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/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12" rel="noopener">Keppel Corp (KEP SP)</a> views waiver of walk-away rights in Singapore Press Holdings (SPH SP) offer to be uncommon</li><li>URA released two residential sites at Pine Grove under the 2H21 GLS reserve list</li><li><a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121" rel="noopener">Lippo Karawaci (LPKR IJ)</a> targets 24% YoY growth in marketing sales in 2022</li></ul>

Keppel Corp (KEP SP) views waiver of walk-away rights in Singapore Press Holdings (SPH SP) offer to be uncommonURA released two residential sites at Pine Grove under the 2H21 GLS reserve listLippo Karawaci (LPKR IJ) targets 24% YoY growth in marketing sales in 2022

ASEAN Builder's Scoop (1Dec21) - URA Released 2 Sites in Pine Grove

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/starhill-global-reit" target="_blank" data-smartkarma-citation="entities:10791" rel="noopener">Starhill Global REIT (SGREIT SP)</a> prices S$125m 2.23% notes due 2028</h3><p>SGREIT has priced S$125m notes with a fixed interest rate of 2.23% per annum due 2028, to be issued under its S$2bn multi-currency debt issuance programme. The interest for the Series 003 notes will be payable semi-annually in arrear, and have a tenor of seven years. The notes may be redeemed at the option of the issuer in whole or in part on any interest payment date prior to the maturity date on 13Sep28 at the make-whole amount together with interest accrued. The net proceeds from the notes will be used to refinance existing borrowings, meet capital expenditure requirements, or for working capital purposes.</p>

SingaporeStarhill Global REIT (SGREIT SP) prices S$125m 2.23% notes due 2028SGREIT has priced S$125m notes with a fixed interest rate of 2.23% per annum due 2028, to be issued under its S$2bn multi-currency debt issuance programme. The interest for the Series 003 notes will be payable semi-annually in arrear, and have a tenor of seven years. The notes may be redeemed at the option of the issuer in whole or in part on any interest payment date prior to the maturity date on 13Sep28 at the make-whole amount together with interest accrued. The net proceeds from the notes will be used to refinance existing borrowings, meet capital expenditure requirements, or for working capital purposes.

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/guocoland-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:16496:1" rel="noopener">Guocoland Malaysia (GUOL MK)</a>/GLM IA has opined that <a href="https://www.smartkarma.com/entities/guocoland-ltd" target="_blank" data-smartkarma-citation="entities:17467:1" rel="noopener">GuocoLand (GUOL SP)</a>’s RM1.10 offer is NOT fair but reasonable. The IA values GLM at RM2.96 per share.</li>
<li>The key conditions are the headcount test (majority in number) and the value test (approval by at least 75% of disinterested shareholders, with rejection by &lt;10% of all disinterested shareholders).</li>
<li>Due to the lack of a blocking stake and the Board's recommendation that shareholders vote YES, the vote remains low-risk. The gross/annualised spread for an end-of-July payment is 2.8%/12.0%.</li>
</ul>


The Guocoland Malaysia (GUOL MK)/GLM IA has opined that GuocoLand (GUOL SP)’s RM1.10 offer is NOT fair but reasonable. The IA values GLM at RM2.96 per share.
The key conditions are the headcount test (majority in number) and the value test (approval by at least 75% of disinterested shareholders, with rejection by &lt;10% of all disinterested shareholders).
Due to the lack of a blocking stake and the Board's recommendation that shareholders vote YES, the vote remains low-risk. The gross/annualised spread for an end-of-July payment is 2.8%/12.0%.


Guocoland Malaysia (GUOL MK): IA Opines NOT Fair but Reasonable; Vote on 29 May

Deciphering real estate markets globally., Rems Advisors

TAN Kok Keong

Deciphering real estate markets globally.

Rems Advisors

<p>We visited Forest City in Iskandar Malaysia over the weekend following reports of the Chinese government's order for <a href="https://www.smartkarma.com/entities/5225" target="_blank" data-smartkarma-citation="entities:5225:1">Country Garden Holdings Co (2007 HK)</a> to close all its showrooms in China.  The following are some observations from us, post-visit. </p><h2>Key observations from the visit</h2><p>The following are our key observations and feedback from agents/visitors we spoke to: </p><ul><li>
<strong>The number of visitors shrank: </strong>The sale agent we met told us that the news of closing down of all showrooms in China really hurt their…</li></ul>

We visited Forest City in Iskandar Malaysia over the weekend following reports of the Chinese government's order for Country Garden Holdings Co (2007 HK) to close all its showrooms in China.  The following are some observations from us, post-visit. Key observations from the visitThe following are our key observations and feedback from agents/visitors we spoke to: 
The number of visitors shrank: The sale agent we met told us that the news of closing down of all showrooms in China really hurt their…

Seeing the Forest for the Trees in Malaysia - Country Garden

External broker reports(aggregated public sources), TA Securities Holdings Berhad

TA Securities Holdings Bhd

External broker reports(aggregated public sources)

TA Securities Holdings Berhad

TA Securities Holdings Berhad (TASH) was incorporated in Malaysia on 1 July 1973 and is a wholly-owned subsidiary of TA Enterprise Berhad which is listed on the Main Market of Bursa Malaysia Securities Berhad (BMSB). Currently, the company has an issued and paid-up share capital of RM250 million. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Excluding exceptional items totalling RM8.4mn, Paramount Corporation Bhd (PCB) reported normalised net profit to ordinary equity holders of RM74.5mn in FY23.</li><li>Results came in above ours but below consensus estimates, accounting for 120% and 94% ours and consensus’ full-year forecasts, respectively.</li><li>The positive deviation from our earnings projections was largely driven by lower-than-expected finance costs, as EBIT was broadly in line at 105% of our forecasts.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Excluding exceptional items totalling RM8.4mn, Paramount Corporation Bhd (PCB) reported normalised net profit to ordinary equity holders of RM74.5mn in FY23.Results came in above ours but below consensus estimates, accounting for 120% and 94% ours and consensus’ full-year forecasts, respectively.The positive deviation from our earnings projections was largely driven by lower-than-expected finance costs, as EBIT was broadly in line at 105% of our forecasts.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Paramount Corporation Berhad - Optimistic About FY24 Outlook

Malaysia

Paramount Corporation Berhad is an investment holding company that is primarily involved in property development and investment of residential and commercial properties.  The Company is also engaged in the provision of building and engineering contractor services along with providing private educational services.

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Paramount Corp (PAR MK)

ASEAN Builder's Scoop (1Dec21) - URA Released 2 Sites in Pine Grove

URA released 2 sites in Pine Grove; LPKR targets 24% YoY marketing sales growth in 2022; MSGB 9M21 earnings rose 79% YoY: Phils GDP forecast raised...

SCCM Asia Research

ASEAN Builder's Scoop (7Sep21)

SGREIT prices new 2028 note at 2.23%; Peace Centre/Mansion put on en-bloc; MY 1Q21 resi transactions fell 45% YoY; SMPH plans PHP10bn bond sale;...

SCCM Asia Research

Guocoland Malaysia (GUOL MK): IA Opines NOT Fair but Reasonable; Vote on 29 May

Due to the lack of a blocking stake and the Board's recommendation that shareholders vote YES, the vote remains low-risk. The gross/annualised...

Arun George

Seeing the Forest for the Trees in Malaysia - Country Garden

We visited Forest City in Iskandar Malaysia over the weekend following reports of the Chinese government's order for Country Garden Holdings Co...

TAN Kok Keong

Paramount Corporation Berhad - Optimistic About FY24 Outlook

Excluding exceptional items totalling RM8.4mn, Paramount Corporation Bhd (PCB) reported normalised net profit to ordinary equity holders of...

TA Securities Holdings Bhd

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