Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<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; height: 14.35pt;"> </td><td style="width: 141.2pt; height: 14.35pt;">PRIME</td><td style="width: 141.2pt; height: 14.35pt;">KORE</td></tr><tr><td style="width: 141.25pt; height: 14.85pt;">Period</td><td style="width: 141.2pt; height: 14.85pt;">1H21</td><td style="width: 141.2pt; height: 14.85pt;">1H21</td></tr><tr><td style="width: 141.25pt; height: 14.9pt;">Gross Revenue (S$m)</td><td style="width: 141.2pt; height: 14.9pt;">72.1 (+1.2% YoY)</td><td style="width: 141.2pt; height: 14.9pt;">68.38 (-3% YoY)</td></tr><tr><td style="width: 141.25pt; height: 14.35pt;">NPI (S$m)</td><td style="width: 141.2pt; height: 14.35pt;">46.3 (-2.3% YoY)</td><td style="width: 141.2pt; height: 14.35pt;">40.58 (-3.1% YoY)</td></tr><tr><td style="width: 141.25pt; height: 14.35pt;">DPU (S$ c)</td><td style="width: 141.2pt; height: 14.35pt;">3.33 (-5.4% YoY)</td><td style="width: 141.2pt; height: 14.35pt;">3.16 (+1.9% YoY)</td></tr><tr><td style="width: 141.25pt; height: 14.35pt;">NAV per Unit (S$)</td><td style="width: 141.2pt; height: 14.35pt;">0.86</td><td style="width: 141.2pt; height: 14.35pt;">0.82</td></tr><tr><td style="width: 141.25pt; height: 14.35pt;">P/B (x)</td><td style="width: 141.2pt; height: 14.35pt;">0.98</td><td style="width: 141.2pt; height: 14.35pt;">0.95</td></tr><tr><td style="width: 141.25pt; height: 14.35pt;">Occupancy (%)</td><td style="width: 141.2pt; height: 14.35pt;">91.7</td><td style="width: 141.2pt; height: 14.35pt;">90.5</td></tr><tr><td style="width: 141.25pt; height: 7.2pt;">Reversion (%)</td><td style="width: 141.2pt; height: 7.2pt;">10.5</td><td style="width: 141.2pt; height: 7.2pt;">5.4</td></tr><tr><td style="width: 141.25pt; height: 14.35pt;">Gearing (%)</td><td style="width: 141.2pt; height: 14.35pt;">34.4</td><td style="width: 141.2pt; height: 14.35pt;">37.1</td></tr><tr><td style="width: 141.25pt; height: 14.35pt;">Cost of Debt (%)</td><td style="width: 141.2pt; height: 14.35pt;">3.2</td><td style="width: 141.2pt; height: 14.35pt;">2.82</td></tr><tr><td style="width: 141.25pt; height: 14.35pt;">1 Yr Fwd Yield (%)</td><td style="width: 141.2pt; height: 14.35pt;">8.45</td><td style="width: 141.2pt; height: 14.35pt;">7.77</td></tr><tr><td style="width: 141.25pt; height: 14.35pt;">Debt Hedged (%)</td><td style="width: 141.2pt; height: 14.35pt;">86%</td><td style="width: 141.2pt; height: 14.35pt;">84.7</td></tr><tr><td style="width: 141.25pt; height: 14.35pt;">Target Price</td><td style="width: 141.2pt; height: 14.35pt;">N/A</td><td style="width: 141.2pt; height: 14.35pt;">N/A</td></tr><tr><td style="width: 141.25pt; height: 14.85pt;">Rating</td><td style="width: 141.2pt; height: 14.85pt;">N/A</td><td style="width: 141.2pt; height: 14.85pt;">N/A</td></tr></tbody></table>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached) PRIMEKOREPeriod1H211H21Gross Revenue (S$m)72.1 (+1.2% YoY)68.38 (-3% YoY)NPI (S$m)46.3 (-2.3% YoY)40.58 (-3.1% YoY)DPU (S$ c)3.33 (-5.4% YoY)3.16 (+1.9% YoY)NAV per Unit (S$)0.860.82P/B (x)0.980.95Occupancy (%)91.790.5Reversion (%)10.55.4Gearing (%)34.437.1Cost of Debt (%)3.22.821 Yr Fwd Yield (%)8.457.77Debt Hedged (%)86%84.7Target PriceN/AN/ARatingN/AN/A

ASEAN Builder's Scoop (04Aug21) - PRIME High Opex Offset Robust Reversions

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>I summarise the latest spreads and newsflow for the merger arb situations covered across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, the Philippines, Thailand, and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/skyworth-group-limited" target="_blank" data-smartkarma-citation="entities:10941:1" rel="noopener">Skyworth (751 HK)</a>, <a href="https://www.smartkarma.com/entities/changhong-jiahua-holdings-ltd" target="_blank" data-smartkarma-citation="entities:5849:1" rel="noopener">Changhong Jiahua (3991 HK)</a>, <a href="https://www.smartkarma.com/entities/arclands-corporation" target="_blank" data-smartkarma-citation="entities:10395:1" rel="noopener">Arclands Corporation (9842 JP)</a>, <a href="https://www.smartkarma.com/entities/cygnus-metals-limited" target="_blank" data-smartkarma-citation="entities:30504:1" rel="noopener">Cygnus Metals (CY5 AU)</a>, <a href="https://www.smartkarma.com/entities/atlantic-lithium-ltd" target="_blank" data-smartkarma-citation="entities:40322:1" rel="noopener">Atlantic Lithium (A11 AU)</a>, <a href="https://www.smartkarma.com/entities/continental-aerospace-technologies-holding-ltd" target="_blank" data-smartkarma-citation="entities:15249:1" rel="noopener">Continental Aerospace Technologies (232 HK)</a>. 
</li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/accent-group-ltd" target="_blank" data-smartkarma-citation="entities:14283:1" rel="noopener">Accent Group (AX1 AU)</a>, <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a>, <a href="https://www.smartkarma.com/entities/taiyo-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15154:1" rel="noopener">Taiyo Holdings (4626 JP)</a>, <a href="https://www.smartkarma.com/entities/vault-minerals-ltd" target="_blank" data-smartkarma-citation="entities:46317:1" rel="noopener">Vault Minerals Ltd (VAU AU)</a>, <a href="https://www.smartkarma.com/entities/shinko-shoji-co-ltd" target="_blank" data-smartkarma-citation="entities:2322:1" rel="noopener">Shinko Shoji (8141 JP)</a>, <a href="https://www.smartkarma.com/entities/j-s-b-co-ltd" target="_blank" data-smartkarma-citation="entities:46379:1" rel="noopener">J.S.B (3480 JP)</a>. </li>
</ul>


I summarise the latest spreads and newsflow for the merger arb situations covered across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, the Philippines, Thailand, and Chinese ADRs.
Highest spreads: Skyworth (751 HK), Changhong Jiahua (3991 HK), Arclands Corporation (9842 JP), Cygnus Metals (CY5 AU), Atlantic Lithium (A11 AU), Continental Aerospace Technologies (232 HK). 

Lowest spreads: Accent Group (AX1 AU), Kakaku.com Inc (2371 JP), Taiyo Holdings (4626 JP), Vault Minerals Ltd (VAU AU), Shinko Shoji (8141 JP), J.S.B (3480 JP). 


Merger Arb Mondays (13 Jul) - Dida, Shengmu, Kakaku, Shinko Shoji, Steadfast, Vault, Accent, Cygnus

<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: 98.1pt;">
 
</td>
<td style="width: 98.1pt;">
SGREIT
</td>
<td style="width: 98.1pt;">
CDREIT
</td>
<td style="width: 98.1pt;">
FEHT
</td>
<td style="width: 98.1pt;">
OUECT
</td>
<td style="width: 98.1pt;">
FIRT
</td>
<td style="width: 98.15pt;">
FHT
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
Period
</td>
<td style="width: 98.1pt;">
2H21
</td>
<td style="width: 98.1pt;">
1H21
</td>
<td style="width: 98.1pt;">
1H21
</td>
<td style="width: 98.1pt;">
1H21
</td>
<td style="width: 98.1pt;">
1H21
</td>
<td style="width: 98.15pt;">
9M21
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
Gross Revenue (S$ m)
</td>
<td style="width: 98.1pt;">
92.9 (10.5% YoY)
</td>
<td style="width: 98.1pt;">
66.2 (27.2% YoY)
</td>
<td style="width: 98.1pt;">
41.6 (-6.1% YoY)
</td>
<td style="width: 98.1pt;">
133.5 (-6% YoY)
</td>
<td style="width: 98.1pt;">
38.9 (+0.9% YoY)
</td>
<td style="width: 98.15pt;">
NA
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
NPI (S$ m)
</td>
<td style="width: 98.1pt;">
69.8 (20.2% YoY)
</td>
<td style="width: 98.1pt;">
37.0 (24.4% YoY)
</td>
<td style="width: 98.1pt;">
36.2 (-6.2% YoY)
</td>
<td style="width: 98.1pt;">
109 (-3.1% YoY)
</td>
<td style="width: 98.1pt;">
37.6 (+0.2% YoY)
</td>
<td style="width: 98.15pt;">
NA
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
DPU (S$ c)
</td>
<td style="width: 98.1pt;">
2.07 (195.7% YoY)
</td>
<td style="width: 98.1pt;">
1.22 (-19.2% YoY)
</td>
<td style="width: 98.1pt;">
1.1 (+6.8% YoY)
</td>
<td style="width: 98.1pt;">
1.23 (+23% YoY)
</td>
<td style="width: 98.1pt;">
1.3 (-43.5% YoY)
</td>
<td style="width: 98.15pt;">
NA
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
NAV per Unit (S$)
</td>
<td style="width: 98.1pt;">
0.81
</td>
<td style="width: 98.1pt;">
1.29
</td>
<td style="width: 98.1pt;">
0.7912
</td>
<td style="width: 98.1pt;">
0.58
</td>
<td style="width: 98.1pt;">
0.3512
</td>
<td style="width: 98.15pt;">
1H21: 0.66
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
P/B (x)
</td>
<td style="width: 98.1pt;">
0.75
</td>
<td style="width: 98.1pt;">
0.95
</td>
<td style="width: 98.1pt;">
0.73
</td>
<td style="width: 98.1pt;">
1.34
</td>
<td style="width: 98.1pt;">
0.75
</td>
<td style="width: 98.15pt;">
0.79
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
Occupancy (%)
</td>
<td style="width: 98.1pt;">
96.7
</td>
<td style="width: 98.1pt;">
5 SG Hotels excl. W Hotel and NCQ: 73.5
6 SG Hotels excl. W Hotel: 70.2
</td>
<td style="width: 98.1pt;">
Hotels : 77.6
Service Residence : 76.2
</td>
<td style="width: 98.1pt;">
91.7 (Commercial)
92.3 (SG Office)
89.6 (Mandarin  Gallery)
</td>
<td style="width: 98.1pt;">
Not Disclosed
</td>
<td style="width: 98.15pt;">
SG: 59.8
AUS: 44.3
UK: 18.8
JP: 31.3
MY: 7.7
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
Reversion (%)
</td>
<td style="width: 98.1pt;">
Not disclosed
</td>
<td style="width: 98.1pt;">
RevPAR (% YoY):
SG: -19.5 (or -9.5 incl. W Hotel)
Maldives: +139.2
NZ: -31.8
Germany: +61.2
Italy: -84.4
JP: -27.9
UK: -21.8
</td>
<td style="width: 98.1pt;">
RevPAR (% YoY):
Hotels: -35.4
Service Residence: -16.9 YoY
</td>
<td style="width: 98.1pt;">
2Q21 Office reversions: -5.7 to +2.2
</td>
<td style="width: 98.1pt;">
Not Disclosed
</td>
<td style="width: 98.15pt;">
RevPAR (% YoY):
SG: -31.4
AUS: -52.3
UK: -68.9
JP: -40.8
MY: -87.7
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
Gearing (%)
</td>
<td style="width: 98.1pt;">
36.1
</td>
<td style="width: 98.1pt;">
39.1
</td>
<td style="width: 98.1pt;">
41.3
</td>
<td style="width: 98.1pt;">
38
</td>
<td style="width: 98.1pt;">
34.7
</td>
<td style="width: 98.15pt;">
42.1
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
Cost of Debt (%)
</td>
<td style="width: 98.1pt;">
3.28
</td>
<td style="width: 98.1pt;">
1.9
</td>
<td style="width: 98.1pt;">
2.1
</td>
<td style="width: 98.1pt;">
3.2
</td>
<td style="width: 98.1pt;">
Not Disclosed
</td>
<td style="width: 98.15pt;">
2.0
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
1 Yr Fwd Yield (%)
</td>
<td style="width: 98.1pt;">
6.9
</td>
<td style="width: 98.1pt;">
4.4
</td>
<td style="width: 98.1pt;">
4.7
</td>
<td style="width: 98.1pt;">
7.4
</td>
<td style="width: 98.1pt;">
9.8 (annualized 1H21)
</td>
<td style="width: 98.15pt;">
3.1
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
Debt Hedged (%)
</td>
<td style="width: 98.1pt;">
91
</td>
<td style="width: 98.1pt;">
63.3
</td>
<td style="width: 98.1pt;">
68.2
</td>
<td style="width: 98.1pt;">
82.2
</td>
<td style="width: 98.1pt;">
Not Disclosed
</td>
<td style="width: 98.15pt;">
77
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
Target Price
</td>
<td style="width: 98.1pt;">
Under Review
</td>
<td style="width: 98.1pt;">
N/A
</td>
<td style="width: 98.1pt;">
N/A
</td>
<td style="width: 98.1pt;">
N/A
</td>
<td style="width: 98.1pt;">
N/A
</td>
<td style="width: 98.15pt;">
N/A
</td>
</tr>
<tr>
<td style="width: 98.1pt;">
Rating
</td>
<td style="width: 98.1pt;">
Under Review
</td>
<td style="width: 98.1pt;">
N/A
</td>
<td style="width: 98.1pt;">
N/A
</td>
<td style="width: 98.1pt;">
N/A
</td>
<td style="width: 98.1pt;">
N/A
</td>
<td style="width: 98.15pt;">
N/A
</td>
</tr>
</tbody>
</table>

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




 


SGREIT


CDREIT


FEHT


OUECT


FIRT


FHT




Period


2H21


1H21


1H21


1H21


1H21


9M21




Gross Revenue (S$ m)


92.9 (10.5% YoY)


66.2 (27.2% YoY)


41.6 (-6.1% YoY)


133.5 (-6% YoY)


38.9 (+0.9% YoY)


NA




NPI (S$ m)


69.8 (20.2% YoY)


37.0 (24.4% YoY)


36.2 (-6.2% YoY)


109 (-3.1% YoY)


37.6 (+0.2% YoY)


NA




DPU (S$ c)


2.07 (195.7% YoY)


1.22 (-19.2% YoY)


1.1 (+6.8% YoY)


1.23 (+23% YoY)


1.3 (-43.5% YoY)


NA




NAV per Unit (S$)


0.81


1.29


0.7912


0.58


0.3512


1H21: 0.66




P/B (x)


0.75


0.95


0.73


1.34


0.75


0.79




Occupancy (%)


96.7


5 SG Hotels excl. W Hotel and NCQ: 73.5
6 SG Hotels excl. W Hotel: 70.2


Hotels : 77.6
Service Residence : 76.2


91.7 (Commercial)
92.3 (SG Office)
89.6 (Mandarin  Gallery)


Not Disclosed


SG: 59.8
AUS: 44.3
UK: 18.8
JP: 31.3
MY: 7.7




Reversion (%)


Not disclosed


RevPAR (% YoY):
SG: -19.5 (or -9.5 incl. W Hotel)
Maldives: +139.2
NZ: -31.8
Germany: +61.2
Italy: -84.4
JP: -27.9
UK: -21.8


RevPAR (% YoY):
Hotels: -35.4
Service Residence: -16.9 YoY


2Q21 Office reversions: -5.7 to +2.2


Not Disclosed


RevPAR (% YoY):
SG: -31.4
AUS: -52.3
UK: -68.9
JP: -40.8
MY: -87.7




Gearing (%)


36.1


39.1


41.3


38


34.7


42.1




Cost of Debt (%)


3.28


1.9


2.1


3.2


Not Disclosed


2.0




1 Yr Fwd Yield (%)


6.9


4.4


4.7


7.4


9.8 (annualized 1H21)


3.1




Debt Hedged (%)


91


63.3


68.2


82.2


Not Disclosed


77




Target Price


Under Review


N/A


N/A


N/A


N/A


N/A




Rating


Under Review


N/A


N/A


N/A


N/A


N/A





ASEAN Builder's Scoop (30Jul21) - SGREIT Solid Set of Results

<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

<ul>
<li>I summarise the latest spreads and newsflow for the merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, the Philippines, Thailand, and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/skyworth-group-limited" target="_blank" data-smartkarma-citation="entities:10941:1" rel="noopener">Skyworth (751 HK)</a>, <a href="https://www.smartkarma.com/entities/changhong-jiahua-holdings-ltd" target="_blank" data-smartkarma-citation="entities:5849:1" rel="noopener">Changhong Jiahua (3991 HK)</a>, <a href="https://www.smartkarma.com/entities/qoria-ltd" target="_blank" data-smartkarma-citation="entities:30531:1" rel="noopener">Qoria (QOR AU)</a>, <a href="https://www.smartkarma.com/entities/atlantic-lithium-ltd" target="_blank" data-smartkarma-citation="entities:40322:1" rel="noopener">Atlantic Lithium (A11 AU)</a>, <a href="https://www.smartkarma.com/entities/continental-aerospace-technologies-holding-ltd" target="_blank" data-smartkarma-citation="entities:15249:1" rel="noopener">Continental Aerospace Technologies (232 HK)</a>, <a href="https://www.smartkarma.com/entities/cygnus-metals-limited" target="_blank" data-smartkarma-citation="entities:30504:1" rel="noopener">Cygnus Metals (CY5 AU)</a>, <a href="https://www.smartkarma.com/entities/european-lithium-ltd" target="_blank" data-smartkarma-citation="entities:10716:1" rel="noopener">European Lithium (EUR AU)</a>. 
</li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/accent-group-ltd" target="_blank" data-smartkarma-citation="entities:14283:1" rel="noopener">Accent Group (AX1 AU)</a>, <a href="https://www.smartkarma.com/entities/taiyo-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15154:1" rel="noopener">Taiyo Holdings (4626 JP)</a>, <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a>, <a href="https://www.smartkarma.com/entities/shinko-shoji-co-ltd" target="_blank" data-smartkarma-citation="entities:2322:1" rel="noopener">Shinko Shoji (8141 JP)</a>, <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>, <a href="https://www.smartkarma.com/entities/avarga-limited" target="_blank" data-smartkarma-citation="entities:13105:1" rel="noopener">Avarga (AVARGA SP)</a>. </li>
</ul>


I summarise the latest spreads and newsflow for the merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, the Philippines, Thailand, and Chinese ADRs.
Highest spreads: Skyworth (751 HK), Changhong Jiahua (3991 HK), Qoria (QOR AU), Atlantic Lithium (A11 AU), Continental Aerospace Technologies (232 HK), Cygnus Metals (CY5 AU), European Lithium (EUR AU). 

Lowest spreads: Accent Group (AX1 AU), Taiyo Holdings (4626 JP), Kakaku.com Inc (2371 JP), Shinko Shoji (8141 JP), Atlas Arteria (ALX AU), Avarga (AVARGA SP). 


Merger Arb Mondays (06 Jul) - Kakaku, Taiyo, Shinko Shoji, Arclands, Qoria, Steadfast, Dida

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.

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

GuocoLand (GUOL SP)

ASEAN Builder's Scoop (04Aug21) - PRIME High Opex Offset Robust Reversions

PRIME high opex offset robust reversions; CERT maiden UK logistics acq; OUE 1H21 earnings reversed from a loss; ALI 1H21 NI +34% YoY on low base,...

SCCM Asia Research

Merger Arb Mondays (13 Jul) - Dida, Shengmu, Kakaku, Shinko Shoji, Steadfast, Vault, Accent, Cygnus

I summarise the latest spreads and newsflow for the merger arb situations covered across Hong Kong, Australia, NZ, Singapore, Japan, Indonesia,...

Arun George

ASEAN Builder's Scoop (30Jul21) - SGREIT Solid Set of Results

SGREIT solid set of results; CDREIT not out of woods yet; FEHT weak operations continued; OUECT slowing reversions offset by hotel rebound; FIRT...

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

Merger Arb Mondays (06 Jul) - Kakaku, Taiyo, Shinko Shoji, Arclands, Qoria, Steadfast, Dida

I summarise the latest spreads and newsflow for the merger arb situations we cover across Hong Kong, Australia, NZ, Singapore, Japan, Indonesia,...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)