External broker reports(aggregated public sources), Public Investment Bank Bhd

Public Investment Bank Bhd

External broker reports(aggregated public sources)

Public Investment Bank Berhad provides investment banking services. The Company offers corporate finance, banking, securities financing, capital market, treasury, and advisory services.

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>Eco World Development (ECW) reported a 2QFY23 net profit of RM62.7m (+37.3% YoY, +10.0% QoQ) which came in within our and consensus expectations.</li><li>For 1HFY23, Group net profit of RM119.7m (+9.8% YoY) constituted c.47% and c.50% of our and consensus full year estimates.</li><li>Sales momentum remains encouraging with about RM2.4bn secured in 7 months of FY23, and already at 68.5% of its sales target of RM3.5bn for the financial year. </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>

Eco World Development (ECW) reported a 2QFY23 net profit of RM62.7m (+37.3% YoY, +10.0% QoQ) which came in within our and consensus expectations.For 1HFY23, Group net profit of RM119.7m (+9.8% YoY) constituted c.47% and c.50% of our and consensus full year estimates.Sales momentum remains encouraging with about RM2.4bn secured in 7 months of FY23, and already at 68.5% of its sales target of RM3.5bn for the financial year. 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.

Eco World Development Berhad - Secures RM2.4bn Sales In 7 Months

External broker reports(aggregated public sources), Kenanga Investment Bank Bhd

Kenanga Investment Bank Bhd

Established for more than 45 years, Kenanga Investment Bank Berhad is a financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives, investment management, wealth management, structured lending and trade financing. 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.

<ul><li>ECOWLD’s 1HFY23 net earnings of RM119.7m (+10%) came within expectations. 7MFY23 sales of RM2.4b seem to be well ahead of its RM3.5b full-year target.</li><li>Despite market headwinds, the group believes it could still thrive with its affordable home offerings, and rising demand for industrial products.</li><li>Maintain OUTPERFORM but raise our TP to RM1.03 (from RM0.83) as we ascribe a lower discount to our RNAV on its well-received projects pipeline.</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>

ECOWLD’s 1HFY23 net earnings of RM119.7m (+10%) came within expectations. 7MFY23 sales of RM2.4b seem to be well ahead of its RM3.5b full-year target.Despite market headwinds, the group believes it could still thrive with its affordable home offerings, and rising demand for industrial products.Maintain OUTPERFORM but raise our TP to RM1.03 (from RM0.83) as we ascribe a lower discount to our RNAV on its well-received projects pipeline.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.

Eco World Development Group - 23 Jun 2023 - Encouraging Sales Traction

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> 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

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/prime-us-reit" target="_blank" data-smartkarma-citation="entities:28144" rel="noopener">Prime US REIT (PRIME SP)</a> private placement raises US$80m; Over two times subscribed at US$81c per unit</h3><p>PRIME’s private placement, which raised US$80m was more than two times subscribed. A total of 98.8m new units will be issued at US$81c/new unit, and their listing is expected to commence on 5Jul21. The issue price is fixed at the higher end of the US$79.7-82.2c price range. It represents a ~3.4% discount to the adjusted volume-weighted average price of US$83.85c/unit on 23Jun and ~8% discount to last close US$88c on 24Jun. Institutional investors accounted for over half the demand and final allocations, accompanied by strong private wealth and family office interest. Proceeds of the placement will partially fund PRIME's proposed acquisitions of Sorrento Towers in San Diego, California and One Town Center in Boca Raton, Florida.</p>

SingaporePrime US REIT (PRIME SP) private placement raises US$80m; Over two times subscribed at US$81c per unitPRIME’s private placement, which raised US$80m was more than two times subscribed. A total of 98.8m new units will be issued at US$81c/new unit, and their listing is expected to commence on 5Jul21. The issue price is fixed at the higher end of the US$79.7-82.2c price range. It represents a ~3.4% discount to the adjusted volume-weighted average price of US$83.85c/unit on 23Jun and ~8% discount to last close US$88c on 24Jun. Institutional investors accounted for over half the demand and final allocations, accompanied by strong private wealth and family office interest. Proceeds of the placement will partially fund PRIME's proposed acquisitions of Sorrento Towers in San Diego, California and One Town Center in Boca Raton, Florida.

ASEAN Builder's Scoop (25Jun21) - PRIME Placement >2x Subscribed

<h2>Singapore</h2>
<h3>
<a href="https://www.smartkarma.com/entities/eagle-hospitality-trust" target="_blank" data-smartkarma-citation="entities:28059" rel="noopener">Eagle Hospitality Trust (EAGLEHT SP)</a> five properties put on auction received qualified bids</h3>
<p>Five out of 15 properties put up for auction have received qualified bids in the second bid round for EAGLEHT Chapter 11 assets held on 20May. The DBS trustee said its Chapter 11 entities received qualified bids for Sheraton Denver Tech Center, Four Points by Sheraton San Jose Airport, Embassy Suites by Hilton Anaheim North, Doubletree by Hilton Salt Lake City Airport, and Hilton Atlanta Northeast. The auction resulted in a US$24.8m net increase in the aggregate consideration for EAGLEHT's auctioned properties. A stalking-horse bidder, Madison Phoenix LLC, an affiliate of Monarch Alternative Capital, emerged successful for its bid of nine non-auctioned properties with an aggregate purchase price of US$326.5m. This is in accordance with the terms of the stalking-horse agreement between entities of EAGLEHT and the bidder, which effectively sets an opening price or price floor to protect the company selling the assets at low bids. Properties remaining in EAGLEHT's portfolio upon approval of the sale would comprise Queen Mary Long Beach, Delta Woodbridge, Hilton Houston Galleria Area and Crowne Plaza Dallas Near Galleria-Addison.</p>

Singapore

Eagle Hospitality Trust (EAGLEHT SP) five properties put on auction received qualified bids
Five out of 15 properties put up for auction have received qualified bids in the second bid round for EAGLEHT Chapter 11 assets held on 20May. The DBS trustee said its Chapter 11 entities received qualified bids for Sheraton Denver Tech Center, Four Points by Sheraton San Jose Airport, Embassy Suites by Hilton Anaheim North, Doubletree by Hilton Salt Lake City Airport, and Hilton Atlanta Northeast. The auction resulted in a US$24.8m net increase in the aggregate consideration for EAGLEHT's auctioned properties. A stalking-horse bidder, Madison Phoenix LLC, an affiliate of Monarch Alternative Capital, emerged successful for its bid of nine non-auctioned properties with an aggregate purchase price of US$326.5m. This is in accordance with the terms of the stalking-horse agreement between entities of EAGLEHT and the bidder, which effectively sets an opening price or price floor to protect the company selling the assets at low bids. Properties remaining in EAGLEHT's portfolio upon approval of the sale would comprise Queen Mary Long Beach, Delta Woodbridge, Hilton Houston Galleria Area and Crowne Plaza Dallas Near Galleria-Addison.

ASEAN Builder's Scoop (25May21) - EAGLEHT Properties Received Qualified Bids

Malaysia

Eco World Development Group Berhad is an investment holding company which operates property investment and development.  Through its subsidiaries, the Company develops properties and provides project management services.

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Eco World Development (ECW MK)

Eco World Development Berhad - Secures RM2.4bn Sales In 7 Months

Eco World Development (ECW) reported a 2QFY23 net profit of RM62.7m (+37.3% YoY, +10.0% QoQ) which came in within our and consensus expectations.

Public Investment Bank Bhd

Eco World Development Group - 23 Jun 2023 - Encouraging Sales Traction

ECOWLD’s 1HFY23 net earnings of RM119.7m (+10%) came within expectations. 7MFY23 sales of RM2.4b seem to be well ahead of its RM3.5b full-year target.

Kenanga Investment Bank Bhd

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 (25Jun21) - PRIME Placement >2x Subscribed

PRIME placement >2x subscribed; ECW robust sales continues to date; Surge seen in PH Data Centres; Villar gears up for REIT listing; Thai...

SCCM Asia Research

ASEAN Builder's Scoop (25May21) - EAGLEHT Properties Received Qualified Bids

EAGLEHT properties received qualified bids; CIT warns of cooling measures; UEMS 1Q21 net loss narrows; ECW achieved 70% FY21 sales target; Phuket...

SCCM Asia Research

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