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/lhn-ltd" target="_blank" data-smartkarma-citation="entities:27234" rel="noopener">LHN Ltd (LHN SP)</a> acquires Pasir Panjang property for S$30m for its Co-living portfolio expansion</li><li><a href="https://www.smartkarma.com/entities/guocoland-ltd" target="_blank" data-smartkarma-citation="entities:17467" rel="noopener">GuocoLand (GUOL SP)</a> Lentor Modern condo sold 84% of total units at launch weekend for ~S$1,850-2,550psf</li><li><a href="https://www.smartkarma.com/entities/straits-trading-co-ltd" target="_blank" data-smartkarma-citation="entities:15745" rel="noopener">Straits Trading (STRTR SP)</a> acquires remaining 20% stake in Australian trust for S$60m</li></ul>

LHN Ltd (LHN SP) acquires Pasir Panjang property for S$30m for its Co-living portfolio expansionGuocoLand (GUOL SP) Lentor Modern condo sold 84% of total units at launch weekend for ~S$1,850-2,550psfStraits Trading (STRTR SP) acquires remaining 20% stake in Australian trust for S$60m

ASEAN Builder's Scoop (19Sep22) - LHN Buys Co-Living Pasir Panjang Property

<ul><li><a href="https://www.smartkarma.com/entities/oxley-holdings-ltd" target="_blank" data-smartkarma-citation="entities:1097" rel="noopener">Oxley Holdings (OHL SP)</a> 2H22 net loss doubled to S$20.3m; Future progress billing of S$1.7bn over next 3 years</li><li>Resilient PBSA properties gaining traction amidst slowing economy</li><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> proposes tender for S$60m perpetual securities</li></ul>

Oxley Holdings (OHL SP) 2H22 net loss doubled to S$20.3m; Future progress billing of S$1.7bn over next 3 yearsResilient PBSA properties gaining traction amidst slowing economyFirst REIT (FIRT SP) proposes tender for S$60m perpetual securities

ASEAN Builder's Scoop (22Aug22) - OHL Pipeline Remains Healthy

<ul><li><a href="https://www.smartkarma.com/entities/metro-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7401" rel="noopener">Metro Holdings (METRO SP)</a> 2H22 net profit fell 68% YoY due to impairment losses from China; Invested 10% stake in DocMed Technology</li><li>Bukit Sembawang Estates (BS SP) 2H22 net profit tumbles 75% YoY; Proposed a total dividend of S$16c/share</li><li><a href="https://www.smartkarma.com/entities/robinsons-land-corp" target="_blank" data-smartkarma-citation="entities:8831" rel="noopener">Robinsons Land Co (RLC PM)</a> digesting 1Q22 earnings, a hit and miss (Regina Capital)</li></ul>

Metro Holdings (METRO SP) 2H22 net profit fell 68% YoY due to impairment losses from China; Invested 10% stake in DocMed TechnologyBukit Sembawang Estates (BS SP) 2H22 net profit tumbles 75% YoY; Proposed a total dividend of S$16c/shareRobinsons Land Co (RLC PM) digesting 1Q22 earnings, a hit and miss (Regina Capital)

ASEAN Builder's Scoop (30May22) - METRO Invested 10% in DocMed

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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/vista-reit" target="_blank" data-smartkarma-citation="entities:35951:1" rel="noopener">Vista REIT (VR PM)</a> is looking to raise about US$158m in its Philippines IPO. This would be a 100% secondary selldown by the Sponsors. </li>
<li>VREIT's larger assets have seen their occupancies dwindle since FY19. A bulk of its office tenants are up for expiry in FY22 and sector momentum hasn’t been the greatest.</li>
<li>VREIT would also hold the smallest portfolio in terms of appraised valuation and would be the smallest REIT, as per mcap.</li>
</ul>



Vista REIT (VR PM) is looking to raise about US$158m in its Philippines IPO. This would be a 100% secondary selldown by the Sponsors. 
VREIT's larger assets have seen their occupancies dwindle since FY19. A bulk of its office tenants are up for expiry in FY22 and sector momentum hasn’t been the greatest.
VREIT would also hold the smallest portfolio in terms of appraised valuation and would be the smallest REIT, as per mcap.


Vista REIT IPO - Smallest of the Lot, Sector Has Been Under Pressure

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vista-reit" target="_blank" data-smartkarma-citation="entities:35951:1" rel="noopener">Vista REIT (VR PM)</a> is looking to raise about US$158m in its Philippines IPO. This would be a 100% secondary selldown by the Sponsors.</li>
<li>VREIT is a Philippine REIT which owns commercial properties, comprising both retail and office properties. The initial portfolio consists of 12 Properties with an aggregate GLA of 256,403.95 sqm.</li>
<li>VREIT had weathered the effects of COVID relatively well, given its exposure towards essential providers and BPO tenants. However, its larger assets have seen their occupancies dwindle since FY19.</li>
</ul>



Vista REIT (VR PM) is looking to raise about US$158m in its Philippines IPO. This would be a 100% secondary selldown by the Sponsors.
VREIT is a Philippine REIT which owns commercial properties, comprising both retail and office properties. The initial portfolio consists of 12 Properties with an aggregate GLA of 256,403.95 sqm.
VREIT had weathered the effects of COVID relatively well, given its exposure towards essential providers and BPO tenants. However, its larger assets have seen their occupancies dwindle since FY19.


VistaREIT IPO - Bulk Expiries in the near Term and Larger Assets Saw Dwindling Performance

Philippines

MREIT INc operates as a real estate investment trust. The Company leases portfolio of office and commercial assets. MREIT serves customers in Philippines.

MREIT (MREIT PM)

ASEAN Builder's Scoop (19Sep22) - LHN Buys Co-Living Pasir Panjang Property

GUOL sold 84% of Lentor Modern at launch wkd; STRTR acq 20% stake in Aus Trust; MREIT below IPO price boosting yield appeal

SCCM Asia Research

ASEAN Builder's Scoop (22Aug22) - OHL Pipeline Remains Healthy

Resilient PBSA asset class gaining traction; MREIT to reach 500k sqm target in 2023; Manila office vacancy climbs to new record; i-City Finance Ave...

SCCM Asia Research

ASEAN Builder's Scoop (30May22) - METRO Invested 10% in DocMed

BS 2H22 Earnings Tumbled 75% YoY; RLC 1Q earnings a hit and miss; MREIT mulls PHP15bn asset infusion; DILD 1Q22 earnings fell into red

SCCM Asia Research

Vista REIT IPO - Smallest of the Lot, Sector Has Been Under Pressure

Vista REIT (VR PM) is looking to raise about US$158m in its Philippines IPO. Sector momentum hasn’t been the greatest and VREIT would be the...

Clarence Chu

VistaREIT IPO - Bulk Expiries in the near Term and Larger Assets Saw Dwindling Performance

Vista REIT (VR PM) is looking to raise about US$158m in its Philippines IPO. This would be a 100% secondary selldown by the Sponsors. The larger...

Clarence Chu