External broker reports(aggregated public sources), RHB Invest

RHB Invest

External broker reports(aggregated public sources)

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>We like IREIT Global (SGX:UD1U)’s proposed acquisition of French out-of-town retail parks due to their defensive nature, tenant quality and income stability.</li><li>The move also helps to diversify its geographical spread and asset class mix, while mitigating tenant concentration risks – which it is now facing.</li><li>IREIT Global has proposed the acquisition of B&amp;M, a French retail portfolio comprising 17 fully occupied single-tenant sites with a GLA of 61,756sqm (larger land area: 252k sqm), which accounts for 15% of B&amp;M stores in France.</li></ul><p><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></p>

We like IREIT Global (SGX:UD1U)’s proposed acquisition of French out-of-town retail parks due to their defensive nature, tenant quality and income stability.The move also helps to diversify its geographical spread and asset class mix, while mitigating tenant concentration risks – which it is now facing.IREIT Global has proposed the acquisition of B&amp;M, a French retail portfolio comprising 17 fully occupied single-tenant sites with a GLA of 61,756sqm (larger land area: 252k sqm), which accounts for 15% of B&amp;M stores in France.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.

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/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889" rel="noopener">Cromwell European REIT (CERT SP)</a> divests an office asset in Finland and acquires a UK logistics asset</li>
<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> successfully extended maturity of onshore and offshore facilities; CEO bought more units</li>
<li>302 units of Ho Bee-IOI project Cape Royale at Sentosa Cove sold 50% on launch day at S$2,103psf ASP</li>
</ul>



Cromwell European REIT (CERT SP) divests an office asset in Finland and acquires a UK logistics asset

EC World Reit (ECWREIT SP) successfully extended maturity of onshore and offshore facilities; CEO bought more units
302 units of Ho Bee-IOI project Cape Royale at Sentosa Cove sold 50% on launch day at S$2,103psf ASP


ASEAN Builder's Scoop (7Jul22) - CERT Divests Finland Office, Buys UK Logistics

<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> establishes its first onshore RMB fund in China</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> secured 12-year major new lease at Sant Cugat Green</li>
<li>Tender for High Point enbloc sale to close on 28Jul22 as interest from developers picked up</li>
</ul>



CapitaLand Investment (CLI SP) establishes its first onshore RMB fund in China

IREIT Global (IREIT SP) secured 12-year major new lease at Sant Cugat Green
Tender for High Point enbloc sale to close on 28Jul22 as interest from developers picked up


ASEAN Builder's Scoop (22Jun22) - CLI Establishes First Onshore RMB Fund

<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

Singapore

IREIT Global is the first Singapore-listed real estate investment trust with the investment strategy of principally investing, directly or indirectly, in a portfolio of income-producing real estate in Europe which is used primarily for office, retail and industrial (including logistics) purposes, as well as real estate-related assets.

IREIT Global’s current portfolio comprises 5 freehold office properties in Germany, 5 freehold office properties in Spain and 27 freehold retail properties in France, with a total lettable area of approximately 384,000 sqm and a portfolio valuation of approximately €974.9 million.

IREIT Global is managed by IREIT Global Group Pte. Ltd., which is jointly owned by Tikehau Capital and City Developments Limited ("CDL"). Tikehau Capital is a global alternative asset management group listed in France, while CDL is a leading global real estate company listed in Singapore.

IREIT Global (IREIT SP)

IREIT Global - Going Out-Of-Town Retail

We like IREIT Global (SGX:UD1U)’s proposed acquisition of French out-of-town retail parks due to their defensive nature, tenant quality and income...

RHB Invest

ASEAN Builder's Scoop (7Jul22) - CERT Divests Finland Office, Buys UK Logistics

ECWREIT CEO bought more units; Cape Royale at Sentosa sold 50% on launch day; People's Park Centre enbloc for S$1.8bn; IREIT CFO steps down

SCCM Asia Research

ASEAN Builder's Scoop (22Jun22) - CLI Establishes First Onshore RMB Fund

IREIT secures new 12yr lease in Spain; High Point enbloc closing on 28Jul; Phils banks' RE exposure rises; CLI debuts on bond market; TTJ invests...

SCCM Asia Research

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