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-centrepoint-trust" target="_blank" data-smartkarma-citation="entities:2870" rel="noopener">Frasers Centrepoint Trust (FCT SP)</a> acquires additional 10% stake in Waterway Point for ~S$73.6m</li>
<li>
<a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913" rel="noopener">Frasers Hospitality Trust (FHT SP)</a> privatisation deal falls short of the required 75% shareholder approval</li>
<li>Mercatus’ retail portfolio looks more digestible post withdrawal of AMK Hub</li>
</ul>



Frasers Centrepoint Trust (FCT SP) acquires additional 10% stake in Waterway Point for ~S$73.6m

Frasers Hospitality Trust (FHT SP) privatisation deal falls short of the required 75% shareholder approval
Mercatus’ retail portfolio looks more digestible post withdrawal of AMK Hub


ASEAN Builder's Scoop (13Sep22) - FCT Buys Extra 10% of Waterway Point

<ul><li><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> Jul22 tenant sales rebounded to 115% above pre-Covid levels; Shopper traffic remains flat at 80+% levels</li><li>Hilton is set to open Waldorf Astoria KL in FY24; Double its portfolio in APAC over next five years</li><li>Johor Land (JLB MK) starts developing ~3,000ha Sedenak Tech Valley in Johor this year</li></ul>

Frasers Centrepoint Trust (FCT SP) Jul22 tenant sales rebounded to 115% above pre-Covid levels; Shopper traffic remains flat at 80+% levelsHilton is set to open Waldorf Astoria KL in FY24; Double its portfolio in APAC over next five yearsJohor Land (JLB MK) starts developing ~3,000ha Sedenak Tech Valley in Johor this year

ASEAN Builder's Scoop (24Aug22) - FCT Jul22 Tenant Sales Rebounded, Shopper Traffic Steady

<ul><li><a href="https://www.smartkarma.com/entities/keppel-reit" target="_blank" data-smartkarma-citation="entities:192" rel="noopener">Keppel REIT (KREIT SP)</a> 1H22 DPU +1.0% YoY; Attractively trading at 17% below book with solid operating metrics</li><li><a href="https://www.smartkarma.com/entities/suntec-reit" target="_blank" data-smartkarma-citation="entities:151" rel="noopener">Suntec REIT (SUN SP)</a> 1H22 DPU +15.8% YoY; Solid performance boosted by retail recovery and office resiliency</li><li><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> 3Q22 Business Updates – Slight weakness in occupancy despite improvements in tenants’ sales and shopper traffic</li></ul>

Keppel REIT (KREIT SP) 1H22 DPU +1.0% YoY; Attractively trading at 17% below book with solid operating metricsSuntec REIT (SUN SP) 1H22 DPU +15.8% YoY; Solid performance boosted by retail recovery and office resiliencyFrasers Centrepoint Trust (FCT SP) 3Q22 Business Updates – Slight weakness in occupancy despite improvements in tenants’ sales and shopper traffic

ASEAN Builder's Scoop (27Jul22) - KREIT Solid Operating Metrics

<ul><li><a href="https://www.smartkarma.com/entities/ireit-global" target="_blank" data-smartkarma-citation="entities:10596" rel="noopener">IREIT Global (IREIT SP)</a> clinches a six-year lease extension at Bonn Campus</li><li><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> YTD22 tenants’ sales surpassed pre-Covid levels</li><li>New private home sales remained flattish MoM in Apr22; Take-up rate fell further to ~164%</li></ul>

IREIT Global (IREIT SP) clinches a six-year lease extension at Bonn CampusFrasers Centrepoint Trust (FCT SP) YTD22 tenants’ sales surpassed pre-Covid levelsNew private home sales remained flattish MoM in Apr22; Take-up rate fell further to ~164%

ASEAN Builder's Scoop (18May22) - IREIT Lease Extension at Bonn Campus

<ul><li><a href="https://www.smartkarma.com/entities/aims-amp-capital-industrial" target="_blank" data-smartkarma-citation="entities:933" rel="noopener">AIMS APAC REIT (AAREIT SP)</a> 2H22 DPU -4.8% YoY; Robust rent reversions to end the fiscal year</li><li><a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934" rel="noopener">ESR-REIT (EREIT SP)</a> 1Q22 DPU -9.6% YoY; Rising utilities costs despite steady underlying performance  </li><li><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> 1H22 DPU +2.3% YoY; Omicron wave tapering shopper traffic</li></ul>

AIMS APAC REIT (AAREIT SP) 2H22 DPU -4.8% YoY; Robust rent reversions to end the fiscal yearESR-REIT (EREIT SP) 1Q22 DPU -9.6% YoY; Rising utilities costs despite steady underlying performance  Frasers Centrepoint Trust (FCT SP) 1H22 DPU +2.3% YoY; Omicron wave tapering shopper traffic

ASEAN Builder's Scoop (27Apr22) - AAREIT Robust Rent Reversions

Singapore

Frasers Centrepoint Trust is a leading developer-sponsored retail real estate investment trust (REIT) that primarily invests in and owns suburban retail malls and an office building in Singapore. Its portfolio includes nine retail malls and one office property, focusing on necessity spending, food & beverage, and essential services. The company is headquartered in Singapore and was listed on the Singapore Exchange on July 5, 2006.

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Frasers Centrepoint (FCT SP)

ASEAN Builder's Scoop (13Sep22) - FCT Buys Extra 10% of Waterway Point

FHT Failed Privatization; Mercatus's portfolio on mrkt now sans AMK Hub; Mapletree focuses on logistics + dormitory assets; ALI chairman resigns

SCCM Asia Research

ASEAN Builder's Scoop (24Aug22) - FCT Jul22 Tenant Sales Rebounded, Shopper Traffic Steady

Hilton's Waldorf Astoria to double APAC portfolio in 5 years; Phils office sees demand from traditional occupiers; JLB developing 3,000ha Johor...

SCCM Asia Research

ASEAN Builder's Scoop (27Jul22) - KREIT Solid Operating Metrics

SUN boosted by retail recovery and office resiliency; FCT slight weakness in occupancy; EREIT dragged by higher utilities cost; CQ undergoing S$62m...

SCCM Asia Research

ASEAN Builder's Scoop (18May22) - IREIT Lease Extension at Bonn Campus

FCT YTD22 tenants' sales surpassed pre-Covid levels; Apr22 new homes sales flat MoM; FEH launching 2 Aus hotel brands; BIR suspends issuance of MEG...

SCCM Asia Research

ASEAN Builder's Scoop (27Apr22) - AAREIT Robust Rent Reversions

EREIT rising utilities cost; FCT tapering shopper traffic; MINT boosted by acquisitions; SSREIT voted down Charlie Chan as Director

SCCM Asia Research

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