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> to acquire two nursing homes in Japan for ~S$29.4m; No material impact on DPU or NTA</li><li>Hotel operators geared up for a big F1 weekend with occupancy levels seen at peak levels</li><li><a href="https://www.smartkarma.com/entities/lian-beng-group-ltd" target="_blank" data-smartkarma-citation="entities:17636" rel="noopener">Lian Beng (LBG SP)</a> declines SGX in disclosing family members’ remuneration</li></ul>

Parkway Life REIT (PREIT SP) to acquire two nursing homes in Japan for ~S$29.4m; No material impact on DPU or NTAHotel operators geared up for a big F1 weekend with occupancy levels seen at peak levelsLian Beng (LBG SP) declines SGX in disclosing family members’ remuneration

ASEAN Builder's Scoop (21Sep22) - PREIT Buys 2 Japan Nursing Home, No Impact on DPU/NTA

<ul><li><a href="https://www.smartkarma.com/entities/guocoland-ltd" target="_blank" data-smartkarma-citation="entities:17467" rel="noopener">GuocoLand (GUOL SP)</a> previews Lentor Modern on 2Sep22 with starting price at S$1,880psf</li><li>Two 99-year leasehold residential sites in Bukit Timah Link and Hillview Rise released on market; Expect healthy interests from developers</li><li>Price gap between new suburban condos and million-dollar HDB flats widens to 53.6% vs 1.3% in 2019</li></ul>

GuocoLand (GUOL SP) previews Lentor Modern on 2Sep22 with starting price at S$1,880psfTwo 99-year leasehold residential sites in Bukit Timah Link and Hillview Rise released on market; Expect healthy interests from developersPrice gap between new suburban condos and million-dollar HDB flats widens to 53.6% vs 1.3% in 2019

ASEAN Builder's Scoop (1Sep22) - GUOL Previews Lentor Modern at S$1,880psf

<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/sabana-industrial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:911" rel="noopener">Sabana Industrial REIT (SSREIT SP)</a> 1H22 DPU +7.4% YoY; Rental reversion continues to be robust at +17.4%</li><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> banking on the hospitality sector and return of travel</li><li>Property investment sales drop in 2Q22 but set to register growth for FY22: Colliers</li></ul>

Sabana Industrial REIT (SSREIT SP) 1H22 DPU +7.4% YoY; Rental reversion continues to be robust at +17.4%CapitaLand Investment (CLI SP) banking on the hospitality sector and return of travelProperty investment sales drop in 2Q22 but set to register growth for FY22: Colliers

ASEAN Builder's Scoop (21Jul22) - SSREIT's Rental Reversion Remains Robust

<ul><li><a href="https://www.smartkarma.com/entities/metro-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7401" rel="noopener">Metro Holdings (METRO SP)</a> 2H22 net profit fell 68% YoY due to impairment losses from China; Invested 10% stake in DocMed Technology</li><li>Bukit Sembawang Estates (BS SP) 2H22 net profit tumbles 75% YoY; Proposed a total dividend of S$16c/share</li><li><a href="https://www.smartkarma.com/entities/robinsons-land-corp" target="_blank" data-smartkarma-citation="entities:8831" rel="noopener">Robinsons Land Co (RLC PM)</a> digesting 1Q22 earnings, a hit and miss (Regina Capital)</li></ul>

Metro Holdings (METRO SP) 2H22 net profit fell 68% YoY due to impairment losses from China; Invested 10% stake in DocMed TechnologyBukit Sembawang Estates (BS SP) 2H22 net profit tumbles 75% YoY; Proposed a total dividend of S$16c/shareRobinsons Land Co (RLC PM) digesting 1Q22 earnings, a hit and miss (Regina Capital)

ASEAN Builder's Scoop (30May22) - METRO Invested 10% in DocMed

Indonesia

Intiland Development is a prominent Indonesian property developer focused on property development, management, and investment. The company's diverse portfolio includes residential townships, high-rise apartments, office towers, hospitality, and industrial estates. It was founded in 1974 and is headquartered in Jakarta, Indonesia.

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Intiland Development (DILD IJ)

ASEAN Builder's Scoop (21Sep22) - PREIT Buys 2 Japan Nursing Home, No Impact on DPU/NTA

Hotel operators geared up for F1 wkd; AMEREIT to acquire 3 Johor props from Sponsor; DILD reached 33% of FY22 mktg sales target

SCCM Asia Research

ASEAN Builder's Scoop (1Sep22) - GUOL Previews Lentor Modern at S$1,880psf

Two GLS sites on market, expect healthy interest; New suburbs condo-S$1+m HDB price widens to ~54%; DILD 1H22 net loss widens; No recovery in Phils...

SCCM Asia Research

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 (21Jul22) - SSREIT's Rental Reversion Remains Robust

CLI is banking on hospitality sector; Property investment sales dropped -36.9% in 2Q22; Property players become cautious in next 6mo; DILD booked...

SCCM Asia Research

ASEAN Builder's Scoop (30May22) - METRO Invested 10% in DocMed

BS 2H22 Earnings Tumbled 75% YoY; RLC 1Q earnings a hit and miss; MREIT mulls PHP15bn asset infusion; DILD 1Q22 earnings fell into red

SCCM Asia Research

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