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/guocoland-ltd" target="_blank" data-smartkarma-citation="entities:17467" rel="noopener">GuocoLand (GUOL SP)</a> Midtown Modern launches double-storey homes at S$15.5-17m each; Development is now 76% sold</li><li>May22 retail sales up 17.8% YoY and +1.8% MoM; F&amp;B sales rose 40.1% YoY and +7.9% MoM</li><li>Property investment sales almost double to S$20.2bn in 1H22; On-track to reach S$32-35bn for 2022</li></ul>

GuocoLand (GUOL SP) Midtown Modern launches double-storey homes at S$15.5-17m each; Development is now 76% soldMay22 retail sales up 17.8% YoY and +1.8% MoM; F&amp;B sales rose 40.1% YoY and +7.9% MoMProperty investment sales almost double to S$20.2bn in 1H22; On-track to reach S$32-35bn for 2022

ASEAN Builder's Scoop (6Jul22) - GUOL Midtown Modern 76% Sold

<ul><li><a href="https://www.smartkarma.com/entities/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> in final stages of refinancing negotiations</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> exploring strategic options to enhance and unlock value</li><li><a href="https://www.smartkarma.com/entities/guocoland-ltd" target="_blank" data-smartkarma-citation="entities:17467" rel="noopener">GuocoLand (GUOL SP)</a> Midtown Modern penthouse fetches new price high of S$4,278psf</li></ul>

EC World Reit (ECWREIT SP) in final stages of refinancing negotiationsFrasers Hospitality Trust (FHT SP) exploring strategic options to enhance and unlock valueGuocoLand (GUOL SP) Midtown Modern penthouse fetches new price high of S$4,278psf

ASEAN Builder's Scoop (8Apr22) - ECWREIT Final Stages of Refinancing

<ul><li><a href="https://www.smartkarma.com/entities/sph-reit" target="_blank" data-smartkarma-citation="entities:5994" rel="noopener">SPH REIT (SPHREIT SP)</a> 1H22 Results – DPU of S$2.68c to be issued; Tenant Sales mostly sees recovery from COVID-19</li><li>Private home prices increases slightly 0.4% QoQ in 1Q22; Drop in HDB resale transactions due to Lunar New Year and COVID-19</li><li>GLP-backed developer, IndoSpace seeks US$700m IPO in SGXv</li></ul>

SPH REIT (SPHREIT SP) 1H22 Results – DPU of S$2.68c to be issued; Tenant Sales mostly sees recovery from COVID-19Private home prices increases slightly 0.4% QoQ in 1Q22; Drop in HDB resale transactions due to Lunar New Year and COVID-19GLP-backed developer, IndoSpace seeks US$700m IPO in SGXv

ASEAN Builder's Scoop (4Apr22) - SPHREIT's Tenant Sales Recovery

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yanlord-land-group-ltd" target="_blank" data-smartkarma-citation="entities:14152" rel="noopener">Yanlord Land (YLLG SP)</a> , <a href="https://www.smartkarma.com/entities/capitaland-investment-ltd-si" target="_blank" data-smartkarma-citation="entities:33774" rel="noopener">Capitaland Investment (CLI SP)</a> , and <a href="https://www.smartkarma.com/entities/guocoland-ltd" target="_blank" data-smartkarma-citation="entities:17467" rel="noopener">GuocoLand (GUOL SP)</a> see minimal impact from Shanghai lockdown</li>
<li>Grade-A office in CBD recorded highest QoQ rental growth since 2Q21</li>
<li>
<a href="https://www.smartkarma.com/entities/nawarat-patanakarn-pub-co-ltd" target="_blank" data-smartkarma-citation="entities:11575" rel="noopener">Nawarat Patanakarn Pub Co Ltd (NWR TB)</a> to launch 2 new projects worth ~THB1.9bn in 2022</li>
</ul>



Yanlord Land (YLLG SP) , Capitaland Investment (CLI SP) , and GuocoLand (GUOL SP) see minimal impact from Shanghai lockdown
Grade-A office in CBD recorded highest QoQ rental growth since 2Q21

Nawarat Patanakarn Pub Co Ltd (NWR TB) to launch 2 new projects worth ~THB1.9bn in 2022


ASEAN Builder's Scoop (30Mar22) - CLI/YLLG/GUOL Min Impact from SH Lockdown

<ul><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> 2H21 DPU -8.9% YoY; Office cap rates compressed while retail rental reversions improving   </li><li><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> 3Q22 Business Updates – High occupancies a priority against falling reversions</li><li><a href="https://www.smartkarma.com/entities/ascott-residence-trust" target="_blank" data-smartkarma-citation="entities:6560" rel="noopener">Ascott Residence Trust (ART SP)</a> 2H21 DPU +14% YoY; RevPAU rebounded strongly with plenty of growth initiatives in the pipelines</li></ul>

Capitaland Integrated Commercial Trust (CICT SP) 2H21 DPU -8.9% YoY; Office cap rates compressed while retail rental reversions improving   Mapletree North Asia Commercial Trust (MAGIC SP) 3Q22 Business Updates – High occupancies a priority against falling reversionsAscott Residence Trust (ART SP) 2H21 DPU +14% YoY; RevPAU rebounded strongly with plenty of growth initiatives in the pipelines

ASEAN Builder's Scoop (28Jan22) - CICT Office Cap Rates Compressed

Singapore

GuocoLand is an investment holding company focused on property development, investment, and management across residential, commercial, retail, hospitality, and integrated properties. The company also rents properties, operates hotels, and provides related management and marketing services. Headquartered in Singapore, GuocoLand was incorporated in 1976.

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GuocoLand (GUOL SP)

ASEAN Builder's Scoop (6Jul22) - GUOL Midtown Modern 76% Sold

May retail sales +1.8% MoM, F&B going strong; SG prop investment +89% YoY in 1H22; Phils BSP signals more rate hikes; GuocoLand (GUOL SP) Midtown...

SCCM Asia Research

ASEAN Builder's Scoop (8Apr22) - ECWREIT Final Stages of Refinancing

FHT exploring strategic options; North Gaia EC to fetch new record price; KPIG focuses on 3,000ha MNC Lido City; SHR aims to double revs in 2022

SCCM Asia Research

ASEAN Builder's Scoop (4Apr22) - SPHREIT's Tenant Sales Recovery

Private home prices +0.4% QoQ; IndoSpace seeks US$700m IPO in SGX; TACL sells 12 on Shan for S$86.5m; MREIT acquires 4 more Megaworld Corp. buildings

SCCM Asia Research

ASEAN Builder's Scoop (30Mar22) - CLI/YLLG/GUOL Min Impact from SH Lockdown

Grade-A CBD rents highest QoQ growth in 1Q22; NWR launching 2 projects worth ~THB1.9bn; Thai targets 16m foreign arrivals in 2022

SCCM Asia Research

ASEAN Builder's Scoop (28Jan22) - CICT Office Cap Rates Compressed

MAGIC high occupancy a priority; ART RevPAU rebounded strongly; CDREIT underlying operations recovering; FHT QoQ ongoing recovery; MREIT to acquire...

SCCM Asia Research

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