Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/233/730/original/image_54312508231633489341255.png?1633489342" class="editor-image img-responsive" data-smartkarma-image-id="233730"></figure><h3><a href="https://www.smartkarma.com/entities/sph-reit" target="_blank" data-smartkarma-citation="entities:5994" rel="noopener">SPH REIT (SPHREIT SP)</a> FY21 DPU +98.5% YoY; Rental reversions still weak, cap rate flat</h3><ul><li>2H21 revenue and NPI rose by 27% and 24.6% to S$137.2m and S$97.8m, respectively. FY21 revenue and NPI increased by 14.8% and 11.4% YoY to S$277.2m (107% of BB est) and S$202.7m (122% of BB est), respectively. The increase was mainly due to overall market recovery, lower rental assistance, and the full year contribution from Westfield Marion Shopping Centre</li></ul>

SingaporeSPH REIT (SPHREIT SP) FY21 DPU +98.5% YoY; Rental reversions still weak, cap rate flat2H21 revenue and NPI rose by 27% and 24.6% to S$137.2m and S$97.8m, respectively. FY21 revenue and NPI increased by 14.8% and 11.4% YoY to S$277.2m (107% of BB est) and S$202.7m (122% of BB est), respectively. The increase was mainly due to overall market recovery, lower rental assistance, and the full year contribution from Westfield Marion Shopping Centre

<h2>Singapore</h2>
<h3>SREITs results in a glance (see detailed spreadsheet and calendar attached)</h3>
<table class="table table-striped">
<tbody>
<tr>
<td style="width: 141.25pt;">
 
</td>
<td style="width: 141.2pt;">
SPHREIT
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
Period
</td>
<td style="width: 141.2pt;">
3Q21
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
Gross Revenue (S$ m)
</td>
<td style="width: 141.2pt;">
69.6 (+82.8% YoY)
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
NPI (S$ m)
</td>
<td style="width: 141.2pt;">
Not Disclosed
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
DPU (S$ c)
</td>
<td style="width: 141.2pt;">
1.38 (+176.0% YoY)
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
NAV per Unit (S$)
</td>
<td style="width: 141.2pt;">
Not Disclosed
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
P/B (x)
</td>
<td style="width: 141.2pt;">
1.02 (Based on 2Q21 NAV)
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
Occupancy (%)
</td>
<td style="width: 141.2pt;">
98.4
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
Reversion (%)
</td>
<td style="width: 141.2pt;">
Not Disclosed
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
Gearing (%)
</td>
<td style="width: 141.2pt;">
Not Disclosed
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
Cost of Debt (%)
</td>
<td style="width: 141.2pt;">
1.86
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
1 Yr Fwd Yield (%)
</td>
<td style="width: 141.2pt;">
5.62
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
Debt Hedged (%)
</td>
<td style="width: 141.2pt;">
58
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
Target Price
</td>
<td style="width: 141.2pt;">
NA
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
Rating
</td>
<td style="width: 141.2pt;">
NA
</td>
</tr>
</tbody>
</table>

Singapore
SREITs results in a glance (see detailed spreadsheet and calendar attached)




 


SPHREIT




Period


3Q21




Gross Revenue (S$ m)


69.6 (+82.8% YoY)




NPI (S$ m)


Not Disclosed




DPU (S$ c)


1.38 (+176.0% YoY)




NAV per Unit (S$)


Not Disclosed




P/B (x)


1.02 (Based on 2Q21 NAV)




Occupancy (%)


98.4




Reversion (%)


Not Disclosed




Gearing (%)


Not Disclosed




Cost of Debt (%)


1.86




1 Yr Fwd Yield (%)


5.62




Debt Hedged (%)


58




Target Price


NA




Rating


NA





ASEAN Builder's Scoop (13Jul21) - SPHREIT No Mention of Rebates

Singapore

PARAGON REIT is a Singapore-based REIT established principally to invest, directly or indirectly, in a portfolio of income-producing real estate which is used primarily for retail purposes in Asia-Pacific, as well as real estate-related assets.

Price Gauge
52-week Range	0.00 - 0.00
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Paragon REIT (PGNREIT SP)

ASEAN Builder's Scoop (5Oct21)

SPHREIT rental reversions still weak, cap rate flat; SLI ventures into leisure farms residential concept; Phils Sep21 inflation call at 5.2%; IOIPG...

SCCM Asia Research

ASEAN Builder's Scoop (13Jul21) - SPHREIT No Mention of Rebates

SPHREIT no mention of rebates; CAPL opens RC the Bund Shanghai; LMRT extends mall closure in Medan; SLI plans for 3bn shares follow-on offer; 2Q21...

SCCM Asia Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)