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/far-east-hospitality-trust" target="_blank" data-smartkarma-citation="entities:19061" rel="noopener">Far East Hospitality Trust (FEHT SP)</a> 1Q22 Business Updates – Firing from all cylinders, recovery trade continues</li><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> to sell S$84m worth of Vietnamese assets</li><li><a href="https://www.smartkarma.com/entities/aims-amp-capital-industrial" target="_blank" data-smartkarma-citation="entities:933" rel="noopener">AIMS APAC REIT (AAREIT SP)</a> extends target date of acquisition of 315 Alexandra Road</li></ul>

Far East Hospitality Trust (FEHT SP) 1Q22 Business Updates – Firing from all cylinders, recovery trade continuesOxley Holdings (OHL SP) to sell S$84m worth of Vietnamese assetsAIMS APAC REIT (AAREIT SP) extends target date of acquisition of 315 Alexandra Road

ASEAN Builder's Scoop (28Apr22) - FEHT Firing from All Cylinders

<ul><li><a href="https://www.smartkarma.com/entities/daiwa-house-logistics-trust" target="_blank" data-smartkarma-citation="entities:35020" rel="noopener">Daiwa House Logistics Trust (DHLT SP)</a> 4Q21 business updates (26Nov-31Dec21) – Initial results are inline with forecasts</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> 2H21 DPU fell 29.2% YoY; Gradual improvements post completion of restructuring exercises</li><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> 1H22 PATMI -18% YoY; Gearing under control, projects progressing well</li></ul>

Daiwa House Logistics Trust (DHLT SP) 4Q21 business updates (26Nov-31Dec21) – Initial results are inline with forecastsFirst REIT (FIRT SP) 2H21 DPU fell 29.2% YoY; Gradual improvements post completion of restructuring exercisesOxley Holdings (OHL SP) 1H22 PATMI -18% YoY; Gearing under control, projects progressing well

ASEAN Builder's Scoop (11Feb22) - DHLT Initial Results Inline

<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

<ul><li>SCCM | <a href="https://www.smartkarma.com/entities/lhn-ltd" target="_blank" data-smartkarma-citation="entities:27234" rel="noopener">LHN Ltd (LHN SP)</a> – In-line FY21 results; Co-living to drive growth (BUY; TP SGD0.47/share)</li><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> sets aside up to A$14.3m for troubled Australian units</li><li>Sales for luxury home reaches new record high - Sales volumes of high-end housing have climbed to a new record. </li></ul>

SCCM | LHN Ltd (LHN SP) – In-line FY21 results; Co-living to drive growth (BUY; TP SGD0.47/share)Oxley Holdings (OHL SP) sets aside up to A$14.3m for troubled Australian unitsSales for luxury home reaches new record high - Sales volumes of high-end housing have climbed to a new record. 

ASEAN Builder's Scoop (9Dec21) - LHN Co-Living to Drive Growth (BUY)

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/capitaland-ltd" target="_blank" data-smartkarma-citation="entities:55" rel="noopener">Capitaland (CAPL SP)</a> 3Q21 Business Updates – A good start with key metrics growing robustly</h3><ul><li>9M21 revenue came in at S$1.6bn with Fee income Related Business (FRB) making up 40% of total revenue and Real-estate investment business making up the remaining 60%. 9M21 FRB rose by 19% YoY to S$656m, with fund management rising by 35% YoY to S$292m, followed by property management rising by 2.6% YoY to S$236m and lodging management rising by 23% to S$128m, respectively     </li></ul>

SingaporeCapitaland (CAPL SP) 3Q21 Business Updates – A good start with key metrics growing robustly9M21 revenue came in at S$1.6bn with Fee income Related Business (FRB) making up 40% of total revenue and Real-estate investment business making up the remaining 60%. 9M21 FRB rose by 19% YoY to S$656m, with fund management rising by 35% YoY to S$292m, followed by property management rising by 2.6% YoY to S$236m and lodging management rising by 23% to S$128m, respectively     

Singapore

Oxley Holdings Limited is a Singapore-based property development company with a diversified portfolio that includes property development, property investment, and project management. The company specializes in residential, commercial, industrial, and hospitality projects across Singapore, the United Kingdom, Ireland, Cambodia, Malaysia, and China. Oxley Holdings Limited was founded in 2010 and is headquartered in Singapore.

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Oxley (OHL SP)

ASEAN Builder's Scoop (28Apr22) - FEHT Firing from All Cylinders

OHL sells VN assets; AAREIT extends Alexandra Rd target acq date; DILD 1Q22 mktg sales reached 21% FY target; ALI sold AREIT at 11% discount

SCCM Asia Research

ASEAN Builder's Scoop (11Feb22) - DHLT Initial Results Inline

DHLT initial results inline; FIRT gradual improvements post restructuring; OHL gearing under control; Quarz Capital thinks MAGIC offer value...

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

ASEAN Builder's Scoop (9Dec21) - LHN Co-Living to Drive Growth (BUY)

LHN Co-Living to drive growth (BUY); OHL sets provision for troubled Pindan Group; Luxury home reaches new record high; Cyberjaya smart city in the...

SCCM Asia Research

ASEAN Builder's Scoop (3Nov21)

CLI 3Q21 results a good start; OUECT declining QoQ reversions; MUST green shoots of recovery; HOBEE buys Melbourne site; ALLHC expands Cavite...

SCCM Asia Research

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