Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2><h3>SREITs results in a glance (see detailed spreadsheet and calendar attached)</h3><table class="table table-striped"><tbody><tr><td style="width: 363.047px; height: 14px;"><p> </p></td><td style="width: 362.953px; height: 14px;"><p>ELITE (GBP)</p></td></tr><tr><td style="width: 363.047px; height: 14px;"><p>Period</p></td><td style="width: 362.953px; height: 14px;"><p>1H21</p></td></tr><tr><td style="width: 363.047px; height: 14px;"><p>Gross Revenue (S$ m)</p></td><td style="width: 362.953px; height: 14px;"><p>15.9 (+37.7% vs forecast)</p></td></tr><tr><td style="width: 363.047px; height: 14px;"><p>NPI (S$ m)</p></td><td style="width: 362.953px; height: 14px;"><p>15.4 (+37% vs forecast)</p></td></tr><tr><td style="width: 363.047px; height: 14px;"><p>DPU (S$ c)</p></td><td style="width: 362.953px; height: 14px;"><p>2.63 (+8.7% vs forecast)</p></td></tr><tr><td style="width: 363.047px; height: 14px;"><p>NAV per Unit (S$)</p></td><td style="width: 362.953px; height: 14px;"><p>0.62</p></td></tr><tr><td style="width: 363.047px; height: 14px;"><p>P/B (x)</p></td><td style="width: 362.953px; height: 14px;"><p>1.08</p></td></tr><tr><td style="width: 363.047px; height: 14px;"><p>Occupancy (%)</p></td><td style="width: 362.953px; height: 14px;"><p>100</p></td></tr><tr><td style="width: 363.047px; height: 7px;"><p>Reversion (%)</p></td><td style="width: 362.953px; height: 7px;"><p>Not Disclosed</p></td></tr><tr><td style="width: 363.047px; height: 14px;"><p>Gearing (%)</p></td><td style="width: 362.953px; height: 14px;"><p>42.1</p></td></tr><tr><td style="width: 363.047px; height: 14px;"><p>Cost of Debt (%)</p></td><td style="width: 362.953px; height: 14px;"><p>1.9</p></td></tr><tr><td style="width: 363.047px; height: 14px;"><p>1 Yr Fwd Yield (%)</p></td><td style="width: 362.953px; height: 14px;"><p>7.41</p></td></tr><tr><td style="width: 363.047px; height: 14px;"><p>Debt Hedged (%)</p></td><td style="width: 362.953px; height: 14px;"><p>63</p></td></tr><tr><td style="width: 363.047px; height: 14px;"><p>Target Price</p></td><td style="width: 362.953px; height: 14px;"><p>N/A</p></td></tr><tr><td style="width: 363.047px; height: 14px;"><p>Rating</p></td><td style="width: 362.953px; height: 14px;"><p>N/A</p></td></tr></tbody></table>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached) ELITE (GBP)Period1H21Gross Revenue (S$ m)15.9 (+37.7% vs forecast)NPI (S$ m)15.4 (+37% vs forecast)DPU (S$ c)2.63 (+8.7% vs forecast)NAV per Unit (S$)0.62P/B (x)1.08Occupancy (%)100Reversion (%)Not DisclosedGearing (%)42.1Cost of Debt (%)1.91 Yr Fwd Yield (%)7.41Debt Hedged (%)63Target PriceN/ARatingN/A

ASEAN Builder's Scoop (02Jul21) - ELITE >7% GBP Yield with Min Collection Risks

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<p>For our next Corporate Webinar with are glad to welcome the management team of <a href="https://www.smartkarma.com/entities/elite-commercial-reit" target="_blank" data-smartkarma-citation="entities:28807:1" rel="noopener">Elite Commercial REIT (ELITE SP)</a>: </p><ul>
<li>Shaldine Wang, CEO</li>
<li>Jonathan Edmunds, CIO</li>
<li>Joel Cheah, CFO</li>
</ul><p>Elite Commercial REIT is the first and only UK-focused listed REIT in Singapore. Listed on SGX-ST in February 2020, Elite has been established with the principal strategy of investing, directly or indirectly, in commercial and real estate-related assets in the UK.</p><p>In their upcoming webinar, Shaldine will share a short company presentation after which, she, together with Jonathan and Joel, will engage in a fireside chat with Smartkarma Insight Provider <a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" data-smartkarma-citation="accounts:4" rel="noopener">Sumeet Singh</a>. This will be followed by a live Q&amp;A session.</p><div><h3>The Corporate Webinar will be hosted on Tuesday, 10 August 2021 17:00 SGT.</h3></div><div><div>
<div class="content-highlight"><h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=89235162457" target="_blank" rel="noopener">Register for the Webinar here</a></h2></div>
<p>Corporate Webinars by <a href="https://www.smartkarma.com/home/corporate-solutions/" target="_blank" rel="noopener">Smartkarma Corporate Solutions</a> feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.</p>
</div></div>

For our next Corporate Webinar with are glad to welcome the management team of Elite Commercial REIT (ELITE SP): 
Shaldine Wang, CEO
Jonathan Edmunds, CIO
Joel Cheah, CFO
Elite Commercial REIT is the first and only UK-focused listed REIT in Singapore. Listed on SGX-ST in February 2020, Elite has been established with the principal strategy of investing, directly or indirectly, in commercial and real estate-related assets in the UK.In their upcoming webinar, Shaldine will share a short company presentation after which, she, together with Jonathan and Joel, will engage in a fireside chat with Smartkarma Insight Provider Sumeet Singh. This will be followed by a live Q&amp;A session.The Corporate Webinar will be hosted on Tuesday, 10 August 2021 17:00 SGT.
Register for the Webinar here
Corporate Webinars by Smartkarma Corporate Solutions feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.


Smartkarma Corporate Webinar | ELITE SP: A Unique Social Infrastructure Play

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.

<p><em><strong>Non- SGX Report: These equity research reports are not written by the SGX.</strong>&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.</em></p>
<div>
<div>
<div>
<div>
<p>Singapore Company Focus</p>
<h2>Elite Commercial REIT</h2>
<div>
<div>
<div>
<div>
<h3>High Yield, Low (UK Sovereign) Risk</h3>
<div>
<div>
<div>
<div>
<ul style="list-style-type: disc;">
<li>
<p>Initiate coverage with a BUY recommendation and TP of GBP0.80; attractive yields of 7.6%/8.2% in FY21F/FY22F</p>
</li>
<li>
<p>93% leased to the UK’s Department for Work and Pensions (DWP), which is counter-cyclical and resilient</p>
</li>
<li>
<p>Full occupancy and long WALE of 7.2 years provide strong income visibility</p>
</li>
<li>
<p>Rental uplift of c.8% for majority of portfolio assets in FY23 to drive a re-rating</p>
</li>
</ul>
<div>
<div>
<div>
<div>
<p><strong>Initiate coverage with BUY, TP of GBP0.80, implying upside of 21% with attractive yields of 7.6%/8.2% for FY21F/FY22F.</strong> Elite Commercial REIT occupies a unique position in the REITs space, where it functions as social infrastructure, given its 99% exposure to the UK government. We like its resilient and counter-cyclical portfolio that provides stable cash flows through the economic cycles. The REIT enjoys 100% portfolio occupancy and a weighted average lease expiry (WALE) of c.7.2 years, offering strong visibility to distributions.</p>
<p><strong>Potential uplift in valuations in 2022.</strong> Current book value is conservative and assumes that half of the break options will be exercised, an unlikely scenario. We thus expect to see significant uplift in valuations when the breaks are not exercised by Mar 2022, bringing P/NAV down to &lt;1.0x. We think it is unlikely for the primary tenant, Department for Work and Pensions (DWP), to break the leases as properties are strategically chosen to serve the local communities and provide crucial public services to c.30% of the UK population.</p>
<p><strong>Built-in upside from inflation-linked rental uplift every five years. </strong>The leases to the UK government have rent reviews every five years pegged to the UK Consumer Price Index (“CPI”), subject to an annual minimum increase of 1.0% and maximum of 5.0%. This provides the portfolio with an embedded rental growth profile. The next rent review in Apr 2023 could see c.8% rental growth for selected leases, resulting in c.7.4% rental growth for the portfolio in that year.</p>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>

Non- SGX Report: These equity research reports are not written by the SGX.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.




Singapore Company Focus
Elite Commercial REIT




High Yield, Low (UK Sovereign) Risk






Initiate coverage with a BUY recommendation and TP of GBP0.80; attractive yields of 7.6%/8.2% in FY21F/FY22F


93% leased to the UK’s Department for Work and Pensions (DWP), which is counter-cyclical and resilient


Full occupancy and long WALE of 7.2 years provide strong income visibility


Rental uplift of c.8% for majority of portfolio assets in FY23 to drive a re-rating






Initiate coverage with BUY, TP of GBP0.80, implying upside of 21% with attractive yields of 7.6%/8.2% for FY21F/FY22F. Elite Commercial REIT occupies a unique position in the REITs space, where it functions as social infrastructure, given its 99% exposure to the UK government. We like its resilient and counter-cyclical portfolio that provides stable cash flows through the economic cycles. The REIT enjoys 100% portfolio occupancy and a weighted average lease expiry (WALE) of c.7.2 years, offering strong visibility to distributions.
Potential uplift in valuations in 2022. Current book value is conservative and assumes that half of the break options will be exercised, an unlikely scenario. We thus expect to see significant uplift in valuations when the breaks are not exercised by Mar 2022, bringing P/NAV down to &lt;1.0x. We think it is unlikely for the primary tenant, Department for Work and Pensions (DWP), to break the leases as properties are strategically chosen to serve the local communities and provide crucial public services to c.30% of the UK population.
Built-in upside from inflation-linked rental uplift every five years. The leases to the UK government have rent reviews every five years pegged to the UK Consumer Price Index (“CPI”), subject to an annual minimum increase of 1.0% and maximum of 5.0%. This provides the portfolio with an embedded rental growth profile. The next rent review in Apr 2023 could see c.8% rental growth for selected leases, resulting in c.7.4% rental growth for the portfolio in that year.

















(Non-SGX Report) Elite Commercial REIT: High Yield, Low (UK Sovereign) Risk

<figure>
      <img src='https://api2.sgx.com/sites/default/files/2021-07/Capture_7.PNG' alt='Steady Performance' />
    </figure>
    <div class='content-caption'>Steady Performance</div>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<p>In a previous publication of Reit Watch, we noted that the average occupancy rate of the sector (excluding hospitality Reits) decreased from approximately 96 per cent as at March 31, 2020 to 95 per cent as at March 31, 2021.</p>

<p>The pandemic had varying degrees of impact on individual retail and office S-Reits, which were sub-sectors that saw the biggest dips in average occupancy rates of 2.1 and 1.9 percentage points (ppt) respectively.</p>

<p>However, there were three retail and office S-REITs that maintained or saw a boost in occupancy rates (based on reported data and barring methodology differences): IREIT Global (+1.2 ppt), Elite Commercial REIT (unchanged) and Frasers Centrepoint Trust (unchanged).</p>

<p>IReit Global (IReit), the first S-Reit with a Europe-focused mandate to be listed, has a portfolio of five office assets in Germany and four office assets in Spain, valued at approximately 719.6 million euros.<br><br>
IReit was the only office S-Reit that saw a year-on-year increase in occupancy rate in Q12021. The Reit had a portfolio occupancy rate of 95.9 per cent as at March 31, 2021, up from 94.7 per cent at at Mar 31, 2020.<br><br>
It noted that the pandemic had limited impact on its portfolio in Q12021, with no requests for rental rebates or deferrals from tenants and that all tenants continued to pay rents for Q12021.</p>

<p>In April 2021, IReit announced plans to add retail assets to its portfolio.</p>

<p>The acquisition consists of 27 retail properties located across France, based on a sale &amp; leaseback arrangement with Decathlon for approximately 110.5 million euros.</p>

<p>The acquisition will create an enlarged portfolio of 35 properties across Europe, valued at 833.5 million euros, and boosting the portfolio occupancy further to 97.0 per cent.</p>

<p>Elite Commercial Reit (Elite), an office S-Reit with assets in the UK, maintained full occupancy over the year. It attributed its portfolio resilience and stable cashflows to the unique nature of its tenants.</p>

<p>The Reit derives over 99 per cent of gross rental income from the UK government, of which 92.6 per cent is contributed by the Department for Work and Pensions.</p>

<p>Following its maiden acquisition of 58 properties across the UK in March 2021, Elite further extended its exposure to UK sovereign credit and welcomed a new substantial unitholder - the European Institution Partner Reinsurance Company (PartnerRE).</p>

<p>Frasers Centrepoint Trust (FCT), the only S-Reit with 100 per cent retail assets in Singapore, was the sole retail S-Reit which did not report a deline in portfolio occupancy from a year ago.</p>

<p>The Reit's retail portfolio occupancy rate stood at 96.1 per cent as of Mar 31, 2021. <br><br><strong><em>REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/defying-gravity-retail-and-office-s-reits-with-higher-occupancy">read</a> the original version.</em></strong></p>
</body></html>



      
    
    Steady Performance


In a previous publication of Reit Watch, we noted that the average occupancy rate of the sector (excluding hospitality Reits) decreased from approximately 96 per cent as at March 31, 2020 to 95 per cent as at March 31, 2021.

The pandemic had varying degrees of impact on individual retail and office S-Reits, which were sub-sectors that saw the biggest dips in average occupancy rates of 2.1 and 1.9 percentage points (ppt) respectively.

However, there were three retail and office S-REITs that maintained or saw a boost in occupancy rates (based on reported data and barring methodology differences): IREIT Global (+1.2 ppt), Elite Commercial REIT (unchanged) and Frasers Centrepoint Trust (unchanged).

IReit Global (IReit), the first S-Reit with a Europe-focused mandate to be listed, has a portfolio of five office assets in Germany and four office assets in Spain, valued at approximately 719.6 million euros.  
IReit was the only office S-Reit that saw a year-on-year increase in occupancy rate in Q12021. The Reit had a portfolio occupancy rate of 95.9 per cent as at March 31, 2021, up from 94.7 per cent at at Mar 31, 2020.  
It noted that the pandemic had limited impact on its portfolio in Q12021, with no requests for rental rebates or deferrals from tenants and that all tenants continued to pay rents for Q12021.

In April 2021, IReit announced plans to add retail assets to its portfolio.

The acquisition consists of 27 retail properties located across France, based on a sale &amp; leaseback arrangement with Decathlon for approximately 110.5 million euros.

The acquisition will create an enlarged portfolio of 35 properties across Europe, valued at 833.5 million euros, and boosting the portfolio occupancy further to 97.0 per cent.

Elite Commercial Reit (Elite), an office S-Reit with assets in the UK, maintained full occupancy over the year. It attributed its portfolio resilience and stable cashflows to the unique nature of its tenants.

The Reit derives over 99 per cent of gross rental income from the UK government, of which 92.6 per cent is contributed by the Department for Work and Pensions.

Following its maiden acquisition of 58 properties across the UK in March 2021, Elite further extended its exposure to UK sovereign credit and welcomed a new substantial unitholder - the European Institution Partner Reinsurance Company (PartnerRE).

Frasers Centrepoint Trust (FCT), the only S-Reit with 100 per cent retail assets in Singapore, was the sole retail S-Reit which did not report a deline in portfolio occupancy from a year ago.

The Reit's retail portfolio occupancy rate stood at 96.1 per cent as of Mar 31, 2021.   REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - Defying gravity: Retail and office S-Reits with higher occupancy

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/lendlease-global-commercial-reit" target="_blank" data-smartkarma-citation="entities:28292" rel="noopener">Lendlease Global Commercial REIT (LREIT SP)</a> to increase stake in JEM mall; DPU accretive to be funded by debt and perps</h3><ul><li>LREIT has entered into sale and purchase agreements to increase its stake in Jem. Upon completion of the proposed acquisition, LREIT will hold an effective indirect interest of up to 31.8% interest in JEM. The proposed acquisition includes 1) an acquisition of a 53.0% interest in Lendlease Jem Partners Fund Limited (LLJP) from third party vendors for S$159.1m; and 2) an acquisition of a 5.0% interest in Lendlease Asian Retail Investment Fund 3 Limited (ARIF3) from Lendlease International Pty Limited for S$45.0m. LREIT may also acquire up to 19.8% interest in ARIF3 from other third-party investors for S$178.2m. LLJP/ARIF3 holds a 25%/75% indirect interest, respectively, in JEM mall</li><li>As of 31Mar21, JEM was independently valued at S$2,085m and S$2,061m by JLL and CBRE, respectively. It sits on a 99yr lease land site with total NLA of 892,148sqft and 99.7% occupied. The proposed transaction values JEM at S$2,077m (S$2,238psf on NLA – 4.5% retail cap rate, 3.5% office cap rate) – NPI yield of 3.9%</li><li>Following the acquisition, the enlarged portfolio size of S$1.8bn will have a diversified asset base and an increased exposure to more resilient suburban retail and decentralised office segments. The single largest asset by aggregate value of the enlarged portfolio would also decrease from 67.6% to 55.1% (WALE of 6.5 years by GRI)</li><li>On a 1H21 pro-forma basis, the acquisitions are expected to be DPU accretive to unitholders, with an accretive change of +3.0% (assuming 19.8% of ARIF3 is acquired) and +1.3% if only 5% of ARIF3 is acquired. On the other hand, NAV per unit (31Dec20 pro-forma) will slightly decline to S$0.84 and gearing will improve to 34.1% after the acquisition of 19.8% stake in ARIF3. NAV per unit will remain flat at S$0.85 if only 5% of ARIF3 is acquired and gearing will improve to 32.4%</li><li>LREIT will leverage its strong balance sheet to fund this acquisition through debt or a combination of debt and proceeds from the issuance of perpetual securities. The acquisition, which is conditional upon LREIT unitholders’ approval, is expected to complete by 30Sep21. <section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/211/591/original/image003.png?1623030785" class="editor-image img-responsive" data-smartkarma-image-id="211591"></figure></section></li></ul>

SingaporeLendlease Global Commercial REIT (LREIT SP) to increase stake in JEM mall; DPU accretive to be funded by debt and perpsLREIT has entered into sale and purchase agreements to increase its stake in Jem. Upon completion of the proposed acquisition, LREIT will hold an effective indirect interest of up to 31.8% interest in JEM. The proposed acquisition includes 1) an acquisition of a 53.0% interest in Lendlease Jem Partners Fund Limited (LLJP) from third party vendors for S$159.1m; and 2) an acquisition of a 5.0% interest in Lendlease Asian Retail Investment Fund 3 Limited (ARIF3) from Lendlease International Pty Limited for S$45.0m. LREIT may also acquire up to 19.8% interest in ARIF3 from other third-party investors for S$178.2m. LLJP/ARIF3 holds a 25%/75% indirect interest, respectively, in JEM mallAs of 31Mar21, JEM was independently valued at S$2,085m and S$2,061m by JLL and CBRE, respectively. It sits on a 99yr lease land site with total NLA of 892,148sqft and 99.7% occupied. The proposed transaction values JEM at S$2,077m (S$2,238psf on NLA – 4.5% retail cap rate, 3.5% office cap rate) – NPI yield of 3.9%Following the acquisition, the enlarged portfolio size of S$1.8bn will have a diversified asset base and an increased exposure to more resilient suburban retail and decentralised office segments. The single largest asset by aggregate value of the enlarged portfolio would also decrease from 67.6% to 55.1% (WALE of 6.5 years by GRI)On a 1H21 pro-forma basis, the acquisitions are expected to be DPU accretive to unitholders, with an accretive change of +3.0% (assuming 19.8% of ARIF3 is acquired) and +1.3% if only 5% of ARIF3 is acquired. On the other hand, NAV per unit (31Dec20 pro-forma) will slightly decline to S$0.84 and gearing will improve to 34.1% after the acquisition of 19.8% stake in ARIF3. NAV per unit will remain flat at S$0.85 if only 5% of ARIF3 is acquired and gearing will improve to 32.4%LREIT will leverage its strong balance sheet to fund this acquisition through debt or a combination of debt and proceeds from the issuance of perpetual securities. The acquisition, which is conditional upon LREIT unitholders’ approval, is expected to complete by 30Sep21. 

ASEAN Builder's Scoop (7Jun21) - LREIT Increases Stake in JEM Mall

Singapore

Elite UK REIT (“Elite REIT” (“英利房托”)), is a UK REIT listed in Pound sterling on the Singapore Exchange and managed by Singapore-headquartered Elite UK REIT Management Pte. Ltd. (the “Manager”). Elite REIT’s Sponsors are Elite Partners Holding Pte. Ltd. (“EPH”), the holding firm for Elite Partners Group, an alternative investment and asset manager; and Ho Lee Group Pte. Ltd., a real estate and construction conglomerate. As at 30 June 2025, EPH, via its wholly owned subsidiaries, has managed assets in excess of S$2 billion.

Elite REIT’s portfolio (“Portfolio”) comprises mostly freehold properties strategically located mainly in town centres, and near amenities and transportation nodes. With its portfolio, Elite REIT is one of the largest providers of critical social infrastructure to the Department for Work and Pensions and other UK Government departments. As at 30 June 2025, Elite REIT’s portfolio has a total asset value of £421.5 million.

In addition to stable government-backed income stream, the Manager plans to capitalise on emerging market trends and sectors exhibiting strong growth potential in the UK, such as the Living Sector, which includes purpose-built student accommodation and Built-to-Rent residential assets.

For more information, please visit https://www.eliteukreit.com/.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Elite UK REIT (ELITE SP)

ASEAN Builder's Scoop (02Jul21) - ELITE >7% GBP Yield with Min Collection Risks

ELITE >7% GBP yield with min collection risks; EAGLEHT Dalls hotel sold at lower price; GLP sees frothy valuations in most markets; DILD 1H21 mktg...

SCCM Asia Research

(Non-SGX Report) Elite Commercial REIT: High Yield, Low (UK Sovereign) Risk

Non- SGX Report: These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external...

Singapore Exchange Ltd (SGX)

REIT Watch - Defying gravity: Retail and office S-Reits with higher occupancy

In a previous publication of Reit Watch, we noted that the average occupancy rate of the sector (excluding hospitality Reits)...

Singapore Exchange Ltd (SGX)

ASEAN Builder's Scoop (7Jun21) - LREIT Increases Stake in JEM Mall

LREIT increases stake in JEM Mall; CERT expands further into Czech logistics; ELITE applies for TISE listing; Phils May inflation steady; UEMS...

SCCM Asia Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ASEAN Builder's Scoop (02Jul21) - ELITE >7% GBP Yield with Min Collection Risks

ELITE >7% GBP yield with min collection risks; EAGLEHT Dalls hotel sold at lower price; GLP sees frothy valuations in most markets; DILD 1H21 mktg...

SCCM Asia Research

Smartkarma Corporate Webinar | ELITE SP: A Unique Social Infrastructure Play

On 10 August, 5pm SGT, join our Corporate Webinar featuring the management team of ELITE SP. The team will share a short company presentation and...

Smartkarma Research

(Non-SGX Report) Elite Commercial REIT: High Yield, Low (UK Sovereign) Risk

Non- SGX Report: These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external...

Singapore Exchange Ltd (SGX)

REIT Watch - Defying gravity: Retail and office S-Reits with higher occupancy

In a previous publication of Reit Watch, we noted that the average occupancy rate of the sector (excluding hospitality Reits)...

Singapore Exchange Ltd (SGX)

ASEAN Builder's Scoop (7Jun21) - LREIT Increases Stake in JEM Mall

LREIT increases stake in JEM Mall; CERT expands further into Czech logistics; ELITE applies for TISE listing; Phils May inflation steady; UEMS...

SCCM Asia Research