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>11 SREITs, 2 HK, 10 Australia, 3 Japan, 2 New Zealand, and 1 Sweden REITs are added into FTSE EPRA Nareit Global Developed Index</h3>The 11 SREITs included are AAREIT, ALLT, CERT, EREIT, FEHT, KORE, LREIT, OUECT, PRIME, SPHREIT, and SGREIT. The 2 HK REITs are Prosperity REIT and Sunlight REIT. On the FTSE EPRA Nareit Global Emerging Index, China’s Shenzhen Properties and Resources, India’s Brookfield India REIT, and Phils’s Ayala REIT is added into the index, while Malaysia’s KLCC Prop &amp; Reit and 4 other China entities (China Jinmao, China South City, Redco Properties, and Ronshine China) are excluded. Please email us if you’d like to see the full list.

Singapore11 SREITs, 2 HK, 10 Australia, 3 Japan, 2 New Zealand, and 1 Sweden REITs are added into FTSE EPRA Nareit Global Developed IndexThe 11 SREITs included are AAREIT, ALLT, CERT, EREIT, FEHT, KORE, LREIT, OUECT, PRIME, SPHREIT, and SGREIT. The 2 HK REITs are Prosperity REIT and Sunlight REIT. On the FTSE EPRA Nareit Global Emerging Index, China’s Shenzhen Properties and Resources, India’s Brookfield India REIT, and Phils’s Ayala REIT is added into the index, while Malaysia’s KLCC Prop &amp; Reit and 4 other China entities (China Jinmao, China South City, Redco Properties, and Ronshine China) are excluded. Please email us if you’d like to see the full list.

<h2>Singapore</h2><h3>Jul 21 new private home sales surge 82% MoM; On track for a record year (since 2013)</h3><ul><li>Sales of new private homes surged in Jul21 with developers selling 1,589 units, up 82% MoM from 872 units in Jun21. On a YoY basis, sales were up 47% from 1,080 units in Jul20. Including ECs sold, developers moved 1,744 new homes last month, 81% higher MoM and 53% higher YoY</li><li>Developers launched 1,104 units in Jul21, up 36% MoM and 27% YoY higher. There were no new ECs launched in Jun21. Jul21 take-up rate was robust at 144% (from 107% in Jun21 and 124% in Jul20). Pasir Ris 8 was the top seller last month, moving 418 units, or 86% of its 487 units, with median price of S$1,624psf</li><li>Sales in Jul21 were driven by Pasir Ris 8, followed by Normanton Park, which sold 125 units, Midwood, which sold 91 units and Sengkang Grand Residences, which sold 89 units. Excluding EC, sales volume in Jul21 was highest in OCR followed by RCR and CCR, respectively. The sales volume was 1,012 (64%), 438 (28%) and 139 (9%) units, respectively</li><li>Almost 50% of sales last month were priced below S$1.5m, 29% were between S$1.5-2m, and 21.5% were above S$2m. The average price paid for a unit last month was S$1.7m. In the first seven months of 2021, developers have sold an estimated 8,004 units. Barring new cooling measures, total new private home sales is on course to exceed 11,000 units (excluding ECs) by the end of 2021, locking in the highest annual new sales figure since 2013, which saw 14,948 new sales.</li></ul>

SingaporeJul 21 new private home sales surge 82% MoM; On track for a record year (since 2013)Sales of new private homes surged in Jul21 with developers selling 1,589 units, up 82% MoM from 872 units in Jun21. On a YoY basis, sales were up 47% from 1,080 units in Jul20. Including ECs sold, developers moved 1,744 new homes last month, 81% higher MoM and 53% higher YoYDevelopers launched 1,104 units in Jul21, up 36% MoM and 27% YoY higher. There were no new ECs launched in Jun21. Jul21 take-up rate was robust at 144% (from 107% in Jun21 and 124% in Jul20). Pasir Ris 8 was the top seller last month, moving 418 units, or 86% of its 487 units, with median price of S$1,624psfSales in Jul21 were driven by Pasir Ris 8, followed by Normanton Park, which sold 125 units, Midwood, which sold 91 units and Sengkang Grand Residences, which sold 89 units. Excluding EC, sales volume in Jul21 was highest in OCR followed by RCR and CCR, respectively. The sales volume was 1,012 (64%), 438 (28%) and 139 (9%) units, respectivelyAlmost 50% of sales last month were priced below S$1.5m, 29% were between S$1.5-2m, and 21.5% were above S$2m. The average price paid for a unit last month was S$1.7m. In the first seven months of 2021, developers have sold an estimated 8,004 units. Barring new cooling measures, total new private home sales is on course to exceed 11,000 units (excluding ECs) by the end of 2021, locking in the highest annual new sales figure since 2013, which saw 14,948 new sales.

<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: 141.25pt;"> </td><td style="width: 141.2pt;">MCT</td></tr><tr><td style="width: 141.25pt;">Period</td><td style="width: 141.2pt;">1Q22</td></tr><tr><td style="width: 141.25pt;">Gross Revenue (S$ m)</td><td style="width: 141.2pt;">124.1 (+23.7% YoY)</td></tr><tr><td style="width: 141.25pt;">NPI (S$ m)</td><td style="width: 141.2pt;">96.9 (+22.9% YoY)</td></tr><tr><td style="width: 141.25pt;">DPU (S$ c)</td><td style="width: 141.2pt;">Not Disclosed</td></tr><tr><td style="width: 141.25pt;">NAV per Unit (S$)</td><td style="width: 141.2pt;">1.72 (Based on 2H21 NAV)</td></tr><tr><td style="width: 141.25pt;">P/B (x)</td><td style="width: 141.2pt;">1.24 (Based on 2H21 NAV)</td></tr><tr><td style="width: 141.25pt;">Occupancy (%)</td><td style="width: 141.2pt;">Portfolio: 95.4VivoCity: 99.4</td></tr><tr><td style="width: 141.25pt;">Reversion (%)</td><td style="width: 141.2pt;">Not Disclosed</td></tr><tr><td style="width: 141.25pt;">Gearing (%)</td><td style="width: 141.2pt;">34.2</td></tr><tr><td style="width: 141.25pt;">Cost of Debt (%)</td><td style="width: 141.2pt;">2.44</td></tr><tr><td style="width: 141.25pt;">1 Yr Fwd Yield (%)</td><td style="width: 141.2pt;">4.49</td></tr><tr><td style="width: 141.25pt;">Debt Hedged (%)</td><td style="width: 141.2pt;">75.7%</td></tr><tr><td style="width: 141.25pt;">Target Price</td><td style="width: 141.2pt;">N/A</td></tr><tr><td style="width: 141.25pt;">Rating</td><td style="width: 141.2pt;">N/A</td></tr></tbody></table>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached) MCTPeriod1Q22Gross Revenue (S$ m)124.1 (+23.7% YoY)NPI (S$ m)96.9 (+22.9% YoY)DPU (S$ c)Not DisclosedNAV per Unit (S$)1.72 (Based on 2H21 NAV)P/B (x)1.24 (Based on 2H21 NAV)Occupancy (%)Portfolio: 95.4VivoCity: 99.4Reversion (%)Not DisclosedGearing (%)34.2Cost of Debt (%)2.441 Yr Fwd Yield (%)4.49Debt Hedged (%)75.7%Target PriceN/ARatingN/A

ASEAN Builder's Scoop (26Jul21) - MCT expects more rebates in 2Q22

<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: 221.25px;"> </td><td style="width: 170.797px;">SUN</td><td style="width: 166.969px;">ALLT</td><td style="width: 166.984px;">SSREIT</td></tr><tr><td style="width: 221.25px;">Period</td><td style="width: 170.797px;">1H21</td><td style="width: 166.969px;">2Q21</td><td style="width: 166.984px;">1H21</td></tr><tr><td style="width: 221.25px;">Gross Revenue (S$ m)</td><td style="width: 170.797px;">166.8 (+11.6% YoY)</td><td style="width: 166.969px;">35.4 (+22.1% YoY)</td><td style="width: 166.984px;">39.1 (+14.1% YoY)</td></tr><tr><td style="width: 221.25px;">NPI (S$ m)</td><td style="width: 170.797px;">112.6 (+23.9% YoY)</td><td style="width: 166.969px;">30.5 (+39.2% YoY)</td><td style="width: 166.984px;">25.7 (+23.2% YoY)</td></tr><tr><td style="width: 221.25px;">DPU (S$ c)</td><td style="width: 170.797px;">4.154 (+26.1% YoY)</td><td style="width: 166.969px;">1.217 (-8.2% YoY)</td><td style="width: 166.984px;">1.48 (+214.9% YoY)</td></tr><tr><td style="width: 221.25px;">NAV per Unit (S$)</td><td style="width: 170.797px;">2.062</td><td style="width: 166.969px;">0.67</td><td style="width: 166.984px;">0.52</td></tr><tr><td style="width: 221.25px;">P/B (x)</td><td style="width: 170.797px;">0.71</td><td style="width: 166.969px;">1.30</td><td style="width: 166.984px;">0.82</td></tr><tr><td style="width: 221.25px;">Occupancy (%)</td><td style="width: 170.797px;">2Q21:93.8 (SG Retail)92.1 (SG Office)93.9 (AU Office)100 (UK Office)</td><td style="width: 166.969px;">2Q21:98.2</td><td style="width: 166.984px;">1H21:83.4</td></tr><tr><td style="width: 221.25px;">Reversion (%)</td><td style="width: 170.797px;">2Q21:+2.1 (Suntec City Office)-7.2 (Suntec City Mall)</td><td style="width: 166.969px;">1H21:+2.4</td><td style="width: 166.984px;">1H21:+11.8</td></tr><tr><td style="width: 221.25px;">Gearing (%)</td><td style="width: 170.797px;">43.1</td><td style="width: 166.969px;">39.5</td><td style="width: 166.984px;">34.9</td></tr><tr><td style="width: 221.25px;">Cost of Debt (%)</td><td style="width: 170.797px;">2.41</td><td style="width: 166.969px;">2.92</td><td style="width: 166.984px;">3.4</td></tr><tr><td style="width: 221.25px;">1 Yr Fwd Yield (%)</td><td style="width: 170.797px;">5.85</td><td style="width: 166.969px;">5.98</td><td style="width: 166.984px;">6.74</td></tr><tr><td style="width: 221.25px;">Debt Hedged (%)</td><td style="width: 170.797px;">64</td><td style="width: 166.969px;">65.8</td><td style="width: 166.984px;">60.4</td></tr><tr><td style="width: 221.25px;">Target Price</td><td style="width: 170.797px;">N/A</td><td style="width: 166.969px;">N/A</td><td style="width: 166.984px;">N/A</td></tr><tr><td style="width: 221.25px;">Rating</td><td style="width: 170.797px;">N/A</td><td style="width: 166.969px;">N/A</td><td style="width: 166.984px;">N/A</td></tr></tbody></table>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached) SUNALLTSSREITPeriod1H212Q211H21Gross Revenue (S$ m)166.8 (+11.6% YoY)35.4 (+22.1% YoY)39.1 (+14.1% YoY)NPI (S$ m)112.6 (+23.9% YoY)30.5 (+39.2% YoY)25.7 (+23.2% YoY)DPU (S$ c)4.154 (+26.1% YoY)1.217 (-8.2% YoY)1.48 (+214.9% YoY)NAV per Unit (S$)2.0620.670.52P/B (x)0.711.300.82Occupancy (%)2Q21:93.8 (SG Retail)92.1 (SG Office)93.9 (AU Office)100 (UK Office)2Q21:98.21H21:83.4Reversion (%)2Q21:+2.1 (Suntec City Office)-7.2 (Suntec City Mall)1H21:+2.41H21:+11.8Gearing (%)43.139.534.9Cost of Debt (%)2.412.923.41 Yr Fwd Yield (%)5.855.986.74Debt Hedged (%)6465.860.4Target PriceN/AN/AN/ARatingN/AN/AN/A

ASEAN Builder's Scoop (22Jul21) - SUN Office Portfolio Offset Retail Weakness

Philippines

Filinvest REIT Corp. is a real estate investment trust (REIT) that owns and operates a portfolio of Grade A office buildings, primarily catering to multinational Business Process Outsourcing (BPO) firms. Its portfolio includes 17 office buildings located mainly in Northgate Cyberzone, Alabang, and Filinvest Cyberzone Cebu, as well as land leased for a resort in Boracay. The company was incorporated in 2000 and is headquartered in Muntinlupa City, Philippines.

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Filinvest REIT (FILRT PM)

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 (2Sep21)

11 SREITs included in FTSE EPRA NGD Index; Int'l Plaza collective sale; Singha focuses on high-end, low-rise projects; FILRT maiden divvy dist;...

SCCM Asia Research

ASEAN Builder's Scoop (17Aug21)

SG new home sales on track for a record year; OHL SG resi >90% sold; FLI supported by resi recovery; FILRT focuses on BPO tenants; NOBLE shifts...

SCCM Asia Research

ASEAN Builder's Scoop (26Jul21) - MCT expects more rebates in 2Q22

MCT expects more rebates in 2Q22; Pick suburban malls+industrial SREITs amid Phase 2; GUOL sets GLS record bid; 2Q21 office rents rising, retail...

SCCM Asia Research

ASEAN Builder's Scoop (22Jul21) - SUN Office Portfolio Offset Retail Weakness

SUN office portfolio offset retail weakness; ALLT boosted by AUS acquisitions; SSREIT robust operational metrics; CIT extends tenant support; FILRT...

SCCM Asia Research

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