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>Apr22 retail sales up 12.1% YoY; F&amp;B sales rose 11.4% YoY - Retail sales increased 12.1% YoY in Apr22 to S$3.7bn. </li><li><a href="https://www.smartkarma.com/entities/sime-darby-property-bhd" target="_blank" data-smartkarma-citation="entities:26921" rel="noopener">Sime Darby Property Bhd (SDPR MK)</a> completed the sale of East 57 hillside homes</li><li><a href="https://www.smartkarma.com/entities/megaworld-corp" target="_blank" data-smartkarma-citation="entities:8746" rel="noopener">Megaworld Corp (MEG PM)</a> hikes FY22 budget to PHP50bn (Regina Capital)</li></ul>

Apr22 retail sales up 12.1% YoY; F&amp;B sales rose 11.4% YoY - Retail sales increased 12.1% YoY in Apr22 to S$3.7bn. Sime Darby Property Bhd (SDPR MK) completed the sale of East 57 hillside homesMegaworld Corp (MEG PM) hikes FY22 budget to PHP50bn (Regina Capital)

ASEAN Builder's Scoop (6Jun22) - Apr22 Retail Sales up 1.2% MoM

<ul><li>Propertyguru (PGRU US) 1Q22 Adjusted EBITDA rose 51% YoY; On track for a full-year positive Adjusted EBITDA</li><li>Rising retail rents and inflation pose headwinds to retailers</li><li><a href="https://www.smartkarma.com/entities/megaworld-corp" target="_blank" data-smartkarma-citation="entities:8746" rel="noopener">Megaworld Corp (MEG PM)</a> expects P6.5bn sales from Cavite project (Regina Capital)</li></ul>

Propertyguru (PGRU US) 1Q22 Adjusted EBITDA rose 51% YoY; On track for a full-year positive Adjusted EBITDARising retail rents and inflation pose headwinds to retailersMegaworld Corp (MEG PM) expects P6.5bn sales from Cavite project (Regina Capital)

ASEAN Builder's Scoop (27May22) - PGRU on Track for a FY Positive on Adjusted EBITDA

<ul><li><a href="https://www.smartkarma.com/entities/first-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:15848" rel="noopener">First REIT (FIRT SP)</a> to divest Siloam Hospitals Surabaya at book value - FIRT enters into a conditional sale and purchase agreement with Siloam International Hospitals and Megapratama Karya Bersama to divest Tata Prima Indah, which owns 100% interest in Siloam Hospitals Surabaya for a divestment consideration of IDR430.0bn (~S$40.9m).</li><li>Kensington Park condo launches S$1.28bn collective sale tender - Kensington Park condominium in Serangoon has been offered for en bloc sale by public tender with a guide price of S$1.28bn. </li><li><a href="https://www.smartkarma.com/entities/megaworld-corp" target="_blank" data-smartkarma-citation="entities:8746" rel="noopener">Megaworld Corp (MEG PM)</a> claims no tax liability with BIR - MEG claimed that it has no outstanding or unpaid taxes that justify an action against the company</li></ul>

First REIT (FIRT SP) to divest Siloam Hospitals Surabaya at book value - FIRT enters into a conditional sale and purchase agreement with Siloam International Hospitals and Megapratama Karya Bersama to divest Tata Prima Indah, which owns 100% interest in Siloam Hospitals Surabaya for a divestment consideration of IDR430.0bn (~S$40.9m).Kensington Park condo launches S$1.28bn collective sale tender - Kensington Park condominium in Serangoon has been offered for en bloc sale by public tender with a guide price of S$1.28bn. Megaworld Corp (MEG PM) claims no tax liability with BIR - MEG claimed that it has no outstanding or unpaid taxes that justify an action against the company

ASEAN Builder's Scoop (19May22) - FIRT Divests Siloam Surabaya at Book

<ul><li><a href="https://www.smartkarma.com/entities/ireit-global" target="_blank" data-smartkarma-citation="entities:10596" rel="noopener">IREIT Global (IREIT SP)</a> clinches a six-year lease extension at Bonn Campus</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> YTD22 tenants’ sales surpassed pre-Covid levels</li><li>New private home sales remained flattish MoM in Apr22; Take-up rate fell further to ~164%</li></ul>

IREIT Global (IREIT SP) clinches a six-year lease extension at Bonn CampusFrasers Centrepoint Trust (FCT SP) YTD22 tenants’ sales surpassed pre-Covid levelsNew private home sales remained flattish MoM in Apr22; Take-up rate fell further to ~164%

ASEAN Builder's Scoop (18May22) - IREIT Lease Extension at Bonn Campus

<ul><li>Surge in new supply could slow down industrial price and rental growth; Prime logistics leading the pack</li><li>Freehold boutique project Baywind Residences to launch with prices starting from S$1,950psf</li><li>Demand for co-working spaces rising as corporates explore hybrid work</li></ul>

Surge in new supply could slow down industrial price and rental growth; Prime logistics leading the packFreehold boutique project Baywind Residences to launch with prices starting from S$1,950psfDemand for co-working spaces rising as corporates explore hybrid work

ASEAN Builder's Scoop (17May22) - New Supply Could Slow Down Industrial Rent/Price Growth

Philippines

Megaworld Corporation, through its subsidiaries, operates in the real estate and hotel businesses as well as provides marketing services. The Company provides a wide array of product from condominiums to subdivisions developments.

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Megaworld Corp (MEG PM)

ASEAN Builder's Scoop (6Jun22) - Apr22 Retail Sales up 1.2% MoM

SPDR sold its East 57 hillside homes; MEG raises capex budget to PHP50bn; Inflation still high in PH; Apr22 retail sales up 12.1% YoY; F&B sales...

SCCM Asia Research

ASEAN Builder's Scoop (27May22) - PGRU on Track for a FY Positive on Adjusted EBITDA

MEG expects PHP6.5bn sales from Cavite project; VREIT priced its IPO at PHP1.75/sh; ALLY plans to acquire 3-5 projects in FY22; TRCB dragged by...

SCCM Asia Research

ASEAN Builder's Scoop (19May22) - FIRT Divests Siloam Surabaya at Book

MEG claims no tax liability; PSH targets THB16.3bn sales in FY22; MYR3bn Straits City Penang revealed; KL office rents under pressure

SCCM Asia Research

ASEAN Builder's Scoop (18May22) - IREIT Lease Extension at Bonn Campus

FCT YTD22 tenants' sales surpassed pre-Covid levels; Apr22 new homes sales flat MoM; FEH launching 2 Aus hotel brands; BIR suspends issuance of MEG...

SCCM Asia Research

ASEAN Builder's Scoop (17May22) - New Supply Could Slow Down Industrial Rent/Price Growth

Baywind Residences start from S$1,950psf; Co-working space demand rising; ALI maintain BUY; FLI POGO terminations hurt bottom line; MEG posts +40%...

SCCM Asia Research

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