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/lendlease-global-commercial-reit" target="_blank" data-smartkarma-citation="entities:28292" rel="noopener">Lendlease Global Commercial REIT (LREIT SP)</a> 2H22 DPU +4.9% YoY; Rising cost of debt a concern despite solid operating metrics</li>
<li>
<a href="https://www.smartkarma.com/entities/chip-eng-seng-corp-ltd" target="_blank" data-smartkarma-citation="entities:6441" rel="noopener">Chip Eng Seng Corp (CHIP SP)</a> Chip Eng Seng  (CHIP SP) 1H22 net profit rose significantly on higher construction and hospitality performance</li>
<li>
<a href="https://www.smartkarma.com/entities/singapore-land-group-ltd" target="_blank" data-smartkarma-citation="entities:12891" rel="noopener">Singapore Land Group (SPLG SP)</a> 1H22 adjusted net profit +35% YoY; Boosted by hotel operations</li>
</ul>



Lendlease Global Commercial REIT (LREIT SP) 2H22 DPU +4.9% YoY; Rising cost of debt a concern despite solid operating metrics

Chip Eng Seng Corp (CHIP SP) Chip Eng Seng  (CHIP SP) 1H22 net profit rose significantly on higher construction and hospitality performance

Singapore Land Group (SPLG SP) 1H22 adjusted net profit +35% YoY; Boosted by hotel operations


ASEAN Builder's Scoop (8Aug22) - LREIT Rising Cost of Debt

<ul><li><a href="https://www.smartkarma.com/entities/ascendas-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:39" rel="noopener">Ascendas Real Estate Investment Trust (AREIT SP)</a> 1Q22 Business Updates – Robust reversions led by US and AUS portfolio</li><li><a href="https://www.smartkarma.com/entities/lendlease-global-commercial-reit" target="_blank" data-smartkarma-citation="entities:28292" rel="noopener">Lendlease Global Commercial REIT (LREIT SP)</a> 3Q22 Business Updates – A new chapter post successful JEM acquisition fund raising</li><li>ESR-REIT begins to trade today as a merged entity <a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934" rel="noopener">ESR-REIT (EREIT SP)</a> ESR-LOGOS REIT </li></ul>

Ascendas Real Estate Investment Trust (AREIT SP) 1Q22 Business Updates – Robust reversions led by US and AUS portfolioLendlease Global Commercial REIT (LREIT SP) 3Q22 Business Updates – A new chapter post successful JEM acquisition fund raisingESR-REIT begins to trade today as a merged entity ESR-REIT (EREIT SP) ESR-LOGOS REIT 

ASEAN Builder's Scoop (5May22) - AREIT Robust Reversions Led by US, AUS; LREIT

<ul><li><a href="https://www.smartkarma.com/entities/elite-commercial-reit" target="_blank" data-smartkarma-citation="entities:28807" rel="noopener">Elite Commercial REIT (ELITE SP)</a> secures Sustainability Collaboration with another tenant and removes lease break option</li><li><a href="https://www.smartkarma.com/entities/ireit-global" target="_blank" data-smartkarma-citation="entities:10596" rel="noopener">IREIT Global (IREIT SP)</a> secures lease extension at Bonn Campus</li><li><a href="https://www.smartkarma.com/entities/lendlease-global-commercial-reit" target="_blank" data-smartkarma-citation="entities:28292" rel="noopener">Lendlease Global Commercial REIT (LREIT SP)</a> preferential offering saw 1.4 times oversubscription</li></ul>

Elite Commercial REIT (ELITE SP) secures Sustainability Collaboration with another tenant and removes lease break optionIREIT Global (IREIT SP) secures lease extension at Bonn CampusLendlease Global Commercial REIT (LREIT SP) preferential offering saw 1.4 times oversubscription

ASEAN Builder's Scoop (18Apr22) - ELITE Removes Another Lease-Break Option

<ul>
<li>KKR acquires Twenty Anson from AEW for ~ S$600m (S$2,900psf)</li>
<li>Indian travelers return leads to ~18% MoM rise in visitor arrivals; Feb22 RevPAR rose 18% MoM  </li>
<li>Asia Pacific hotel investments recovers 46%, hitting US$12.1bn in FY21</li>
</ul>


KKR acquires Twenty Anson from AEW for ~ S$600m (S$2,900psf)
Indian travelers return leads to ~18% MoM rise in visitor arrivals; Feb22 RevPAR rose 18% MoM  
Asia Pacific hotel investments recovers 46%, hitting US$12.1bn in FY21


ASEAN Builder's Scoop (1Apr22) - KKR Buys Twenty Anson for ~S$2,900psf

Far East Hospitality Trust (FEHT SP) 2H21 DPU +10.9% YoY; Encouraging signs of recovery on RevPAR and RevPAU QoQLendlease Global Commercial REIT (LREIT SP) to acquire remaining stake at JEM; DPU accretive by ~10%Real estate blockchain firm Fraxtor receives capital markets services (CMS) licence from MAS

Far East Hospitality Trust (FEHT SP) 2H21 DPU +10.9% YoY; Encouraging signs of recovery on RevPAR and RevPAU QoQLendlease Global Commercial REIT (LREIT SP) to acquire remaining stake at JEM; DPU accretive by ~10%Real estate blockchain firm Fraxtor receives capital markets services (CMS) licence from MAS

ASEAN Builder's Scoop (15Feb22) - FEHT Encouraging Signs of Recovery QoQ

Singapore

Lendlease Global Commercial REIT is a Singapore real estate investment trust that invests in a diversified portfolio of stabilized income-producing real estate assets globally, primarily for retail and/or office purposes. Its portfolio includes retail properties in Singapore and Grade A commercial buildings in Milan, Italy. The company was incorporated in Singapore in 2019.

Lendlease Global Commercial REIT (LREIT SP)

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Lendlease Global Commercial REIT (LREIT SP)

ASEAN Builder's Scoop (8Aug22) - LREIT Rising Cost of Debt

SMPH reopening play buoyed 2Q22 earnings; ALI lowers capex and launches; MREIT to acquire PHP20bn office in FY22E. SPLG SP 1H22 adjusted net profit...

SCCM Asia Research

ASEAN Builder's Scoop (5May22) - AREIT Robust Reversions Led by US, AUS; LREIT

Merged EREIT starts trading today; LHN 1H22 +ve profit guidance; MEG raises capex for Bacolod townships; MREIT boosted by acquisitions

SCCM Asia Research

ASEAN Builder's Scoop (18Apr22) - ELITE Removes Another Lease-Break Option

IREIT secures lease extension at Bonn Campus; JustCo expands to Japan and Thai; Grade-A office rents climb further in 1Q22; PAR launches Mercure KL...

SCCM Asia Research

ASEAN Builder's Scoop (1Apr22) - KKR Buys Twenty Anson for ~S$2,900psf

Feb22 arrivals and RevPAR rose 18% MoM; Resort destinations to recover faster vs urban; DMW FY21 core income rose 44% YoY

SCCM Asia Research

ASEAN Builder's Scoop (15Feb22) - FEHT Encouraging Signs of Recovery QoQ

LREIT buys remaining JEM stake; RE blockchain Fraxtor obtains CMS license; DD Hotel to expand outside Phils; LLC acquires another plot at TRX City KL

SCCM Asia Research

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