Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zixin-group-holdings-limited" target="_blank" data-smartkarma-citation="entities:7007:1" rel="noopener">Zixin Group (ZXGH SP)</a> is an SGX Catalist-listed, vertically integrated sweet potato value chain operator. </li>
<li>The group harnesses proprietary biotechnology across a closed-loop model spanning seedling research and cultivation, food processing, brand building and distribution, and agricultural waste recovery.</li>
<li>We initiate non-rated coverage on Zixin Group. While Zixin’s post-COVID recovery stood out remarkably amongst SGX Catalist names , a key concern for investors remains the firm’s S-chip overhang.</li>
</ul>



Zixin Group (ZXGH SP) is an SGX Catalist-listed, vertically integrated sweet potato value chain operator. 
The group harnesses proprietary biotechnology across a closed-loop model spanning seedling research and cultivation, food processing, brand building and distribution, and agricultural waste recovery.
We initiate non-rated coverage on Zixin Group. While Zixin’s post-COVID recovery stood out remarkably amongst SGX Catalist names , a key concern for investors remains the firm’s S-chip overhang.


Zixin Group Initiation - Valuations Attractive but S-Chip Concerns Linger

Dealing, Product Financing and Custody Services, Tickrs

Tickrs

Dealing, Product Financing and Custody Services

Tickrs Financial Singapore Pte Ltd (TFS) obtained Capital Markets Services (CMS) License from the Monetary Authority of Singapore (MAS) in 2022. Product offering include stock trading services across 10 global markets, futures trading, fixed income and wealth management products offering.

Thematic (Sector/Industry)

<ul><li>This publication highlights 10 Singapore-listed REITs we believe are best positioned for mid- to long- term investors.</li><li>The portfolio balances stability with growth: defensive anchors in healthcare and core commercial REITs, complemented by data-centre, logistics, and hospitality names benefiting from secular digitalisation and tourism trends.</li><li>We forecast ~6% forward yield across the basket, plus mid- single-digit DPU growth as the interest-rate cycle stabilises.</li></ul>

This publication highlights 10 Singapore-listed REITs we believe are best positioned for mid- to long- term investors.The portfolio balances stability with growth: defensive anchors in healthcare and core commercial REITs, complemented by data-centre, logistics, and hospitality names benefiting from secular digitalisation and tourism trends.We forecast ~6% forward yield across the basket, plus mid- single-digit DPU growth as the interest-rate cycle stabilises.

Singapore REITS : TOP 10 S-REITS for Mid & Long-Term Investment

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)

<ul><li><a href="https://www.smartkarma.com/entities/aims-amp-capital-industrial" target="_blank" data-smartkarma-citation="entities:933" rel="noopener">AIMS APAC REIT (AAREIT SP)</a> 1Q23 DPU +1.3% YoY; Robust occupancies and rental reversion continue to drive organic growth</li><li><a href="https://www.smartkarma.com/entities/mapletree-industrial-trust" target="_blank" data-smartkarma-citation="entities:40" rel="noopener">Mapletree Industrial Trust (MINT SP)</a> 1Q23 DPU +4.2% YoY; Flat quarterly performance despite occupancies trending up</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> 2Q22 DPU +4.8% YoY; Robust occupancy, trading attractively at 5.3% FY23E yield</li></ul>

AIMS APAC REIT (AAREIT SP) 1Q23 DPU +1.3% YoY; Robust occupancies and rental reversion continue to drive organic growthMapletree Industrial Trust (MINT SP) 1Q23 DPU +4.2% YoY; Flat quarterly performance despite occupancies trending upKeppel DC REIT (KDCREIT SP) 2Q22 DPU +4.8% YoY; Robust occupancy, trading attractively at 5.3% FY23E yield

ASEAN Builder's Scoop (26Jul22) - AAREIT Robust Operating Metrics

<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> acquires 2 data centers in China; DPU accretive by +2.7%</li><li><a href="https://www.smartkarma.com/entities/oxley-holdings-ltd" target="_blank" data-smartkarma-citation="entities:1097" rel="noopener">Oxley Holdings (OHL SP)</a> to divest Vietnamese assets for ~S$84m</li><li>Chuan Park gets S$860m offer, below S$938m en bloc reserve price; Enbloc market heating up</li></ul>

Keppel DC REIT (KDCREIT SP) acquires 2 data centers in China; DPU accretive by +2.7%Oxley Holdings (OHL SP) to divest Vietnamese assets for ~S$84mChuan Park gets S$860m offer, below S$938m en bloc reserve price; Enbloc market heating up

ASEAN Builder's Scoop (21Jun22) - KDCREIT Acquires 2 China DC, +2.7% DPU Accretive

<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

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)

Zixin Group Initiation - Valuations Attractive but S-Chip Concerns Linger

We initiate non-rated coverage on Zixin Group. While Zixin’s post-COVID recovery stood out remarkably amongst SGX Catalist names , a key concern...

Evolve Capital Advisory Pte Ltd

Singapore REITS : TOP 10 S-REITS for Mid & Long-Term Investment

202112304K 137 Market Street #12-01 Singapore 048943 E-mail: [email protected] Tel: +65 6011 1700 TOP 10 S-REITS for Mid & Long-Term...

Tickrs

ASEAN Builder's Scoop (26Jul22) - AAREIT Robust Operating Metrics

MINT flat quarterly performance; KDCREIT trades attractively at 5.3% yield; CLCT expects retail recovery in 2H22; OUECT massive hotel turnaround;...

SCCM Asia Research

ASEAN Builder's Scoop (21Jun22) - KDCREIT Acquires 2 China DC, +2.7% DPU Accretive

OHL divests VN assets; Enbloc market heating up; RLC shifts to clean power by 2035; Phils BSP 25bps rate hike most likely

SCCM Asia Research

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

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