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: 146.859px; height: 12px;"> </td><td style="width: 143.312px; height: 12px;">AREIT</td><td style="width: 147.344px; height: 12px;">MINT</td><td style="width: 145.031px; height: 12px;">AAREIT</td><td style="width: 143.453px; height: 12px;">EREIT</td></tr><tr><td style="width: 146.859px; height: 13px;">Period</td><td style="width: 143.312px; height: 13px;">1H21</td><td style="width: 147.344px; height: 13px;">1Q22</td><td style="width: 145.031px; height: 13px;">1Q22</td><td style="width: 143.453px; height: 13px;">2Q21</td></tr><tr><td style="width: 146.859px; height: 13px;">Gross Revenue (S$ m)</td><td style="width: 143.312px; height: 13px;">586.0 (+12.4% YoY)</td><td style="width: 147.344px; height: 13px;">128.1 (+29.2% YoY)</td><td style="width: 145.031px; height: 13px;">31.8 (+16.8% YoY)</td><td style="width: 143.453px; height: 13px;">59.5 (+6.25% YoY)</td></tr><tr><td style="width: 146.859px; height: 12px;">NPI (S$ m)</td><td style="width: 143.312px; height: 12px;">445.6 (+14.8% YoY)</td><td style="width: 147.344px; height: 12px;">104.7 (+33.1% YoY)</td><td style="width: 145.031px; height: 12px;">23.1 (+23.9% YoY)</td><td style="width: 143.453px; height: 12px;">42.9 (+9.4% YoY)</td></tr><tr><td style="width: 146.859px; height: 12px;">DPU (S$ c)</td><td style="width: 143.312px; height: 12px;">7.66 (+5.4% YoY)</td><td style="width: 147.344px; height: 12px;">3.35 (+16.7% YoY)</td><td style="width: 145.031px; height: 12px;">2.25 (+12.5% YoY)</td><td style="width: 143.453px; height: 12px;">0.754 (13.9% YoY)</td></tr><tr><td style="width: 146.859px; height: 12px;">NAV per Unit (S$)</td><td style="width: 143.312px; height: 12px;">2.27</td><td style="width: 147.344px; height: 12px;">1.75</td><td style="width: 145.031px; height: 12px;">1.35</td><td style="width: 143.453px; height: 12px;">0.398</td></tr><tr><td style="width: 146.859px; height: 12px;">P/B (x)</td><td style="width: 143.312px; height: 12px;">1.37</td><td style="width: 147.344px; height: 12px;">1.65</td><td style="width: 145.031px; height: 12px;">1.15</td><td style="width: 143.453px; height: 12px;">1.1</td></tr><tr><td style="width: 146.859px; height: 12px;">Occupancy (%)</td><td style="width: 143.312px; height: 12px;">91.3</td><td style="width: 147.344px; height: 12px;">94.3 (Overall); 97.8 (North American); 93.4 (Singapore)</td><td style="width: 145.031px; height: 12px;">95.7</td><td style="width: 143.453px; height: 12px;">91.7</td></tr><tr><td style="width: 146.859px; height: 6px;">Reversion (%)</td><td style="width: 143.312px; height: 6px;">6.4</td><td style="width: 147.344px; height: 6px;">Not Disclosed</td><td style="width: 145.031px; height: 6px;">Not disclosed</td><td style="width: 143.453px; height: 6px;">-0.2</td></tr><tr><td style="width: 146.859px; height: 12px;">Gearing (%)</td><td style="width: 143.312px; height: 12px;">37.6</td><td style="width: 147.344px; height: 12px;">31</td><td style="width: 145.031px; height: 12px;">34.3</td><td style="width: 143.453px; height: 12px;">42.9</td></tr><tr><td style="width: 146.859px; height: 12px;">Cost of Debt (%)</td><td style="width: 143.312px; height: 12px;">2.4</td><td style="width: 147.344px; height: 12px;">2.7</td><td style="width: 145.031px; height: 12px;">2.8</td><td style="width: 143.453px; height: 12px;">3.24</td></tr><tr><td style="width: 146.859px; height: 12px;">1 Yr Fwd Yield (%)</td><td style="width: 143.312px; height: 12px;">5.06</td><td style="width: 147.344px; height: 12px;">4.69</td><td style="width: 145.031px; height: 12px;">6.1</td><td style="width: 143.453px; height: 12px;">7.05</td></tr><tr><td style="width: 146.859px; height: 12px;">Debt Hedged (%)</td><td style="width: 143.312px; height: 12px;">75.2</td><td style="width: 147.344px; height: 12px;">95.8</td><td style="width: 145.031px; height: 12px;">77.2</td><td style="width: 143.453px; height: 12px;">75</td></tr><tr><td style="width: 146.859px; height: 12px;">Target Price</td><td style="width: 143.312px; height: 12px;">Under Review</td><td style="width: 147.344px; height: 12px;">N/A</td><td style="width: 145.031px; height: 12px;">Under Review</td><td style="width: 143.453px; height: 12px;">N/A</td></tr><tr><td style="width: 146.859px; height: 13px;">Rating</td><td style="width: 143.312px; height: 13px;">Under Review</td><td style="width: 147.344px; height: 13px;">N/A</td><td style="width: 145.031px; height: 13px;">Under Review</td><td style="width: 143.453px; height: 13px;">Under Review</td></tr></tbody></table>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached) AREITMINTAAREITEREITPeriod1H211Q221Q222Q21Gross Revenue (S$ m)586.0 (+12.4% YoY)128.1 (+29.2% YoY)31.8 (+16.8% YoY)59.5 (+6.25% YoY)NPI (S$ m)445.6 (+14.8% YoY)104.7 (+33.1% YoY)23.1 (+23.9% YoY)42.9 (+9.4% YoY)DPU (S$ c)7.66 (+5.4% YoY)3.35 (+16.7% YoY)2.25 (+12.5% YoY)0.754 (13.9% YoY)NAV per Unit (S$)2.271.751.350.398P/B (x)1.371.651.151.1Occupancy (%)91.394.3 (Overall); 97.8 (North American); 93.4 (Singapore)95.791.7Reversion (%)6.4Not DisclosedNot disclosed-0.2Gearing (%)37.63134.342.9Cost of Debt (%)2.42.72.83.241 Yr Fwd Yield (%)5.064.696.17.05Debt Hedged (%)75.295.877.275Target PriceUnder ReviewN/AUnder ReviewN/ARatingUnder ReviewN/AUnder ReviewUnder Review

ASEAN Builder's Scoop (03Aug21) - AREIT Boosted by DPU-Accretive Acq

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/ireit-global" target="_blank" data-smartkarma-citation="entities:10596" rel="noopener">IREIT Global (IREIT SP)</a> to raise S$126.7m from proposed equity fund raising      </h3><ul><li>IREIT is proposing an equity fund raising comprising an offering of new units to raise gross proceeds of ~S$126.7m. The proposed EFR will be comprised of a non-underwritten placement of 11,372,868 new units to Bond Capital Partners at an issue price of S$0.6155/new unit, which is expected to raise gross proceeds of ~S$7m. In addition, an underwritten pro rata and non-renounceable preferential offering of 201,137,870 new Units on the basis of 214 new units for every 1,000 existing units to be held on 29Jun21 to eligible unitholders at an issue price of S$0.595/new unit to raise gross proceeds of ~S$119.7m. IREIT intends to use part of the net proceeds to partially finance the total acquisition cost of ~S$195.7m (~EUR122.3m) in connection with the proposed acquisition of a portfolio of 27 retail properties located in France</li><li>The aggregate percentage unitholding of City Strategic Equity (CSEPL) and its concert parties is expected to decrease from 50.8% to 50.2% after the Placement. Assuming that CSEPL is allocated in full its application for the Excess Preferential Offering Units, CSEPL would hold 25.8% (comprising 297,207,061 Units) and, assuming that each of CSEPL’s concert parties only takes up their respective provisional allotments, CSEPL and its concert parties would hold 55.3%</li><li>As the unitholding of CSEPL and its concert parties does not fall below 50% after the Placement and CSEPL would not individually hold 30% or more of the Units even if CSEPL is allocated in full its application for the Excess Preferential Offering Units, accordingly, the requirement to make a mandatory general offer pursuant to Rule 14 of the Singapore Code of Take-overs and Mergers will not be triggered. For the avoidance of doubt, Tikehau Capital, CSEPL, AT Investments and IGGPL, among others, will rank last in the allocation of Excess Preferential Offering Units applications.</li></ul>

SingaporeIREIT Global (IREIT SP) to raise S$126.7m from proposed equity fund raising      IREIT is proposing an equity fund raising comprising an offering of new units to raise gross proceeds of ~S$126.7m. The proposed EFR will be comprised of a non-underwritten placement of 11,372,868 new units to Bond Capital Partners at an issue price of S$0.6155/new unit, which is expected to raise gross proceeds of ~S$7m. In addition, an underwritten pro rata and non-renounceable preferential offering of 201,137,870 new Units on the basis of 214 new units for every 1,000 existing units to be held on 29Jun21 to eligible unitholders at an issue price of S$0.595/new unit to raise gross proceeds of ~S$119.7m. IREIT intends to use part of the net proceeds to partially finance the total acquisition cost of ~S$195.7m (~EUR122.3m) in connection with the proposed acquisition of a portfolio of 27 retail properties located in FranceThe aggregate percentage unitholding of City Strategic Equity (CSEPL) and its concert parties is expected to decrease from 50.8% to 50.2% after the Placement. Assuming that CSEPL is allocated in full its application for the Excess Preferential Offering Units, CSEPL would hold 25.8% (comprising 297,207,061 Units) and, assuming that each of CSEPL’s concert parties only takes up their respective provisional allotments, CSEPL and its concert parties would hold 55.3%As the unitholding of CSEPL and its concert parties does not fall below 50% after the Placement and CSEPL would not individually hold 30% or more of the Units even if CSEPL is allocated in full its application for the Excess Preferential Offering Units, accordingly, the requirement to make a mandatory general offer pursuant to Rule 14 of the Singapore Code of Take-overs and Mergers will not be triggered. For the avoidance of doubt, Tikehau Capital, CSEPL, AT Investments and IGGPL, among others, will rank last in the allocation of Excess Preferential Offering Units applications.

ASEAN Builder's Scoop (23Jun21) - IREIT Proposes ~S$127m EFR

Singapore

Keppel Corporation Limited's core businesses are offshore and marine, infrastructure, property investment and development, telecommunications and transportation, energy, and engineering.

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Keppel Corp (KEP SP)

ASEAN Builder's Scoop (03Aug21) - AREIT Boosted by DPU-Accretive Acq

AREIT boosted by DPU-accretive acq; KEP-SPH better yield for SPH holders; SMPH 1H21 supported by resi biz; DD launches buyback program; LPKR strong...

SCCM Asia Research

ASEAN Builder's Scoop (23Jun21) - IREIT Proposes ~S$127m EFR

IREIT proposes ~S$127m EFR; IWG adds 20 Cecil to its portfolio; Alibaba Cloud builds 1st DC in Manila; Thai REIT laggards vs peers; Indo extends...

SCCM Asia Research

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