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>Preference for CBD offices remains; However, home prices in CCR lag that of Suburbs</li><li>2 commercial buildings in Tanjong Pagar on market for collective sale</li><li><a href="https://www.smartkarma.com/entities/sime-darby-property-bhd" target="_blank" data-smartkarma-citation="entities:26921" rel="noopener">Sime Darby Property Bhd (SDPR MK)</a> factories worth MYR213m snapped up during most recent launch</li></ul>

Preference for CBD offices remains; However, home prices in CCR lag that of Suburbs2 commercial buildings in Tanjong Pagar on market for collective saleSime Darby Property Bhd (SDPR MK) factories worth MYR213m snapped up during most recent launch

ASEAN Builder's Scoop (27Sep22) - CBD Office Preferred, but Home Rental Lags

<ul><li>New private home sales rose 71% MoM in Jul22; Take-up rate further rebounded to ~207%  </li><li><a href="https://www.smartkarma.com/entities/bumi-serpong-damai-pt" target="_blank" data-smartkarma-citation="entities:15498" rel="noopener">Bumi Serpong Damai (BSDE IJ)</a> invested US$25m in DANA</li><li>Stable ops buoy <a href="https://www.smartkarma.com/entities/areit-ayalaland-reit" target="_blank" data-smartkarma-citation="entities:28856" rel="noopener">Areit (AyalaLand REIT) (AREIT PM)</a> earnings (Regina Capital)</li></ul>

New private home sales rose 71% MoM in Jul22; Take-up rate further rebounded to ~207%  Bumi Serpong Damai (BSDE IJ) invested US$25m in DANAStable ops buoy Areit (AyalaLand REIT) (AREIT PM) earnings (Regina Capital)

ASEAN Builder's Scoop (16Aug22) - SG Jul22 New Home Sales +71% MoM, Robust Take up Rate ~207%

<ul><li><a href="https://www.smartkarma.com/entities/elite-commercial-reit" target="_blank" data-smartkarma-citation="entities:28807" rel="noopener">Elite Commercial REIT (ELITE SP)</a> secures Sustainability Collaboration with another tenant and removes lease break option</li><li><a href="https://www.smartkarma.com/entities/ireit-global" target="_blank" data-smartkarma-citation="entities:10596" rel="noopener">IREIT Global (IREIT SP)</a> secures lease extension at Bonn Campus</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> preferential offering saw 1.4 times oversubscription</li></ul>

Elite Commercial REIT (ELITE SP) secures Sustainability Collaboration with another tenant and removes lease break optionIREIT Global (IREIT SP) secures lease extension at Bonn CampusLendlease Global Commercial REIT (LREIT SP) preferential offering saw 1.4 times oversubscription

ASEAN Builder's Scoop (18Apr22) - ELITE Removes Another Lease-Break Option

<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/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

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 (27Sep22) - CBD Office Preferred, but Home Rental Lags

SDPR sold out Selangor factories; APAC tourist arrivals surge; Phils credit rating agencies eye more rate hikes; IMF downgrades PH growth est

SCCM Asia Research

ASEAN Builder's Scoop (16Aug22) - SG Jul22 New Home Sales +71% MoM, Robust Take up Rate ~207%

BSDE invests US$25m in DANA; Stable ops buoy AREIT 2Q22 earnings; Cebu office rentals to remain soft; PAR Mercure KL Glenmarie opening

SCCM Asia Research

ASEAN Builder's Scoop (18Apr22) - ELITE Removes Another Lease-Break Option

IREIT secures lease extension at Bonn Campus; JustCo expands to Japan and Thai; Grade-A office rents climb further in 1Q22; PAR launches Mercure KL...

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 (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

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