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/parkway-life-reit" target="_blank" data-smartkarma-citation="entities:13422" rel="noopener">Parkway Life REIT (PREIT SP)</a> 1H22 DPU +1.5% YoY; New rental term underpins organic growth</li><li><a href="https://www.smartkarma.com/entities/lippo-malls-indonesia-retail-trust" target="_blank" data-smartkarma-citation="entities:10946" rel="noopener">Lippo Malls Indonesia Retail Trust (LMRT SP)</a> 2Q22 DPU flat YoY; Occupancy gradually rebounded QoQ with improvement in shopper traffic</li><li><a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670" rel="noopener">Frasers Property Ltd (FPL SP)</a>   3Q22 Business Updates – Robust I&amp;L leasing activity, retail and hospitality picking up in pace</li></ul>

Parkway Life REIT (PREIT SP) 1H22 DPU +1.5% YoY; New rental term underpins organic growthLippo Malls Indonesia Retail Trust (LMRT SP) 2Q22 DPU flat YoY; Occupancy gradually rebounded QoQ with improvement in shopper trafficFrasers Property Ltd (FPL SP)   3Q22 Business Updates – Robust I&amp;L leasing activity, retail and hospitality picking up in pace

ASEAN Builder's Scoop (10Aug22) - PREIT New Rental Term Underpins Growth

<ul><li><a href="https://www.smartkarma.com/entities/parkway-life-reit" target="_blank" data-smartkarma-citation="entities:13422" rel="noopener">Parkway Life REIT (PREIT SP)</a> 1Q22 Business updates – Occupancy remains healthy; Trading at sub 3% yield</li><li><span style="font-size: var(--content-font-size);">EC North Gaia by <a href="https://www.smartkarma.com/entities/sing-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3498" rel="noopener">Sing Holdings (SING SP)</a> saw ~27% take-up rate with S$1,250+psf price</span></li><li><span style="font-size: var(--content-font-size);"><a href="https://www.smartkarma.com/entities/wee-hur-holdings-ltd" target="_blank" data-smartkarma-citation="entities:5653" rel="noopener">Hur Holdings (WHUR SP)</a> divests 49.9% stake in Australia PBSA portfolio</span></li></ul>

Parkway Life REIT (PREIT SP) 1Q22 Business updates – Occupancy remains healthy; Trading at sub 3% yieldEC North Gaia by Sing Holdings (SING SP) saw ~27% take-up rate with S$1,250+psf priceHur Holdings (WHUR SP) divests 49.9% stake in Australia PBSA portfolio

ASEAN Builder's Scoop (25Apr22) - PREIT Trading at Sub 3% Yield

<ul><li><a href="https://www.smartkarma.com/entities/keppel-dc-reit" target="_blank" data-smartkarma-citation="entities:85" rel="noopener">Keppel DC REIT (KDCREIT SP)</a> 2H21 DPU +2.8% YoY; Rising portfolio valuations as Cap rates tighten in APAC</li><li><a href="https://www.smartkarma.com/entities/parkway-life-reit" target="_blank" data-smartkarma-citation="entities:13422" rel="noopener">Parkway Life REIT (PREIT SP)</a> Parkway Life REIT (PREIT SP) 4Q21 DPU came in flat; Consistently expensive but delivering stable results</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> CapitaLand Integrated Commercial Trust (CICT SP) to sell JCube at &lt;4% yield; Received a 10yrs ROFR on the potential redevelopment of the site  </li></ul>

Keppel DC REIT (KDCREIT SP) 2H21 DPU +2.8% YoY; Rising portfolio valuations as Cap rates tighten in APACParkway Life REIT (PREIT SP) Parkway Life REIT (PREIT SP) 4Q21 DPU came in flat; Consistently expensive but delivering stable resultsCapitaland Integrated Commercial Trust (CICT SP) CapitaLand Integrated Commercial Trust (CICT SP) to sell JCube at &lt;4% yield; Received a 10yrs ROFR on the potential redevelopment of the site  

ASEAN Builder's Scoop (25Jan22) - KDCREIT Rising Portfolio Valuations

<ul><li><a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57" rel="noopener">City Developments (CIT SP)</a> divests Seoul Hotel with expected gain of ~S$530m; Divestment of non-core assets continues</li><li><a href="https://www.smartkarma.com/entities/parkway-life-reit" target="_blank" data-smartkarma-citation="entities:13422" rel="noopener">Parkway Life REIT (PREIT SP)</a> acquires Tokyo nursing home at 5.9% NPI yield </li><li><a href="https://www.smartkarma.com/entities/8990-holdings-inc" target="_blank" data-smartkarma-citation="entities:22652" rel="noopener">8990 holdings (HOUSE PM)</a> current ~671ha Land bank can deliver PHP165bn sales</li></ul>

City Developments (CIT SP) divests Seoul Hotel with expected gain of ~S$530m; Divestment of non-core assets continuesParkway Life REIT (PREIT SP) acquires Tokyo nursing home at 5.9% NPI yield 8990 holdings (HOUSE PM) current ~671ha Land bank can deliver PHP165bn sales

ASEAN Builder's Scoop (12Dec21) - CIT Divests Seoul Hotel for ~S$530m Gain

<h2>Singapore</h2><p>SREITs results in a glance (see detailed spreadsheet and calendar attached)</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/239/816/original/image_54862238621636079380984.png?1636079382" class="editor-image img-responsive" data-smartkarma-image-id="239816"></figure><h3><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> 1Q22 Business Updates – Robust occupancy despite hiccups in tenant sales and shopper traffic</h3><ul><li>1Q22 Revenue, NPI, DPU and NAV numbers are not disclosed</li><li>Overall portfolio occupancy stood at 99.8% in 1Q22 (vs. 99.8% in 4Q21 and 99.7% in 3Q21), with a long WALE of 8.5 years by NLA and 4.4 years by GRI. Lease expiring in FY22E has been de-risked to 4% by NLA and 11% by GRI within 1Q22 period</li></ul>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached)Lendlease Global Commercial REIT (LREIT SP) 1Q22 Business Updates – Robust occupancy despite hiccups in tenant sales and shopper traffic1Q22 Revenue, NPI, DPU and NAV numbers are not disclosedOverall portfolio occupancy stood at 99.8% in 1Q22 (vs. 99.8% in 4Q21 and 99.7% in 3Q21), with a long WALE of 8.5 years by NLA and 4.4 years by GRI. Lease expiring in FY22E has been de-risked to 4% by NLA and 11% by GRI within 1Q22 period

Singapore

Parkway Life Real Estate Investment Trust (Parkway Life REIT) invests primarily in income producing real estate and real estate related assets in the Asia Pacific region. The trust's real estate is used primarily for healthcare and healthcare-related purposes.

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Parkway Life REIT (PREIT SP)

ASEAN Builder's Scoop (10Aug22) - PREIT New Rental Term Underpins Growth

LMRT gradual rebound in occupancy; FPL robust I&L, retail & hospitality picking up pace; MEG strong 1H22 earnings; DILD-Mitbana JV to develop resi...

SCCM Asia Research

ASEAN Builder's Scoop (25Apr22) - PREIT Trading at Sub 3% Yield

EC North Gaia going for S$1,250+psf; WHUR divests Aus PBSA portfolio; 1Q22 office rents +1.6% QoQ ; 1Q22 retail rents -0.4% QoQ; Villar group plans...

SCCM Asia Research

ASEAN Builder's Scoop (25Jan22) - KDCREIT Rising Portfolio Valuations

PREIT consistently pricey as results stable; CICT sells JCube at <4% yield; FLT divests CSE at ~2.5% yield; YLLG sells out Shanghai project; SPALI...

SCCM Asia Research

ASEAN Builder's Scoop (12Dec21) - CIT Divests Seoul Hotel for ~S$530m Gain

CIT divests Seoul hotel for ~S$530m gain; PREIT buys Tokyo nursing home at 5.9% yield; HOUSE ample land bank for next 7-10yrs; Phils FDI exceeds...

SCCM Asia Research

ASEAN Builder's Scoop (5Nov21)

LREIT hiccups in tenant sales and visitations; CERT timely pivot to logistics sector; PRIME strong reversions; PLIFE new master lease offers long...

SCCM Asia Research

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