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>New private home sales dropped 64% MoM in Jun22; Take-up rate rebounded to ~123%</li>
<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> incurred S$36.3m impairment losses amid China property headwinds</li>
<li>Chuan Park sold for S$890m, lower than S$938m reserve price</li>
</ul>


New private home sales dropped 64% MoM in Jun22; Take-up rate rebounded to ~123%

Metro Holdings (METRO SP) incurred S$36.3m impairment losses amid China property headwinds
Chuan Park sold for S$890m, lower than S$938m reserve price


ASEAN Builder's Scoop (18Jul22) - New Home Sales Fell 64% MoM, but Take-Up Rate Rebounded

<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

<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

Singapore

Metro Holdings Limited operates department store, develops and invests in properties, as well as undertakes building contract works.  The Company also distributes building and construction materials.

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Metro Holdings (METRO SP)

ASEAN Builder's Scoop (18Jul22) - New Home Sales Fell 64% MoM, but Take-Up Rate Rebounded

METRO impairment losses on China prop debt; Chuan Park sold enbloc for S$890m; Thai offers land ownerhip to foreigners; Phils OFW remittance up in...

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

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

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