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><p><a href="https://www.smartkarma.com/entities/keppel-dc-reit" target="_blank" data-smartkarma-citation="entities:85" rel="noopener">Keppel DC REIT (KDCREIT SP)</a> proposed investment into M1’s network assets is 3.8% DPU accretive  </p></li><li><p><a href="https://www.smartkarma.com/entities/roxy-pacific-holdings-ltd" target="_blank" data-smartkarma-citation="entities:1096" rel="noopener">Roxy Pacific Holdings (ROXY SP)</a> to debut Mori, with entry price from S$1,680psf onwards</p></li><li><p>CREIT receives SEC approval to launch IPO in Dec21</p></li></ul>

Keppel DC REIT (KDCREIT SP) proposed investment into M1’s network assets is 3.8% DPU accretive  Roxy Pacific Holdings (ROXY SP) to debut Mori, with entry price from S$1,680psf onwardsCREIT receives SEC approval to launch IPO in Dec21

ASEAN Builder's Scoop (19Nov21) - KDCREIT-M1 Investment +3.8% DPU Accretive

<h2>Singapore</h2><p>SREITs results in a glance (see detailed spreadsheet and calendar attached)</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/237/629/original/image_32975221321635260585172.png?1635260588" class="editor-image img-responsive" data-smartkarma-image-id="237629"></figure><h3><a href="https://www.smartkarma.com/entities/keppel-reit" target="_blank" data-smartkarma-citation="entities:192" rel="noopener">Keppel REIT (KREIT SP)</a> 3Q21 Business Updates – Robust growth from acquisitions, healthy occupancy and collections</h3><ul><li>9M21 revenue and NPI increased by 34.8% and 36.8% YoY to S$162.2m (74.8% of BB est.) and S$129.4m (75.0% of BB est.), respectively. 9M21 DI was up 20.8% YoY to S$159.9m (83.3% of BB est.), mainly due to contributions from Victoria Police Centre, Pinnacle Office Park and Keppel Bay Tower. The increase in DI was partially offset by the impact of the divestment of 275 George Street in Jul21</li></ul>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached)Keppel REIT (KREIT SP) 3Q21 Business Updates – Robust growth from acquisitions, healthy occupancy and collections9M21 revenue and NPI increased by 34.8% and 36.8% YoY to S$162.2m (74.8% of BB est.) and S$129.4m (75.0% of BB est.), respectively. 9M21 DI was up 20.8% YoY to S$159.9m (83.3% of BB est.), mainly due to contributions from Victoria Police Centre, Pinnacle Office Park and Keppel Bay Tower. The increase in DI was partially offset by the impact of the divestment of 275 George Street in Jul21

<h2>Singapore</h2><h3>New private home sales fell 31% MoM in Sep21; Take-up rate remained robust at ~400%</h3><ul><li>Sales of new private homes fell again in Sep21 as developers delayed launches amid a sharp rise in Covid-19 cases and tighter safe-management measures. Developers sold 834 units in Sep21, down 31% MoM from 1,216 units in Aug21. On a YoY basis, sales were down 37% from 1,329 units in Sep20. Including ECs sold, developers moved 1,322 new homes last month, 2.0% lower MoM than in Aug21 and 6.4% lower YoY from Sep20</li></ul>

SingaporeNew private home sales fell 31% MoM in Sep21; Take-up rate remained robust at ~400%Sales of new private homes fell again in Sep21 as developers delayed launches amid a sharp rise in Covid-19 cases and tighter safe-management measures. Developers sold 834 units in Sep21, down 31% MoM from 1,216 units in Aug21. On a YoY basis, sales were down 37% from 1,329 units in Sep20. Including ECs sold, developers moved 1,322 new homes last month, 2.0% lower MoM than in Aug21 and 6.4% lower YoY from Sep20

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

Yoma Strategic Holdings / Equity Bottom-Up

Key Singapore Market Moves and Flows in 3Q21

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/keppel-dc-reit" target="_blank" data-smartkarma-citation="entities:85" rel="noopener">Keppel DC REIT (KDCREIT SP)</a> acquires third Data Centre in the Netherlands</h3><ul><li>KDCREIT has acquired a 100% interest in a freehold property with two data centre buildings in De Hurk, which is the largest business park in Eindhoven, the Netherlands, for EUR37.2m (~S$59.9m) from a fund affiliated with MCAP Global Finance (UK) LLP, the European subsidiary of Marathon Asset Management. The property, which is located at Dillenburgstraat 25A-25E, 25E1, 25F, 25G and 25J-25M, 5652 AM, will be named Eindhoven Campus. It is KDCREIT’s third asset in the Netherlands, and further strengthens its foothold in this key data centre market in Europe</li><li>Strategically located close to Eindhoven’s city centre and international airport, the property is well connected to the Netherland’s motorway network. Comprising two shell and core data centre buildings as well as a warehouse and an ancillary office building within the site, Eindhoven Campus has a combined NLA of approximately 83,841sqft and is fully leased with a WALE of 6.8 years by NLA and 8.5 years by GRI</li><li>Based on the independent valuation dated 7Jul21, the market value of the property was €35.4m (~S$57.1m). The acquisition is expected to be accretive to KDCREIT's DPU, and is funded by the proceeds from the recent equity fund raising and by debt denominated in EUR</li><li>Including the strategic addition of Eindhoven Campus, KDCREIT’s portfolio occupancy rate will improve from 98.0% as at 30Jun21 to 98.1%, while WALE will remain unchanged at 6.5 years.</li></ul>

SingaporeKeppel DC REIT (KDCREIT SP) acquires third Data Centre in the NetherlandsKDCREIT has acquired a 100% interest in a freehold property with two data centre buildings in De Hurk, which is the largest business park in Eindhoven, the Netherlands, for EUR37.2m (~S$59.9m) from a fund affiliated with MCAP Global Finance (UK) LLP, the European subsidiary of Marathon Asset Management. The property, which is located at Dillenburgstraat 25A-25E, 25E1, 25F, 25G and 25J-25M, 5652 AM, will be named Eindhoven Campus. It is KDCREIT’s third asset in the Netherlands, and further strengthens its foothold in this key data centre market in EuropeStrategically located close to Eindhoven’s city centre and international airport, the property is well connected to the Netherland’s motorway network. Comprising two shell and core data centre buildings as well as a warehouse and an ancillary office building within the site, Eindhoven Campus has a combined NLA of approximately 83,841sqft and is fully leased with a WALE of 6.8 years by NLA and 8.5 years by GRIBased on the independent valuation dated 7Jul21, the market value of the property was €35.4m (~S$57.1m). The acquisition is expected to be accretive to KDCREIT's DPU, and is funded by the proceeds from the recent equity fund raising and by debt denominated in EURIncluding the strategic addition of Eindhoven Campus, KDCREIT’s portfolio occupancy rate will improve from 98.0% as at 30Jun21 to 98.1%, while WALE will remain unchanged at 6.5 years.

Singapore

Keppel DC REIT is Asia's first pure-play data centre REIT listed on the Singapore Exchange. Keppel DC REIT's investment strategy is to principally invest, directly or indirectly, in a diversified portfolio of income-producing real estate assets which are used primarily for data centre purposes, as well as real estate related assets.

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Keppel DC REIT (KDCREIT SP)

ASEAN Builder's Scoop (19Nov21) - KDCREIT-M1 Investment +3.8% DPU Accretive

KDCREIT-M1 investment +3.8% DPU accretive; ROXY launces Mori from S$1,680psf; CREIT readies IPO listing in Dec21; Phils policy rate unchanged; Thai...

SCCM Asia Research

ASEAN Builder's Scoop (26Oct21)

KREIT healthy collections; KDCREIT boosted by acquisitions; MLT steady as she goes; CLCT record high NPI; ALLT EFR effect dilutes DPU; MEG raises...

SCCM Asia Research

ASEAN Builder's Scoop (18Oct21)

Sep21 new home sales take-up rate at ~400%; KDCREIT/M1 concluded network asset deal; Jervois Mansion sold out @ S$2,548psf; EAGLEHT US units...

SCCM Asia Research

Key Singapore Market Moves and Flows in 3Q21

In 3Q21, the STI saw its narrowest quarterly trading range since 3Q17, generating a 0.2% decline in total return, while the FTSE APAC Index...

Singapore Exchange Ltd (SGX)

ASEAN Builder's Scoop (6Sep21)

KDCREIT acquires 3rd DC in Netherlands; Jul21 retail sales flat YoY; MEG rental revenues remain subdued; AGI gears up for Boracay casino; SDPR...

SCCM Asia Research

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