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/frasers-logistics-commercial-trust" target="_blank" data-smartkarma-citation="entities:22748" rel="noopener">Frasers Logistics &amp; Commercial Trust (FLT SP)</a> 3Q22 Business Updates – Robust reversions and steady occupancy</li><li><a href="https://www.smartkarma.com/entities/elite-commercial-reit" target="_blank" data-smartkarma-citation="entities:28807" rel="noopener">Elite Commercial REIT (ELITE SP)</a> 1H22 DPU -2.7% YoY; Higher mid-year portfolio valuation despite declining occupancy</li><li><a href="https://www.smartkarma.com/entities/ascendas-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:39" rel="noopener">Ascendas Real Estate Investment Trust (AREIT SP)</a> to acquire Philips APAC Center in Singapore for S$104.8m; DPU accretive by +0.3%</li></ul>

Frasers Logistics &amp; Commercial Trust (FLT SP) 3Q22 Business Updates – Robust reversions and steady occupancyElite Commercial REIT (ELITE SP) 1H22 DPU -2.7% YoY; Higher mid-year portfolio valuation despite declining occupancyAscendas Real Estate Investment Trust (AREIT SP) to acquire Philips APAC Center in Singapore for S$104.8m; DPU accretive by +0.3%

ASEAN Builder's Scoop (5Aug22) - FLT Robust Reversions +ve Surprise

<ul><li><a href="https://www.smartkarma.com/entities/starhill-global-reit" target="_blank" data-smartkarma-citation="entities:10791" rel="noopener">Starhill Global REIT (SGREIT SP)</a> 3Q22 Business Updates – Occupancy holding up strong; AEI works at Wisma Completed</li><li><a href="https://www.smartkarma.com/entities/mapletree-logistics-trust" target="_blank" data-smartkarma-citation="entities:16035" rel="noopener">Mapletree Logistics Trust (MLT SP)</a> 4Q22 DPU +5.0% YoY; Healthy reversions and higher DPU and NAV due to acquisitions</li><li><span style="font-size: var(--content-font-size);"><a href="https://www.smartkarma.com/entities/cdl-hospitality-trusts" target="_blank" data-smartkarma-citation="entities:936" rel="noopener">CDL Hospitality Trusts (CDREIT SP)</a> 1Q22 Business Updates – Recovery story intact with SG portfolio leading the way</span></li></ul>

Starhill Global REIT (SGREIT SP) 3Q22 Business Updates – Occupancy holding up strong; AEI works at Wisma CompletedMapletree Logistics Trust (MLT SP) 4Q22 DPU +5.0% YoY; Healthy reversions and higher DPU and NAV due to acquisitionsCDL Hospitality Trusts (CDREIT SP) 1Q22 Business Updates – Recovery story intact with SG portfolio leading the way

ASEAN Builder's Scoop (29Apr22) - SGREIT Robust Occupancy

<ul><li><a href="https://www.smartkarma.com/entities/elite-commercial-reit" target="_blank" data-smartkarma-citation="entities:28807" rel="noopener">Elite Commercial REIT (ELITE SP)</a> secures Sustainability Collaboration with another tenant and removes lease break option</li><li><a href="https://www.smartkarma.com/entities/ireit-global" target="_blank" data-smartkarma-citation="entities:10596" rel="noopener">IREIT Global (IREIT SP)</a> secures lease extension at Bonn Campus</li><li><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> preferential offering saw 1.4 times oversubscription</li></ul>

Elite Commercial REIT (ELITE SP) secures Sustainability Collaboration with another tenant and removes lease break optionIREIT Global (IREIT SP) secures lease extension at Bonn CampusLendlease Global Commercial REIT (LREIT SP) preferential offering saw 1.4 times oversubscription

ASEAN Builder's Scoop (18Apr22) - ELITE Removes Another Lease-Break Option

<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> 2H21 DPU +10.9% YoY; All eyes remain on the hefty 2022 refinancing burden</li><li><a href="https://www.smartkarma.com/entities/bhg-retail-reit" target="_blank" data-smartkarma-citation="entities:21021" rel="noopener">BHG Retail REIT (BHGREIT SP)</a> 2H21 DPU -0.9% YoY; Steady as she goes with occupancy rates inching higher</li><li><a href="https://www.smartkarma.com/entities/ireit-global" target="_blank" data-smartkarma-citation="entities:10596" rel="noopener">IREIT Global (IREIT SP)</a> 2H21 DPU +7.9% YoY; Continued to trade ~25% below book value despite an attractive 7+% yield</li></ul>

Dasin Retail Trust (DASIN SP) 2H21 DPU +10.9% YoY; All eyes remain on the hefty 2022 refinancing burdenBHG Retail REIT (BHGREIT SP) 2H21 DPU -0.9% YoY; Steady as she goes with occupancy rates inching higherIREIT Global (IREIT SP) 2H21 DPU +7.9% YoY; Continued to trade ~25% below book value despite an attractive 7+% yield

ASEAN Builder's Scoop 28Feb22 - DASIN All Eyes on Mar22 Loan Refinancing

<ul><li><a href="https://www.smartkarma.com/entities/elite-commercial-reit" target="_blank" data-smartkarma-citation="entities:28807" rel="noopener">Elite Commercial REIT (ELITE SP)</a> 2H21 DPU +12.4% YoY; Enlarged portfolio boosts performance but watch for rising debt cost</li><li>Higher property tax for higher end properties in 2023-24</li><li>Orchard building owners look for collective sales; Rejuvenate Orchard Rd precinct</li></ul>

Elite Commercial REIT (ELITE SP) 2H21 DPU +12.4% YoY; Enlarged portfolio boosts performance but watch for rising debt costHigher property tax for higher end properties in 2023-24Orchard building owners look for collective sales; Rejuvenate Orchard Rd precinct

ASEAN Builder's Scoop (21Jan22) - ELITE Enlarged Portfolio Boosts Performance

Singapore

Elite UK REIT is a Singapore real estate investment trust that primarily invests in real estate and real estate-related assets in the United Kingdom. Its portfolio includes predominantly freehold commercial buildings, many leased to the UK Government, and it is expanding into the living sector. The company was founded in 2020 and is headquartered in Singapore.

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 (5Aug22) - FLT Robust Reversions +ve Surprise

ELITE higher mid-year portfolio valuation; AREIT buys Philips APAC Centre at +0.3% DPU accretion; BSDE 1H22 mktg sales reached 61% FY target; FLI...

SCCM Asia Research

ASEAN Builder's Scoop (29Apr22) - SGREIT Robust Occupancy

MLT boosted by acquisitions; CDREIT SG portfolio leading the way; ART lacklustre in SG, CN; FHT improvements across mrkts; ELITE 7.5+% GBP yield;...

SCCM Asia Research

ASEAN Builder's Scoop (18Apr22) - ELITE Removes Another Lease-Break Option

IREIT secures lease extension at Bonn Campus; JustCo expands to Japan and Thai; Grade-A office rents climb further in 1Q22; PAR launches Mercure KL...

SCCM Asia Research

ASEAN Builder's Scoop 28Feb22 - DASIN All Eyes on Mar22 Loan Refinancing

BHGREIT steady as she goes; IREIT trading ~25% below book; AEW sells 55MS for S$3,450psf; CLD signs S$1.3bn Vietnam MOU; ELITE embarks on new AEI

SCCM Asia Research

ASEAN Builder's Scoop (21Jan22) - ELITE Enlarged Portfolio Boosts Performance

ELITE enlarged portfolio boosts performance; Higher tax for high-end props in 2023-24; Ochard rd buildings en-bloc galore; RLC new estate near...

SCCM Asia Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)