External broker reports(aggregated public sources), Kenanga Investment Bank Bhd

Kenanga Investment Bank Bhd

External broker reports(aggregated public sources)

Established for more than 45 years, Kenanga Investment Bank Berhad is a financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives, investment management, wealth management, structured lending and trade financing. 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>KLCC’s 1HFY23 net earnings of RM361.4m (+11% YoY) and YTD distributions of 17.3 sen are within expectations.</li><li>The group has registered sustained growth across its key businesses with most notable gains seen in the hotel space.</li><li>We maintain our assumptions and TP of RM7.18 (based on a 5.5% target yield) but upgrade the stock to OP (from MP). </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>

KLCC’s 1HFY23 net earnings of RM361.4m (+11% YoY) and YTD distributions of 17.3 sen are within expectations.The group has registered sustained growth across its key businesses with most notable gains seen in the hotel space.We maintain our assumptions and TP of RM7.18 (based on a 5.5% target yield) but upgrade the stock to OP (from MP). 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.

KLCCP Stapled Group - Resilient Signals Across the Board

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Pavilion Real Estate Investment Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pavilion-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:17395:1" rel="noopener">Pavilion Real Estate Investment Trust (PREIT MK)</a> is looking to raise up to MYR$517m (US$115m) in its primary placement. </li>
<li>The proceeds will be used to partially finance its acquisition of Pavilion Bukit Jalil (PBJ) mall.</li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Pavilion Real Estate Investment Trust (PREIT MK) is looking to raise up to MYR$517m (US$115m) in its primary placement. 
The proceeds will be used to partially finance its acquisition of Pavilion Bukit Jalil (PBJ) mall.
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


Pavilion REIT Placement - Very Well Flagged, Has Been Expected for Some Time

Clarence Chu

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pavilion-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:17395:1" rel="noopener">Pavilion Real Estate Investment Trust (PREIT MK)</a> is expected to raise MYR$1.27bn (US$280m) to partially fund its acquisition of Pavilion Bukit Jalil mall (PBJ mall). </li>
<li>Non-Interested unitholders will vote on the planned acquisition in the next EGM to be held on 22 March 2023.</li>
<li>In this note, we will discuss the deal dynamics, details on the planned acquisition, and the REIT's recent financial performance. </li>
</ul>



Pavilion Real Estate Investment Trust (PREIT MK) is expected to raise MYR$1.27bn (US$280m) to partially fund its acquisition of Pavilion Bukit Jalil mall (PBJ mall). 
Non-Interested unitholders will vote on the planned acquisition in the next EGM to be held on 22 March 2023.
In this note, we will discuss the deal dynamics, details on the planned acquisition, and the REIT's recent financial performance. 


Pavilion REIT Placement - MY$2.2bn (US$487m) Acquisition Expected to Increase Distributable Income

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/esr-reit" target="_blank" data-smartkarma-citation="entities:10934" rel="noopener">ESR-REIT (EREIT SP)</a> provides indicative timeline till merger is finalised</li><li><a href="https://www.smartkarma.com/entities/united-hampshire-us-reit" target="_blank" data-smartkarma-citation="entities:28874" rel="noopener">United Hampshire US REIT (UHU SP)</a> extends due diligence for fourth time</li><li>Hmlet and European co-living player Habyt to merge via equity share swap</li></ul>

ESR-REIT (EREIT SP) provides indicative timeline till merger is finalisedUnited Hampshire US REIT (UHU SP) extends due diligence for fourth timeHmlet and European co-living player Habyt to merge via equity share swap

ASEAN Builder's Scoop (13Apr22) - EREIT Releases Merger Process Timeline

<ul><li>The Ascott Limited establishes new US student accommodation JV with Riyad Capital</li><li>Singapore property firms increases presence in Vietnam - Amid a wealth boom and an economic rebound, Vietnam has been attracting capital from property companies in Singapore.</li><li><a href="https://www.smartkarma.com/entities/ayala-land-inc" target="_blank" data-smartkarma-citation="entities:131" rel="noopener">Ayala Land Inc (ALI PM)</a> details property-for-share swap deal (Regina Capital)</li></ul>

The Ascott Limited establishes new US student accommodation JV with Riyad CapitalSingapore property firms increases presence in Vietnam - Amid a wealth boom and an economic rebound, Vietnam has been attracting capital from property companies in Singapore.Ayala Land Inc (ALI PM) details property-for-share swap deal (Regina Capital)

ASEAN Builder's Scoop (3Feb22) - Ascott/Riyad Capital in US Student Accommodation JV

Malaysia

KLCC Property Holdings Bhd comprises of units in a Real Estate Investment Trust (KLCC REIT) stapled together with the ordinary shares of KLCC Property Holdings Berhad. The Stapled Security, through the subsidiaries of KLCC Property Holdings Berhad, is engaged in providing facility management services and car parking management services.

KLCCP Stapled (KLCCSS MK)

KLCCP Stapled Group - Resilient Signals Across the Board

KLCC’s 1HFY23 net earnings of RM361.4m (+11% YoY) and YTD distributions of 17.3 sen are within expectations. The group has registered sustained...

Kenanga Investment Bank Bhd

Pavilion REIT Placement - Very Well Flagged, Has Been Expected for Some Time

Pavilion Real Estate Investment Trust (PREIT MK) is looking to raise up to MYR$517m (US$115m) in its primary placement. The proceeds will be used...

Ethan Aw

Pavilion REIT Placement - MY$2.2bn (US$487m) Acquisition Expected to Increase Distributable Income

Pavilion Real Estate Investment Trust (PREIT MK) is expected to raise MYR$1.27bn (US$280m) to partially fund its acquisition of Pavilion Bukit...

Clarence Chu

ASEAN Builder's Scoop (13Apr22) - EREIT Releases Merger Process Timeline

UHU extends due diligence for 4th time; Hmlet and Habyt to merge via equity swap; Condo resale volume up +35.6% and prices +0.8% in Mar; KLCCP sees...

SCCM Asia Research

ASEAN Builder's Scoop (3Feb22) - Ascott/Riyad Capital in US Student Accommodation JV

SG firms increasing presence in VN; ALI details swap deal; Phils office subdued in 1H22; Nomura/Federal Land signs JV; NCH aims 31% YoY sales...

SCCM Asia Research