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>Parkview Square and Draycott Eight Condo deals fell through</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> bonds get highest credit rating (Regina Capital)</li><li>Domestic air travel rebounds in 1H22 (Regina Capital) - Data from the Civil Aeronautics Board showed that domestic air travel passengers reached 9.69m in 1H22.</li></ul>

Parkview Square and Draycott Eight Condo deals fell throughRobinsons Land Co (RLC PM) bonds get highest credit rating (Regina Capital)Domestic air travel rebounds in 1H22 (Regina Capital) - Data from the Civil Aeronautics Board showed that domestic air travel passengers reached 9.69m in 1H22.

ASEAN Builder's Scoop (25Aug22) - Parkview Square, Draycott 8 Condo Deals Fell Through

<ul><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> establishes Frasers Property Capital to focus on finding capital partners for investments</li><li><a href="https://www.smartkarma.com/entities/united-hampshire-us-reit" target="_blank" data-smartkarma-citation="entities:28874" rel="noopener">United Hampshire US REIT (UHU SP)</a> is confident in refinancing its short-term debt maturing in FY23</li><li>Relocation of Paya Lebar Air Base could increase housing supply with more en-bloc sales and SERS</li></ul>

Frasers Property Ltd (FPL SP) establishes Frasers Property Capital to focus on finding capital partners for investmentsUnited Hampshire US REIT (UHU SP) is confident in refinancing its short-term debt maturing in FY23Relocation of Paya Lebar Air Base could increase housing supply with more en-bloc sales and SERS

ASEAN Builder's Scoop (23Aug22) - FPL Establishes FP Capital to Find Capital Partners

<ul><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> 1H22 operating PATMI +31% YoY; REIB and Lodging mgmt. business shine brighter</li><li><a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57" rel="noopener">City Developments (CIT SP)</a> 1H22 core PATMI returned to black; Boosted by recovering hospitality segment</li><li>Condo resale prices rose 1.2% MoM in Jul22; Volumes dipped by 6.7% MoM</li></ul>

CapitaLand Investment (CLI SP) 1H22 operating PATMI +31% YoY; REIB and Lodging mgmt. business shine brighterCity Developments (CIT SP) 1H22 core PATMI returned to black; Boosted by recovering hospitality segmentCondo resale prices rose 1.2% MoM in Jul22; Volumes dipped by 6.7% MoM

ASEAN Builder's Scoop (11Aug22) - CLI Lodging and REIB Shines Brighter

<ul><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> acquires 2 data centers in China; DPU accretive by +2.7%</li><li><a href="https://www.smartkarma.com/entities/oxley-holdings-ltd" target="_blank" data-smartkarma-citation="entities:1097" rel="noopener">Oxley Holdings (OHL SP)</a> to divest Vietnamese assets for ~S$84m</li><li>Chuan Park gets S$860m offer, below S$938m en bloc reserve price; Enbloc market heating up</li></ul>

Keppel DC REIT (KDCREIT SP) acquires 2 data centers in China; DPU accretive by +2.7%Oxley Holdings (OHL SP) to divest Vietnamese assets for ~S$84mChuan Park gets S$860m offer, below S$938m en bloc reserve price; Enbloc market heating up

ASEAN Builder's Scoop (21Jun22) - KDCREIT Acquires 2 China DC, +2.7% DPU Accretive

<ul><li>New private home sales rose 108% MoM in May22; But take-up rate falling further to ~109%</li><li>Condo, HDB rents rose at quicker pace in May22; More units leased</li><li>Visitor arrivals continued to rebound strongly in May22 though still 26% of monthly average in 2019</li></ul>

New private home sales rose 108% MoM in May22; But take-up rate falling further to ~109%Condo, HDB rents rose at quicker pace in May22; More units leasedVisitor arrivals continued to rebound strongly in May22 though still 26% of monthly average in 2019

ASEAN Builder's Scoop (16Jun22) - May22 New Home Sales Take-Up Rate Falling Further

Philippines

Robinsons Land Corporation invests in and develops real estate. The Company develops residential housing and commercial real estate and operates shopping malls and hotels.

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Robinsons Land Co (RLC PM)

ASEAN Builder's Scoop (25Aug22) - Parkview Square, Draycott 8 Condo Deals Fell Through

RLC bonds get highest credit ratings; Phils domestic air travel rebounded in 1H22; MCH plans >MYR1.5bn property launches; MSGB M Adora towers...

SCCM Asia Research

ASEAN Builder's Scoop (23Aug22) - FPL Establishes FP Capital to Find Capital Partners

UHU confident in refinancing short-term debt; More housing supply from PLAB relocation; DMCI Homes reports project updates; Phils BSP sees economy...

SCCM Asia Research

ASEAN Builder's Scoop (11Aug22) - CLI Lodging and REIB Shines Brighter

CIT boosted by recovering hospitality; Condo resale price +1.2% MoM in Jul22; RLC sustained recovery; GTCAP-Nomura RE launches JV firm in Phils

SCCM Asia Research

ASEAN Builder's Scoop (21Jun22) - KDCREIT Acquires 2 China DC, +2.7% DPU Accretive

OHL divests VN assets; Enbloc market heating up; RLC shifts to clean power by 2035; Phils BSP 25bps rate hike most likely

SCCM Asia Research

ASEAN Builder's Scoop (16Jun22) - May22 New Home Sales Take-Up Rate Falling Further

Condo/HDB rents rose faster in May22; Visitor arrivals still ~26% of pre-Covid; SSIA booked 9ha land sales in 1Q22; RLC highest bond rating; ECWI...

SCCM Asia Research

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