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/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>New Private home sales fell substantially in Feb22 due to lack of new launches</li><li>RBC Investor Services Trust Singapore intends to retire as <a href="https://www.smartkarma.com/entities/keppel-reit" target="_blank" data-smartkarma-citation="entities:192" rel="noopener">Keppel REIT (KREIT SP)</a> trustee</li><li>GB building’s three strata commercial units launched for sale at S$69m</li></ul>

New Private home sales fell substantially in Feb22 due to lack of new launchesRBC Investor Services Trust Singapore intends to retire as Keppel REIT (KREIT SP) trusteeGB building’s three strata commercial units launched for sale at S$69m

ASEAN Builder's Scoop (8Mar22) - Feb22 New Home Sales Fell Significantly

<ul><li>Jan22 retail sales up 11.8% YoY driven by CNY Spending; F&amp;B sales increased 9.5% YoY despite restrictions</li><li>CBD shophouse transactions reached an all-time high in 2021 with new record prices</li><li>Green Lebond industrial building repurposed and refitted by Beblu</li></ul>

Jan22 retail sales up 11.8% YoY driven by CNY Spending; F&amp;B sales increased 9.5% YoY despite restrictionsCBD shophouse transactions reached an all-time high in 2021 with new record pricesGreen Lebond industrial building repurposed and refitted by Beblu

ASEAN Builder's Scoop (7Mar22) - Jan21 Retail Sales Driven by CNY Spending

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

Citicore Energy REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/citicore-energy-reit" target="_blank" data-smartkarma-citation="entities:35451:1" rel="noopener">Citicore Energy REIT (CREIT PM)</a> raised around US$124m in its Philippines IPO.</li>
<li>At the IPO price, the REIT is offered at 7% FY22 dividend yield. As of listing, the REIT would be the smallest amongst its peer set, in terms of mcap.</li>
<li>In this note, we will talk about the trading dynamics.</li>
</ul>



Citicore Energy REIT (CREIT PM) raised around US$124m in its Philippines IPO.
At the IPO price, the REIT is offered at 7% FY22 dividend yield. As of listing, the REIT would be the smallest amongst its peer set, in terms of mcap.
In this note, we will talk about the trading dynamics.


Citicore Energy REIT IPO Trading - Most Phil REITs Had Corrected Since Our Last Note

<ul><li><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> 2H21 DPU -8.9% YoY; Office cap rates compressed while retail rental reversions improving   </li><li><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> 3Q22 Business Updates – High occupancies a priority against falling reversions</li><li><a href="https://www.smartkarma.com/entities/ascott-residence-trust" target="_blank" data-smartkarma-citation="entities:6560" rel="noopener">Ascott Residence Trust (ART SP)</a> 2H21 DPU +14% YoY; RevPAU rebounded strongly with plenty of growth initiatives in the pipelines</li></ul>

Capitaland Integrated Commercial Trust (CICT SP) 2H21 DPU -8.9% YoY; Office cap rates compressed while retail rental reversions improving   Mapletree North Asia Commercial Trust (MAGIC SP) 3Q22 Business Updates – High occupancies a priority against falling reversionsAscott Residence Trust (ART SP) 2H21 DPU +14% YoY; RevPAU rebounded strongly with plenty of growth initiatives in the pipelines

ASEAN Builder's Scoop (28Jan22) - CICT Office Cap Rates Compressed

Philippines

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

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MREIT (MREIT PM)

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 (8Mar22) - Feb22 New Home Sales Fell Significantly

RBC retires as KREIT's trustee; MREIT nets ~PHP2bn in FY21; RLC expanding Antipolo mall; Kampung Baru redevelopment takes shape

SCCM Asia Research

ASEAN Builder's Scoop (7Mar22) - Jan21 Retail Sales Driven by CNY Spending

CBD shophouses reached record high; SMPH increases 2022 capex; MREIT targets PHP20bn acq in 2022; PSH undergoing restructuring; PAR to launch 6 new...

SCCM Asia Research

Citicore Energy REIT IPO Trading - Most Phil REITs Had Corrected Since Our Last Note

Citicore Energy REIT (CREIT PM) raised around US$124m in its Philippines IPO. In this note, we will talk about the trading dynamics.

Clarence Chu

ASEAN Builder's Scoop (28Jan22) - CICT Office Cap Rates Compressed

MAGIC high occupancy a priority; ART RevPAU rebounded strongly; CDREIT underlying operations recovering; FHT QoQ ongoing recovery; MREIT to acquire...

SCCM Asia Research

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