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/dasin-retail-trust" target="_blank" data-smartkarma-citation="entities:23743" rel="noopener">Dasin Retail Trust (DASIN SP)</a> enters into MOU for potential divestment of 2 retail properties</li><li><a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> offers Cash-Only Alternative to <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> unitholders</li><li>Quarz requests for MAS intervention; claims <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> has responsibility to seek better price</li></ul>

Dasin Retail Trust (DASIN SP) enters into MOU for potential divestment of 2 retail propertiesMapletree Commercial Trust (MCT SP) offers Cash-Only Alternative to Mapletree North Asia Commercial Trust (MAGIC SP) unitholdersQuarz requests for MAS intervention; claims Mapletree North Asia Commercial Trust (MAGIC SP) has responsibility to seek better price

ASEAN Builder's Scoop (21Mar22) - DASIN Enters MOU to Divest 2 Properties

<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

<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/000/237/199/original/image_71648546021635124700450.png?1635124703" class="editor-image img-responsive" data-smartkarma-image-id="237199"></figure><h3><a href="https://www.smartkarma.com/entities/capitaland-integrated-commercial-trust" target="_blank" data-smartkarma-citation="entities:105" rel="noopener">Capitaland Integrated Commercial Trust (CICT SP)</a> 3Q21 Business Updates – Hopeful for a stronger 4Q21</h3><ul><li>3Q21 revenue and NPI increased by 118.9% and 132.2% YoY to S$329m and S$242.6m, respectively, bringing 9M21 gross revenue and NPI to S$974.7m (+108% YoY) and S$714.8m (+122.8% YoY), respectively. CICT’s enlarged portfolio as well as 100% contribution from Raffles City Singapore (RCS) helped to boost 9M21 performance. In 3Q21, CICT granted less than S$2m of rental waivers. 3Q21 DPU was undisclosed</li><li>Overall portfolio occupancy dipped slightly to 94.4% in 3Q21 (vs. 94.9% in 2Q21 and 95.9% in 1Q21). Portfolio WALE (by GRI) stood at 3 years</li><li>Retail: 9M21 shopper traffic inched up 0.9% YoY, while tenants’ sales improved by 1% YoY (retention rate of 82.4%), shaving off from 1H21’s 4.2%/5.3% YoY improvement. Retail occupancy dipped to 96.4% (vs. 97% in 2Q21 and 97.1% in 1Q21). Clarke Quay and Bugis+ were the largest dampeners on the portfolio with occupancies falling 3.5ppts/2.8ppts from 2Q21, respectively, while rental reversions (incoming avg. rents vs outgoing avg. rents) continued to decline, albeit at a slower pace of -3.8% (vs. 1H21: -4.5%). Retail WALE (by GRI) held at 1.9 years</li></ul>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached)Capitaland Integrated Commercial Trust (CICT SP) 3Q21 Business Updates – Hopeful for a stronger 4Q213Q21 revenue and NPI increased by 118.9% and 132.2% YoY to S$329m and S$242.6m, respectively, bringing 9M21 gross revenue and NPI to S$974.7m (+108% YoY) and S$714.8m (+122.8% YoY), respectively. CICT’s enlarged portfolio as well as 100% contribution from Raffles City Singapore (RCS) helped to boost 9M21 performance. In 3Q21, CICT granted less than S$2m of rental waivers. 3Q21 DPU was undisclosedOverall portfolio occupancy dipped slightly to 94.4% in 3Q21 (vs. 94.9% in 2Q21 and 95.9% in 1Q21). Portfolio WALE (by GRI) stood at 3 yearsRetail: 9M21 shopper traffic inched up 0.9% YoY, while tenants’ sales improved by 1% YoY (retention rate of 82.4%), shaving off from 1H21’s 4.2%/5.3% YoY improvement. Retail occupancy dipped to 96.4% (vs. 97% in 2Q21 and 97.1% in 1Q21). Clarke Quay and Bugis+ were the largest dampeners on the portfolio with occupancies falling 3.5ppts/2.8ppts from 2Q21, respectively, while rental reversions (incoming avg. rents vs outgoing avg. rents) continued to decline, albeit at a slower pace of -3.8% (vs. 1H21: -4.5%). Retail WALE (by GRI) held at 1.9 years

<h2>Singapore</h2>
<h3>Ang Mo Kio 99-year private housing plot draws 15 bids while EC plot in Tengah draws seven bids</h3>
<ul>
<li>A 99-year leasehold private housing site in Ang Mo Kio Avenue 1, opposite the Bishan-Ang Mo Kio Park, has drawn 15 bids in a state tender. The highest bid of S$381.38m, or nearly S$1,118psf ppr, came from a 60:20:20 joint venture between UOL Group Ltd (UOL SP), Singapore Land Group Limited (SPLG SP) and Kheong Leong Company. This was 6.3% higher than the second highest bid of S$358.89m or S$1,052psf ppr from Titus Residential SG, a tie-up between City Developments Ltd (CIT SP) and MCL Land. Also bidding for the site was a tie-up between Far East Organisation, Sino Group and Sekisui House, which offered S$353.33m or $1,036psf ppr. UOL plans to develop a 24-25 storey project of more than 370 units that will enjoy unblocked views of the Bishan-Ang Mo Kio Park, Lower Peirce Reservoir Park and Shangri-la Park landed housing estate. It is also a timely replenishment for UOL’s land bank</li>
<li>Also closing was the tender for the maiden EC housing site in the Tengah estate. The 99-year leasehold plot in Tengah Garden Walk drew seven bids. The highest offer of S$400.3m, or S$603.17 psf ppr, was from a tie-up between CIT and MCL Land; it was just a tad higher than the nearly S$400.2m or S$602.99psf ppr from the second highest bid, from CSC Land Group. The top bid marks a record land rate for an EC site under the GLS programme. The previous high was S$583psf ppr garnered by the Sumang Walk EC site awarded in Mar18.</li>
</ul>

Singapore
Ang Mo Kio 99-year private housing plot draws 15 bids while EC plot in Tengah draws seven bids

A 99-year leasehold private housing site in Ang Mo Kio Avenue 1, opposite the Bishan-Ang Mo Kio Park, has drawn 15 bids in a state tender. The highest bid of S$381.38m, or nearly S$1,118psf ppr, came from a 60:20:20 joint venture between UOL Group Ltd (UOL SP), Singapore Land Group Limited (SPLG SP) and Kheong Leong Company. This was 6.3% higher than the second highest bid of S$358.89m or S$1,052psf ppr from Titus Residential SG, a tie-up between City Developments Ltd (CIT SP) and MCL Land. Also bidding for the site was a tie-up between Far East Organisation, Sino Group and Sekisui House, which offered S$353.33m or $1,036psf ppr. UOL plans to develop a 24-25 storey project of more than 370 units that will enjoy unblocked views of the Bishan-Ang Mo Kio Park, Lower Peirce Reservoir Park and Shangri-la Park landed housing estate. It is also a timely replenishment for UOL’s land bank
Also closing was the tender for the maiden EC housing site in the Tengah estate. The 99-year leasehold plot in Tengah Garden Walk drew seven bids. The highest offer of S$400.3m, or S$603.17 psf ppr, was from a tie-up between CIT and MCL Land; it was just a tad higher than the nearly S$400.2m or S$602.99psf ppr from the second highest bid, from CSC Land Group. The top bid marks a record land rate for an EC site under the GLS programme. The previous high was S$583psf ppr garnered by the Sumang Walk EC site awarded in Mar18.


ASEAN Builder's Scoop (27May21) - AMK Site Drew High 15bids

Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

<p> The global edtech market is expected to grow 17% a year - hitting USD 252bn by 2020, according to research by IBIS Capital. Global tech companies such as Google, LinkedIn and Tencent all have their fingers in the pie. With so many Edtech companies out there seeking funds, how should we pick which ones to invest in?</p><p>As part of an Edtech series, this first article provides an overview of Edtech firms' business model, and examines the key advantages that traditional education institutions have, against which Edtech firms will be measured: <br><br>1. Trust that they can deliver ‘quality’ outcomes<br>2. Discipline offered within a physical classroom<br>3. Customized diagnosis by a teacher/instructor<br>4. Modelling – a universal way by which humans learn<br>5. Stimulation of various parts of the brain</p>

 The global edtech market is expected to grow 17% a year - hitting USD 252bn by 2020, according to research by IBIS Capital. Global tech companies such as Google, LinkedIn and Tencent all have their fingers in the pie. With so many Edtech companies out there seeking funds, how should we pick which ones to invest in?As part of an Edtech series, this first article provides an overview of Edtech firms' business model, and examines the key advantages that traditional education institutions have, against which Edtech firms will be measured:   1. Trust that they can deliver ‘quality’ outcomes 2. Discipline offered within a physical classroom 3. Customized diagnosis by a teacher/instructor 4. Modelling – a universal way by which humans learn 5. Stimulation of various parts of the brain

Ed or Tech, Edtech Firms Must Cross These Moats

Singapore

Metro Holdings Limited is a property investment and development group, and a retail operator. The company leases shopping and office spaces, invests in property-related ventures, and operates department stores. It also develops various properties including mixed-use, residential, commercial, and retail centers. Headquartered in Singapore, the company was founded in 1957.

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Metro (METRO SP)

ASEAN Builder's Scoop (21Mar22) - DASIN Enters MOU to Divest 2 Properties

MCT offers Cash-Only option to MAGIC; Metro diversification strategy; ECW robust sales YTD; S TB earmarks THB11bn capex in 2022; FILRT boost from...

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 (25Oct21)

CICT hopeful for a stronger 4Q21; METRO acquires SG, AUS props; 3Q21 home prices rose 1.1% QoQ; Office rents reversed, retail rents fell further in...

SCCM Asia Research

ASEAN Builder's Scoop (27May21) - AMK Site Drew High 15bids

AMK site drew high 15bids, UOL winner; CAPL rises stake in DLSP; Frasers Hosp expands in China; GLP eyes US$2bn HK IPO; METRO sees decentralized...

SCCM Asia Research

Ed or Tech, Edtech Firms Must Cross These Moats

The global edtech market is expected to grow 17% a year - hitting USD 252bn by 2020, according to research by IBIS Capital. Global tech companies...

Valerie Law, CFA

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