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/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121" rel="noopener">Lippo Karawaci (LPKR IJ)</a> 1H22 revenue fell 7.6% YoY; Full-year marketing sales target of IDR5.2tn remains on track</li><li><a href="https://www.smartkarma.com/entities/osk-holdings-bhd" target="_blank" data-smartkarma-citation="entities:4155" rel="noopener">O.S.K. Holdings (OSK MK)</a> property arm on pace to launch MYR750m pipeline in FY22</li><li><a href="https://www.smartkarma.com/entities/ioi-properties-group-bhd" target="_blank" data-smartkarma-citation="entities:18876" rel="noopener">IOI Properties Group (IOIPG MK)</a> sold ~4.8acre land to OMS in Bandar IOI Segamat for hospital development</li></ul>

Lippo Karawaci (LPKR IJ) 1H22 revenue fell 7.6% YoY; Full-year marketing sales target of IDR5.2tn remains on trackO.S.K. Holdings (OSK MK) property arm on pace to launch MYR750m pipeline in FY22IOI Properties Group (IOIPG MK) sold ~4.8acre land to OMS in Bandar IOI Segamat for hospital development

ASEAN Builder's Scoop (31Aug22) - LPKR Maintains Full-Year Mktg Sales Target of IDR5.2tn

<ul><li><a href="https://www.smartkarma.com/entities/keppel-reit" target="_blank" data-smartkarma-citation="entities:192" rel="noopener">Keppel REIT (KREIT SP)</a> 1H22 DPU +1.0% YoY; Attractively trading at 17% below book with solid operating metrics</li><li><a href="https://www.smartkarma.com/entities/suntec-reit" target="_blank" data-smartkarma-citation="entities:151" rel="noopener">Suntec REIT (SUN SP)</a> 1H22 DPU +15.8% YoY; Solid performance boosted by retail recovery and office resiliency</li><li><a href="https://www.smartkarma.com/entities/frasers-centrepoint-trust" target="_blank" data-smartkarma-citation="entities:2870" rel="noopener">Frasers Centrepoint Trust (FCT SP)</a> 3Q22 Business Updates – Slight weakness in occupancy despite improvements in tenants’ sales and shopper traffic</li></ul>

Keppel REIT (KREIT SP) 1H22 DPU +1.0% YoY; Attractively trading at 17% below book with solid operating metricsSuntec REIT (SUN SP) 1H22 DPU +15.8% YoY; Solid performance boosted by retail recovery and office resiliencyFrasers Centrepoint Trust (FCT SP) 3Q22 Business Updates – Slight weakness in occupancy despite improvements in tenants’ sales and shopper traffic

ASEAN Builder's Scoop (27Jul22) - KREIT Solid Operating Metrics

<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> 1H22 DPU +2.6% YoY – Record high occupancy rate, rising cost of debt despite high level of hedging</li><li>Dec21 retail sales up 6.7% YoY driven by year-end multiple retail sectors; F&amp;B sales increased 7.4% YoY despite restrictions</li><li>Kheng Leong purchased Gilstead Road site for S$70m - Kheng Leong is paying S$70m for 2 bungalows in Gilstead Road with a total freehold land area of 43,457sqft. </li></ul>

Lendlease Global Commercial REIT (LREIT SP) 1H22 DPU +2.6% YoY – Record high occupancy rate, rising cost of debt despite high level of hedgingDec21 retail sales up 6.7% YoY driven by year-end multiple retail sectors; F&amp;B sales increased 7.4% YoY despite restrictionsKheng Leong purchased Gilstead Road site for S$70m - Kheng Leong is paying S$70m for 2 bungalows in Gilstead Road with a total freehold land area of 43,457sqft. 

ASEAN Builder's Scoop (7Feb22) - LREIT Record High Occupancy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/capitaland-investment-ltd-si" target="_blank" data-smartkarma-citation="entities:33774" rel="noopener">Capitaland Investment (CLI SP)</a><a href="https://www.smartkarma.com/entities/chelsea-logistics-and-infrastructure-holdings-corp" target="_blank" data-smartkarma-citation="entities:31205" rel="noopener"> </a> 79 Robinson Road records 93% occupancy rate at opening</li>
<li>GCB deals volume likely to ease, but prices remain on rising trajectory</li>
<li>
<a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121" rel="noopener">Lippo Karawaci (LPKR IJ)</a> CEO believes in housing recovery this year led by landed housing</li>
</ul>



Capitaland Investment (CLI SP)  79 Robinson Road records 93% occupancy rate at opening
GCB deals volume likely to ease, but prices remain on rising trajectory

Lippo Karawaci (LPKR IJ) CEO believes in housing recovery this year led by landed housing


ASEAN Builder's Scoop (14Jan22) - CLI 79 Robinson Rd Opens with 93% Occupancy Rate

<ul><li><a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952" rel="noopener">Singapore Press Holdings (SPH SP)</a> sees operational improvement in Student Accommodation and Aged-care holdings</li><li>New private home sales fell 58% MoM in Dec21 due to cooling measures and holiday season</li><li>Condo resale prices rose 1% MoM in Dec21; closing 2021 with 10.3% YoY rise</li></ul>

Singapore Press Holdings (SPH SP) sees operational improvement in Student Accommodation and Aged-care holdingsNew private home sales fell 58% MoM in Dec21 due to cooling measures and holiday seasonCondo resale prices rose 1% MoM in Dec21; closing 2021 with 10.3% YoY rise

ASEAN Builder's Scoop (12Jan22) - SPH Improvements on Property Holdings

Indonesia

PT Lippo Karawaci Tbk is a diversified and integrated property group and is involved in townships, residential homes, hospitals, hotels, retail malls and industrial estate development and management.  PT Lippo Karawaci through its subsidiaries is also engaged in property and REIT management.

Lippo Karawaci (LPKR IJ)

ASEAN Builder's Scoop (31Aug22) - LPKR Maintains Full-Year Mktg Sales Target of IDR5.2tn

OSK property to launch MYR750m pipeline in FY22; Phils developers urged to expand industrial spaces; HDB launching ~5k BTO flats

SCCM Asia Research

ASEAN Builder's Scoop (27Jul22) - KREIT Solid Operating Metrics

SUN boosted by retail recovery and office resiliency; FCT slight weakness in occupancy; EREIT dragged by higher utilities cost; CQ undergoing S$62m...

SCCM Asia Research

ASEAN Builder's Scoop (7Feb22) - LREIT Record High Occupancy

Dec21 retail sales robust +6.7% YoY, +2.3% MoM; Kheng Leong buys Gilstead Rd site for S$70m; SMRA/LPKR targets >IDR5tn mktg sales in FY22; HOUSE...

SCCM Asia Research

ASEAN Builder's Scoop (14Jan22) - CLI 79 Robinson Rd Opens with 93% Occupancy Rate

CLI 79 Robinson Rd opens with 93% occupancy rate; GCB prices on rising trajectory; LPKR bullish on landed housing; CLI robust +16% YoY 2021 sales;...

SCCM Asia Research

ASEAN Builder's Scoop (12Jan22) - SPH Improvements on Property Holdings

SPH improvements on property holdings; New home sales fell 58% MoM in Dec21; Condo resale prices +10% in 2021; LPKR +5% YoY mrkt sales growth in...

SCCM Asia Research