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>SCCM | <a href="https://www.smartkarma.com/entities/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> – DI retention has been ceased (BUY; TP S$0.85/Unit)</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> commits to Taronga Ventures for its environment tech fund</li><li><a href="https://www.smartkarma.com/entities/okh-global-ltd" target="_blank" data-smartkarma-citation="entities:9157" rel="noopener">Okh Global Ltd (OKH SP)</a> divests holdings in 2 companies at a loss to pay down debt</li></ul>

SCCM | EC World Reit (ECWREIT SP) – DI retention has been ceased (BUY; TP S$0.85/Unit)City Developments (CIT SP) commits to Taronga Ventures for its environment tech fundOkh Global Ltd (OKH SP) divests holdings in 2 companies at a loss to pay down debt

ASEAN Builder's Scoop (3Mar22) - ECWREIT DI Retention Has Been Ceased

<ul><li><a href="https://www.smartkarma.com/entities/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> 4Q21 DPU +7.7% YoY; Driven largely by absence of DI retention and strengthening RMB</li><li><a href="https://www.smartkarma.com/entities/ara-us-hospitality-trust" target="_blank" data-smartkarma-citation="entities:28048" rel="noopener">ARA US Hospitality Trust (ARAUS SP)</a> 2H21 DPU of US$0.36c declared; Road to recovery continues</li><li><a href="https://www.smartkarma.com/entities/united-hampshire-us-reit" target="_blank" data-smartkarma-citation="entities:28874" rel="noopener">United Hampshire US REIT (UHU SP)</a> 2H21 DPU +0.7% YoY; Portfolio valuation rose 3.7% YoY, divesting of 2 Self Storage properties</li></ul>

EC World Reit (ECWREIT SP) 4Q21 DPU +7.7% YoY; Driven largely by absence of DI retention and strengthening RMBARA US Hospitality Trust (ARAUS SP) 2H21 DPU of US$0.36c declared; Road to recovery continuesUnited Hampshire US REIT (UHU SP) 2H21 DPU +0.7% YoY; Portfolio valuation rose 3.7% YoY, divesting of 2 Self Storage properties

ASEAN Builder's Scoop (24Feb22) - ECWREIT Driven by Absence of DI Retention

<ul><li><a href="https://www.smartkarma.com/entities/sph-reit" target="_blank" data-smartkarma-citation="entities:5994" rel="noopener">SPH REIT (SPHREIT SP)</a> 1QFY22 Business Updates – Prioritizing high occupancies</li><li><a href="https://www.smartkarma.com/entities/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> receives compulsory expropriation of Fu Zhuo Industrial</li><li>Ascott Limited achieves record growth in 2021 amidst pandemic; China and Vietnam in focus</li></ul>

SPH REIT (SPHREIT SP) 1QFY22 Business Updates – Prioritizing high occupanciesEC World Reit (ECWREIT SP) receives compulsory expropriation of Fu Zhuo IndustrialAscott Limited achieves record growth in 2021 amidst pandemic; China and Vietnam in focus

ASEAN Builder's Scoop (10Jan22) - SPHREIT Prioritizing High Occupancies

<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/000/240/912/original/image_9006419321636552670499.png?1636552673" class="editor-image img-responsive" data-smartkarma-image-id="240912"></figure><h3><a href="https://www.smartkarma.com/entities/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> 3Q21 DPU +19.7% YoY; Driven largely by partial DI release and lower retention ratio</h3><ul><li>3Q21 revenue and NPI grew by 10.9% and 9.4% YoY to S$31.6m and S$28.6m, respectively, mainly due to positive straight-line adjustment and strengthening of RMB by 5.2% YoY. 9M21 revenue and NPI grew faster at 16.6% and 15.2% YoY to S$93.5m (78.2% of BB est.) and S$84.2m, respectively, given the absence of one-off rental rebates. On a QoQ basis, revenue and NPI also increased by 1.2% and 2.4% YoY, respectively</li></ul>

Singapore  SREITs results in a glance (see detailed spreadsheet and calendar attached)EC World Reit (ECWREIT SP) 3Q21 DPU +19.7% YoY; Driven largely by partial DI release and lower retention ratio3Q21 revenue and NPI grew by 10.9% and 9.4% YoY to S$31.6m and S$28.6m, respectively, mainly due to positive straight-line adjustment and strengthening of RMB by 5.2% YoY. 9M21 revenue and NPI grew faster at 16.6% and 15.2% YoY to S$93.5m (78.2% of BB est.) and S$84.2m, respectively, given the absence of one-off rental rebates. On a QoQ basis, revenue and NPI also increased by 1.2% and 2.4% YoY, respectively

Singapore

EC World Real Estate Investment Trust is a Singapore-based real estate investment trust (REIT) that invests in a diversified portfolio of income-producing properties primarily used for e-commerce, supply chain management, and logistics. Its portfolio includes properties like Chongxian Port Investment and Hengde Logistics, located predominantly in the Yangtze River Delta, People's Republic of China. The company is headquartered in Singapore and was founded in 2015.

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EC World (ECWREIT SP)

ASEAN Builder's Scoop (3Mar22) - ECWREIT DI Retention Has Been Ceased

ECWREIT DI Retention Has Been Ceased; CIT commits to environment tech fund; ALI plans PHP100bn projects in 2022; HOUSE robust affordable housing...

SCCM Asia Research

ASEAN Builder's Scoop (24Feb22) - ECWREIT Driven by Absence of DI Retention

ARAUS back to declaring dividend; UHU portfolio valuation rising; LHN another Co-living expansion; RGE buys Tangling SC; HOBEE buys London office;...

SCCM Asia Research

ASEAN Builder's Scoop (10Jan22) - SPHREIT Prioritizing High Occupancies

SPHREIT prioritizing high occupancies; ECWREIT compulsory expropriation of Fuzhou Industrial; Ascott 2021 record growth; MSGB +50% YoY sales target

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 (10Nov21)

ECWREIT driven by DI release and lower retention; SHG privatization offer; PROP 3Q21 earnings more than doubled; Oct21 condo resale prices rose...

SCCM Asia Research

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