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/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

<ul><li><a href="https://www.smartkarma.com/entities/ascendas-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:39" rel="noopener">Ascendas Real Estate Investment Trust (AREIT SP)</a> 1Q22 Business Updates – Robust reversions led by US and AUS portfolio</li><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> 3Q22 Business Updates – A new chapter post successful JEM acquisition fund raising</li><li>ESR-REIT begins to trade today as a merged entity <a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934" rel="noopener">ESR-REIT (EREIT SP)</a> ESR-LOGOS REIT </li></ul>

Ascendas Real Estate Investment Trust (AREIT SP) 1Q22 Business Updates – Robust reversions led by US and AUS portfolioLendlease Global Commercial REIT (LREIT SP) 3Q22 Business Updates – A new chapter post successful JEM acquisition fund raisingESR-REIT begins to trade today as a merged entity ESR-REIT (EREIT SP) ESR-LOGOS REIT 

ASEAN Builder's Scoop (5May22) - AREIT Robust Reversions Led by US, AUS; LREIT

<ul><li><a href="https://www.smartkarma.com/entities/suntec-reit" target="_blank" data-smartkarma-citation="entities:151" rel="noopener">Suntec REIT (SUN SP)</a> 1Q22 DPU +16.9% YoY; Reversions improving as retail rebounded</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> 1Q22 Business Updates – New Economy assets cushioned weakness in Retail</li><li><a href="https://www.smartkarma.com/entities/ascendas-india-trust" target="_blank" data-smartkarma-citation="entities:935" rel="noopener">Ascendas India Trust (AIT SP)</a> 1Q22 Business Updates – Slowing reversions though occupancy remains steady at 87%</li></ul>

Suntec REIT (SUN SP) 1Q22 DPU +16.9% YoY; Reversions improving as retail reboundedCapitaLand China Trust (CLCT SP) 1Q22 Business Updates – New Economy assets cushioned weakness in RetailAscendas India Trust (AIT SP) 1Q22 Business Updates – Slowing reversions though occupancy remains steady at 87%

ASEAN Builder's Scoop (26Apr22) - SUN Retail Rebound Boosts Growth

<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> to collect CNY108.5m for Fu Zhou Industrial expropriation; Minimal impact to NAV and DPU</li><li>Proxy advisers recommends cautious vote in favour for ARA Logos Logistic Trust (ALLT SP) merger offer with ESR-REIT (EREIT SP)</li><li>26–38D Hillview Terrace put up for joint sale by tender with reserve price of S$255.4m</li></ul>

EC World Reit (ECWREIT SP) to collect CNY108.5m for Fu Zhou Industrial expropriation; Minimal impact to NAV and DPUProxy advisers recommends cautious vote in favour for ARA Logos Logistic Trust (ALLT SP) merger offer with ESR-REIT (EREIT SP)26–38D Hillview Terrace put up for joint sale by tender with reserve price of S$255.4m

ASEAN Builder's Scoop (10Mar22) - ECWREIT Min Impact from Asset Expropriation

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 (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

ASEAN Builder's Scoop (5May22) - AREIT Robust Reversions Led by US, AUS; LREIT

Merged EREIT starts trading today; LHN 1H22 +ve profit guidance; MEG raises capex for Bacolod townships; MREIT boosted by acquisitions

SCCM Asia Research

ASEAN Builder's Scoop (26Apr22) - SUN Retail Rebound Boosts Growth

CLCT New Economy cushioned Retail weakness; AIT slowing reversions; SMPH sets PHP80bn FY22 capex; MEG builds smart condo tower

SCCM Asia Research

ASEAN Builder's Scoop (10Mar22) - ECWREIT Min Impact from Asset Expropriation

Proxy advisers in favor for ALLT-EREIT merger; CLI robust housing demand; MEG 4Q21 strong bounce in RE sales; RLC recovery across all segments

SCCM Asia Research

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