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 collect CNY108.5m for Fu Zhou Industrial expropriation; Minimal impact to NAV and DPU</li><li>Proxy advisers recommends cautious vote in favour for ARA Logos Logistic Trust (ALLT SP) merger offer with ESR-REIT (EREIT SP)</li><li>26–38D Hillview Terrace put up for joint sale by tender with reserve price of S$255.4m</li></ul>

EC World Reit (ECWREIT SP) to collect CNY108.5m for Fu Zhou Industrial expropriation; Minimal impact to NAV and DPUProxy advisers recommends cautious vote in favour for ARA Logos Logistic Trust (ALLT SP) merger offer with ESR-REIT (EREIT SP)26–38D Hillview Terrace put up for joint sale by tender with reserve price of S$255.4m

ASEAN Builder's Scoop (10Mar22) - ECWREIT Min Impact from Asset Expropriation

<ul><li><a href="https://www.smartkarma.com/entities/cdl-hospitality-trusts" target="_blank" data-smartkarma-citation="entities:936" rel="noopener">CDL Hospitality Trusts (CDREIT SP)</a> acquires Hotel Brooklyn in Manchester, UK; ~1.1% accretion to DPU</li><li>Joint investment of Sumitomo units and ARA invest S$297m in Capital Square</li><li><a href="https://www.smartkarma.com/entities/sm-prime-holdings-inc" target="_blank" data-smartkarma-citation="entities:89" rel="noopener">Sm Prime Holdings (SMPH PM)</a> earnings surprise on the upside (Regina Capital)</li></ul>

CDL Hospitality Trusts (CDREIT SP) acquires Hotel Brooklyn in Manchester, UK; ~1.1% accretion to DPUJoint investment of Sumitomo units and ARA invest S$297m in Capital SquareSm Prime Holdings (SMPH PM) earnings surprise on the upside (Regina Capital)

ASEAN Builder's Scoop 22Feb22 - CDREIT Buys Manchester Hotel

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Citicore Energy REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/citicore-energy-reit" target="_blank" data-smartkarma-citation="entities:35451:1" rel="noopener">Citicore Energy REIT (CREIT PM)</a> raised around US$124m in its Philippines IPO.</li>
<li>At the IPO price, the REIT is offered at 7% FY22 dividend yield. As of listing, the REIT would be the smallest amongst its peer set, in terms of mcap.</li>
<li>In this note, we will talk about the trading dynamics.</li>
</ul>



Citicore Energy REIT (CREIT PM) raised around US$124m in its Philippines IPO.
At the IPO price, the REIT is offered at 7% FY22 dividend yield. As of listing, the REIT would be the smallest amongst its peer set, in terms of mcap.
In this note, we will talk about the trading dynamics.


Citicore Energy REIT IPO Trading - Most Phil REITs Had Corrected Since Our Last Note

<ul><li><a href="https://www.smartkarma.com/entities/lendlease-global-commercial-reit" target="_blank" data-smartkarma-citation="entities:28292" rel="noopener">Lendlease Global Commercial REIT (LREIT SP)</a> 1H22 DPU +2.6% YoY – Record high occupancy rate, rising cost of debt despite high level of hedging</li><li>Dec21 retail sales up 6.7% YoY driven by year-end multiple retail sectors; F&amp;B sales increased 7.4% YoY despite restrictions</li><li>Kheng Leong purchased Gilstead Road site for S$70m - Kheng Leong is paying S$70m for 2 bungalows in Gilstead Road with a total freehold land area of 43,457sqft. </li></ul>

Lendlease Global Commercial REIT (LREIT SP) 1H22 DPU +2.6% YoY – Record high occupancy rate, rising cost of debt despite high level of hedgingDec21 retail sales up 6.7% YoY driven by year-end multiple retail sectors; F&amp;B sales increased 7.4% YoY despite restrictionsKheng Leong purchased Gilstead Road site for S$70m - Kheng Leong is paying S$70m for 2 bungalows in Gilstead Road with a total freehold land area of 43,457sqft. 

ASEAN Builder's Scoop (7Feb22) - LREIT Record High Occupancy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/citicore-energy-reit" target="_blank" data-smartkarma-citation="entities:35451:1" rel="noopener">Citicore Energy REIT (CREIT PM)</a> is looking to raise around US$170m in its Philippines IPO. </li>
<li>The initial portfolio will consist of the Clark Solar Power Plant, Armenia Property, Toledo Property, Silay Property, and the Dalayap Property, which had a total appraised valuation of PHP10.9bn (US$214.3m).</li>
<li>In this note, we will look at peer comparison and share our thoughts on valuation.</li>
</ul>



Citicore Energy REIT (CREIT PM) is looking to raise around US$170m in its Philippines IPO. 
The initial portfolio will consist of the Clark Solar Power Plant, Armenia Property, Toledo Property, Silay Property, and the Dalayap Property, which had a total appraised valuation of PHP10.9bn (US$214.3m).
In this note, we will look at peer comparison and share our thoughts on valuation.


Citicore Energy REIT IPO - Stable Dividend Generation but Needs to Come at a Wider Discount to Peers

Philippines

RL Commercial REIT Inc. operates as a real estate investment trust. The Company primarily invests in income-generating real estate properties. RL commercial REIT serves customers in Philippines.

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RL Commercial REIT (RCR PM)

ASEAN Builder's Scoop (10Mar22) - ECWREIT Min Impact from Asset Expropriation

Proxy advisers in favor for ALLT-EREIT merger; CLI robust housing demand; MEG 4Q21 strong bounce in RE sales; RLC recovery across all segments

SCCM Asia Research

ASEAN Builder's Scoop 22Feb22 - CDREIT Buys Manchester Hotel

ARA JVs invests ~S$300m in Capital Square; SMPH earnings surprised on upside; Stable revs buoys RCR earnings; Astra Land JVs with HKL to grow...

SCCM Asia Research

Citicore Energy REIT IPO Trading - Most Phil REITs Had Corrected Since Our Last Note

Citicore Energy REIT (CREIT PM) raised around US$124m in its Philippines IPO. In this note, we will talk about the trading dynamics.

Clarence Chu

ASEAN Builder's Scoop (7Feb22) - LREIT Record High Occupancy

Dec21 retail sales robust +6.7% YoY, +2.3% MoM; Kheng Leong buys Gilstead Rd site for S$70m; SMRA/LPKR targets >IDR5tn mktg sales in FY22; HOUSE...

SCCM Asia Research

Citicore Energy REIT IPO - Stable Dividend Generation but Needs to Come at a Wider Discount to Peers

Citicore Energy REIT (CREIT PM) is looking to raise around US$170m in its Philippines IPO. In this note, we will look at peer comparison and share...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

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