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/manulife-us-reit" target="_blank" data-smartkarma-citation="entities:567" rel="noopener">Manulife US REIT (MUST) (MUST SP)</a> 1H22 DPU -3.3% YoY; Cyclical downturn incoming, hotelisation trend emerging</li>
<li>
<a href="https://www.smartkarma.com/entities/prime-us-reit" target="_blank" data-smartkarma-citation="entities:28144" rel="noopener">Prime US REIT (PRIME SP)</a> 1H22 DPU +5.7% YoY; Operation metrics holding up well (for now) amidst recession</li>
<li>
<a href="https://www.smartkarma.com/entities/ara-us-hospitality-trust" target="_blank" data-smartkarma-citation="entities:28048" rel="noopener">ARA US Hospitality Trust (ARAUS SP)</a> 1H22 DPU of US$1.43c declared; A significant recovery in occupancies and RevPAR</li>
</ul>



Manulife US REIT (MUST) (MUST SP) 1H22 DPU -3.3% YoY; Cyclical downturn incoming, hotelisation trend emerging

Prime US REIT (PRIME SP) 1H22 DPU +5.7% YoY; Operation metrics holding up well (for now) amidst recession

ARA US Hospitality Trust (ARAUS SP) 1H22 DPU of US$1.43c declared; A significant recovery in occupancies and RevPAR


ASEAN Builder's Scoop (4Aug22) - MUST Hotelisation Trend Emerging

<ul><li><a href="https://www.smartkarma.com/entities/capitaland-investment-ltd-si" target="_blank" data-smartkarma-citation="entities:33774" rel="noopener">CapitaLand Investment (CLI SP)</a> 1Q22 Business Updates – FUM flat QoQ but lodging business picking up the slacks</li><li><a href="https://www.smartkarma.com/entities/sasseur-reit" target="_blank" data-smartkarma-citation="entities:26807" rel="noopener">Sasseur REIT (SASSR SP)</a> 1Q22 DPU +3.6% YoY; Weathering the storm with robust occupancy</li><li><a href="https://www.smartkarma.com/entities/bhg-retail-reit" target="_blank" data-smartkarma-citation="entities:21021" rel="noopener">BHG Retail REIT (BHGREIT SP)</a> 1Q22 Business Updates – Steady and robust occupancy</li></ul>

CapitaLand Investment (CLI SP) 1Q22 Business Updates – FUM flat QoQ but lodging business picking up the slacksSasseur REIT (SASSR SP) 1Q22 DPU +3.6% YoY; Weathering the storm with robust occupancyBHG Retail REIT (BHGREIT SP) 1Q22 Business Updates – Steady and robust occupancy

ASEAN Builder's Scoop (12May22) - CLI Flat FUM but Lodging Picking Up

<ul><li><a href="https://www.smartkarma.com/entities/oue-commercial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:912" rel="noopener">OUE Commercial REIT (OUECT SP)</a> 2H21 DPU -4.2% YoY; Weakness in MG and LP offset by office and hotel recovery</li><li><a href="https://www.smartkarma.com/entities/prime-us-reit" target="_blank" data-smartkarma-citation="entities:28144" rel="noopener">Prime US REIT (PRIME SP)</a> 2H21 DPU +0.9% YoY; Strong reversions continue but occupancy remains a struggle</li><li>Frasers Hospitality forays into Cambodia, to launch 3 more properties</li></ul>

OUE Commercial REIT (OUECT SP) 2H21 DPU -4.2% YoY; Weakness in MG and LP offset by office and hotel recoveryPrime US REIT (PRIME SP) 2H21 DPU +0.9% YoY; Strong reversions continue but occupancy remains a struggleFrasers Hospitality forays into Cambodia, to launch 3 more properties

ASEAN Builder's Scoop (17Feb22) - OUECT Persistent Weakness in MG and LP

<ul><li>Prime US REIT (PRIME SP) terminates lease with WeWork; Fully covered until 4Q22  </li><li>Hoi Hup, Sunway (SWB MK) acquire two freehold land parcels for S$815m; Potential GDV of S$2bn</li><li>CanningHill Piers saw robust 77% take-up rate at ~S$3,000psf</li></ul>

Prime US REIT (PRIME SP) terminates lease with WeWork; Fully covered until 4Q22  Hoi Hup, Sunway (SWB MK) acquire two freehold land parcels for S$815m; Potential GDV of S$2bnCanningHill Piers saw robust 77% take-up rate at ~S$3,000psf

ASEAN Builder's Scoop (22Nov21) - PRIME terminates WeWork lease

<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

Prime US REIT is a Singapore-based real estate investment trust that invests in stabilized income-producing Class A freehold office properties in key markets across the United States. It aims to provide unitholders with regular and stable distributions and long-term growth in distribution per unit and net asset value per unit. The REIT was listed on the Main Board of the Singapore Exchange on July 19, 2019, and is headquartered in Singapore.

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Prime US REIT (PRIME SP)

ASEAN Builder's Scoop (4Aug22) - MUST Hotelisation Trend Emerging

PRIME operations holding up well for now; ARAUS significant recovery in RevPAR; Ascott first lyf brand in Tokyo; CBD office rents up 0.4% QoQ in...

SCCM Asia Research

ASEAN Builder's Scoop (12May22) - CLI Flat FUM but Lodging Picking Up

SASSR weathering the storm; BHGREIT robust occupancy; CERT office remains weak; IREIT active leasing ongoing; PRIME slowing reversions; DHLT steady...

SCCM Asia Research

ASEAN Builder's Scoop (17Feb22) - OUECT Persistent Weakness in MG and LP

OUECT persistent weakness in MG and LP; PRIME strong reversions continue; Condo/HDB rents continued rising in Jan22; ALCO introducing FY23E...

SCCM Asia Research

ASEAN Builder's Scoop (22Nov21) - PRIME terminates WeWork lease

PRIME terminates WeWork lease; SWB/Hoi Hup acquires site for S$815m; CanningHill Piers robust 77% take-up rate; MEG PHP6bn new Bulacan township;...

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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