Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/aims-amp-capital-industrial" target="_blank" data-smartkarma-citation="entities:933" rel="noopener">AIMS APAC REIT (AAREIT SP)</a> issues S$250m 5.375% perpetual securities</h3><p>AAREIT has priced the S$250m perpetual securities at 5.375%. The Series 003 Perpetual Securities will be issued under the S$750m Multicurrency Debt Issuance programme, expected to be issued on 1Sep21. The net proceeds will be used for the general corporate purposes, finance general working capital, capital expenditure and investments and the partial or full refinancing of existing borrowings. AAREIT has an existing S$125m 5.65% perpetual securities issued in Aug20, bringing its total perps exposure to S$375m (a look-through debt+perps/asset to ~46%).</p><h3>Residential property volume, prices could continue rising for the rest of 2021</h3><p>Residential property demand and prices are expected to tick higher. OrangeTee noted that demand for public and private properties has been rising and listings for both new launches and resale flats are being snapped up on the same day. Buyers are more willing to spend on bigger but older flats due to work-from-home requirements. According to OrangeTee, more than 14,000 resale HDB flats changed hands in 1H21. Prices increased 6% over that period and are just 2% below the peak in 2Q13. Total HDB resales could hit 27,000-29,000 units this year (vs. 24,748 units in 2020 and 23,714 in 2019), while prices of resale flats may rise by 9-11% for the whole of 2021. Meanwhile, a total of 8,449 private homes, including new launches and resale units, were sold in 2Q21, up 4.3% QoQ. Overall home prices may rise by 6-9% this year, possibly driven by resale volumes.</p>

SingaporeAIMS APAC REIT (AAREIT SP) issues S$250m 5.375% perpetual securitiesAAREIT has priced the S$250m perpetual securities at 5.375%. The Series 003 Perpetual Securities will be issued under the S$750m Multicurrency Debt Issuance programme, expected to be issued on 1Sep21. The net proceeds will be used for the general corporate purposes, finance general working capital, capital expenditure and investments and the partial or full refinancing of existing borrowings. AAREIT has an existing S$125m 5.65% perpetual securities issued in Aug20, bringing its total perps exposure to S$375m (a look-through debt+perps/asset to ~46%).Residential property volume, prices could continue rising for the rest of 2021Residential property demand and prices are expected to tick higher. OrangeTee noted that demand for public and private properties has been rising and listings for both new launches and resale flats are being snapped up on the same day. Buyers are more willing to spend on bigger but older flats due to work-from-home requirements. According to OrangeTee, more than 14,000 resale HDB flats changed hands in 1H21. Prices increased 6% over that period and are just 2% below the peak in 2Q13. Total HDB resales could hit 27,000-29,000 units this year (vs. 24,748 units in 2020 and 23,714 in 2019), while prices of resale flats may rise by 9-11% for the whole of 2021. Meanwhile, a total of 8,449 private homes, including new launches and resale units, were sold in 2Q21, up 4.3% QoQ. Overall home prices may rise by 6-9% this year, possibly driven by resale volumes.

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<p>Having been on the buy-side for nearly fifteen years my focus and preference have always been small- and midsize companies ("SMidcaps"). One aspect of investing in these SMidcaps is that corporate governance is a serious issue, particularly in Asia.</p><p>When legendary fund manager Anthony Bolton (Fidelity) decided to <a href="https://www.theguardian.com/money/2009/nov/26/anthony-bolton-chinese-fund-fidelity" target="_blank">come out of retirement in 2009 </a>and open a China fund he attracted lots of attention and capital. Given the Fidelity brand name he surely had the resources to build a team of the best…</p>

Having been on the buy-side for nearly fifteen years my focus and preference have always been small- and midsize companies ("SMidcaps"). One aspect of investing in these SMidcaps is that corporate governance is a serious issue, particularly in Asia.When legendary fund manager Anthony Bolton (Fidelity) decided to come out of retirement in 2009 and open a China fund he attracted lots of attention and capital. Given the Fidelity brand name he surely had the resources to build a team of the best…

When Small-Cap Companies Refuse to Meet Investors: Watch Out

Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

<p>During the Internet Of Things (IoT) Asia 2017 conference, Singapore's minister-in-charge of the Smart Nation Initiative, Dr Vivian Balakrishnan, answered a question on whether governments should provide some sort of Universal Basic Income (UBI) for workers and whether we could tax robots, as suggested by Bill Gates. (<a href="http://www.businessinsider.com/bill-gates-robot-tax-brighter-future-2017-3?IR=T&amp;r=US&amp;IR=T" target="_blank">Business Insider</a>)</p><p>He is not supportive of UBI, but proposed that governments should provide Universal Basic <strong>digital Literacy</strong> instead.</p><p>With the ongoing disruption of white-collar jobs…</p>

During the Internet Of Things (IoT) Asia 2017 conference, Singapore's minister-in-charge of the Smart Nation Initiative, Dr Vivian Balakrishnan, answered a question on whether governments should provide some sort of Universal Basic Income (UBI) for workers and whether we could tax robots, as suggested by Bill Gates. (Business Insider)He is not supportive of UBI, but proposed that governments should provide Universal Basic digital Literacy instead.With the ongoing disruption of white-collar jobs…

Universal Basic Literacy, Not Universal Basic Income the Way for Singapore

<p>In the recent release of The Committee On Future Economy (CFE) Report, the Singapore government brought up a few key trends that are affecting Singapore's economy, in particular:<br>i) subdued global growth to continue in the next few years<br>ii) rapid technological changes that can give way to new global value chains and production patterns <br>iii) Political uncertainties with the rising support for protectionism<br><br><strong>Below is the summary of seven key strategies presented by the Committee:</strong></p><p>1. Deepen and…</p>

In the recent release of The Committee On Future Economy (CFE) Report, the Singapore government brought up a few key trends that are affecting Singapore's economy, in particular: i) subdued global growth to continue in the next few years ii) rapid technological changes that can give way to new global value chains and production patterns  iii) Political uncertainties with the rising support for protectionism  Below is the summary of seven key strategies presented by the Committee:1. Deepen and…

Singapore: Top Ten Words in CFE Report Highlight the Future of Education

Chairman, sgtradex

Tan Chin-Hwee

Chairman

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/019/992/original/Pisatest.jpg?1485928080" class="editor-image img-responsive" data-smartkarma-image-id="19992"></figure><div class="content-caption">By Theo Müller - Own work, <a href="https://commons.wikimedia.org/w/index.php?curid=837159" target="_blank">CC BY-SA 2.5</a>
</div><p>I was excited to read about Singapore's top ranking in the Pisa (<a href="https://en.wikipedia.org/wiki/Programme_for_International_Student_Assessment" target="_blank">Programme for International Student Assessment</a>) tests and the perfect score of our IB (International Baccalaureate) achievers.</p><p><span lang="EN">We should be proud of what we have achieved in such a short time as a country. Our position among the best today in educational terms is the result of the hard work and leadership of the Singapore Government and teachers. There are not many things from Singapore that</span>…</p>

By Theo Müller - Own work, CC BY-SA 2.5
I was excited to read about Singapore's top ranking in the Pisa (Programme for International Student Assessment) tests and the perfect score of our IB (International Baccalaureate) achievers.We should be proud of what we have achieved in such a short time as a country. Our position among the best today in educational terms is the result of the hard work and leadership of the Singapore Government and teachers. There are not many things from Singapore that…

Singapore's Education System Must Embrace the Frontier Beyond Academic Achievement

Singapore

Raffles Education is a premier education group offering a full spectrum of academic and vocational programs, including undergraduate and postgraduate courses in design, business, and hospitality management. The group operates a network of educational institutions and also leases education facilities to other institutions. Headquartered in Singapore, the company was founded in 1990.

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Raffles Education (RLS SP)

ASEAN Builder's Scoop (24Aug21)

AAREIT issues S$250m perps; SG resi prices, volume continue rising; RCR offers IPO at 8% premium to NAV; CLI raises stake in reclamation firm MMDC;...

SCCM Asia Research

When Small-Cap Companies Refuse to Meet Investors: Watch Out

Having been on the buy-side for nearly fifteen years my focus and preference have always been small- and midsize companies ("SMidcaps"). One aspect...

Nicolas Van Broekhoven

Universal Basic Literacy, Not Universal Basic Income the Way for Singapore

During the Internet Of Things (IoT) Asia 2017 conference, Singapore's minister-in-charge of the Smart Nation Initiative, Dr Vivian...

Valerie Law, CFA

Singapore: Top Ten Words in CFE Report Highlight the Future of Education

In the recent release of The Committee On Future Economy (CFE) Report, the Singapore government brought up a few key trends that are affecting...

Valerie Law, CFA

Singapore's Education System Must Embrace the Frontier Beyond Academic Achievement

I was excited to read about Singapore's top ranking in the Pisa (Programme for International Student Assessment) tests and the perfect score of our...

Tan Chin-Hwee

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