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> 3Q22 Business Updates – Robust reversions and steady occupancy</li><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> 1H22 DPU -2.7% YoY; Higher mid-year portfolio valuation despite declining occupancy</li><li><a href="https://www.smartkarma.com/entities/ascendas-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:39" rel="noopener">Ascendas Real Estate Investment Trust (AREIT SP)</a> to acquire Philips APAC Center in Singapore for S$104.8m; DPU accretive by +0.3%</li></ul>

Frasers Logistics &amp; Commercial Trust (FLT SP) 3Q22 Business Updates – Robust reversions and steady occupancyElite Commercial REIT (ELITE SP) 1H22 DPU -2.7% YoY; Higher mid-year portfolio valuation despite declining occupancyAscendas Real Estate Investment Trust (AREIT SP) to acquire Philips APAC Center in Singapore for S$104.8m; DPU accretive by +0.3%

ASEAN Builder's Scoop (5Aug22) - FLT Robust Reversions +ve Surprise

<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> establishes its first onshore RMB fund in China</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> secured 12-year major new lease at Sant Cugat Green</li>
<li>Tender for High Point enbloc sale to close on 28Jul22 as interest from developers picked up</li>
</ul>



CapitaLand Investment (CLI SP) establishes its first onshore RMB fund in China

IREIT Global (IREIT SP) secured 12-year major new lease at Sant Cugat Green
Tender for High Point enbloc sale to close on 28Jul22 as interest from developers picked up


ASEAN Builder's Scoop (22Jun22) - CLI Establishes First Onshore RMB Fund

<ul><li>Despite cooling measures, new home prices might not correct given limited housing stock and new supply; Rental market may continue to rise  </li><li>Private home prices rose 5% QoQ in 4Q21; Full year 2021 rising by 10.6% led by CCR region</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> net profit increases almost 3 times YoY in 9M21</li></ul>

Despite cooling measures, new home prices might not correct given limited housing stock and new supply; Rental market may continue to rise  Private home prices rose 5% QoQ in 4Q21; Full year 2021 rising by 10.6% led by CCR regionBumi Serpong Damai (BSDE IJ) net profit increases almost 3 times YoY in 9M21

ASEAN Builder's Scoop (4Jan22) - New Home Prices

<h2>Singapore</h2><h3>Park Hotel Farrer Park relaunches under Holiday Inn brand</h3><p>The 300-room Park Hotel Farrer Park, owned by RB Capital and previously managed by Park Hotel Group, has been renamed Holiday Inn Singapore Little India. Its new manager, IHG Hotels &amp; Resorts, now manages three of RB Capital's Singapore hotels, totalling nearly 1,000 keys. The other two are Holiday Inn Express Clarke Quay, opened in 2014, and InterContinental Singapore Robertson Quay, opened in 2017. IHG operates 11 hotels in Singapore across a range of brands including Regent, InterContinental, Crowne Plaza, Hotel Indigo and Holiday Inn. There had been a few more years remaining on the management contract for Park Hotel Farrer Park, but due to the current situation with Park Hotel Management, RB Capital decided to sign on IHG to manage the property on a long-term basis.</p>

SingaporePark Hotel Farrer Park relaunches under Holiday Inn brandThe 300-room Park Hotel Farrer Park, owned by RB Capital and previously managed by Park Hotel Group, has been renamed Holiday Inn Singapore Little India. Its new manager, IHG Hotels &amp; Resorts, now manages three of RB Capital's Singapore hotels, totalling nearly 1,000 keys. The other two are Holiday Inn Express Clarke Quay, opened in 2014, and InterContinental Singapore Robertson Quay, opened in 2017. IHG operates 11 hotels in Singapore across a range of brands including Regent, InterContinental, Crowne Plaza, Hotel Indigo and Holiday Inn. There had been a few more years remaining on the management contract for Park Hotel Farrer Park, but due to the current situation with Park Hotel Management, RB Capital decided to sign on IHG to manage the property on a long-term basis.

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

<ul><li>BSDE is looking to achieve its FY23 marketing sales target, which will still be driven by its two main segments namely first home buyers and premium home buyers</li><li>We maintain our BUY call on the company as we believe the shares are still undervalued given its: 1) robust marketing sales, 2) strong balance sheet, and 3) huge undeveloped land bank</li><li>Maintaining its marketing sales target at IDR8.8tn</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>

BSDE is looking to achieve its FY23 marketing sales target, which will still be driven by its two main segments namely first home buyers and premium home buyersWe maintain our BUY call on the company as we believe the shares are still undervalued given its: 1) robust marketing sales, 2) strong balance sheet, and 3) huge undeveloped land bankMaintaining its marketing sales target at IDR8.8tnContent 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.

Bumi Serpong Damai(BSDE IJ) - Remained Positive in 2023

Indonesia

PT Bumi Serpong Damai Tbk is a prominent Indonesian real estate developer specializing in integrated urban development. The company develops residential, commercial, and mixed-use properties, including townships, housing areas, commercial spaces, retail areas, industrial estates, and hospitality properties. Its flagship project is the master-planned BSD City, an integrated residential and business area. The company was founded in 1984 and is headquartered in Tangerang, Indonesia.

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Bumi Serpong Damai (BSDE IJ)

ASEAN Builder's Scoop (5Aug22) - FLT Robust Reversions +ve Surprise

ELITE higher mid-year portfolio valuation; AREIT buys Philips APAC Centre at +0.3% DPU accretion; BSDE 1H22 mktg sales reached 61% FY target; FLI...

SCCM Asia Research

ASEAN Builder's Scoop (22Jun22) - CLI Establishes First Onshore RMB Fund

IREIT secures new 12yr lease in Spain; High Point enbloc closing on 28Jul; Phils banks' RE exposure rises; CLI debuts on bond market; TTJ invests...

SCCM Asia Research

ASEAN Builder's Scoop (4Jan22) - New Home Prices

New home prices, rental may continue rising despite measures; New home, HDB resale prices reached record highs; BSDE 9M21 net profit rose 3 folds;...

SCCM Asia Research

ASEAN Builder's Scoop (8Sep21)

Park Hotel Farrer Park relaunched under IHG; AAREIT new CEO-designate; BSDE invests in DC business; WCTHG selling non-core assets; Phils Aug...

SCCM Asia Research

Bumi Serpong Damai(BSDE IJ) - Remained Positive in 2023

BSDE is looking to achieve its FY23 marketing sales target, which will still be driven by its two main segments namely first home buyers and...

BRI Danareksa Research

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