Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Analysts keep ‘buy’ rating on UMS Integration after 3QFY2025 update.</li><li>CSE Global's target price raised to $1.20+ after key partnership with Amazon.</li><li>Venture Corp reports 3QFY2025 net profit of $55.6M, down 8.3% y-o-y.</li></ul>

Analysts keep ‘buy’ rating on UMS Integration after 3QFY2025 update.CSE Global's target price raised to $1.20+ after key partnership with Amazon.Venture Corp reports 3QFY2025 net profit of $55.6M, down 8.3% y-o-y.

Singapore Market Roundup (13-Nov-2025): Analysts maintain 'buy' rating for UMS Integration

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)

<ul><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> to divest 3 light industrial/logistics asset in Germany and France for EUR22m</li><li><a href="https://www.smartkarma.com/entities/esr-group-limited" target="_blank" data-smartkarma-citation="entities:27983" rel="noopener">ESR Group (1821 HK)</a> in partnership with GIC to launch its Australia third core-plus logistics fund</li><li><a href="https://www.smartkarma.com/entities/kop-ltd" target="_blank" data-smartkarma-citation="entities:8401" rel="noopener">Kop Ltd (KOPL SP)</a> auditors flagged material uncertainty as a going concern</li></ul>

Cromwell European REIT (CERT SP) to divest 3 light industrial/logistics asset in Germany and France for EUR22mESR Group (1821 HK) in partnership with GIC to launch its Australia third core-plus logistics fundKop Ltd (KOPL SP) auditors flagged material uncertainty as a going concern

ASEAN Builder's Scoop (12Sep22) - CERT Divests 3 Logistics Assets for EUR22m

<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: 242.047px; height: 14px;"> </td><td style="width: 241.969px; height: 14px;">FLT</td><td style="width: 241.984px; height: 14px;">ARAUS (US$)</td></tr><tr><td style="width: 242.047px; height: 15px;">Period</td><td style="width: 241.969px; height: 15px;">3Q21</td><td style="width: 241.984px; height: 15px;">2Q21</td></tr><tr><td style="width: 242.047px; height: 15px;">Gross Revenue (S$m)</td><td style="width: 241.969px; height: 15px;">NA</td><td style="width: 241.984px; height: 15px;">33.3 (+69.9% QoQ)</td></tr><tr><td style="width: 242.047px; height: 14px;">NPI (S$m)</td><td style="width: 241.969px; height: 14px;">NA</td><td style="width: 241.984px; height: 14px;">8.7 (+2,075% QoQ)</td></tr><tr><td style="width: 242.047px; height: 14px;">DPU (S$ c)</td><td style="width: 241.969px; height: 14px;">NA</td><td style="width: 241.984px; height: 14px;">NA</td></tr><tr><td style="width: 242.047px; height: 14px;">NAV per Unit (S$)</td><td style="width: 241.969px; height: 14px;">Based on last qtr: 1.14</td><td style="width: 241.984px; height: 14px;">0.61</td></tr><tr><td style="width: 242.047px; height: 14px;">P/B (x)</td><td style="width: 241.969px; height: 14px;">1.33</td><td style="width: 241.984px; height: 14px;">0.87</td></tr><tr><td style="width: 242.047px; height: 14px;">Occupancy (%)</td><td style="width: 241.969px; height: 14px;">96.3</td><td style="width: 241.984px; height: 14px;">51.2 (Overall)55.8 (Hyatt Place)64.7 (Hyatt House)68 (AC Hotels)75.7 (Courtyard by Marriott)95 (Residence Inn)</td></tr><tr><td style="width: 242.047px; height: 7px;">Reversion (%)</td><td style="width: 241.969px; height: 7px;">0.8</td><td style="width: 241.984px; height: 7px;">RevPAR (% QoQ):66.7 (Overall Portfolio)70.6 (Hyatt Place)68.3 (Hyatt House)77.4 (AC Hotels)55.4 (Courtyard by Marriott)46.2 (Residence Inn)</td></tr><tr><td style="width: 242.047px; height: 14px;">Gearing (%)</td><td style="width: 241.969px; height: 14px;">36.4</td><td style="width: 241.984px; height: 14px;">49</td></tr><tr><td style="width: 242.047px; height: 14px;">Cost of Debt (%)</td><td style="width: 241.969px; height: 14px;">1.7</td><td style="width: 241.984px; height: 14px;">3.4</td></tr><tr><td style="width: 242.047px; height: 14px;">1 Yr Fwd Yield (%)</td><td style="width: 241.969px; height: 14px;">5.07</td><td style="width: 241.984px; height: 14px;">4.67</td></tr><tr><td style="width: 242.047px; height: 14px;">Debt Hedged (%)</td><td style="width: 241.969px; height: 14px;">69.4</td><td style="width: 241.984px; height: 14px;">76.7</td></tr><tr><td style="width: 242.047px; height: 14px;">Target Price</td><td style="width: 241.969px; height: 14px;">N/A</td><td style="width: 241.984px; height: 14px;">N/A</td></tr><tr><td style="width: 242.047px; height: 15px;">Rating</td><td style="width: 241.969px; height: 15px;">N/A</td><td style="width: 241.984px; height: 15px;">N/A</td></tr></tbody></table>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached) FLTARAUS (US$)Period3Q212Q21Gross Revenue (S$m)NA33.3 (+69.9% QoQ)NPI (S$m)NA8.7 (+2,075% QoQ)DPU (S$ c)NANANAV per Unit (S$)Based on last qtr: 1.140.61P/B (x)1.330.87Occupancy (%)96.351.2 (Overall)55.8 (Hyatt Place)64.7 (Hyatt House)68 (AC Hotels)75.7 (Courtyard by Marriott)95 (Residence Inn)Reversion (%)0.8RevPAR (% QoQ):66.7 (Overall Portfolio)70.6 (Hyatt Place)68.3 (Hyatt House)77.4 (AC Hotels)55.4 (Courtyard by Marriott)46.2 (Residence Inn)Gearing (%)36.449Cost of Debt (%)1.73.41 Yr Fwd Yield (%)5.074.67Debt Hedged (%)69.476.7Target PriceN/AN/ARatingN/AN/A

ASEAN Builder's Scoop (05Aug21) - FLT Acq-Driven Growth

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/frasers-centrepoint-trust" target="_blank" data-smartkarma-citation="entities:2870" rel="noopener">Frasers Centrepoint Trust (FCT SP)</a> to sell YewTee Point for S$220m; 75% upside from original purchase price</h3>FCT will divest YewTee Point for S$220m, having entered into a sale-and-purchase agreement with an unrelated third party. The transaction is expected to be completed on 28May21. The sales proceed will be used to repay debts and lower gearing level. The Choa Chu Kang mall was valued at S$200m by Savills as at 31Jan21. On a pro-forma FY20 (Sep20) basis, the DPU dilution is 2.33% and NAV would rise by 0.8%. The divestment is in line with the manager’s proactive portfolio management strategy to optimise the trust's portfolio composition. Upon completion of the divestment, FCT's retail portfolio will comprise nine retail properties, all located in the suburbs of Singapore.Comments: The S$220m offer price is ~16% higher than the latest book value (as at end FY20) and translates to S$2,986psf (based on NLA). It also represents a significant 75% upside from purchase price of S$125.7m in 2010.

SingaporeFrasers Centrepoint Trust (FCT SP) to sell YewTee Point for S$220m; 75% upside from original purchase priceFCT will divest YewTee Point for S$220m, having entered into a sale-and-purchase agreement with an unrelated third party. The transaction is expected to be completed on 28May21. The sales proceed will be used to repay debts and lower gearing level. The Choa Chu Kang mall was valued at S$200m by Savills as at 31Jan21. On a pro-forma FY20 (Sep20) basis, the DPU dilution is 2.33% and NAV would rise by 0.8%. The divestment is in line with the manager’s proactive portfolio management strategy to optimise the trust's portfolio composition. Upon completion of the divestment, FCT's retail portfolio will comprise nine retail properties, all located in the suburbs of Singapore.Comments: The S$220m offer price is ~16% higher than the latest book value (as at end FY20) and translates to S$2,986psf (based on NLA). It also represents a significant 75% upside from purchase price of S$125.7m in 2010.

ASEAN Builder's Scoop - FCT to Sell YewTee Point; Activists at SSREIT Asked ESR to Buy Assets

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Equity Bottom-Up

Indosat Ooredoo Hutchison / Equity Bottom-Up

<ul><li>ESR partners with CloudHQ for $2B Osaka data centre, aiming to enhance digital infrastructure in the region.</li><li>Macquarie Asset Management plans to invest $5B in a crypto firm turned data centre startup, highlighting growing interest in the industry.</li><li>US hyperscaler enters Malaysian market, establishing a 220MW campus in Johor to meet increasing demand for data services in the region.</li></ul>

ESR partners with CloudHQ for $2B Osaka data centre, aiming to enhance digital infrastructure in the region.Macquarie Asset Management plans to invest $5B in a crypto firm turned data centre startup, highlighting growing interest in the industry.US hyperscaler enters Malaysian market, establishing a 220MW campus in Johor to meet increasing demand for data services in the region.

Asia Real Estate Tracker (17-Jan-2025): ESR & CloudHQ JV for $2B Osaka Data Centre Campus

Hong Kong

ESR is a leading Asia-Pacific real asset owner and manager, specializing in the development and management of logistics properties, data centers, and energy infrastructure. The company also provides comprehensive fund management and development services. ESR was formed in January 2016 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

ESR (3K6 GR)

Singapore Market Roundup (13-Nov-2025): Analysts maintain 'buy' rating for UMS Integration

Analysts maintain 'buy' on UMS Integration post 3QFY2025 update. CSE Global's target price rises to $1.20+ after Amazon partnership. Venture Corp's...

Singapore Market Roundup

ASEAN Builder's Scoop (12Sep22) - CERT Divests 3 Logistics Assets for EUR22m

ESR/GIC launching 3rd AUS fund; KOPL auditors flagged material uncertainty; RCR detailed value-accretive infusions; Colliers Phils - FDI to drive...

SCCM Asia Research

ASEAN Builder's Scoop (05Aug21) - FLT Acq-Driven Growth

FLT acq-driven growth; ARAUS QoQ recovery on full speed; ESR/ARA - what's next?; MEG 2Q21 NI underperforms; SEC approves RLC, MEG REITs; Indo...

SCCM Asia Research

ASEAN Builder's Scoop - FCT to Sell YewTee Point; Activists at SSREIT Asked ESR to Buy Assets

Activists at SSREIT asked ESR to buy its assets; GLL to be acquired and delisted; Sheng Tai-IWG expands workspace in Melaka

SCCM Asia Research

Asia Real Estate Tracker (17-Jan-2025): ESR & CloudHQ JV for $2B Osaka Data Centre Campus

ESR partners with CloudHQ for $2B data centre, Macquarie invests $5B in crypto firm turned data centre startup, US hyperscaler opens 220MW campus...

Asia Real Estate Tracker

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)