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/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> 4Q21 DPU +7.7% YoY; Driven largely by absence of DI retention and strengthening RMB</li><li><a href="https://www.smartkarma.com/entities/ara-us-hospitality-trust" target="_blank" data-smartkarma-citation="entities:28048" rel="noopener">ARA US Hospitality Trust (ARAUS SP)</a> 2H21 DPU of US$0.36c declared; Road to recovery continues</li><li><a href="https://www.smartkarma.com/entities/united-hampshire-us-reit" target="_blank" data-smartkarma-citation="entities:28874" rel="noopener">United Hampshire US REIT (UHU SP)</a> 2H21 DPU +0.7% YoY; Portfolio valuation rose 3.7% YoY, divesting of 2 Self Storage properties</li></ul>

EC World Reit (ECWREIT SP) 4Q21 DPU +7.7% YoY; Driven largely by absence of DI retention and strengthening RMBARA US Hospitality Trust (ARAUS SP) 2H21 DPU of US$0.36c declared; Road to recovery continuesUnited Hampshire US REIT (UHU SP) 2H21 DPU +0.7% YoY; Portfolio valuation rose 3.7% YoY, divesting of 2 Self Storage properties

ASEAN Builder's Scoop (24Feb22) - ECWREIT Driven by Absence of DI Retention

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Mapletree Pan Asia Commercial Trust / Event-Driven

<ul>
<li>Quarz wrote an open letter questioning the <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> deal with MCT for MNACT shareholders, discussed <a href="https://www.smartkarma.com/insights/activist-quarz-objects-to-mapletree-merger-terms-a-commentary" target="_blank" rel="noopener">here</a>. They wrote another letter last Thursday.</li>
<li>Now, Securities Investors Association (Singapore) SIAS has come out with an <a href="https://sias.org.sg/latest-updates/press-statement-questions-to-mapletree-commercial-trust-mct/" target="_blank" rel="noopener">open letter to MCT management</a> questioning the deal. </li>
<li>There are now activists on both sides questioning this deal. That is not necessarily a bad thing. </li>
</ul>


Quarz wrote an open letter questioning the Mapletree North Asia Commercial Trust (MAGIC SP) deal with MCT for MNACT shareholders, discussed here. They wrote another letter last Thursday.
Now, Securities Investors Association (Singapore) SIAS has come out with an open letter to MCT management questioning the deal. 
There are now activists on both sides questioning this deal. That is not necessarily a bad thing. 


SIAS Also Questions MCT/MNACT Merger, Countering/Supporting Quarz

David Blennerhassett

<ul>
<li>There are currently 43 - mostly firm - transactions currently being discussed and analysed on Smartkarma.</li>
<li>One new deal this week: the unconditional Offer for <a href="https://www.smartkarma.com/entities/hock-seng-lee-berhad" target="_blank" data-smartkarma-citation="entities:19887:1" rel="noopener">Hock Seng Lee (HSL MK)</a>.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a>, <a href="https://www.smartkarma.com/entities/western-areas-ltd" target="_blank" data-smartkarma-citation="entities:15497:1" rel="noopener">Western Areas (WSA AU)</a>, <a href="https://www.smartkarma.com/entities/australian-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:19399:1" rel="noopener">Australian Pharmaceutical Industries (API AU)</a>, True/DTAC, and <a href="https://www.smartkarma.com/entities/g-j-steel-pcl" target="_blank" data-smartkarma-citation="entities:14759:1" rel="noopener">G J Steel PCL (GJS TB)</a>.</li>
</ul>


There are currently 43 - mostly firm - transactions currently being discussed and analysed on Smartkarma.
One new deal this week: the unconditional Offer for Hock Seng Lee (HSL MK).
Key updates took place for: Crown Resorts (CWN AU), Western Areas (WSA AU), Australian Pharmaceutical Industries (API AU), True/DTAC, and G J Steel PCL (GJS TB).


Asia-Pac Weekly Risk Arb Summary: Crown Resorts, GJ Steel, Western Areas, Aussie Pharma, DTAC/True

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Mapletree North Asia Commercial Trust / Event-Driven

<ul>
<li>Quarz Capital’s <a href="https://www.bettermnact.com/_files/ugd/517105_02ef42e240d344b9a13b20fce5b8c5d1.pdf" target="_blank" rel="noopener">open letter</a> urges <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a>’s (MNACT) board to protect unitholders’ interest and negotiate for a higher offer from <a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106:1" rel="noopener">Mapletree Commercial Trust (MCT SP)</a>.</li>
<li>MCT has three options – keep the terms unchanged, improve the terms or support MNACT's board benchmarking the merger vs alternative transactions.   </li>
<li>MCT’s likely move is to keep terms unchanged and seek shareholder approval. MNACT's board can appease unitholders by exploring alternative transactions.   </li>
</ul>


Quarz Capital’s open letter urges Mapletree North Asia Commercial Trust (MAGIC SP)’s (MNACT) board to protect unitholders’ interest and negotiate for a higher offer from Mapletree Commercial Trust (MCT SP).
MCT has three options – keep the terms unchanged, improve the terms or support MNACT's board benchmarking the merger vs alternative transactions.   
MCT’s likely move is to keep terms unchanged and seek shareholder approval. MNACT's board can appease unitholders by exploring alternative transactions.   


MCT and MNACT’s Options for Dealing with Quarz’s Campaign

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

Mapletree Pan Asia Commercial Trust is a Singapore-focused real estate investment trust. The Trust invests on a long-term basis, directly or indirectly, in a diversified portfolio of income-producing real estate used primarily for office and/or retail purposes, whether wholly or partially, as well as real estate-related assets.

Mapletree Pan Asia Commercial Trust (MCT SP)

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Mapletree Pan Asia Commercial Trust (MCT SP)

ASEAN Builder's Scoop (24Feb22) - ECWREIT Driven by Absence of DI Retention

ARAUS back to declaring dividend; UHU portfolio valuation rising; LHN another Co-living expansion; RGE buys Tangling SC; HOBEE buys London office;...

SCCM Asia Research

SIAS Also Questions MCT/MNACT Merger, Countering/Supporting Quarz

SIAS has jumped into the MCT/MNACT fray with a letter to MCT questioning the deal. MCT has fallen since deal announcement as unhappy Singaporean...

Travis Lundy

Asia-Pac Weekly Risk Arb Summary: Crown Resorts, GJ Steel, Western Areas, Aussie Pharma, DTAC/True

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

MCT and MNACT’s Options for Dealing with Quarz’s Campaign

MCT has three options – keep the terms unchanged, improve the terms or support MNACT's board benchmarking the merger vs alternative transactions.

Arun George

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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