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/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121" rel="noopener">Lippo Karawaci (LPKR IJ)</a> 1H22 revenue fell 7.6% YoY; Full-year marketing sales target of IDR5.2tn remains on track</li><li><a href="https://www.smartkarma.com/entities/osk-holdings-bhd" target="_blank" data-smartkarma-citation="entities:4155" rel="noopener">O.S.K. Holdings (OSK MK)</a> property arm on pace to launch MYR750m pipeline in FY22</li><li><a href="https://www.smartkarma.com/entities/ioi-properties-group-bhd" target="_blank" data-smartkarma-citation="entities:18876" rel="noopener">IOI Properties Group (IOIPG MK)</a> sold ~4.8acre land to OMS in Bandar IOI Segamat for hospital development</li></ul>

Lippo Karawaci (LPKR IJ) 1H22 revenue fell 7.6% YoY; Full-year marketing sales target of IDR5.2tn remains on trackO.S.K. Holdings (OSK MK) property arm on pace to launch MYR750m pipeline in FY22IOI Properties Group (IOIPG MK) sold ~4.8acre land to OMS in Bandar IOI Segamat for hospital development

ASEAN Builder's Scoop (31Aug22) - LPKR Maintains Full-Year Mktg Sales Target of IDR5.2tn

<ul><li>Two 99-year leasehold developments slated for Jul22 launch; Cape Royale in Sentosa selling at an attractive S$2,103psf onwards</li><li>Sun Venture in due diligence to acquire Bugis Junction Towers</li><li>Bukit Batok EC site launched for tender under 1H22 GLS programme; Up to 8 bidders expected to participate</li></ul>

Two 99-year leasehold developments slated for Jul22 launch; Cape Royale in Sentosa selling at an attractive S$2,103psf onwardsSun Venture in due diligence to acquire Bugis Junction TowersBukit Batok EC site launched for tender under 1H22 GLS programme; Up to 8 bidders expected to participate

ASEAN Builder's Scoop (29Jun22) - Cape Royale in Sentosa Selling for S$2,100+psf Onwards

<ul><li><a href="https://www.smartkarma.com/entities/ioi-properties-group-bhd" target="_blank" data-smartkarma-citation="entities:18876" rel="noopener">IOI Properties Group (IOIPG MK)</a> Central Boulevard office to receive TOP in 3Q23</li><li>Mapletree Investment posted 6.2% YoY rise in FY22; AUM grew ~19% YoY to S$78.7bn</li><li>Nearly half of <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> global portfolio is green building-certified</li></ul>

IOI Properties Group (IOIPG MK) Central Boulevard office to receive TOP in 3Q23Mapletree Investment posted 6.2% YoY rise in FY22; AUM grew ~19% YoY to S$78.7bnNearly half of CapitaLand Investment (CLI SP) global portfolio is green building-certified

ASEAN Builder's Scoop (1Jun22) - IOIP Central Boulevard Office to TOP in 3Q23

<h2>Singapore</h2><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/233/730/original/image_54312508231633489341255.png?1633489342" class="editor-image img-responsive" data-smartkarma-image-id="233730"></figure><h3><a href="https://www.smartkarma.com/entities/sph-reit" target="_blank" data-smartkarma-citation="entities:5994" rel="noopener">SPH REIT (SPHREIT SP)</a> FY21 DPU +98.5% YoY; Rental reversions still weak, cap rate flat</h3><ul><li>2H21 revenue and NPI rose by 27% and 24.6% to S$137.2m and S$97.8m, respectively. FY21 revenue and NPI increased by 14.8% and 11.4% YoY to S$277.2m (107% of BB est) and S$202.7m (122% of BB est), respectively. The increase was mainly due to overall market recovery, lower rental assistance, and the full year contribution from Westfield Marion Shopping Centre</li></ul>

SingaporeSPH REIT (SPHREIT SP) FY21 DPU +98.5% YoY; Rental reversions still weak, cap rate flat2H21 revenue and NPI rose by 27% and 24.6% to S$137.2m and S$97.8m, respectively. FY21 revenue and NPI increased by 14.8% and 11.4% YoY to S$277.2m (107% of BB est) and S$202.7m (122% of BB est), respectively. The increase was mainly due to overall market recovery, lower rental assistance, and the full year contribution from Westfield Marion Shopping Centre

External broker reports(aggregated public sources), TA Securities Holdings Berhad

TA Securities Holdings Bhd

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Boulevard View Pte Ltd, a wholly-owned subsidiary of IOI Properties Group Bhd, has been successful in its bid to acquire a 0.78-hectare leasehold land parcel in Singapore's Marina View enclave for [...] Of this, at least 51,000 sqm has to be for residential use and at least 26,000 sqm for hotel use. The project can also include up to 2,000 sqm for optional office space and an additional 2,000 sqm of space for other commercial space (including retail and F&amp;B) – see [...] Maximum GFA 101,629 sqm Minimum 51,000 sqm is to be used for residential use.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Boulevard View Pte Ltd, a wholly-owned subsidiary of IOI Properties Group Bhd, has been successful in its bid to acquire a 0.78-hectare leasehold land parcel in Singapore's Marina View enclave for [...] Of this, at least 51,000 sqm has to be for residential use and at least 26,000 sqm for hotel use. The project can also include up to 2,000 sqm for optional office space and an additional 2,000 sqm of space for other commercial space (including retail and F&amp;B) – see [...] Maximum GFA 101,629 sqm Minimum 51,000 sqm is to be used for residential use.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Wins Land Tender in Marina View Singapore

Malaysia

IOI Properties Group Berhad operates as an investment holding company, with operations in property development and investment, leisure, and hospitality business in Malaysia and Singapore. The Company develops residential, commercial, and industrial properties and invests in shopping malls, office complexes, and other properties.

IOI Properties Group (IOIPG MK)

ASEAN Builder's Scoop (31Aug22) - LPKR Maintains Full-Year Mktg Sales Target of IDR5.2tn

OSK property to launch MYR750m pipeline in FY22; Phils developers urged to expand industrial spaces; HDB launching ~5k BTO flats

SCCM Asia Research

ASEAN Builder's Scoop (29Jun22) - Cape Royale in Sentosa Selling for S$2,100+psf Onwards

Sun Venture in DD for Bugis Junction Tower; Bukit Batok EC tender launched; MYR3bn infra of Tun Razak Exchange 99% completed; Phils POGOs coming back

SCCM Asia Research

ASEAN Builder's Scoop (1Jun22) - IOIP Central Boulevard Office to TOP in 3Q23

Mapletree Investment AUM +19% YoY to S$78.7bn; CLI ~48% of portfolio is green-certified; HOUSE 1Q22 earnings +22% YoY; BSP sees inflation above 5%

SCCM Asia Research

ASEAN Builder's Scoop (5Oct21)

SPHREIT rental reversions still weak, cap rate flat; SLI ventures into leisure farms residential concept; Phils Sep21 inflation call at 5.2%; IOIPG...

SCCM Asia Research

Wins Land Tender in Marina View Singapore

<p>Boulevard View Pte Ltd, a wholly-owned subsidiary of IOI Properties Group Bhd, has been successful in its bid to acquire a 0.78-hectare...

TA Securities Holdings Bhd