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/dasin-retail-trust" target="_blank" data-smartkarma-citation="entities:23743" rel="noopener">Dasin Retail Trust (DASIN SP)</a> extends facilities for another 3mo following MOU on potential asset sales</li><li><a href="https://www.smartkarma.com/entities/keppel-dc-reit" target="_blank" data-smartkarma-citation="entities:85" rel="noopener">Keppel DC REIT (KDCREIT SP)</a> Keppel DC Singapore 1 master lease commences legal proceedings against DXC Technology Services</li><li><a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934" rel="noopener">ESR-REIT (EREIT SP)</a>, <a href="https://www.smartkarma.com/entities/ara-logos-logistics-trust" target="_blank" data-smartkarma-citation="entities:937" rel="noopener">ARA LOGOS (ALLT SP)</a> unitholders approve merger to form ESR-Logos REIT</li></ul>

Dasin Retail Trust (DASIN SP) extends facilities for another 3mo following MOU on potential asset salesKeppel DC REIT (KDCREIT SP) Keppel DC Singapore 1 master lease commences legal proceedings against DXC Technology ServicesESR-REIT (EREIT SP), ARA LOGOS (ALLT SP) unitholders approve merger to form ESR-Logos REIT

ASEAN Builder's Scoop (22Mar22) - DASIN Extends Loan Facilities Again

<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>New Private home sales fell substantially in Feb22 due to lack of new launches</li><li>RBC Investor Services Trust Singapore intends to retire as <a href="https://www.smartkarma.com/entities/keppel-reit" target="_blank" data-smartkarma-citation="entities:192" rel="noopener">Keppel REIT (KREIT SP)</a> trustee</li><li>GB building’s three strata commercial units launched for sale at S$69m</li></ul>

New Private home sales fell substantially in Feb22 due to lack of new launchesRBC Investor Services Trust Singapore intends to retire as Keppel REIT (KREIT SP) trusteeGB building’s three strata commercial units launched for sale at S$69m

ASEAN Builder's Scoop (8Mar22) - Feb22 New Home Sales Fell Significantly

<ul><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> 2H21 DPU +12.4% YoY; Enlarged portfolio boosts performance but watch for rising debt cost</li><li>Higher property tax for higher end properties in 2023-24</li><li>Orchard building owners look for collective sales; Rejuvenate Orchard Rd precinct</li></ul>

Elite Commercial REIT (ELITE SP) 2H21 DPU +12.4% YoY; Enlarged portfolio boosts performance but watch for rising debt costHigher property tax for higher end properties in 2023-24Orchard building owners look for collective sales; Rejuvenate Orchard Rd precinct

ASEAN Builder's Scoop (21Jan22) - ELITE Enlarged Portfolio Boosts Performance

<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> 1Q22 Business Updates – Improvements in reversions driven by AUS sub-markets</li><li>Strata office and retail space to see continued demand in 2022</li><li>GIC in final talks to acquire Seibu's Japan properties for S$1.75bn</li></ul>

Frasers Logistics &amp; Commercial Trust (FLT SP) 1Q22 Business Updates – Improvements in reversions driven by AUS sub-marketsStrata office and retail space to see continued demand in 2022GIC in final talks to acquire Seibu's Japan properties for S$1.75bn

ASEAN Builder's Scoop (8Feb22) - FLT Improvements in AUS Reversions

Philippines

Robinsons Land Corporation (RLC) is a leading Philippine real estate company engaged in the development and operation of shopping malls, hotels, office buildings, and residential properties. The company's portfolio includes lifestyle commercial centers, residential condominiums and housing, and industrial facilities. RLC is headquartered in Quezon City, Philippines, and was incorporated on June 4, 1980.

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Robinsons Land (RLC PM)

ASEAN Builder's Scoop (22Mar22) - DASIN Extends Loan Facilities Again

KDCREIT master lessee in legal dispute over default payment; EREIT-ALLT merger approved; CPG eyes PHP3.5bn sales from Naic project

SCCM Asia Research

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 (8Mar22) - Feb22 New Home Sales Fell Significantly

RBC retires as KREIT's trustee; MREIT nets ~PHP2bn in FY21; RLC expanding Antipolo mall; Kampung Baru redevelopment takes shape

SCCM Asia Research

ASEAN Builder's Scoop (21Jan22) - ELITE Enlarged Portfolio Boosts Performance

ELITE enlarged portfolio boosts performance; Higher tax for high-end props in 2023-24; Ochard rd buildings en-bloc galore; RLC new estate near...

SCCM Asia Research

ASEAN Builder's Scoop (8Feb22) - FLT Improvements in AUS Reversions

Strata office/retail gaining steam; GIC looks to buy Seibu hotels; ALLHC buys Batangas facility; Phils cold storage demand robust; IBN Corp expands...

SCCM Asia Research

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