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> 3Q22 DPU +5.8% YoY; Sustained robust occupancy and reversions  </li><li><a href="https://www.smartkarma.com/entities/capitaland-china-trust" target="_blank" data-smartkarma-citation="entities:8859" rel="noopener">CapitaLand China Trust (CLCT SP)</a> 2H21 DPU +35.1% YoY – Negative 3.4% retail reversions a concern</li><li>Office rents and vacancy bottomed in 4Q21; Index rose 1.9% in 2021</li></ul>

Mapletree Logistics Trust (MLT SP) 3Q22 DPU +5.8% YoY; Sustained robust occupancy and reversions  CapitaLand China Trust (CLCT SP) 2H21 DPU +35.1% YoY – Negative 3.4% retail reversions a concernOffice rents and vacancy bottomed in 4Q21; Index rose 1.9% in 2021

ASEAN Builder's Scoop (31Jan22) - MLT Sustained Robust Occupancy, Reversions

<ul><li>Mapletree Logistics Trust (MLT) and Mapletree Industrial Trust (MIT) have no plans on merging</li><li>Condo, HDB rents increases more than 10% in 2021; Rents could continue to move up given cooling measures</li><li><a href="https://www.smartkarma.com/entities/banyan-tree-holdings-ltd" target="_blank" data-smartkarma-citation="entities:18141" rel="noopener">Banyan Tree Holdings (BTH SP)</a> Banyan Tree Group (BTH SP) launches new hospitality concept in Phuket, Thailand</li></ul>

Mapletree Logistics Trust (MLT) and Mapletree Industrial Trust (MIT) have no plans on mergingCondo, HDB rents increases more than 10% in 2021; Rents could continue to move up given cooling measuresBanyan Tree Holdings (BTH SP) Banyan Tree Group (BTH SP) launches new hospitality concept in Phuket, Thailand

ASEAN Builder's Scoop (13Jan22) - No Merger for MLT/MINT

<ul><li><a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57" rel="noopener">City Developments (CIT SP)</a> obtains option to buy S$126.3m worth of assets from Tan Chong International (TCI SP)</li><li>Perfect Ten by CK Asset Holdings will open sales gallery to public on 8Dec</li><li>UOB Asset Management (UOBAM) lists first Reit ETF on Singapore Exchange</li></ul>

City Developments (CIT SP) obtains option to buy S$126.3m worth of assets from Tan Chong International (TCI SP)Perfect Ten by CK Asset Holdings will open sales gallery to public on 8DecUOB Asset Management (UOBAM) lists first Reit ETF on Singapore Exchange

ASEAN Builder's Scoop (24Nov21) - CIT Obtains Option to Buy Assets from TCI

<ul><li>Mapletree Logistics Trust (MLT SP) to purchase 17 properties in China, Vietnam and Japan for ~S$1.4bn; DPU accretive by +2.2%</li><li>Ascendas India Trust (AIT SP) completes acquisition of Building Q1 in Aurum Q Parc at Navi Mumbai</li><li>Digital Realty seeks to list data centre-focused Digital Core REIT; FY22-23 dividend yield forecasts of 4.75-5%</li></ul>

Mapletree Logistics Trust (MLT SP) to purchase 17 properties in China, Vietnam and Japan for ~S$1.4bn; DPU accretive by +2.2%Ascendas India Trust (AIT SP) completes acquisition of Building Q1 in Aurum Q Parc at Navi MumbaiDigital Realty seeks to list data centre-focused Digital Core REIT; FY22-23 dividend yield forecasts of 4.75-5%

ASEAN Builder's Scoop (23Nov21) - MLT Acquires CN, VN, JPN Logistics for ~S$1.4bn

<h2>Singapore</h2><p>SREITs results in a glance (see detailed spreadsheet and calendar attached)</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/237/882/original/image_38758426221635344719889.png?1635344723" class="editor-image img-responsive" data-smartkarma-image-id="237882"></figure><h3><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> 2H21 DPU +39.3% YoY; Resilient occupancy and tenants’ sales amidst Phase-2 temporary setbacks</h3><p>2H21 revenue and NPI surged by 159.9% and 213.2% YoY, respectively, to S$167.5m and S$120.9m, mainly boosted by ARF acquisition. This brought FY21 revenue and NPI to S$341.2m (+107.5% YoY) and S$246.6m (+122.4%) or 96%/98% of BBG estimates, respectively. On a HoH basis, 2H21 revenue and NPI fell 3.5% and 3.8%, respectively, due to rental rebates provided to tenants in Sep21</p>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached)Frasers Centrepoint Trust (FCT SP) 2H21 DPU +39.3% YoY; Resilient occupancy and tenants’ sales amidst Phase-2 temporary setbacks2H21 revenue and NPI surged by 159.9% and 213.2% YoY, respectively, to S$167.5m and S$120.9m, mainly boosted by ARF acquisition. This brought FY21 revenue and NPI to S$341.2m (+107.5% YoY) and S$246.6m (+122.4%) or 96%/98% of BBG estimates, respectively. On a HoH basis, 2H21 revenue and NPI fell 3.5% and 3.8%, respectively, due to rental rebates provided to tenants in Sep21

Singapore

Mapletree Logistics Trust is a Singapore-based real estate investment trust (REIT) that invests in a diversified portfolio of income-producing logistics real estate and related assets across Asia Pacific. It provides logistics spaces and offers services such as leasing, sale & leaseback, asset enhancement, and development. The company is headquartered in Singapore and was founded in 2004.

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Mapletree Logistics (MLT SP)

ASEAN Builder's Scoop (31Jan22) - MLT Sustained Robust Occupancy, Reversions

CLCT negative retail reversions a concern; 4Q21 office rents bottomed; 4Q21 retail rents recovered; Industrial rents trending upwards; Phils office...

SCCM Asia Research

ASEAN Builder's Scoop (13Jan22) - No Merger for MLT/MINT

No merger for MLT/MINT; Condo, HDB rents may continue rising; BTH launching new concept in Phuket; METRO/Daiwa House deepens collaboration; SIRI...

SCCM Asia Research

ASEAN Builder's Scoop (24Nov21) - CIT Obtains Option to Buy Assets from TCI

CIT obtains option to buy assets from TCI; Perfect Ten sales gallery open on 8Dec; UOBAM first REIT ETF listed; F&B/tourism remains subdued in...

SCCM Asia Research

ASEAN Builder's Scoop (23Nov21) - MLT Acquires CN, VN, JPN Logistics for ~S$1.4bn

MLT acquires CN, VN, JPN logistics for ~S$1.4bn; AIT completes Navi Mumbai acq; Digital Core REIT offers 4.75-5% yield; FLI resi buoys 3Q21...

SCCM Asia Research

ASEAN Builder's Scoop (27Oct21)

FCT temporary hiccups; EREIT persistent negative reversions; MINT boosted by US acquisitions; LMRT early signs of recovery; FIRT performance...

SCCM Asia Research

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