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/keppel-dc-reit" target="_blank" data-smartkarma-citation="entities:85" rel="noopener">Keppel DC REIT (KDCREIT SP)</a> 1Q22 DPU +0.2% YoY; Occupancy reaching record high of 98.7% but growth stalls</li><li><a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> 2H22 DPU +2.8% YoY; Reversions improving but in-place restrictions cap upside again in FW  </li><li><a href="https://www.smartkarma.com/entities/keppel-pacific-oak-us-reit" target="_blank" data-smartkarma-citation="entities:25988" rel="noopener">Keppel Pacific Oak US REIT (KORE SP)</a> 1Q22 Business Updates – Declining reversions with steady occupancy</li></ul>

Keppel DC REIT (KDCREIT SP) 1Q22 DPU +0.2% YoY; Occupancy reaching record high of 98.7% but growth stallsMapletree North Asia Commercial Trust (MAGIC SP) 2H22 DPU +2.8% YoY; Reversions improving but in-place restrictions cap upside again in FW  Keppel Pacific Oak US REIT (KORE SP) 1Q22 Business Updates – Declining reversions with steady occupancy

ASEAN Builder's Scoop (20Apr22) - KDCREIT Growth Stalls Despite High Occ

<ul><li><a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666" rel="noopener">Apple Inc (AAPL US)</a> acquires UE BizHub Central at Ang Mo Kio for S$55m from United Engineers</li><li><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> looks to pick up more Asia-Pac Data Centre hubs</li><li><a href="https://www.smartkarma.com/entities/hotel-properties-ltd" target="_blank" data-smartkarma-citation="entities:5801" rel="noopener">Hotel Properties Limited (HPL SP)</a> to reap S$29m gain from London hotel sale</li></ul>

Apple Inc (AAPL US) acquires UE BizHub Central at Ang Mo Kio for S$55m from United EngineersKeppel DC REIT (KDCREIT SP) looks to pick up more Asia-Pac Data Centre hubsHotel Properties Limited (HPL SP) to reap S$29m gain from London hotel sale

ASEAN Builder's Scoop (11Apr22) - AAPL Buys UE Bizhub Central for S$55m

<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> extends facilities for another 3mo following MOU on potential asset sales</li><li><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> Keppel DC Singapore 1 master lease commences legal proceedings against DXC Technology Services</li><li><a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934" rel="noopener">ESR-REIT (EREIT SP)</a>, <a href="https://www.smartkarma.com/entities/ara-logos-logistics-trust" target="_blank" data-smartkarma-citation="entities:937" rel="noopener">ARA LOGOS (ALLT SP)</a> unitholders approve merger to form ESR-Logos REIT</li></ul>

Dasin Retail Trust (DASIN SP) extends facilities for another 3mo following MOU on potential asset salesKeppel DC REIT (KDCREIT SP) Keppel DC Singapore 1 master lease commences legal proceedings against DXC Technology ServicesESR-REIT (EREIT SP), ARA LOGOS (ALLT SP) unitholders approve merger to form ESR-Logos REIT

ASEAN Builder's Scoop (22Mar22) - DASIN Extends Loan Facilities Again

<ul><li><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> 2H21 DPU +2.8% YoY; Rising portfolio valuations as Cap rates tighten in APAC</li><li><a href="https://www.smartkarma.com/entities/parkway-life-reit" target="_blank" data-smartkarma-citation="entities:13422" rel="noopener">Parkway Life REIT (PREIT SP)</a> Parkway Life REIT (PREIT SP) 4Q21 DPU came in flat; Consistently expensive but delivering stable results</li><li><a href="https://www.smartkarma.com/entities/capitaland-integrated-commercial-trust" target="_blank" data-smartkarma-citation="entities:105" rel="noopener">Capitaland Integrated Commercial Trust (CICT SP)</a> CapitaLand Integrated Commercial Trust (CICT SP) to sell JCube at &lt;4% yield; Received a 10yrs ROFR on the potential redevelopment of the site  </li></ul>

Keppel DC REIT (KDCREIT SP) 2H21 DPU +2.8% YoY; Rising portfolio valuations as Cap rates tighten in APACParkway Life REIT (PREIT SP) Parkway Life REIT (PREIT SP) 4Q21 DPU came in flat; Consistently expensive but delivering stable resultsCapitaland Integrated Commercial Trust (CICT SP) CapitaLand Integrated Commercial Trust (CICT SP) to sell JCube at &lt;4% yield; Received a 10yrs ROFR on the potential redevelopment of the site  

ASEAN Builder's Scoop (25Jan22) - KDCREIT Rising Portfolio Valuations

<ul><li><a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> and <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> proposed merger to form Mapletree Pan Asia Commercial Trust (MPACT); DPU and NAV accretive to MCT unitholders</li><li>The transaction will be ~8.9% and ~6.5% of accretive to DPU and NAV, respectively, on a pro forma basis to MCT unitholders. As for MAGIC unitholders, total consideration is at an attractive premium over trading prices and implies a 1.0x P/NAV, translating into a 1-year total return of ~32.2%</li><li><a href="https://www.smartkarma.com/entities/capitaland-integrated-commercial-trust" target="_blank" data-smartkarma-citation="entities:105" rel="noopener">Capitaland Integrated Commercial Trust (CICT SP)</a> acquires 50% interest in Sydney office building for ~S$410m; DPU accretive by ~1%</li></ul>

Mapletree Commercial Trust (MCT SP) and Mapletree North Asia Commercial Trust (MAGIC SP) proposed merger to form Mapletree Pan Asia Commercial Trust (MPACT); DPU and NAV accretive to MCT unitholdersThe transaction will be ~8.9% and ~6.5% of accretive to DPU and NAV, respectively, on a pro forma basis to MCT unitholders. As for MAGIC unitholders, total consideration is at an attractive premium over trading prices and implies a 1.0x P/NAV, translating into a 1-year total return of ~32.2%Capitaland Integrated Commercial Trust (CICT SP) acquires 50% interest in Sydney office building for ~S$410m; DPU accretive by ~1%

ASEAN Builder's Scoop (3Jan22) - MCT/MAGIC Merger

Singapore

Keppel DC REIT is Asia's first pure-play data centre real estate investment trust, investing in a diversified portfolio of income-producing real estate assets used primarily for data centre purposes and assets supporting the digital economy. Its properties are leased as colocation, fully fitted, and shell and core data centers across Asia and Europe. Headquartered in Singapore, the company was founded in 2014.

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Keppel DC (KDCREIT SP)

ASEAN Builder's Scoop (20Apr22) - KDCREIT Growth Stalls Despite High Occ

MAGIC challenges remain at FW; KORE declining reversions; Perfect Ten condo cuts prices; IMF sees Phils growing faster in 2022

SCCM Asia Research

ASEAN Builder's Scoop (11Apr22) - AAPL Buys UE Bizhub Central for S$55m

KDCREIT to pick up more APAC DC hubs; HPL exits Hilton London; Vista REIT strong pipeline from VLL; SENTRAL Klang Valley office under pressure

SCCM Asia Research

ASEAN Builder's Scoop (22Mar22) - DASIN Extends Loan Facilities Again

KDCREIT master lessee in legal dispute over default payment; EREIT-ALLT merger approved; CPG eyes PHP3.5bn sales from Naic project

SCCM Asia Research

ASEAN Builder's Scoop (25Jan22) - KDCREIT Rising Portfolio Valuations

PREIT consistently pricey as results stable; CICT sells JCube at <4% yield; FLT divests CSE at ~2.5% yield; YLLG sells out Shanghai project; SPALI...

SCCM Asia Research

ASEAN Builder's Scoop (3Jan22) - MCT/MAGIC Merger

MCT/MAGIC merger; CICT buys Sydney office; KDCREIT buys UK DC; ART buys more US dormitories; ECWREIT buyers backed out; DASIN loan extension; VLL...

SCCM Asia Research

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