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-logistics-commercial-trust" target="_blank" data-smartkarma-citation="entities:22748" rel="noopener">Frasers Logistics &amp; Commercial Trust (FLT SP)</a> forward purchases a prime UK warehouse development</li><li>Mapletree Investment hits a record year with closing of S$1.9bn US logistics fund</li><li>Shophouse market rounds off banner year with 217 transactions worth S$1.53bn YTD</li></ul>

Frasers Logistics &amp; Commercial Trust (FLT SP) forward purchases a prime UK warehouse developmentMapletree Investment hits a record year with closing of S$1.9bn US logistics fundShophouse market rounds off banner year with 217 transactions worth S$1.53bn YTD

ASEAN Builder's Scoop (2Dec21) - FLT Fwd-Purchases UK Warehouse Dev't

<ul><li>Frasers Logistics &amp; Commercial Trust (FLT SP) 2H21 DPU +6.3% YoY; Weak reversions though occupancy remains steady</li><li>IREIT Global (IREIT SP) 3Q21 Business Updates – Leasing improvements reduce risk, dual currency trading and EUR distribution +ve</li><li>United Hampshire US REIT (UHU SP) 3Q21 Business Updates – Lower rental rates despite occupancy holding up</li></ul>

Frasers Logistics &amp; Commercial Trust (FLT SP) 2H21 DPU +6.3% YoY; Weak reversions though occupancy remains steadyIREIT Global (IREIT SP) 3Q21 Business Updates – Leasing improvements reduce risk, dual currency trading and EUR distribution +veUnited Hampshire US REIT (UHU SP) 3Q21 Business Updates – Lower rental rates despite occupancy holding up

ASEAN Builder's Scoop (11Nov21) - FLT Weak Reversions

<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>SREITs results in a glance (see detailed spreadsheet and calendar attached)</h3>
<table class="table table-striped">
<tbody>
<tr>
<td style="width: 147.562px;">
 
</td>
<td style="width: 144.797px;">
AAREIT
</td>
<td style="width: 144.328px;">
CICT
</td>
<td style="width: 142.125px;">
KREIT
</td>
<td style="width: 147.188px;">
MINT
</td>
</tr>
<tr>
<td style="width: 147.562px;">
Period
</td>
<td style="width: 144.797px;">
1Q22
</td>
<td style="width: 144.328px;">
1H21
</td>
<td style="width: 142.125px;">
1H21
</td>
<td style="width: 147.188px;">
1Q22
</td>
</tr>
<tr>
<td style="width: 147.562px;">
Gross Revenue (S$ m)
</td>
<td style="width: 144.797px;">
31.8 (+16.8% YoY)
</td>
<td style="width: 144.328px;">
645.7 (+102.8% YoY)
</td>
<td style="width: 142.125px;">
105.8 (+40.2% YoY)
</td>
<td style="width: 147.188px;">
128.1 (29.2% YoY)
</td>
</tr>
<tr>
<td style="width: 147.562px;">
NPI (S$ m)
</td>
<td style="width: 144.797px;">
23.1 (+23.9% YoY)
</td>
<td style="width: 144.328px;">
472.2 (+118% YoY)
</td>
<td style="width: 142.125px;">
84.4 (+43.1% YoY)
</td>
<td style="width: 147.188px;">
104.7 (33.1% YoY)
</td>
</tr>
<tr>
<td style="width: 147.562px;">
DPU (S$ c)
</td>
<td style="width: 144.797px;">
2.25 (+12.5% YoY)
</td>
<td style="width: 144.328px;">
5.18 (+75% YoY)
</td>
<td style="width: 142.125px;">
2.94 (+5.0% YoY)
</td>
<td style="width: 147.188px;">
3.35 (+16.7% YoY)
</td>
</tr>
<tr>
<td style="width: 147.562px;">
NAV per Unit (S$)
</td>
<td style="width: 144.797px;">
1.35
</td>
<td style="width: 144.328px;">
2.05
</td>
<td style="width: 142.125px;">
1.29
</td>
<td style="width: 147.188px;">
1.75
</td>
</tr>
<tr>
<td style="width: 147.562px;">
P/B (x)
</td>
<td style="width: 144.797px;">
1.15
</td>
<td style="width: 144.328px;">
1.02
</td>
<td style="width: 142.125px;">
0.93
</td>
<td style="width: 147.188px;">
1.65
</td>
</tr>
<tr>
<td style="width: 147.562px;">
Occupancy (%)
</td>
<td style="width: 144.797px;">
95.7
</td>
<td style="width: 144.328px;">
94.9
</td>
<td style="width: 142.125px;">
96.7
</td>
<td style="width: 147.188px;">
94.3 (Overall)
97.8 (North American Portfolio)
93.4 (Singapore Portfolio)
</td>
</tr>
<tr>
<td style="width: 147.562px;">
Reversion (%)
</td>
<td style="width: 144.797px;">
Not disclosed
</td>
<td style="width: 144.328px;">
-9.1 (retail)
</td>
<td style="width: 142.125px;">
6.91
</td>
<td style="width: 147.188px;">
Not Disclosed
</td>
</tr>
<tr>
<td style="width: 147.562px;">
Gearing (%)
</td>
<td style="width: 144.797px;">
34.3
</td>
<td style="width: 144.328px;">
40.5
</td>
<td style="width: 142.125px;">
38.9
</td>
<td style="width: 147.188px;">
31.0
</td>
</tr>
<tr>
<td style="width: 147.562px;">
Cost of Debt (%)
</td>
<td style="width: 144.797px;">
2.8
</td>
<td style="width: 144.328px;">
2.4
</td>
<td style="width: 142.125px;">
1.97
</td>
<td style="width: 147.188px;">
2.7
</td>
</tr>
<tr>
<td style="width: 147.562px;">
1 Yr Fwd Yield (%)
</td>
<td style="width: 144.797px;">
6.1
</td>
<td style="width: 144.328px;">
5.19
</td>
<td style="width: 142.125px;">
4.92
</td>
<td style="width: 147.188px;">
1.51
</td>
</tr>
<tr>
<td style="width: 147.562px;">
Debt Hedged (%)
</td>
<td style="width: 144.797px;">
77.2
</td>
<td style="width: 144.328px;">
85
</td>
<td style="width: 142.125px;">
68
</td>
<td style="width: 147.188px;">
95.8
</td>
</tr>
<tr>
<td style="width: 147.562px;">
Target Price
</td>
<td style="width: 144.797px;">
Under Review
</td>
<td style="width: 144.328px;">
N/A
</td>
<td style="width: 142.125px;">
N/A
</td>
<td style="width: 147.188px;">
N/A
</td>
</tr>
<tr>
<td style="width: 147.562px;">
Rating
</td>
<td style="width: 144.797px;">
Under Review
</td>
<td style="width: 144.328px;">
N/A
</td>
<td style="width: 142.125px;">
N/A
</td>
<td style="width: 147.188px;">
N/A
</td>
</tr>
</tbody>
</table>

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




 


AAREIT


CICT


KREIT


MINT




Period


1Q22


1H21


1H21


1Q22




Gross Revenue (S$ m)


31.8 (+16.8% YoY)


645.7 (+102.8% YoY)


105.8 (+40.2% YoY)


128.1 (29.2% YoY)




NPI (S$ m)


23.1 (+23.9% YoY)


472.2 (+118% YoY)


84.4 (+43.1% YoY)


104.7 (33.1% YoY)




DPU (S$ c)


2.25 (+12.5% YoY)


5.18 (+75% YoY)


2.94 (+5.0% YoY)


3.35 (+16.7% YoY)




NAV per Unit (S$)


1.35


2.05


1.29


1.75




P/B (x)


1.15


1.02


0.93


1.65




Occupancy (%)


95.7


94.9


96.7


94.3 (Overall)
97.8 (North American Portfolio)
93.4 (Singapore Portfolio)




Reversion (%)


Not disclosed


-9.1 (retail)


6.91


Not Disclosed




Gearing (%)


34.3


40.5


38.9


31.0




Cost of Debt (%)


2.8


2.4


1.97


2.7




1 Yr Fwd Yield (%)


6.1


5.19


4.92


1.51




Debt Hedged (%)


77.2


85


68


95.8




Target Price


Under Review


N/A


N/A


N/A




Rating


Under Review


N/A


N/A


N/A





ASEAN Builder's Scoop (28Jul21) - AAREIT Stable Performance

<h2>Singapore</h2><h3>New private home sales dip 2.6% MoM in Jun21; Take-up rate still holding up well above 100%</h3><ul><li>Sales of new private homes eased last month though demand is still holding up well. Developers sold 872 units in Jun, down 2.6% MoM from 895 units in May21. On a YoY basis, sales were down 12.6% from Jun20. Including ECs sold, developers moved 962 new homes last month, 22% lower MoM than in May21, and down 6.7% YoY</li><li>Developers launched 815 units in Jun21, up 58.6% MoM from 514 units in May21, and up 36.5% YoY from 597 units in Jun20. There were no new ECs launched in Jun21. Jun21 take-up rate stood at 107% (from 173% in May21 and 167% in Jun20). Hyll on Holland was the top seller last month, moving 87 units, or 27% of its 319 units, after cutting prices to a median price of S$2,387psf, from its launch price from S$2,800psf in Oct20</li><li>Sales in Jun21 were driven by Hyll on Holland, followed by Treasure at Tampines, which sold 80 units, Normanton Park, which sold 62 units and The Florence Residences, which sold 47 units. Excluding EC, sales volume in Jun21 was highest in OCR followed by RCR and CCR, respectively. The sales volume was 337 (38.7%), 329 (37.7%) and 206 (23.6%), respectively</li><li>The proportion of sale transactions from 15Jun-30Jun21, when viewing restrictions were eased, stands at 59.8%, compared with 40.2 % from 1Jun- 14Jun21. More than 40% of sales last month were priced below S$1.5m, 31% were between S$1.5- 2m, and 27% were above S$2m. The average price paid for a unit last month was S$1.82m. Despite lower sales in May21 and Jun21, the tally for the 1H21 was an estimated 6,528 new private homes sold, about 67% higher YoY.</li></ul><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/218/826/original/image015.png?1626400012" class="editor-image img-responsive" data-smartkarma-image-id="218826"></figure><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/218/828/original/image016.png?1626400034" class="editor-image img-responsive" data-smartkarma-image-id="218828"></figure></section>

SingaporeNew private home sales dip 2.6% MoM in Jun21; Take-up rate still holding up well above 100%Sales of new private homes eased last month though demand is still holding up well. Developers sold 872 units in Jun, down 2.6% MoM from 895 units in May21. On a YoY basis, sales were down 12.6% from Jun20. Including ECs sold, developers moved 962 new homes last month, 22% lower MoM than in May21, and down 6.7% YoYDevelopers launched 815 units in Jun21, up 58.6% MoM from 514 units in May21, and up 36.5% YoY from 597 units in Jun20. There were no new ECs launched in Jun21. Jun21 take-up rate stood at 107% (from 173% in May21 and 167% in Jun20). Hyll on Holland was the top seller last month, moving 87 units, or 27% of its 319 units, after cutting prices to a median price of S$2,387psf, from its launch price from S$2,800psf in Oct20Sales in Jun21 were driven by Hyll on Holland, followed by Treasure at Tampines, which sold 80 units, Normanton Park, which sold 62 units and The Florence Residences, which sold 47 units. Excluding EC, sales volume in Jun21 was highest in OCR followed by RCR and CCR, respectively. The sales volume was 337 (38.7%), 329 (37.7%) and 206 (23.6%), respectivelyThe proportion of sale transactions from 15Jun-30Jun21, when viewing restrictions were eased, stands at 59.8%, compared with 40.2 % from 1Jun- 14Jun21. More than 40% of sales last month were priced below S$1.5m, 31% were between S$1.5- 2m, and 27% were above S$2m. The average price paid for a unit last month was S$1.82m. Despite lower sales in May21 and Jun21, the tally for the 1H21 was an estimated 6,528 new private homes sold, about 67% higher YoY.

ASEAN Builder's Scoop (16Jul21) - SG Jun21 New Home Sales -2.6% MoM

Singapore

FLT offers investors an opportunity to invest in logistics and industrial real estate assets strategically located within major logistics and industrial markets of Australia, Germany and the Netherlands.

Frasers Logistics & Commercial Trust (FLT SP)

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

Frasers Logistics & Commercial Trust (FLT SP)

ASEAN Builder's Scoop (2Dec21) - FLT Fwd-Purchases UK Warehouse Dev't

FLT fwd-purchases UK warehouse dev't; Mapletree closes S$1.9bn US Logistics Fund; Banner year for shophouse mrkt; CPN sets aside THB3bn capex; MEG...

SCCM Asia Research

ASEAN Builder's Scoop (11Nov21) - FLT Weak Reversions

FLT weak reversions; IREIT leasing improvements; UHU lower rental rates; Daiwa House Logistics new IPO listing; Cairnhill 16 launching soon; MEG...

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 (28Jul21) - AAREIT Stable Performance

AAREIT stable performance; CICT office outshines retail; KREIT cautiously optimistic; MINT acq-driven growth; KORE expands with 2 new US acq; CPG...

SCCM Asia Research

ASEAN Builder's Scoop (16Jul21) - SG Jun21 New Home Sales -2.6% MoM

SG Jun21 new home sales -2.6% MoM, take-up rate still above 100%; UOL launching Watergardens this wkd; BC to privatise BL, set up hospitality REIT;...

SCCM Asia Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)