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><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/low-keng-huat-singapore-ltd" target="_blank" data-smartkarma-citation="entities:1928" rel="noopener">Low Keng Huat Singapore (LKH SP)</a> to sell Westgate Tower 40% stake; Buy 45% of Paya Lebar Square in a shift move to retail from office</h3><ul><li>LKH has entered agreements to sell its interests in Westgate Tower for S$97.1m, while buying the remaining 45% of Paya Lebar Square that it does not already own for S$90.5m. LKH hopes to focus on retail instead of commercial office developments as it has more experience in managing the former. The buyer of the Westgate Tower stake and seller of the Paya Lebar Square shares are Sun Venture Homes (SVH) and Sun Venture Realty (SVR), respectively. They are the joint venture partners of LKH in both properties.  LKH's interests in Westgate Tower to be sold comprise a 40% stake in each of Westgate Tower (WTPL) and Westgate Commercial (WCPL). Both entities collectively own 295 office units in Westgate Tower, a commercial office development at 1 Gateway Drive</li><li>The sale price for the Westgate Tower interests represents an excess of S$14.33m over the net book value of the relevant sale shares. It also includes shareholders' loans of an aggregate amount of S$80.5m owing to LKH. For FY21, the net loss attributable to WTPL and WCPL were S$2.6m and S$3.2m, respectively. LKH said that there is a S$8.11m gain on disposal with WTPL and a S$6.23m gain on disposal with WCPL. In the other transaction, LKH will acquire shares of Paya Lebar Square (PLSPL), which owns the Paya Lebar Square commercial office and retail development at 60 Paya Lebar Road, with 159 retail units and one office unit. LKH already owns 55% of PLSPL. The S$90.5m purchase price for the PLSPL stake includes a shareholder's loan of S$47.6m owing to SVR.</li></ul>

SingaporeLow Keng Huat Singapore (LKH SP) to sell Westgate Tower 40% stake; Buy 45% of Paya Lebar Square in a shift move to retail from officeLKH has entered agreements to sell its interests in Westgate Tower for S$97.1m, while buying the remaining 45% of Paya Lebar Square that it does not already own for S$90.5m. LKH hopes to focus on retail instead of commercial office developments as it has more experience in managing the former. The buyer of the Westgate Tower stake and seller of the Paya Lebar Square shares are Sun Venture Homes (SVH) and Sun Venture Realty (SVR), respectively. They are the joint venture partners of LKH in both properties.  LKH's interests in Westgate Tower to be sold comprise a 40% stake in each of Westgate Tower (WTPL) and Westgate Commercial (WCPL). Both entities collectively own 295 office units in Westgate Tower, a commercial office development at 1 Gateway DriveThe sale price for the Westgate Tower interests represents an excess of S$14.33m over the net book value of the relevant sale shares. It also includes shareholders' loans of an aggregate amount of S$80.5m owing to LKH. For FY21, the net loss attributable to WTPL and WCPL were S$2.6m and S$3.2m, respectively. LKH said that there is a S$8.11m gain on disposal with WTPL and a S$6.23m gain on disposal with WCPL. In the other transaction, LKH will acquire shares of Paya Lebar Square (PLSPL), which owns the Paya Lebar Square commercial office and retail development at 60 Paya Lebar Road, with 159 retail units and one office unit. LKH already owns 55% of PLSPL. The S$90.5m purchase price for the PLSPL stake includes a shareholder's loan of S$47.6m owing to SVR.

ASEAN Builder's Scoop (14Jun21) - LKH Sells Westgate Tower Stake

<h2>Singapore</h2><h3>2H21 private housing supply from GLS Confirmed List increases by 25% HoH</h3><ul><li>The supply of private homes from 2H21 Confirmed sites under the GLS programme has been raised by nearly 25% to 2,000 units, up from 1,605 units in 1H21. It comprises four residential sites on the Confirmed List, including one EC site, which can collectively yield 2,000 units. Two sites, one at Jalan Tembusu and the other at Dairy Farm Walk, were shifted from the Reserve List to the Confirmed List. Meanwhile, a fresh addition to the GLS Programme is an EC site at Bukit Batok Avenue 8. Also on the Confirmed List is a site at Lentor Hills Road which can yield 595 residential units</li><li>On the Reserve List are six residential sites, two white sites and one hotel site at River Valley Road. This works out to another 4,860 private residential units (including EC units), 90,000sqm GFA of commercial space and 530 hotel rooms. Taken together, the Confirmed and Reserve Lists can yield a total of 6,860 units, down from 7,045 units from 1H21</li><li>MND said the unsold inventory of private housing units has declined over the past year amidst strong demand. Nonetheless, even as the economy is recovering from the recession in 2020, there are continued uncertainties in the economic and labour market conditions due to the ongoing Covid-19 situation globally and locally. As such, it has decided to moderately increase the supply of private housing on the Confirmed List to 2,000 units. <section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/212/452/original/image020.png?1623374450" class="editor-image img-responsive" data-smartkarma-image-id="212452"></figure></section></li></ul>

Singapore2H21 private housing supply from GLS Confirmed List increases by 25% HoHThe supply of private homes from 2H21 Confirmed sites under the GLS programme has been raised by nearly 25% to 2,000 units, up from 1,605 units in 1H21. It comprises four residential sites on the Confirmed List, including one EC site, which can collectively yield 2,000 units. Two sites, one at Jalan Tembusu and the other at Dairy Farm Walk, were shifted from the Reserve List to the Confirmed List. Meanwhile, a fresh addition to the GLS Programme is an EC site at Bukit Batok Avenue 8. Also on the Confirmed List is a site at Lentor Hills Road which can yield 595 residential unitsOn the Reserve List are six residential sites, two white sites and one hotel site at River Valley Road. This works out to another 4,860 private residential units (including EC units), 90,000sqm GFA of commercial space and 530 hotel rooms. Taken together, the Confirmed and Reserve Lists can yield a total of 6,860 units, down from 7,045 units from 1H21MND said the unsold inventory of private housing units has declined over the past year amidst strong demand. Nonetheless, even as the economy is recovering from the recession in 2020, there are continued uncertainties in the economic and labour market conditions due to the ongoing Covid-19 situation globally and locally. As such, it has decided to moderately increase the supply of private housing on the Confirmed List to 2,000 units. 

ASEAN Builder's Scoop (11Jun21) - 2H21 GLS Confirmed List Rises by 25% HoH

<h2>Singapore</h2><h3>Condo resale prices up 0.9% MoM to a new high in May21; Volume dips amid Covid-19 curbs</h3><p>Private resale housing market saw prices in May inch up 0.9%  MoM to a new high, even while the number of condominium units resold dipped by 11.4% MoM as tightened Covid-19 measures restrict property viewings. The limit on group sizes, which is in place till 13Jun, has put a slight drag on resale volume, with 1,722 units changing hands in May, compared with 1,944 units in Apr, according to SRX. The sales drop was not as drastic compared with the circuit breaker period last year when volume plunged 57.6% from 747 units in Mar20 to 317 units in Apr20. Volumes last month were up strongly by 811% YoY from the 189 units resold in May20, when the circuit breaker was in effect. It is also 86.6% higher than the five-year average volume for the month of May. Despite viewing restrictions, May prices remained strong and rose 6.9% YoY. Prices of resale condo units in the city fringe grew by 1.8%, the fastest among the three market segments. Those in the outside central region grew by 0.8%, while prices in central Singapore slipped by 0.7%.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/212/047/original/image003+%282%29.png?1623202523" class="editor-image img-responsive" data-smartkarma-image-id="212047"></figure><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/212/048/original/image004.png?1623202538" class="editor-image img-responsive" data-smartkarma-image-id="212048"></figure></section></section>

SingaporeCondo resale prices up 0.9% MoM to a new high in May21; Volume dips amid Covid-19 curbsPrivate resale housing market saw prices in May inch up 0.9%  MoM to a new high, even while the number of condominium units resold dipped by 11.4% MoM as tightened Covid-19 measures restrict property viewings. The limit on group sizes, which is in place till 13Jun, has put a slight drag on resale volume, with 1,722 units changing hands in May, compared with 1,944 units in Apr, according to SRX. The sales drop was not as drastic compared with the circuit breaker period last year when volume plunged 57.6% from 747 units in Mar20 to 317 units in Apr20. Volumes last month were up strongly by 811% YoY from the 189 units resold in May20, when the circuit breaker was in effect. It is also 86.6% higher than the five-year average volume for the month of May. Despite viewing restrictions, May prices remained strong and rose 6.9% YoY. Prices of resale condo units in the city fringe grew by 1.8%, the fastest among the three market segments. Those in the outside central region grew by 0.8%, while prices in central Singapore slipped by 0.7%.

ASEAN Builder's Scoop (9Jun21) - Condo Resale Price Reaching New High in May21

<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: 136.6pt;">
<p> </p>
</td>
<td style="width: 136.55pt;">
<p>DASIN</p>
</td>
<td style="width: 136.55pt;">
<p>SASSR</p>
</td>
<td style="width: 136.55pt;">
<p>BHGREIT</p>
</td>
<td style="width: 136.55pt;">
<p>CLCT</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>Period</p>
</td>
<td style="width: 136.55pt;">
<p>1Q21</p>
</td>
<td style="width: 136.55pt;">
<p>1Q21</p>
</td>
<td style="width: 136.55pt;">
<p>1Q21</p>
</td>
<td style="width: 136.55pt;">
<p>1Q21</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>Gross Revenue (S$ m)</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed in SGD terms; RMB127.3m (+87.4% YoY); or RMB101.6m<br>if w/o Shunde Metro Mall and Tanbei Metro Mall (+51.0% YoY)</p>
</td>
<td style="width: 136.55pt;">
<p>EMA Rental Income: 34.1 (+23.4% YoY)</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>NPI (S$ m)</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed</p>
</td>
<td style="width: 136.55pt;">
<p>EMA Rental Income (Excluding straight-line adjustments): 32.3 (+27.8% YoY)</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed</p>
</td>
<td style="width: 136.55pt;">
<p>264.2 (RMB)</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>DPU (S$ c)</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed</p>
</td>
<td style="width: 136.55pt;">
<p>1.759 (+31.9% YoY)</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>NAV per Unit (S$)</p>
</td>
<td style="width: 136.55pt;">
<p>1.41 (Based on 4Q20)</p>
</td>
<td style="width: 136.55pt;">
<p>0.922</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>P/B (x)</p>
</td>
<td style="width: 136.55pt;">
<p>0.510</p>
</td>
<td style="width: 136.55pt;">
<p>1.00</p>
</td>
<td style="width: 136.55pt;">
<p>0.64 (Based on 4Q20 NAV)</p>
</td>
<td style="width: 136.55pt;">
<p>0.94 (Based on 4Q20 NAV)</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>Occupancy (%)</p>
</td>
<td style="width: 136.55pt;">
<p>96.1</p>
</td>
<td style="width: 136.55pt;">
<p>93.5</p>
</td>
<td style="width: 136.55pt;">
<p>92.1</p>
</td>
<td style="width: 136.55pt;">
<p>Retail: 94.4<br>Business Parks: 92.1</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>Reversion (%)</p>
</td>
<td style="width: 136.55pt;">
<p>NA</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>Gearing (%)</p>
</td>
<td style="width: 136.55pt;">
<p>37.2</p>
</td>
<td style="width: 136.55pt;">
<p>27.6</p>
</td>
<td style="width: 136.55pt;">
<p>35.6</p>
</td>
<td style="width: 136.55pt;">
<p>35.1</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>Cost of Debt (%)</p>
</td>
<td style="width: 136.55pt;">
<p>NA</p>
</td>
<td style="width: 136.55pt;">
<p>3.3</p>
</td>
<td style="width: 136.55pt;">
<p>3.8</p>
</td>
<td style="width: 136.55pt;">
<p>2.51</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>1 Yr Fwd Yield (%)</p>
</td>
<td style="width: 136.55pt;">
<p>6.99</p>
</td>
<td style="width: 136.55pt;">
<p>7.46</p>
</td>
<td style="width: 136.55pt;">
<p>NA</p>
</td>
<td style="width: 136.55pt;">
<p>6.21</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>Debt Hedged (%)</p>
</td>
<td style="width: 136.55pt;">
<p>NA</p>
</td>
<td style="width: 136.55pt;">
<p>Not Disclosed</p>
</td>
<td style="width: 136.55pt;">
<p>60% of offshore loans</p>
</td>
<td style="width: 136.55pt;">
<p>~70</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>Target Price</p>
</td>
<td style="width: 136.55pt;">
<p>S$0.81</p>
</td>
<td style="width: 136.55pt;">
<p>NA</p>
</td>
<td style="width: 136.55pt;">
<p>NA</p>
</td>
<td style="width: 136.55pt;">
<p>NA</p>
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
<p>Rating</p>
</td>
<td style="width: 136.55pt;">
<p>BUY</p>
</td>
<td style="width: 136.55pt;">
<p>NA</p>
</td>
<td style="width: 136.55pt;">
<p>NA</p>
</td>
<td style="width: 136.55pt;">
<p>NA</p>
</td>
</tr>
</tbody>
</table>
<h3>
<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> 1Q21 Business Updates – Revenue recovered to 94% of pre-Covid level; ARA’s strategic stake underscores GBA’s potential</h3>
<ul>
<li>1Q21 revenue (in RMB terms; on same-mall basis) increased 51.0% YoY to ~RMB101.6m. Total revenues of the four malls (IPO portfolio), namely Shiqi Metro Mall, Xiaolan Metro Mall, Ocean Metro Mall and Dasin E-Colour, has recovered to 94% of 1Q19 (pre-pandemic)’s level. Including Shunde Metro Mall and Tanbei Metro Mall (8Jul20), 1Q21 revenue (in RMB terms) increased 87.4% YoY to ~RMB127.3m</li>
<li>Overall portfolio committed occupancy stabilized at 96.1% (vs. 96.5% in 4Q20 and 96.1% in 3Q20). ~9,085sqm (12.7% of total Ocean Metro Mall NLA) of “furniture and finishing” space at the mall has been reconfigured in 4Q20 into a children’s education area, which brought a positive rental reversion of ~46%. Portfolio WALE stood at 5.9 years by NLA and 3.6 years by GRI. ~31.1% of GRI will be due for renewal in FY21E</li>
<li>Portfolio gearing stands at 37.2% (vs. 37.8% in 4Q20 and 38.5% in 3Q20). DASIN is currently negotiating with banks for extension of loans amounting to S$235.2m, which are due on 18Jul21</li>
<li>Mr. Zhang Zhencheng, Chairman and controlling shareholder of the Trustee-Manager, as well as Aqua Wealth Holdings Limited (a controlling unitholder of the Trust), had entered into a sale and purchase agreement with ARA DSRT (Holdings) and ARA Real Estate Investors 22 in pursuance of a strategic partnership with ARA Asset Management. ARA will acquire 50% of interest in the Trustee-Manager from Mr. Zhang Zhencheng, as well as ~5.0% of interest in DASIN from Aqua Wealth Holdings Limited in two separate tranches. The sale of 50% stake in Trustee-Manager and first tranche of DASIN’s units (2.5% stake) is expected to complete by May21</li>
<li>DASIN currently trades at 7.0% FY21E yield and 0.51x P/B.</li>
</ul>
<p>Comments: 1Q21 Revenue forms 23.6% of our full-year FY21E revenue (based on avg. 1Q21 RMB/SGD of 4.8727). We are encouraged by Dasin E-Colour’s strong revenue recovery (to near pre-Covid level) despite a challenging occupancy profile of 86.5% (vs. portfolio average of 96.1% and 1Q20’s 91.9%), thus translating to a robust passing rent at ~RMB125.6psm pm with +107% YoY reversions. Meanwhile, its 2 mature assets, namely Shiqi Metro Mall and Xiaolan Metro Mall (contributed to ~45.6% of 1Q21 revenue), appear to be on track for a sustained recovery – upticks in both occupancy rates and passing rents. The two newly acquired Shunde Metro Mall and Tanbei Metro Mall should provide inorganic boost to with its full-year contributions (vs. 6 mths contributions in FY20). Notwithstanding a challenging leasing market (portfolio occupancy remains below pre-Covid level of 97-98%), DASIN’s lease structure with high fixed components (fixed rent and fixed rent with built-in escalation) at 82.8%% of Mar21 GRI, offer income stability somewhat. We have a BUY rating with TP of S$0.81/Unit for DASIN.</p>
<section class="figure">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/207/030/original/image021.png?1621332221" class="editor-image img-responsive" data-smartkarma-image-id="207030"></figure>
</section>

Singapore
SREITs results in a glance (see detailed spreadsheet and calendar attached)




 


DASIN


SASSR


BHGREIT


CLCT




Period


1Q21


1Q21


1Q21


1Q21




Gross Revenue (S$ m)


Not Disclosed in SGD terms; RMB127.3m (+87.4% YoY); or RMB101.6m if w/o Shunde Metro Mall and Tanbei Metro Mall (+51.0% YoY)


EMA Rental Income: 34.1 (+23.4% YoY)


Not Disclosed


Not Disclosed




NPI (S$ m)


Not Disclosed


EMA Rental Income (Excluding straight-line adjustments): 32.3 (+27.8% YoY)


Not Disclosed


264.2 (RMB)




DPU (S$ c)


Not Disclosed


1.759 (+31.9% YoY)


Not Disclosed


Not Disclosed




NAV per Unit (S$)


1.41 (Based on 4Q20)


0.922


Not Disclosed


Not Disclosed




P/B (x)


0.510


1.00


0.64 (Based on 4Q20 NAV)


0.94 (Based on 4Q20 NAV)




Occupancy (%)


96.1


93.5


92.1


Retail: 94.4 Business Parks: 92.1




Reversion (%)


NA


Not Disclosed


Not Disclosed


Not Disclosed




Gearing (%)


37.2


27.6


35.6


35.1




Cost of Debt (%)


NA


3.3


3.8


2.51




1 Yr Fwd Yield (%)


6.99


7.46


NA


6.21




Debt Hedged (%)


NA


Not Disclosed


60% of offshore loans


~70




Target Price


S$0.81


NA


NA


NA




Rating


BUY


NA


NA


NA





Dasin Retail Trust (DASIN SP) 1Q21 Business Updates – Revenue recovered to 94% of pre-Covid level; ARA’s strategic stake underscores GBA’s potential

1Q21 revenue (in RMB terms; on same-mall basis) increased 51.0% YoY to ~RMB101.6m. Total revenues of the four malls (IPO portfolio), namely Shiqi Metro Mall, Xiaolan Metro Mall, Ocean Metro Mall and Dasin E-Colour, has recovered to 94% of 1Q19 (pre-pandemic)’s level. Including Shunde Metro Mall and Tanbei Metro Mall (8Jul20), 1Q21 revenue (in RMB terms) increased 87.4% YoY to ~RMB127.3m
Overall portfolio committed occupancy stabilized at 96.1% (vs. 96.5% in 4Q20 and 96.1% in 3Q20). ~9,085sqm (12.7% of total Ocean Metro Mall NLA) of “furniture and finishing” space at the mall has been reconfigured in 4Q20 into a children’s education area, which brought a positive rental reversion of ~46%. Portfolio WALE stood at 5.9 years by NLA and 3.6 years by GRI. ~31.1% of GRI will be due for renewal in FY21E
Portfolio gearing stands at 37.2% (vs. 37.8% in 4Q20 and 38.5% in 3Q20). DASIN is currently negotiating with banks for extension of loans amounting to S$235.2m, which are due on 18Jul21
Mr. Zhang Zhencheng, Chairman and controlling shareholder of the Trustee-Manager, as well as Aqua Wealth Holdings Limited (a controlling unitholder of the Trust), had entered into a sale and purchase agreement with ARA DSRT (Holdings) and ARA Real Estate Investors 22 in pursuance of a strategic partnership with ARA Asset Management. ARA will acquire 50% of interest in the Trustee-Manager from Mr. Zhang Zhencheng, as well as ~5.0% of interest in DASIN from Aqua Wealth Holdings Limited in two separate tranches. The sale of 50% stake in Trustee-Manager and first tranche of DASIN’s units (2.5% stake) is expected to complete by May21
DASIN currently trades at 7.0% FY21E yield and 0.51x P/B.

Comments: 1Q21 Revenue forms 23.6% of our full-year FY21E revenue (based on avg. 1Q21 RMB/SGD of 4.8727). We are encouraged by Dasin E-Colour’s strong revenue recovery (to near pre-Covid level) despite a challenging occupancy profile of 86.5% (vs. portfolio average of 96.1% and 1Q20’s 91.9%), thus translating to a robust passing rent at ~RMB125.6psm pm with +107% YoY reversions. Meanwhile, its 2 mature assets, namely Shiqi Metro Mall and Xiaolan Metro Mall (contributed to ~45.6% of 1Q21 revenue), appear to be on track for a sustained recovery – upticks in both occupancy rates and passing rents. The two newly acquired Shunde Metro Mall and Tanbei Metro Mall should provide inorganic boost to with its full-year contributions (vs. 6 mths contributions in FY20). Notwithstanding a challenging leasing market (portfolio occupancy remains below pre-Covid level of 97-98%), DASIN’s lease structure with high fixed components (fixed rent and fixed rent with built-in escalation) at 82.8%% of Mar21 GRI, offer income stability somewhat. We have a BUY rating with TP of S$0.81/Unit for DASIN.




ASEAN Builder's Scoop (18May21) - DASIN strategic investment from ARA

Philippines

Filinvest Land, Inc., together with its subsidiaries, operates as a real estate developer in the Philippines. The company operates through Real Estate Sales and Leasing segments. It develops and sells affordable and middle-market residential lots and housing units to lower and middle-income markets. The company also develops themed residential projects with a leisure component, such as farm estates and developments anchored by sports and resort clubs. In addition, it has investment properties comprising Festival Supermall, a shopping complex consisting of approximately 700 retail stores and outlets, 10 theater movie multiplexs, and 2 themed amusement centers, as well as exhibit, trade, and music halls; PBCom Tower located in Makati City; and office buildings in Northgate Cyberzone, a 10-hectare business process outsourcing office park. The company was formerly known as Citation Homes, Inc. and changed its name to Filinvest Land, Inc. in July 1993. The company was incorporated in 1989 and is headquartered in Mandaluyong, the Philippines. Filinvest Land, Inc. operates as a subsidiary of Filinvest Development Corp.

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

Filinvest Land (FLI PM)

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 (14Jun21) - LKH Sells Westgate Tower Stake

LKH sells Westgate Tower stake, buys PLS stake; ISET assess WA space again; FIL valuation boosts post REIT listing; IGB Comm REIT largest MY office...

SCCM Asia Research

ASEAN Builder's Scoop (11Jun21) - 2H21 GLS Confirmed List Rises by 25% HoH

2H21 GLS Confirmed list rises by 25% HoH; Marina View white site triggered for S$1.5bn; Bugis Junction undergoing S$10m revamp; FLI banking on BPO...

SCCM Asia Research

ASEAN Builder's Scoop (9Jun21) - Condo Resale Price Reaching New High in May21

Condo resale price reaching new high in May21; EAGLEHT surrenders Queen Mary; ALI increases stake in AREIT to 66%; FLI trades at <0.4x P/B; Crypto...

SCCM Asia Research

ASEAN Builder's Scoop (18May21) - DASIN strategic investment from ARA

DASIN strategic investment from ARA; ECWREIT privatization on the cards?; Apr21 new home sales robust 122% take-up rate; Hmlet down round...

SCCM Asia Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)