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><a href="https://www.smartkarma.com/entities/lhn-ltd" target="_blank" data-smartkarma-citation="entities:27234" rel="noopener">LHN Ltd (LHN SP)</a> – Strong Start to FY21; Riding on Co-living trend (BUY; TP S$0.42/Unit)</h3><ul><li>1H21 PATMI jumped 3.66x YoY to S$14.8m, boosted by dormitories mgmt. contracts, which added S$22.4m to top line. While the dormitories mgmt. contracts should taper off in 2H22E, LHN’s recent acquisitions spree of S$61.9m investments in 4 co-living assets (additional 166 keys by end-FY22E) should support earnings with 10-20% ROI upon stabilization. We maintain BUY with a higher TP of S$0.42/share.</li><li>Dormitories mgmt. contracts continue to propel FY21E results. 1H21 revenue +24.9% YoY to S$64.5m, primarily due to higher contributions from Facilities Management Business (+225.5% YoY to S$31.6m) and Logistics Services Business (+6.0% YoY to S$13.5m), partially offset by lower revenue from Space Optimisation Business (-33.6% YoY to S$19.4m). 1H21 PATMI +366.3% YoY to S$14.8m on better margins, higher other income and share of results from associates and JVs, as well as lower fair value loss on investment properties. 1H21 Revenue/PATMI form 52%/59% of our full-year FY21E forecasts as we expect higher 1H21 results vs. 2H21E’s due to the frontloading of dormitories mgmt. contracts, which started in 2H20 and added S$22.4m to 1H21 topline. With the resurgence of Covid-19 cases in Singapore, LHN has recently secured renewal of these contracts for another 6-9months into 1H22E, adding S$12.3m and S$3.4m to 2H21E and 1H22E revenues, respectively</li><li>Mixed performance within Space Optimisation Segment. Industrial Properties and Commercial Properties recorded lower revenues (-46.7% YoY to S$12.8m) due to expiry of 6 master leases (avg. NLA -36.4% YoY to 2.2m sqft), negative rent reversion, downtime at 1557 Keppel Road due to AEI works and IFRS 16 impacts. Meanwhile, Residential Properties revenue (+28.9% YoY to S$6.5m) was boosted by contribution from new serviced residence in Cambodia and higher revenue at 1A Lutheran Road. For the remaining of FY21E, we expect non-renewal of 2 expiring Commercial sites (aggregate NLA of c.63k sqft)</li><li>String of acquisitions for Co-living business should propel growth moving forward. The newly acquired 320 Balestier Road (16Dec20) and 40 &amp; 42 Amber Road (9Jun21), as well as proposed acquisitions of 75 Beach Road and 115 Geylang Road (both are expected to be completed by Jul21) are expected to add 166 keys to LHN’s co-living portfolio in FY22E. The 4 projects with S$61.9m total investments should generate 10-20% return to bottom-line upon stabilization from FY23-24E onwards</li><li>Maintain BUY with a higher TP of S$0.42/shr. Taking into account (i) non-renewal of leases; (ii) renewed dormitories mgmt. contract; (iii) better Logistics Services Business; (iv) the new Co-living keys in FY22E; and (v) higher finance costs, our FY21/22E EPS are adjusted by +10%/-13% to S$6.87c/S$4.55c, respectively. EPS should resume growth at 9% CAGR from FY22-25E as new Residential projects ramp up while Industrial and Commercial Properties improve alongside economy recovery. LHN is currently trading at FY21E P/E of 4.9x and 4.1% yield.</li></ul>

SingaporeLHN Ltd (LHN SP) – Strong Start to FY21; Riding on Co-living trend (BUY; TP S$0.42/Unit)1H21 PATMI jumped 3.66x YoY to S$14.8m, boosted by dormitories mgmt. contracts, which added S$22.4m to top line. While the dormitories mgmt. contracts should taper off in 2H22E, LHN’s recent acquisitions spree of S$61.9m investments in 4 co-living assets (additional 166 keys by end-FY22E) should support earnings with 10-20% ROI upon stabilization. We maintain BUY with a higher TP of S$0.42/share.Dormitories mgmt. contracts continue to propel FY21E results. 1H21 revenue +24.9% YoY to S$64.5m, primarily due to higher contributions from Facilities Management Business (+225.5% YoY to S$31.6m) and Logistics Services Business (+6.0% YoY to S$13.5m), partially offset by lower revenue from Space Optimisation Business (-33.6% YoY to S$19.4m). 1H21 PATMI +366.3% YoY to S$14.8m on better margins, higher other income and share of results from associates and JVs, as well as lower fair value loss on investment properties. 1H21 Revenue/PATMI form 52%/59% of our full-year FY21E forecasts as we expect higher 1H21 results vs. 2H21E’s due to the frontloading of dormitories mgmt. contracts, which started in 2H20 and added S$22.4m to 1H21 topline. With the resurgence of Covid-19 cases in Singapore, LHN has recently secured renewal of these contracts for another 6-9months into 1H22E, adding S$12.3m and S$3.4m to 2H21E and 1H22E revenues, respectivelyMixed performance within Space Optimisation Segment. Industrial Properties and Commercial Properties recorded lower revenues (-46.7% YoY to S$12.8m) due to expiry of 6 master leases (avg. NLA -36.4% YoY to 2.2m sqft), negative rent reversion, downtime at 1557 Keppel Road due to AEI works and IFRS 16 impacts. Meanwhile, Residential Properties revenue (+28.9% YoY to S$6.5m) was boosted by contribution from new serviced residence in Cambodia and higher revenue at 1A Lutheran Road. For the remaining of FY21E, we expect non-renewal of 2 expiring Commercial sites (aggregate NLA of c.63k sqft)String of acquisitions for Co-living business should propel growth moving forward. The newly acquired 320 Balestier Road (16Dec20) and 40 &amp; 42 Amber Road (9Jun21), as well as proposed acquisitions of 75 Beach Road and 115 Geylang Road (both are expected to be completed by Jul21) are expected to add 166 keys to LHN’s co-living portfolio in FY22E. The 4 projects with S$61.9m total investments should generate 10-20% return to bottom-line upon stabilization from FY23-24E onwardsMaintain BUY with a higher TP of S$0.42/shr. Taking into account (i) non-renewal of leases; (ii) renewed dormitories mgmt. contract; (iii) better Logistics Services Business; (iv) the new Co-living keys in FY22E; and (v) higher finance costs, our FY21/22E EPS are adjusted by +10%/-13% to S$6.87c/S$4.55c, respectively. EPS should resume growth at 9% CAGR from FY22-25E as new Residential projects ramp up while Industrial and Commercial Properties improve alongside economy recovery. LHN is currently trading at FY21E P/E of 4.9x and 4.1% yield.

<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: 97.4pt;"> </td><td style="width: 97.4pt;">KDCREIT</td><td style="width: 97.45pt;">MAGIC</td><td style="width: 97.4pt;">ART</td><td style="width: 97.45pt;">KORE (US$)</td><td style="width: 97.4pt;">PREIT</td><td style="width: 97.45pt;">LMRT</td></tr><tr><td style="width: 97.4pt;">Period</td><td style="width: 97.4pt;">2Q21</td><td style="width: 97.45pt;">1Q22</td><td style="width: 97.4pt;">1H21</td><td style="width: 97.45pt;">1H21</td><td style="width: 97.4pt;">2Q21</td><td style="width: 97.45pt;">2Q21</td></tr><tr><td style="width: 97.4pt;">Gross Revenue (S$ m)</td><td style="width: 97.4pt;">68.5 (+7.5% YoY)</td><td style="width: 97.45pt;">103 (+10.0% YoY)</td><td style="width: 97.4pt;">185.0 (-11.2% YoY)</td><td style="width: 97.45pt;">68.38 (-3% YoY)</td><td style="width: 97.4pt;">29.6 (-2.3% YoY)</td><td style="width: 97.45pt;">49.65 (+81.3% YoY)</td></tr><tr><td style="width: 97.4pt;">NPI (S$ m)</td><td style="width: 97.4pt;">62.8 (+6.9% YoY)</td><td style="width: 97.45pt;">78.3 (+14.3% YoY)</td><td style="width: 97.4pt;">82.1 (-7.3% YoY)</td><td style="width: 97.45pt;">40.58 (-3.1% YoY)</td><td style="width: 97.4pt;">27.4 (-2.8% YoY)</td><td style="width: 97.45pt;">31.8 (+148% YoY)</td></tr><tr><td style="width: 97.4pt;">DPU (S$ c)</td><td style="width: 97.4pt;">2.462 (+7.5% YoY)</td><td style="width: 97.45pt;">Not Disclosed</td><td style="width: 97.4pt;">2.050 (+95.2% YoY)</td><td style="width: 97.45pt;">3.16 (+1.9% YoY)</td><td style="width: 97.4pt;">3.38 (+0.7% YoY)</td><td style="width: 97.45pt;">0.09 (-18.2% YoY)</td></tr><tr><td style="width: 97.4pt;">NAV per Unit (S$)</td><td style="width: 97.4pt;">1.21</td><td style="width: 97.45pt;">1.238</td><td style="width: 97.4pt;">1.19</td><td style="width: 97.45pt;">0.82</td><td style="width: 97.4pt;">1.98</td><td style="width: 97.45pt;">0.0955</td></tr><tr><td style="width: 97.4pt;">P/B (x)</td><td style="width: 97.4pt;">2.12</td><td style="width: 97.45pt;">0.83</td><td style="width: 97.4pt;">0.85</td><td style="width: 97.45pt;">0.95</td><td style="width: 97.4pt;">2.38</td><td style="width: 97.45pt;">0.64</td></tr><tr><td style="width: 97.4pt;">Occupancy (%)</td><td style="width: 97.4pt;">98.0</td><td style="width: 97.45pt;">99.8 (Festival Walk)92.9 (Gateway Plaza)99.7 (Sandhill Plaza)98.2 (Japan Properties)95.7 (The Pinnacle Gangnam)</td><td style="width: 97.4pt;">Mid-50</td><td style="width: 97.45pt;">90.5</td><td style="width: 97.4pt;">99.7</td><td style="width: 97.45pt;">83.4</td></tr><tr><td style="width: 97.4pt;">Reversion (%)</td><td style="width: 97.4pt;">NA</td><td style="width: 97.45pt;">-34 (Festival Walk)-27 (Gateway Plaza)-4 (Sandhill Plaza)+0.2 (Japan Properties)</td><td style="width: 97.4pt;">Portfolio RevPAU: S$60 (-14% YoY)</td><td style="width: 97.45pt;">+5.4</td><td style="width: 97.4pt;">Not Disclosed</td><td style="width: 97.45pt;">3.4</td></tr><tr><td style="width: 97.4pt;">Gearing (%)</td><td style="width: 97.4pt;">36.7</td><td style="width: 97.45pt;">41.8</td><td style="width: 97.4pt;">35.9</td><td style="width: 97.45pt;">37.1</td><td style="width: 97.4pt;">37</td><td style="width: 97.45pt;">42.5</td></tr><tr><td style="width: 97.4pt;">Cost of Debt (%)</td><td style="width: 97.4pt;">1.5</td><td style="width: 97.45pt;">1.87</td><td style="width: 97.4pt;">1.6</td><td style="width: 97.45pt;">2.82</td><td style="width: 97.4pt;">0.56</td><td style="width: 97.45pt;">6.47</td></tr><tr><td style="width: 97.4pt;">1 Yr Fwd Yield (%)</td><td style="width: 97.4pt;">3.91</td><td style="width: 97.45pt;">6.8</td><td style="width: 97.4pt;">4.16</td><td style="width: 97.45pt;">7.77</td><td style="width: 97.4pt;">2.97</td><td style="width: 97.45pt;">5.5 (annualized 1H21)</td></tr><tr><td style="width: 97.4pt;">Debt Hedged (%)</td><td style="width: 97.4pt;">67</td><td style="width: 97.45pt;">82</td><td style="width: 97.4pt;">50</td><td style="width: 97.45pt;">84.7</td><td style="width: 97.4pt;">82</td><td style="width: 97.45pt;">80.6</td></tr><tr><td style="width: 97.4pt;">Target Price</td><td style="width: 97.4pt;">NA</td><td style="width: 97.45pt;">N/A</td><td style="width: 97.4pt;">NA</td><td style="width: 97.45pt;">N/A</td><td style="width: 97.4pt;">N/A</td><td style="width: 97.45pt;">N/A</td></tr><tr><td style="width: 97.4pt;">Rating</td><td style="width: 97.4pt;">NA</td><td style="width: 97.45pt;">N/A</td><td style="width: 97.4pt;">NA</td><td style="width: 97.45pt;">N/A</td><td style="width: 97.4pt;">N/A</td><td style="width: 97.45pt;">N/A</td></tr></tbody></table>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached) KDCREITMAGICARTKORE (US$)PREITLMRTPeriod2Q211Q221H211H212Q212Q21Gross Revenue (S$ m)68.5 (+7.5% YoY)103 (+10.0% YoY)185.0 (-11.2% YoY)68.38 (-3% YoY)29.6 (-2.3% YoY)49.65 (+81.3% YoY)NPI (S$ m)62.8 (+6.9% YoY)78.3 (+14.3% YoY)82.1 (-7.3% YoY)40.58 (-3.1% YoY)27.4 (-2.8% YoY)31.8 (+148% YoY)DPU (S$ c)2.462 (+7.5% YoY)Not Disclosed2.050 (+95.2% YoY)3.16 (+1.9% YoY)3.38 (+0.7% YoY)0.09 (-18.2% YoY)NAV per Unit (S$)1.211.2381.190.821.980.0955P/B (x)2.120.830.850.952.380.64Occupancy (%)98.099.8 (Festival Walk)92.9 (Gateway Plaza)99.7 (Sandhill Plaza)98.2 (Japan Properties)95.7 (The Pinnacle Gangnam)Mid-5090.599.783.4Reversion (%)NA-34 (Festival Walk)-27 (Gateway Plaza)-4 (Sandhill Plaza)+0.2 (Japan Properties)Portfolio RevPAU: S$60 (-14% YoY)+5.4Not Disclosed3.4Gearing (%)36.741.835.937.13742.5Cost of Debt (%)1.51.871.62.820.566.471 Yr Fwd Yield (%)3.916.84.167.772.975.5 (annualized 1H21)Debt Hedged (%)67825084.78280.6Target PriceNAN/ANAN/AN/AN/ARatingNAN/ANAN/AN/AN/A

ASEAN Builder's Scoop (27Jul21) - KDCREIT Maiden China Acq

<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: 363.047px;"> </td><td style="width: 362.953px;">MLT</td></tr><tr><td style="width: 363.047px;">Period</td><td style="width: 362.953px;">1Q22</td></tr><tr><td style="width: 363.047px;">Gross Revenue (S$ m)</td><td style="width: 362.953px;">163.7 (+23.7% YoY)</td></tr><tr><td style="width: 363.047px;">NPI (S$ m)</td><td style="width: 362.953px;">144.2 (+21.3% YoY)</td></tr><tr><td style="width: 363.047px;">DPU (S$ c)</td><td style="width: 362.953px;">2.161 (+5.7% YoY)</td></tr><tr><td style="width: 363.047px;">NAV per Unit (S$)</td><td style="width: 362.953px;">1.32</td></tr><tr><td style="width: 363.047px;">P/B (x)</td><td style="width: 362.953px;">1.59</td></tr><tr><td style="width: 363.047px;">Occupancy (%)</td><td style="width: 362.953px;">97.8</td></tr><tr><td style="width: 363.047px;">Reversion (%)</td><td style="width: 362.953px;">2.2</td></tr><tr><td style="width: 363.047px;">Gearing (%)</td><td style="width: 362.953px;">38.2</td></tr><tr><td style="width: 363.047px;">Cost of Debt (%)</td><td style="width: 362.953px;">2.2</td></tr><tr><td style="width: 363.047px;">1 Yr Fwd Yield (%)</td><td style="width: 362.953px;">4.14</td></tr><tr><td style="width: 363.047px;">Debt Hedged (%)</td><td style="width: 362.953px;">75%</td></tr><tr><td style="width: 363.047px;">Target Price</td><td style="width: 362.953px;">NA</td></tr><tr><td style="width: 363.047px;">Rating</td><td style="width: 362.953px;">NA</td></tr></tbody></table>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached) MLTPeriod1Q22Gross Revenue (S$ m)163.7 (+23.7% YoY)NPI (S$ m)144.2 (+21.3% YoY)DPU (S$ c)2.161 (+5.7% YoY)NAV per Unit (S$)1.32P/B (x)1.59Occupancy (%)97.8Reversion (%)2.2Gearing (%)38.2Cost of Debt (%)2.21 Yr Fwd Yield (%)4.14Debt Hedged (%)75%Target PriceNARatingNA

ASEAN Builder's Scoop (21Jul21) - MLT Steady Occ and Reversions Support 1.6x P/B

<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: 141.25pt;">
 
</td>
<td style="width: 141.2pt;">
SPHREIT
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
Period
</td>
<td style="width: 141.2pt;">
3Q21
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
Gross Revenue (S$ m)
</td>
<td style="width: 141.2pt;">
69.6 (+82.8% YoY)
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
NPI (S$ m)
</td>
<td style="width: 141.2pt;">
Not Disclosed
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
DPU (S$ c)
</td>
<td style="width: 141.2pt;">
1.38 (+176.0% YoY)
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
NAV per Unit (S$)
</td>
<td style="width: 141.2pt;">
Not Disclosed
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
P/B (x)
</td>
<td style="width: 141.2pt;">
1.02 (Based on 2Q21 NAV)
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
Occupancy (%)
</td>
<td style="width: 141.2pt;">
98.4
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
Reversion (%)
</td>
<td style="width: 141.2pt;">
Not Disclosed
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
Gearing (%)
</td>
<td style="width: 141.2pt;">
Not Disclosed
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
Cost of Debt (%)
</td>
<td style="width: 141.2pt;">
1.86
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
1 Yr Fwd Yield (%)
</td>
<td style="width: 141.2pt;">
5.62
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
Debt Hedged (%)
</td>
<td style="width: 141.2pt;">
58
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
Target Price
</td>
<td style="width: 141.2pt;">
NA
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
Rating
</td>
<td style="width: 141.2pt;">
NA
</td>
</tr>
</tbody>
</table>

Singapore
SREITs results in a glance (see detailed spreadsheet and calendar attached)




 


SPHREIT




Period


3Q21




Gross Revenue (S$ m)


69.6 (+82.8% YoY)




NPI (S$ m)


Not Disclosed




DPU (S$ c)


1.38 (+176.0% YoY)




NAV per Unit (S$)


Not Disclosed




P/B (x)


1.02 (Based on 2Q21 NAV)




Occupancy (%)


98.4




Reversion (%)


Not Disclosed




Gearing (%)


Not Disclosed




Cost of Debt (%)


1.86




1 Yr Fwd Yield (%)


5.62




Debt Hedged (%)


58




Target Price


NA




Rating


NA





ASEAN Builder's Scoop (13Jul21) - SPHREIT No Mention of Rebates

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/ascendas-india-trust" target="_blank" data-smartkarma-citation="entities:935" rel="noopener">Ascendas India Trust (AIT SP)</a> to develop its first Data Centre campus in Navi Mumbai</h3><ul><li>AIT will invest ~INR12bn (~S$216.6m) to develop and operate phase one of its first data centre campus on a prime site in India. It will be one of the largest data centre campuses in Airoli, a growing data centre hub in Navi Mumbai. The 6.6acre greenfield site will be developed in phases into a fully-fitted data centre campus with a total potential built-up area of up to 575,000sqft and 90MW of power to host customers such as global technology giants and cloud service providers, as well as large domestic enterprise clients</li><li>The total costs of the acquisition including purchase consideration will be financed through a combination of debt and internal resources. The acquisition of the site from third-party vendors is expected to be completed by 3Q21. The data centre campus will comprise two buildings. In phase one, the first building, which is scheduled to be ready by 2Q24, will have a built-up area of about 325,000sqft</li><li>The data centre campus site is situated in a prime location along Thane-Belapur Road, easily accessible from Mumbai city via the Eastern Express Highway. Navi Mumbai has emerged as a preferred data centre location since it offers proximity to sea cable landing stations, larger land parcels with clear title, abundant and scalable power, developed infrastructure and seamless vendor neutral network connectivity</li><li>When fully developed, the data centre campus will have an overall capacity to host ~8,500 racks and operate at an efficient power usage effectiveness of ~1.4. Post-acquisition and completion of the phase one, AIT’s portfolio size (including pipeline projects) will increase by 1.2% from ~24.9m sqft to 25.2m sqft.</li></ul>

SingaporeAscendas India Trust (AIT SP) to develop its first Data Centre campus in Navi MumbaiAIT will invest ~INR12bn (~S$216.6m) to develop and operate phase one of its first data centre campus on a prime site in India. It will be one of the largest data centre campuses in Airoli, a growing data centre hub in Navi Mumbai. The 6.6acre greenfield site will be developed in phases into a fully-fitted data centre campus with a total potential built-up area of up to 575,000sqft and 90MW of power to host customers such as global technology giants and cloud service providers, as well as large domestic enterprise clientsThe total costs of the acquisition including purchase consideration will be financed through a combination of debt and internal resources. The acquisition of the site from third-party vendors is expected to be completed by 3Q21. The data centre campus will comprise two buildings. In phase one, the first building, which is scheduled to be ready by 2Q24, will have a built-up area of about 325,000sqftThe data centre campus site is situated in a prime location along Thane-Belapur Road, easily accessible from Mumbai city via the Eastern Express Highway. Navi Mumbai has emerged as a preferred data centre location since it offers proximity to sea cable landing stations, larger land parcels with clear title, abundant and scalable power, developed infrastructure and seamless vendor neutral network connectivityWhen fully developed, the data centre campus will have an overall capacity to host ~8,500 racks and operate at an efficient power usage effectiveness of ~1.4. Post-acquisition and completion of the phase one, AIT’s portfolio size (including pipeline projects) will increase by 1.2% from ~24.9m sqft to 25.2m sqft.

ASEAN Builder's Scoop (5Jul21) - AIT Builds Its First DC in Navi Mumbai

Singapore

Landmark REIT is a retail real estate investment trust that invests in a diversified portfolio of income-producing retail properties in Indonesia. It generates revenue by leasing these properties, which include malls and retail spaces, to various tenants. The company was founded in 2007 and is headquartered in Singapore.

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Landmark REIT (LMRT SP)

ASEAN Builder's Scoop (19Aug21)

LHN riding on Co-living uptrend; TSH bags Dunearn Rd freehold site; LMRT obtains S$30m credit facility; SPSB backed by 47 projects worth RM125bn

SCCM Asia Research

ASEAN Builder's Scoop (27Jul21) - KDCREIT Maiden China Acq

KDCREIT maiden China acq; MAGIC improvements seen at FW; ART recovery momentum continues; KORE occupancy weakness; PLIFE flattish quarter; LMRT...

SCCM Asia Research

ASEAN Builder's Scoop (21Jul21) - MLT Steady Occ and Reversions Support 1.6x P/B

MLT steady occ and reversions support 1.6x P/B; DASIN extends credit facilities for 5mo; FIRT exits South Korean market; LMRT extends malls...

SCCM Asia Research

ASEAN Builder's Scoop (13Jul21) - SPHREIT No Mention of Rebates

SPHREIT no mention of rebates; CAPL opens RC the Bund Shanghai; LMRT extends mall closure in Medan; SLI plans for 3bn shares follow-on offer; 2Q21...

SCCM Asia Research

ASEAN Builder's Scoop (5Jul21) - AIT Builds Its First DC in Navi Mumbai

AIT builds its first DC in Navi Mumbai; ART in dispute on Park Hotel CQ asset; Link REIT looks into SG office market; LMRT closes 16 malls for...

SCCM Asia Research

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