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/frasers-logistics-commercial-trust" target="_blank" data-smartkarma-citation="entities:22748" rel="noopener">Frasers Logistics &amp; Commercial Trust (FLT SP)</a> forward purchases a prime UK warehouse development</li><li>Mapletree Investment hits a record year with closing of S$1.9bn US logistics fund</li><li>Shophouse market rounds off banner year with 217 transactions worth S$1.53bn YTD</li></ul>

Frasers Logistics &amp; Commercial Trust (FLT SP) forward purchases a prime UK warehouse developmentMapletree Investment hits a record year with closing of S$1.9bn US logistics fundShophouse market rounds off banner year with 217 transactions worth S$1.53bn YTD

ASEAN Builder's Scoop (2Dec21) - FLT Fwd-Purchases UK Warehouse Dev't

<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: 242.047px;"> </td><td style="width: 241.969px;">FCT</td><td style="width: 241.984px;">EREIT</td></tr><tr><td style="width: 242.047px;">Period</td><td style="width: 241.969px;">3Q21</td><td style="width: 241.984px;">2Q21</td></tr><tr><td style="width: 242.047px;">Gross Revenue (S$ m)</td><td style="width: 241.969px;">Not Disclosed</td><td style="width: 241.984px;">59.5 (+6.25% YoY)</td></tr><tr><td style="width: 242.047px;">NPI (S$ m)</td><td style="width: 241.969px;">Not Disclosed</td><td style="width: 241.984px;">42.9 (+9.4% YoY)</td></tr><tr><td style="width: 242.047px;">DPU (S$ c)</td><td style="width: 241.969px;">Not Disclosed</td><td style="width: 241.984px;">0.754 (13.9% YoY)</td></tr><tr><td style="width: 242.047px;">NAV per Unit (S$)</td><td style="width: 241.969px;">2.31 (Based on 1H21 NAV)</td><td style="width: 241.984px;">0.398</td></tr><tr><td style="width: 242.047px;">P/B (x)</td><td style="width: 241.969px;">1.04 (Based on 1H21 NAV)</td><td style="width: 241.984px;">1.1</td></tr><tr><td style="width: 242.047px;">Occupancy (%)</td><td style="width: 241.969px;">96.4</td><td style="width: 241.984px;">91.7</td></tr><tr><td style="width: 242.047px;">Reversion (%)</td><td style="width: 241.969px;">Not Disclosed</td><td style="width: 241.984px;">-0.2</td></tr><tr><td style="width: 242.047px;">Gearing (%)</td><td style="width: 241.969px;">33.9</td><td style="width: 241.984px;">42.9</td></tr><tr><td style="width: 242.047px;">Cost of Debt (%)</td><td style="width: 241.969px;">2.2</td><td style="width: 241.984px;">3.24</td></tr><tr><td style="width: 242.047px;">1 Yr Fwd Yield (%)</td><td style="width: 241.969px;">5.02</td><td style="width: 241.984px;">7.05</td></tr><tr><td style="width: 242.047px;">Debt Hedged (%)</td><td style="width: 241.969px;">59</td><td style="width: 241.984px;">75</td></tr><tr><td style="width: 242.047px;">Target Price</td><td style="width: 241.969px;">S$2.89</td><td style="width: 241.984px;">N/A</td></tr><tr><td style="width: 242.047px;">Rating</td><td style="width: 241.969px;">BUY</td><td style="width: 241.984px;">Under Review</td></tr></tbody></table>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached) FCTEREITPeriod3Q212Q21Gross Revenue (S$ m)Not Disclosed59.5 (+6.25% YoY)NPI (S$ m)Not Disclosed42.9 (+9.4% YoY)DPU (S$ c)Not Disclosed0.754 (13.9% YoY)NAV per Unit (S$)2.31 (Based on 1H21 NAV)0.398P/B (x)1.04 (Based on 1H21 NAV)1.1Occupancy (%)96.491.7Reversion (%)Not Disclosed-0.2Gearing (%)33.942.9Cost of Debt (%)2.23.241 Yr Fwd Yield (%)5.027.05Debt Hedged (%)5975Target PriceS$2.89N/ARatingBUYUnder Review

ASEAN Builder's Scoop (23Jul21) - FCT Resilient Amidst Phase-2 Setback

Indonesia

PT Agung Podomoro Land Tbk is a leading integrated diversified real estate owner, developer, and manager in Indonesia, focusing on retail, commercial, and residential properties. The company's activities span land acquisition, design, development, project management, sales, leasing, marketing, and the operation of superblocks, shopping malls, offices, hotels, and residential units. Headquartered in Jakarta, Indonesia, the company was established in 2004.

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Agung Podomoro Land (APLN IJ)

ASEAN Builder's Scoop (2Dec21) - FLT Fwd-Purchases UK Warehouse Dev't

FLT fwd-purchases UK warehouse dev't; Mapletree closes S$1.9bn US Logistics Fund; Banner year for shophouse mrkt; CPN sets aside THB3bn capex; MEG...

SCCM Asia Research

ASEAN Builder's Scoop (23Jul21) - FCT Resilient Amidst Phase-2 Setback

FCT resilient amidst phase-2 setback; EREIT operations remain healthy; SSREIT removing syariah compliance; 2Q21 Industrial rents, prices up; APLN...

SCCM Asia Research

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