Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Equity Bottom-Up

<ul><li><strong>China Vanke Co. Ltd</strong>. is selling its entire stake in a Shanghai retail complex to<strong> Link Real Estate Investment Trust (Link Reit)</strong> at a discount, as the indebted developer offloads assets to ease liquidity crunch.</li><li>Hong Kong-listed Link Reit, Asia’s largest real estate investment trust, said in a Friday filing that it agreed to acquire a 50% stake in Qibao Vanke Plaza from Vanke at 2.38 billion yuan ($334 million).</li><li>Link Reit already owns the remaining 50% stake in the plaza after a 2.77-billion-yuan purchase from Vanke’s partner GIC Pte. Ltd. in April 2021.</li></ul>

China Vanke Co. Ltd. is selling its entire stake in a Shanghai retail complex to Link Real Estate Investment Trust (Link Reit) at a discount, as the indebted developer offloads assets to ease liquidity crunch.Hong Kong-listed Link Reit, Asia’s largest real estate investment trust, said in a Friday filing that it agreed to acquire a 50% stake in Qibao Vanke Plaza from Vanke at 2.38 billion yuan ($334 million).Link Reit already owns the remaining 50% stake in the plaza after a 2.77-billion-yuan purchase from Vanke’s partner GIC Pte. Ltd. in April 2021.

Vanke Offloads Shanghai Mall at Discount 

Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

Technical Analysis

<ul><li>At the beginning of the week, I was determined to have this post with a more bullish tone. Maybe it is a contrarian indicator.</li><li>But as of yesterday's market, I see that my efforts were rather over-optimistic.</li><li>The note is what is in front of me rather than speculating we are at the change in trend.</li></ul>

At the beginning of the week, I was determined to have this post with a more bullish tone. Maybe it is a contrarian indicator.But as of yesterday's market, I see that my efforts were rather over-optimistic.The note is what is in front of me rather than speculating we are at the change in trend.

HSI Properties, Link RIET, HSI Financials, China Merchants Bank, and ICBC

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-logistics-trust" target="_blank" data-smartkarma-citation="entities:16035" rel="noopener">Mapletree Logistics Trust (MLT SP)</a> 1Q23 DPU +5.0% YoY; Robust DPU growth and reversions number </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> 1Q23 Business Updates – FW recovery continues</li><li><a href="https://www.smartkarma.com/entities/capitaland-integrated-commercial-trust" target="_blank" data-smartkarma-citation="entities:105" rel="noopener">Capitaland Integrated Commercial Trust (CICT SP)</a> , <a href="https://www.smartkarma.com/entities/link-reit" target="_blank" data-smartkarma-citation="entities:872" rel="noopener">Link REIT (823 HK)</a>, <a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670" rel="noopener">Frasers Property Ltd (FPL SP)</a> competing for NTUC's S$4bn shopping malls</li></ul>

Mapletree Logistics Trust (MLT SP) 1Q23 DPU +5.0% YoY; Robust DPU growth and reversions number Mapletree North Asia Commercial Trust (MAGIC SP) 1Q23 Business Updates – FW recovery continuesCapitaland Integrated Commercial Trust (CICT SP) , Link REIT (823 HK), Frasers Property Ltd (FPL SP) competing for NTUC's S$4bn shopping malls

ASEAN Builder's Scoop (22Jul22) - MLT Robust Growth and Reversions

<ul>
<li>Hong Kong's Link Riet has excellent assets, but the fears of further lockdowns and rising interest rates do not make for a good combination.</li>
<li>They seem to be leading other mall operators despite higher quality assets (mostly low-end and necessities).</li>
<li>Globally none of the delivery services has a cost-effective, scalable model, as they hit the regulatory challenges and hiring costs increases for every scaleup. </li>
</ul>


Hong Kong's Link Riet has excellent assets, but the fears of further lockdowns and rising interest rates do not make for a good combination.
They seem to be leading other mall operators despite higher quality assets (mostly low-end and necessities).
Globally none of the delivery services has a cost-effective, scalable model, as they hit the regulatory challenges and hiring costs increases for every scaleup. 


Hang Seng Index Constituents 22nd June 2022

<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

Hong Kong

Link REIT is a real estate investment trust in Hong Kong. The Trust owns and operates shopping centers, parking space facilities and real estate retail space.

Link REIT (823 HK)

Vanke Offloads Shanghai Mall at Discount

China Vanke Co. Ltd. is selling its entire stake in a Shanghai retail complex to Link Real Estate Investment Trust (Link Reit) at a discount, as...

Caixin Global

HSI Properties, Link RIET, HSI Financials, China Merchants Bank, and ICBC

At the beginning of the week, I was determined to have this post with a more bullish tone. Maybe it is a contrarian indicator.

Untying The Gordian Knot

ASEAN Builder's Scoop (22Jul22) - MLT Robust Growth and Reversions

MAGIC FW recovery continues; CICT/Link REIT/FPL vying for NTUC's mall assets; Non-landed luxury prop deals rose 64% YoY in 2Q22; CPN rolling out 50...

SCCM Asia Research

Hang Seng Index Constituents 22nd June 2022

Hong Kong's Link Riet has excellent assets, but the fears of further lockdowns and rising interest rates do not make for a good combination.

Untying The Gordian Knot

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