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 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

<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

<ul><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> and <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> proposed merger to form Mapletree Pan Asia Commercial Trust (MPACT); DPU and NAV accretive to MCT unitholders</li><li>The transaction will be ~8.9% and ~6.5% of accretive to DPU and NAV, respectively, on a pro forma basis to MCT unitholders. As for MAGIC unitholders, total consideration is at an attractive premium over trading prices and implies a 1.0x P/NAV, translating into a 1-year total return of ~32.2%</li><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> acquires 50% interest in Sydney office building for ~S$410m; DPU accretive by ~1%</li></ul>

Mapletree Commercial Trust (MCT SP) and Mapletree North Asia Commercial Trust (MAGIC SP) proposed merger to form Mapletree Pan Asia Commercial Trust (MPACT); DPU and NAV accretive to MCT unitholdersThe transaction will be ~8.9% and ~6.5% of accretive to DPU and NAV, respectively, on a pro forma basis to MCT unitholders. As for MAGIC unitholders, total consideration is at an attractive premium over trading prices and implies a 1.0x P/NAV, translating into a 1-year total return of ~32.2%Capitaland Integrated Commercial Trust (CICT SP) acquires 50% interest in Sydney office building for ~S$410m; DPU accretive by ~1%

ASEAN Builder's Scoop (3Jan22) - MCT/MAGIC Merger

<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> has sold ~95% of its Singapore residential units</li><li><a href="https://www.smartkarma.com/entities/singhaiyi-group-ltd" target="_blank" data-smartkarma-citation="entities:19307" rel="noopener">Singhaiyi (SHG SP)</a> plans to delist from SGX - As at 16Dec21, the total number of Offer Shares owned, controlled or agreed to be acquired by Haiyi Treasure Ltd amounted to an aggregate of 4,035m Offer Shares, representing approximately 95.81% of the total number of issued Offer Shares</li><li>Bukit Timah condo Perfect Ten offers 5% discount during cooling measures</li></ul>

Oxley Holdings (OHL SP) has sold ~95% of its Singapore residential unitsSinghaiyi (SHG SP) plans to delist from SGX - As at 16Dec21, the total number of Offer Shares owned, controlled or agreed to be acquired by Haiyi Treasure Ltd amounted to an aggregate of 4,035m Offer Shares, representing approximately 95.81% of the total number of issued Offer SharesBukit Timah condo Perfect Ten offers 5% discount during cooling measures

ASEAN Builder's Scoop (17Dec21) - OHL Sold ~95% of SG Resi Units

Philippines

MREIT is a Philippines-based real estate investment trust (REIT) that owns and invests in income-producing commercial portfolios, primarily consisting of office, retail, and hotel properties. It focuses on leasing spaces to corporate tenants and managing its property portfolio, passing much of the rental income to shareholders. MREIT was incorporated in 2020 and is headquartered in Taguig City, Philippines.

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MREIT (MREIT PM)

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

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

ASEAN Builder's Scoop (3Jan22) - MCT/MAGIC Merger

MCT/MAGIC merger; CICT buys Sydney office; KDCREIT buys UK DC; ART buys more US dormitories; ECWREIT buyers backed out; DASIN loan extension; VLL...

SCCM Asia Research

ASEAN Builder's Scoop (17Dec21) - OHL Sold ~95% of SG Resi Units

OHL sold ~95% of SG resi units; SHG plans to delist; Perfect Ten offers 5% disc amidst cooling measures; MREIT details asset infusion; CPG new...

SCCM Asia Research

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