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/ireit-global" target="_blank" data-smartkarma-citation="entities:10596" rel="noopener">IREIT Global (IREIT SP)</a> clinches a six-year lease extension at Bonn Campus</li><li><a href="https://www.smartkarma.com/entities/frasers-centrepoint-trust" target="_blank" data-smartkarma-citation="entities:2870" rel="noopener">Frasers Centrepoint Trust (FCT SP)</a> YTD22 tenants’ sales surpassed pre-Covid levels</li><li>New private home sales remained flattish MoM in Apr22; Take-up rate fell further to ~164%</li></ul>

IREIT Global (IREIT SP) clinches a six-year lease extension at Bonn CampusFrasers Centrepoint Trust (FCT SP) YTD22 tenants’ sales surpassed pre-Covid levelsNew private home sales remained flattish MoM in Apr22; Take-up rate fell further to ~164%

ASEAN Builder's Scoop (18May22) - IREIT Lease Extension at Bonn Campus

<ul><li><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> 1Q22 Business Updates – FUM flat QoQ but lodging business picking up the slacks</li><li><a href="https://www.smartkarma.com/entities/sasseur-reit" target="_blank" data-smartkarma-citation="entities:26807" rel="noopener">Sasseur REIT (SASSR SP)</a> 1Q22 DPU +3.6% YoY; Weathering the storm with robust occupancy</li><li><a href="https://www.smartkarma.com/entities/bhg-retail-reit" target="_blank" data-smartkarma-citation="entities:21021" rel="noopener">BHG Retail REIT (BHGREIT SP)</a> 1Q22 Business Updates – Steady and robust occupancy</li></ul>

CapitaLand Investment (CLI SP) 1Q22 Business Updates – FUM flat QoQ but lodging business picking up the slacksSasseur REIT (SASSR SP) 1Q22 DPU +3.6% YoY; Weathering the storm with robust occupancyBHG Retail REIT (BHGREIT SP) 1Q22 Business Updates – Steady and robust occupancy

ASEAN Builder's Scoop (12May22) - CLI Flat FUM but Lodging Picking Up

<ul><li><a href="https://www.smartkarma.com/entities/elite-commercial-reit" target="_blank" data-smartkarma-citation="entities:28807" rel="noopener">Elite Commercial REIT (ELITE SP)</a> secures Sustainability Collaboration with another tenant and removes lease break option</li><li><a href="https://www.smartkarma.com/entities/ireit-global" target="_blank" data-smartkarma-citation="entities:10596" rel="noopener">IREIT Global (IREIT SP)</a> secures lease extension at Bonn Campus</li><li><a href="https://www.smartkarma.com/entities/lendlease-global-commercial-reit" target="_blank" data-smartkarma-citation="entities:28292" rel="noopener">Lendlease Global Commercial REIT (LREIT SP)</a> preferential offering saw 1.4 times oversubscription</li></ul>

Elite Commercial REIT (ELITE SP) secures Sustainability Collaboration with another tenant and removes lease break optionIREIT Global (IREIT SP) secures lease extension at Bonn CampusLendlease Global Commercial REIT (LREIT SP) preferential offering saw 1.4 times oversubscription

ASEAN Builder's Scoop (18Apr22) - ELITE Removes Another Lease-Break Option

<ul><li><a href="https://www.smartkarma.com/entities/dasin-retail-trust" target="_blank" data-smartkarma-citation="entities:23743" rel="noopener">Dasin Retail Trust (DASIN SP)</a> 2H21 DPU +10.9% YoY; All eyes remain on the hefty 2022 refinancing burden</li><li><a href="https://www.smartkarma.com/entities/bhg-retail-reit" target="_blank" data-smartkarma-citation="entities:21021" rel="noopener">BHG Retail REIT (BHGREIT SP)</a> 2H21 DPU -0.9% YoY; Steady as she goes with occupancy rates inching higher</li><li><a href="https://www.smartkarma.com/entities/ireit-global" target="_blank" data-smartkarma-citation="entities:10596" rel="noopener">IREIT Global (IREIT SP)</a> 2H21 DPU +7.9% YoY; Continued to trade ~25% below book value despite an attractive 7+% yield</li></ul>

Dasin Retail Trust (DASIN SP) 2H21 DPU +10.9% YoY; All eyes remain on the hefty 2022 refinancing burdenBHG Retail REIT (BHGREIT SP) 2H21 DPU -0.9% YoY; Steady as she goes with occupancy rates inching higherIREIT Global (IREIT SP) 2H21 DPU +7.9% YoY; Continued to trade ~25% below book value despite an attractive 7+% yield

ASEAN Builder's Scoop 28Feb22 - DASIN All Eyes on Mar22 Loan Refinancing

<ul><li><a href="https://www.smartkarma.com/entities/lhn-ltd" target="_blank" data-smartkarma-citation="entities:27234" rel="noopener">LHN Ltd (LHN SP)</a> FY21 results boosted by facilities management and logistics services; Maintains S$0.01 DPS</li><li><a href="https://www.smartkarma.com/entities/ireit-global" target="_blank" data-smartkarma-citation="entities:10596" rel="noopener">IREIT Global (IREIT SP)</a> to achieve 100% occupancy rate for Münster Campus by Sep22 onwards</li><li><a href="https://www.smartkarma.com/entities/daiwa-house-logistics-trust" target="_blank" data-smartkarma-citation="entities:35020" rel="noopener">Daiwa House Logistics Trust (DHLT SP)</a> IPO sees healthy demand; Listing on 3Dec</li></ul>

LHN Ltd (LHN SP) FY21 results boosted by facilities management and logistics services; Maintains S$0.01 DPSIREIT Global (IREIT SP) to achieve 100% occupancy rate for Münster Campus by Sep22 onwardsDaiwa House Logistics Trust (DHLT SP) IPO sees healthy demand; Listing on 3Dec

ASEAN Builder's Scoop (29Nov21) - LHN Boosted by Facilities and Logistics Services

Singapore

IREIT Global is a Singapore-listed real estate investment trust (REIT) that primarily invests in a portfolio of income-producing office, retail, and industrial properties across Europe. Its portfolio includes assets in Germany, Spain, and France. The company was listed on August 13, 2014, and its corporate office is located in Singapore.

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IREIT Global (IREIT SP)

ASEAN Builder's Scoop (18May22) - IREIT Lease Extension at Bonn Campus

FCT YTD22 tenants' sales surpassed pre-Covid levels; Apr22 new homes sales flat MoM; FEH launching 2 Aus hotel brands; BIR suspends issuance of MEG...

SCCM Asia Research

ASEAN Builder's Scoop (12May22) - CLI Flat FUM but Lodging Picking Up

SASSR weathering the storm; BHGREIT robust occupancy; CERT office remains weak; IREIT active leasing ongoing; PRIME slowing reversions; DHLT steady...

SCCM Asia Research

ASEAN Builder's Scoop (18Apr22) - ELITE Removes Another Lease-Break Option

IREIT secures lease extension at Bonn Campus; JustCo expands to Japan and Thai; Grade-A office rents climb further in 1Q22; PAR launches Mercure KL...

SCCM Asia Research

ASEAN Builder's Scoop 28Feb22 - DASIN All Eyes on Mar22 Loan Refinancing

BHGREIT steady as she goes; IREIT trading ~25% below book; AEW sells 55MS for S$3,450psf; CLD signs S$1.3bn Vietnam MOU; ELITE embarks on new AEI

SCCM Asia Research

ASEAN Builder's Scoop (29Nov21) - LHN Boosted by Facilities and Logistics Services

LHN boosted by Facilities and Logistics services; IREIT secures new leases at Munster Campus; DHLT IPO debuts on 3Dec; The Commodore sold 70% on...

SCCM Asia Research

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