Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>For the better part of two decades, Singaporean real estate investment trusts (REITs) have provided an efficient and popular exposure to quality large-scale commercial properties. </li>
<li>Yet as global central banks hike interest rates to address inflationary pressures, can REITs retain their attractiveness?</li>
<li>SREITs have corrected as Singaporean interest rates have increased. The question is whether higher interest rates are baked in, and which SREITs will hold up; and which ones will not?</li>
</ul>


For the better part of two decades, Singaporean real estate investment trusts (REITs) have provided an efficient and popular exposure to quality large-scale commercial properties. 
Yet as global central banks hike interest rates to address inflationary pressures, can REITs retain their attractiveness?
SREITs have corrected as Singaporean interest rates have increased. The question is whether higher interest rates are baked in, and which SREITs will hold up; and which ones will not?


S-REITs: Investing In An Inflationary Environment

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nusantara-sejahtera-raya" target="_blank" data-smartkarma-citation="entities:39908:1" rel="noopener">Cinema XXI (CINEMA IJ)</a> aims to raise up to US$160m in its Indonesia IPO.</li>
<li>Cinema XXI is a premium theatrical exhibition, F&amp;B and experience company. It is the largest cinema chain operator in Indonesia.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Cinema XXI (CINEMA IJ) aims to raise up to US$160m in its Indonesia IPO.
Cinema XXI is a premium theatrical exhibition, F&amp;B and experience company. It is the largest cinema chain operator in Indonesia.
In this note, we talk about the not-so-positive aspects of the deal.


Nusantara Sejahtera Raya (Cinema XXI) IPO - The Negatives - Private Placement, Not a Primary Raising

Invest, Trade and Save in Singapore, Syfe

Syfe

Invest, Trade and Save in Singapore

Syfe is an investment platform offering Managed Portfolios, Brokerage services, and Cash Management solutions to help people build wealth for a better future.

Thematic (Sector/Industry)

<ul>
<li>Singapore’s retail REITs have proven to be among the more resilient segments within the broader S-REIT universe.</li>
<li>By early 2025, high shopper footfall, recovering tenant sales, and positive rental reversions are now the norm across well-managed portfolios. Suburban malls, anchored in necessity trades like groceries, healthcare, and Food and Beverage (F&amp;B), led the recovery, with some even exceeding pre-Covid revenue metrics.</li>
<li>Prime malls have also regained momentum, buoyed by international tourism and luxury brand expansion. Occupancy rates are now typically north of 96%, and mall operators are again achieving mid- to high-single-digit rent uplifts on lease renewals, clear signs of restored landlord pricing power.</li>
</ul>


Singapore’s retail REITs have proven to be among the more resilient segments within the broader S-REIT universe.
By early 2025, high shopper footfall, recovering tenant sales, and positive rental reversions are now the norm across well-managed portfolios. Suburban malls, anchored in necessity trades like groceries, healthcare, and Food and Beverage (F&amp;B), led the recovery, with some even exceeding pre-Covid revenue metrics.
Prime malls have also regained momentum, buoyed by international tourism and luxury brand expansion. Occupancy rates are now typically north of 96%, and mall operators are again achieving mid- to high-single-digit rent uplifts on lease renewals, clear signs of restored landlord pricing power.


Singapore Retail REITs: Show Resilience And Relevance

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<p>Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.</p><ul><li><a href='#lucror-entity-28325'>HPCL-Mittal Energy Ltd</a></li><li><a href='#lucror-entity-18561'>JSW Steel Ltd</a></li><li><a href='#lucror-entity-13359'>Lenovo</a></li><li><a href='#lucror-entity-10946'>Lippo Malls Indonesia Retail Trust</a></li><li><a href='#lucror-entity-2979'>Tata Steel Thailand</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.HPCL-Mittal Energy LtdJSW Steel LtdLenovoLippo Malls Indonesia Retail TrustTata Steel Thailand

Morning Views Asia: HPCL-Mittal Energy Ltd, JSW Steel Ltd, Lenovo, Lippo Malls Indonesia Retail Trust

<p>Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.</p><ul><li><a href='#lucror-entity-26076'>China Vanke </a></li><li><a href='#lucror-entity-10946'>Lippo Malls Indonesia Retail Trust</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.China Vanke Lippo Malls Indonesia Retail Trust

Morning Views Asia: China Vanke  , Lippo Malls Indonesia Retail Trust

Singapore

Lippo Malls Indonesia Retail Trust is a real estate investment trust that invests in malls and other retail locations.

Lippo Malls Indonesia Retail Trust (LMRT SP)

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Lippo Malls Indonesia Retail Trust (LMRT SP)

S-REITs: Investing In An Inflationary Environment

Suntec, with one of the highest gearings in the office subsector, may need to go to the market cap in hand. That or divest some assets - in what is...

David Blennerhassett

Nusantara Sejahtera Raya (Cinema XXI) IPO - The Negatives - Private Placement, Not a Primary Raising

Cinema XXI (CINEMA IJ) aims to raise up to US$160m in its Indonesia IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Singapore Retail REITs: Show Resilience And Relevance

Singapore’s retail REITs have proven to be among the more resilient segments within the broader S-REIT universe. By early 2025, high shopper...

Syfe

Morning Views Asia: HPCL-Mittal Energy Ltd, JSW Steel Ltd, Lenovo, Lippo Malls Indonesia Retail Trust

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Morning Views Asia: China Vanke , Lippo Malls Indonesia Retail Trust

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)