></ul>

LHN Ltd (LHN SP) acquires right-of-use Mount Elizabeth property; Further expansion of its Space Optimisation segmentKeppel REIT (KREIT SP) acquires a freehold Grade-A office building under development in North Sydney; DPU accretive by +3.0%Supply chain issues bolstering demand for warehousing during holiday season

ASEAN Builder's Scoop (30Nov21) - LHN Adds Mount Elizabeth Prop into Co-Living Portfolio

External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

External broker reports(aggregated public sources)

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Cyxtera, Digital Core REIT’s second-largest tenant accounting for 22.4% of annualised rent, has filed for chapter 11 bankruptcy protection.</li><li>We expect Cyxtera to reject the two leases for data centres in Los Angeles as occupancy is low at 57%.</li><li>Digital Core REIT (SGX:DCRU)’s second-largest tenant Cyxtera, which accounted for US$16.3m or 22.4% of annualised rental revenue, has filed for chapter 11 bankruptcy protection in the District Court of New Jersey on 4 Jun 23.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Cyxtera, Digital Core REIT’s second-largest tenant accounting for 22.4% of annualised rent, has filed for chapter 11 bankruptcy protection.We expect Cyxtera to reject the two leases for data centres in Los Angeles as occupancy is low at 57%.Digital Core REIT (SGX:DCRU)’s second-largest tenant Cyxtera, which accounted for US$16.3m or 22.4% of annualised rental revenue, has filed for chapter 11 bankruptcy protection in the District Court of New Jersey on 4 Jun 23.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Digital Core REIT - Overhang Crystalises, Working On Backfilling Vacant Space

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)

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

ASEAN Builder's Scoop (30Nov21) - LHN Adds Mount Elizabeth Prop into Co-Living Portfolio

LHN adds Mount Elizabeth prop into Co-living portfolio; KREIT buys Sydney office development; MUST enters high-growth cities; Warehouses in high...

SCCM Asia Research

Digital Core REIT - Overhang Crystalises, Working On Backfilling Vacant Space

Cyxtera, Digital Core REIT’s second-largest tenant accounting for 22.4% of annualised rent, has filed for chapter 11 bankruptcy protection.

UOB Kay Hian

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