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)

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<li>
<a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670" rel="noopener">Frasers Property Ltd (FPL SP)</a> to privatize Frasers Hospitality Trust (FHT SP) with S$0.700/unit cash offer</li>
<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> acquires 3 freehold L&amp;I properties in Australia for A$61m</li>
<li>
<a href="https://www.smartkarma.com/entities/lhn-ltd" target="_blank" data-smartkarma-citation="entities:27234" rel="noopener">LHN Ltd (LHN SP)</a> proposed a special dividend of ~S$0.15c/share</li>
</ul>



Frasers Property Ltd (FPL SP) to privatize Frasers Hospitality Trust (FHT SP) with S$0.700/unit cash offer

Frasers Logistics &amp; Commercial Trust (FLT SP) acquires 3 freehold L&amp;I properties in Australia for A$61m

LHN Ltd (LHN SP) proposed a special dividend of ~S$0.15c/share


ASEAN Builder's Scoop (13Jun22) - FHT Cash Privatisation Offer at S$0.700/Unit

<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> acquires suburban commercial property in AUS for A$60.3m</li><li><a href="https://www.smartkarma.com/entities/centurion-corp-ltd" target="_blank" data-smartkarma-citation="entities:5186" rel="noopener">Centurion Corp (CENT SP)</a> acquires freehold student accommodation in Nottingham, UK for GBP10.4m</li><li>Highly leveraged homeowners face headwinds from rising rates, large incoming supply</li></ul>

Frasers Logistics &amp; Commercial Trust (FLT SP) acquires suburban commercial property in AUS for A$60.3mCenturion Corp (CENT SP) acquires freehold student accommodation in Nottingham, UK for GBP10.4mHighly leveraged homeowners face headwinds from rising rates, large incoming supply

ASEAN Builder's Scoop (20May22) - FLT Buys AUS Commercial Prop for ~A$60m

<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> 1H22 DPU +1.3% YoY; Healthy reversions with ample debt headroom for next inorganic moves </li><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> is in exclusive due diligence with Avaya House in AUS, but no binding agreement yet</li><li>Sino-Ocean has exercised options to purchase Dasin Retail Trust (DASIN SP)</li></ul>

Frasers Logistics &amp; Commercial Trust (FLT SP) 1H22 DPU +1.3% YoY; Healthy reversions with ample debt headroom for next inorganic moves AIMS APAC REIT (AAREIT SP) is in exclusive due diligence with Avaya House in AUS, but no binding agreement yetSino-Ocean has exercised options to purchase Dasin Retail Trust (DASIN SP)

ASEAN Builder's Scoop (6May22) - FLT Ample Debt Headroom for Inorganic Moves

<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> 1Q22 Business Updates – Improvements in reversions driven by AUS sub-markets</li><li>Strata office and retail space to see continued demand in 2022</li><li>GIC in final talks to acquire Seibu's Japan properties for S$1.75bn</li></ul>

Frasers Logistics &amp; Commercial Trust (FLT SP) 1Q22 Business Updates – Improvements in reversions driven by AUS sub-marketsStrata office and retail space to see continued demand in 2022GIC in final talks to acquire Seibu's Japan properties for S$1.75bn

ASEAN Builder's Scoop (8Feb22) - FLT Improvements in AUS Reversions

<ul><li><a href="https://www.smartkarma.com/entities/keppel-dc-reit" target="_blank" data-smartkarma-citation="entities:85" rel="noopener">Keppel DC REIT (KDCREIT SP)</a> 2H21 DPU +2.8% YoY; Rising portfolio valuations as Cap rates tighten in APAC</li><li><a href="https://www.smartkarma.com/entities/parkway-life-reit" target="_blank" data-smartkarma-citation="entities:13422" rel="noopener">Parkway Life REIT (PREIT SP)</a> Parkway Life REIT (PREIT SP) 4Q21 DPU came in flat; Consistently expensive but delivering stable results</li><li><a href="https://www.smartkarma.com/entities/capitaland-integrated-commercial-trust" target="_blank" data-smartkarma-citation="entities:105" rel="noopener">Capitaland Integrated Commercial Trust (CICT SP)</a> CapitaLand Integrated Commercial Trust (CICT SP) to sell JCube at &lt;4% yield; Received a 10yrs ROFR on the potential redevelopment of the site  </li></ul>

Keppel DC REIT (KDCREIT SP) 2H21 DPU +2.8% YoY; Rising portfolio valuations as Cap rates tighten in APACParkway Life REIT (PREIT SP) Parkway Life REIT (PREIT SP) 4Q21 DPU came in flat; Consistently expensive but delivering stable resultsCapitaland Integrated Commercial Trust (CICT SP) CapitaLand Integrated Commercial Trust (CICT SP) to sell JCube at &lt;4% yield; Received a 10yrs ROFR on the potential redevelopment of the site  

ASEAN Builder's Scoop (25Jan22) - KDCREIT Rising Portfolio Valuations

Singapore

Frasers Logistics & Commercial Trust (FLCT) is a Singapore-listed real estate investment trust that invests in a diversified portfolio of income-producing logistics, industrial, and commercial properties. Its portfolio includes 113 properties across Australia, Germany, Singapore, the United Kingdom, and the Netherlands. The company was established in Singapore on November 30, 2015.

Frasers Logistics & Commercial Trust (FLT SP)

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Frasers Logistics & Commercial Trust (FLT SP)

ASEAN Builder's Scoop (13Jun22) - FHT Cash Privatisation Offer at S$0.700/Unit

FLT buys AUS L&I prop for A$61m; LHN special dividend; FLI elevated office vacancies; SMRA evaluates project post KPK arrest; SSIA targets 80ha...

SCCM Asia Research

ASEAN Builder's Scoop (20May22) - FLT Buys AUS Commercial Prop for ~A$60m

CENT buys Nottingham PBSA for ~GBP10m; Resi oversupply + rising rates = perfect storm; BLOOM to develop IR in Cavite; BKK housing demand rebounded...

SCCM Asia Research

ASEAN Builder's Scoop (6May22) - FLT Ample Debt Headroom for Inorganic Moves

AAREIT in talks with Avaya House; Sino-Ocean exercised options to buy DASIN; SEC greenlights VREIT IPO; BKK office oversupply

SCCM Asia Research

ASEAN Builder's Scoop (8Feb22) - FLT Improvements in AUS Reversions

Strata office/retail gaining steam; GIC looks to buy Seibu hotels; ALLHC buys Batangas facility; Phils cold storage demand robust; IBN Corp expands...

SCCM Asia Research

ASEAN Builder's Scoop (25Jan22) - KDCREIT Rising Portfolio Valuations

PREIT consistently pricey as results stable; CICT sells JCube at <4% yield; FLT divests CSE at ~2.5% yield; YLLG sells out Shanghai project; SPALI...

SCCM Asia Research

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