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/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> to divest Stage 1 properties of Bei Gang Logistics and Chongxian Port Logistics for S$406.8m</li><li>CapitaLand Ascendas REIT (CAREIT SP) to convert San Diego office property to life sciences property for US$40m</li><li><a href="https://www.smartkarma.com/entities/cortina-holdings" target="_blank" data-smartkarma-citation="entities:4046" rel="noopener">Cortina Holdings (CTN SP)</a> to acquire fourth level of a commercial building for S$49m</li></ul>

EC World Reit (ECWREIT SP) to divest Stage 1 properties of Bei Gang Logistics and Chongxian Port Logistics for S$406.8mCapitaLand Ascendas REIT (CAREIT SP) to convert San Diego office property to life sciences property for US$40mCortina Holdings (CTN SP) to acquire fourth level of a commercial building for S$49m

ASEAN Builder's Scoop (5Oct22) - ECWREIT to Divest Assets for S$406.8m

<ul><li><a href="https://www.smartkarma.com/entities/guocoland-ltd" target="_blank" data-smartkarma-citation="entities:17467" rel="noopener">GuocoLand (GUOL SP)</a> Midtown Modern launches double-storey homes at S$15.5-17m each; Development is now 76% sold</li><li>May22 retail sales up 17.8% YoY and +1.8% MoM; F&amp;B sales rose 40.1% YoY and +7.9% MoM</li><li>Property investment sales almost double to S$20.2bn in 1H22; On-track to reach S$32-35bn for 2022</li></ul>

GuocoLand (GUOL SP) Midtown Modern launches double-storey homes at S$15.5-17m each; Development is now 76% soldMay22 retail sales up 17.8% YoY and +1.8% MoM; F&amp;B sales rose 40.1% YoY and +7.9% MoMProperty investment sales almost double to S$20.2bn in 1H22; On-track to reach S$32-35bn for 2022

ASEAN Builder's Scoop (6Jul22) - GUOL Midtown Modern 76% Sold

<ul><li><a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> and <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> proposed merger to form Mapletree Pan Asia Commercial Trust (MPACT); DPU and NAV accretive to MCT unitholders</li><li>The transaction will be ~8.9% and ~6.5% of accretive to DPU and NAV, respectively, on a pro forma basis to MCT unitholders. As for MAGIC unitholders, total consideration is at an attractive premium over trading prices and implies a 1.0x P/NAV, translating into a 1-year total return of ~32.2%</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> acquires 50% interest in Sydney office building for ~S$410m; DPU accretive by ~1%</li></ul>

Mapletree Commercial Trust (MCT SP) and Mapletree North Asia Commercial Trust (MAGIC SP) proposed merger to form Mapletree Pan Asia Commercial Trust (MPACT); DPU and NAV accretive to MCT unitholdersThe transaction will be ~8.9% and ~6.5% of accretive to DPU and NAV, respectively, on a pro forma basis to MCT unitholders. As for MAGIC unitholders, total consideration is at an attractive premium over trading prices and implies a 1.0x P/NAV, translating into a 1-year total return of ~32.2%Capitaland Integrated Commercial Trust (CICT SP) acquires 50% interest in Sydney office building for ~S$410m; DPU accretive by ~1%

ASEAN Builder's Scoop (3Jan22) - MCT/MAGIC Merger

<ul><li>JV partners, JPMorgan and Nuveen, acquire One George Street for US$944m</li><li><a href="https://www.smartkarma.com/entities/ananda-development-pcl" target="_blank" data-smartkarma-citation="entities:12958" rel="noopener">Ananda Development (ANAN TB)</a> launching 5 projects over next 6 months</li><li>Shopper traffic to <a href="https://www.smartkarma.com/entities/metropolitan-land-tbk-pt" target="_blank" data-smartkarma-citation="entities:14237" rel="noopener">Metropolitan Land (MTLA IJ)</a> malls grows 30-40% amidst year-end festivities and lower PPKM restrictions</li></ul>

JV partners, JPMorgan and Nuveen, acquire One George Street for US$944mAnanda Development (ANAN TB) launching 5 projects over next 6 monthsShopper traffic to Metropolitan Land (MTLA IJ) malls grows 30-40% amidst year-end festivities and lower PPKM restrictions

ASEAN Builder's Scoop (14Dec21) - JPMorgan and Nuveen Acquire OGS for S$2,897psf

Indonesia

PT Metropolitan Land Tbk is an Indonesian real estate and property developer, focusing on residential and commercial properties for the middle to upper-middle market segments. The company's diverse portfolio includes residential estates, commercial centers, hotels, and recreational facilities, with projects primarily in Jakarta and surrounding high-growth areas. Headquartered in Bekasi, Indonesia, the company was established on February 16, 1994.

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Metropolitan Land (MTLA IJ)

ASEAN Builder's Scoop (5Oct22) - ECWREIT to Divest Assets for S$406.8m

CAREIT to convert office to life sciences property for US$40m; CTN to buy commercial asset for S$49m; Prelim private resi prices rise 3.4% QoQ in...

SCCM Asia Research

ASEAN Builder's Scoop (6Jul22) - GUOL Midtown Modern 76% Sold

May retail sales +1.8% MoM, F&B going strong; SG prop investment +89% YoY in 1H22; Phils BSP signals more rate hikes; GuocoLand (GUOL SP) Midtown...

SCCM Asia Research

ASEAN Builder's Scoop (3Jan22) - MCT/MAGIC Merger

MCT/MAGIC merger; CICT buys Sydney office; KDCREIT buys UK DC; ART buys more US dormitories; ECWREIT buyers backed out; DASIN loan extension; VLL...

SCCM Asia Research

ASEAN Builder's Scoop (14Dec21) - JPMorgan and Nuveen Acquire OGS for S$2,897psf

JPMorgan and Nuveen acquire OGS for S$2,897psf; Tanglin Shopping Centre up for enbloc sale at S$828m; ANAN launching 5 projects in 6mo; Shopper...

SCCM Asia Research

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