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/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> FY22 DPU +0.4% YoY; Losing growth momentum as reversions flatten</li><li><a href="https://www.smartkarma.com/entities/keppel-reit" target="_blank" data-smartkarma-citation="entities:192" rel="noopener">Keppel REIT (KREIT SP)</a> 1Q22 Business Updates – Riding on higher signing rents</li><li><a href="https://www.smartkarma.com/entities/sabana-industrial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:911" rel="noopener">Sabana Industrial REIT (SSREIT SP)</a> 1Q22 Business Updates – Steady as she goes; Second major AEI plan underway  </li></ul>

Mapletree Commercial Trust (MCT SP) FY22 DPU +0.4% YoY; Losing growth momentum as reversions flattenKeppel REIT (KREIT SP) 1Q22 Business Updates – Riding on higher signing rentsSabana Industrial REIT (SSREIT SP) 1Q22 Business Updates – Steady as she goes; Second major AEI plan underway  

ASEAN Builder's Scoop (21Apr22) - MCT Losing Growth Momentum

<ul><li><a href="https://www.smartkarma.com/entities/lhn-ltd" target="_blank" data-smartkarma-citation="entities:27234" rel="noopener">LHN Ltd (LHN SP)</a> opens 2 new hotels under Co-living Coliwoo brand in Katong; On track to open 3 more by end-2022</li><li>SC Capital Partners launches pan-Asian Data Centre platform, SC Zeus Data Centers</li><li>PropertyGuru FY21 revenue rose 22.7% YoY; Targets FY22 revenue to grow a further +44% YoY</li></ul>

LHN Ltd (LHN SP) opens 2 new hotels under Co-living Coliwoo brand in Katong; On track to open 3 more by end-2022SC Capital Partners launches pan-Asian Data Centre platform, SC Zeus Data CentersPropertyGuru FY21 revenue rose 22.7% YoY; Targets FY22 revenue to grow a further +44% YoY

ASEAN Builder's Scoop (2Mar22) - LHN Opens 2 Co-Living Hotels in Katong Area

Equity Bottom-Up

<ul><li>LHN announced the acquisition of freehold property at 298 River Valley Road with land area of 205.4sqm for S$9.1m including GST</li><li>Acquisition will be funded through its current cash balances as well as debt</li><li>LHN intends to operate the property as a co-living space, expanding its COLIWOO portfolio of co-living keys from its current c.870 rooms.</li></ul>

LHN announced the acquisition of freehold property at 298 River Valley Road with land area of 205.4sqm for S$9.1m including GSTAcquisition will be funded through its current cash balances as well as debtLHN intends to operate the property as a co-living space, expanding its COLIWOO portfolio of co-living keys from its current c.870 rooms.

SCCM | LHN SP - Acquires Freehold Property Along River Valley Road (BUY; TP SGD0.47/Share)

<ul><li>SCCM | <a href="https://www.smartkarma.com/entities/lhn-ltd" target="_blank" data-smartkarma-citation="entities:27234" rel="noopener">LHN Ltd (LHN SP)</a> – In-line FY21 results; Co-living to drive growth (BUY; TP SGD0.47/share)</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> sets aside up to A$14.3m for troubled Australian units</li><li>Sales for luxury home reaches new record high - Sales volumes of high-end housing have climbed to a new record. </li></ul>

SCCM | LHN Ltd (LHN SP) – In-line FY21 results; Co-living to drive growth (BUY; TP SGD0.47/share)Oxley Holdings (OHL SP) sets aside up to A$14.3m for troubled Australian unitsSales for luxury home reaches new record high - Sales volumes of high-end housing have climbed to a new record. 

ASEAN Builder's Scoop (9Dec21) - LHN Co-Living to Drive Growth (BUY)

<div><div><div><ul><li>Revenue/PATMI attained 101%/102% of our forecasts, buoyed by Facilities Management &amp; Logistics Management.</li></ul><div><ul><li>Doubling down on Co-living with Mount Elizabeth master lease.</li></ul><div><div><div><ul><li>Logistics spin-off could allow for capital recycling and further expansion.</li></ul></div></div></div></div></div></div></div>

Revenue/PATMI attained 101%/102% of our forecasts, buoyed by Facilities Management &amp; Logistics Management.Doubling down on Co-living with Mount Elizabeth master lease.Logistics spin-off could allow for capital recycling and further expansion.

LHN Limited: In-Line FY21 Results; Co-Living to Drive Growth

Singapore

LHN Limited provides property management services. The Company offers industrial, commercial, residential property management services, and other services. LHN also provides logistics services.

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LHN Ltd (LHN SP)

ASEAN Builder's Scoop (21Apr22) - MCT Losing Growth Momentum

KREIT riding on higher signing rents; SSREIT second major AEI plan underway; LHN seeks clear indentity with logistics spinoff; FILRT occupancy to...

SCCM Asia Research

ASEAN Builder's Scoop (2Mar22) - LHN Opens 2 Co-Living Hotels in Katong Area

SC Cap Partners launches DC platform; ALI FY21 earnings boosted by property dev't; ORI looks to spin off 3 subs in 2022-24; SPSB plans MYR4bn new...

SCCM Asia Research

ASEAN Builder's Scoop (9Dec21) - LHN Co-Living to Drive Growth (BUY)

LHN Co-Living to drive growth (BUY); OHL sets provision for troubled Pindan Group; Luxury home reaches new record high; Cyberjaya smart city in the...

SCCM Asia Research

LHN Limited: In-Line FY21 Results; Co-Living to Drive Growth

In-line FY21 results; Co-living to drive growth; FY21 PATMI jumped 16.2% YoY to S$28.1m, meeting our expectations even as revenue slipped 9.9% on...

SCCM Asia Research

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52-week Range

Market Cap (USDm)

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ASEAN Builder's Scoop (21Apr22) - MCT Losing Growth Momentum

KREIT riding on higher signing rents; SSREIT second major AEI plan underway; LHN seeks clear indentity with logistics spinoff; FILRT occupancy to...

SCCM Asia Research

ASEAN Builder's Scoop (2Mar22) - LHN Opens 2 Co-Living Hotels in Katong Area

SC Cap Partners launches DC platform; ALI FY21 earnings boosted by property dev't; ORI looks to spin off 3 subs in 2022-24; SPSB plans MYR4bn new...

SCCM Asia Research

SCCM | LHN SP - Acquires Freehold Property Along River Valley Road (BUY; TP SGD0.47/Share)

LHN announced the acquisition of freehold property at 298 River Valley Road with land area of 205.4sqm for S$9.1m including GST.

SCCM Asia Research

ASEAN Builder's Scoop (9Dec21) - LHN Co-Living to Drive Growth (BUY)

LHN Co-Living to drive growth (BUY); OHL sets provision for troubled Pindan Group; Luxury home reaches new record high; Cyberjaya smart city in the...

SCCM Asia Research

LHN Limited: In-Line FY21 Results; Co-Living to Drive Growth

In-line FY21 results; Co-living to drive growth; FY21 PATMI jumped 16.2% YoY to S$28.1m, meeting our expectations even as revenue slipped 9.9% on...

SCCM Asia Research