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Michael Fritzell

Research from Asian Century Stocks

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The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Thematic (Sector/Industry)

Jefferies strategist Chris Wood made an interesting comment in his 4Q21 Asia Maxima report. He expressed a bullish view on Singaporean residential property developers, quoting a 40% discount to book and rapidly improving fundamentals. Here is a short report on the sector to figure out whether his bullishness is warranted or not.
<ul>
<li>
Supply &amp; demand for residential property is not necessarily out of sync. The 2009-2013 period was a bubble and should not be seen as a baseline.
</li>
<li>
The retail, office and hospitality segments have suffered over the past two years due to cross-border travel restrictions, working from home during the pandemic and the threat from e-commerce. But several of these factors are one-off in nature.
</li>
<li>
I see value in City Developments, given high-quality assets, excellent execution and an upside of almost +60% using reasonable assumptions.
</li>
<li>
I’m also bullish on small-cap Bukit Sembawang, which sit on a valuable land bank and has won awards as one of the best property developers in Singapore.
</li>
</ul>

Jefferies strategist Chris Wood made an interesting comment in his 4Q21 Asia Maxima report. He expressed a bullish view on Singaporean residential property developers, quoting a 40% discount to book and rapidly improving fundamentals. Here is a short report on the sector to figure out whether his bullishness is warranted or not.


Supply &amp; demand for residential property is not necessarily out of sync. The 2009-2013 period was a bubble and should not be seen as a baseline.


The retail, office and hospitality segments have suffered over the past two years due to cross-border travel restrictions, working from home during the pandemic and the threat from e-commerce. But several of these factors are one-off in nature.


I see value in City Developments, given high-quality assets, excellent execution and an upside of almost +60% using reasonable assumptions.


I’m also bullish on small-cap Bukit Sembawang, which sit on a valuable land bank and has won awards as one of the best property developers in Singapore.



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

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

<h2>Singapore</h2>
<h3>SREITs results in a glance (see detailed spreadsheet and calendar attached)</h3>
<table class="table table-striped">
<tbody>
<tr>
<td style="width: 136.6pt;">
 
</td>
<td style="width: 136.55pt;">
DASIN
</td>
<td style="width: 136.55pt;">
SASSR
</td>
<td style="width: 136.55pt;">
BHGREIT
</td>
<td style="width: 136.55pt;">
CLCT
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
Period
</td>
<td style="width: 136.55pt;">
1Q21
</td>
<td style="width: 136.55pt;">
1Q21
</td>
<td style="width: 136.55pt;">
1Q21
</td>
<td style="width: 136.55pt;">
1Q21
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
Gross Revenue (S$ m)
</td>
<td style="width: 136.55pt;">
Not Disclosed in SGD terms; RMB127.3m (+87.4% YoY); or RMB101.6m if w/o Shunde Metro Mall and Tanbei Metro Mall (+51.0% YoY)
</td>
<td style="width: 136.55pt;">
EMA Rental Income: 34.1 (+23.4% YoY)
</td>
<td style="width: 136.55pt;">
Not Disclosed
</td>
<td style="width: 136.55pt;">
Not Disclosed
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
NPI (S$ m)
</td>
<td style="width: 136.55pt;">
Not Disclosed
</td>
<td style="width: 136.55pt;">
EMA Rental Income (Excluding straight-line adjustments): 32.3 (+27.8% YoY)
</td>
<td style="width: 136.55pt;">
Not Disclosed
</td>
<td style="width: 136.55pt;">
264.2 (RMB)
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
DPU (S$ c)
</td>
<td style="width: 136.55pt;">
Not Disclosed
</td>
<td style="width: 136.55pt;">
1.759 (+31.9% YoY)
</td>
<td style="width: 136.55pt;">
Not Disclosed
</td>
<td style="width: 136.55pt;">
Not Disclosed
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
NAV per Unit (S$)
</td>
<td style="width: 136.55pt;">
1.41 (Based on 4Q20)
</td>
<td style="width: 136.55pt;">
0.922
</td>
<td style="width: 136.55pt;">
Not Disclosed
</td>
<td style="width: 136.55pt;">
Not Disclosed
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
P/B (x)
</td>
<td style="width: 136.55pt;">
0.510
</td>
<td style="width: 136.55pt;">
1.00
</td>
<td style="width: 136.55pt;">
0.64 (Based on 4Q20 NAV)
</td>
<td style="width: 136.55pt;">
0.94 (Based on 4Q20 NAV)
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
Occupancy (%)
</td>
<td style="width: 136.55pt;">
96.1
</td>
<td style="width: 136.55pt;">
93.5
</td>
<td style="width: 136.55pt;">
92.1
</td>
<td style="width: 136.55pt;">
Retail: 94.4 Business Parks: 92.1
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
Reversion (%)
</td>
<td style="width: 136.55pt;">
NA
</td>
<td style="width: 136.55pt;">
Not Disclosed
</td>
<td style="width: 136.55pt;">
Not Disclosed
</td>
<td style="width: 136.55pt;">
Not Disclosed
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
Gearing (%)
</td>
<td style="width: 136.55pt;">
37.2
</td>
<td style="width: 136.55pt;">
27.6
</td>
<td style="width: 136.55pt;">
35.6
</td>
<td style="width: 136.55pt;">
35.1
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
Cost of Debt (%)
</td>
<td style="width: 136.55pt;">
NA
</td>
<td style="width: 136.55pt;">
3.3
</td>
<td style="width: 136.55pt;">
3.8
</td>
<td style="width: 136.55pt;">
2.51
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
1 Yr Fwd Yield (%)
</td>
<td style="width: 136.55pt;">
6.99
</td>
<td style="width: 136.55pt;">
7.46
</td>
<td style="width: 136.55pt;">
NA
</td>
<td style="width: 136.55pt;">
6.21
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
Debt Hedged (%)
</td>
<td style="width: 136.55pt;">
NA
</td>
<td style="width: 136.55pt;">
Not Disclosed
</td>
<td style="width: 136.55pt;">
60% of offshore loans
</td>
<td style="width: 136.55pt;">
~70
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
Target Price
</td>
<td style="width: 136.55pt;">
S$0.81
</td>
<td style="width: 136.55pt;">
NA
</td>
<td style="width: 136.55pt;">
NA
</td>
<td style="width: 136.55pt;">
NA
</td>
</tr>
<tr>
<td style="width: 136.6pt;">
Rating
</td>
<td style="width: 136.55pt;">
BUY
</td>
<td style="width: 136.55pt;">
NA
</td>
<td style="width: 136.55pt;">
NA
</td>
<td style="width: 136.55pt;">
NA
</td>
</tr>
</tbody>
</table>
<h3>
<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> 1Q21 Business Updates – Revenue recovered to 94% of pre-Covid level; ARA’s strategic stake underscores GBA’s potential</h3>
<ul>
<li>1Q21 revenue (in RMB terms; on same-mall basis) increased 51.0% YoY to ~RMB101.6m. Total revenues of the four malls (IPO portfolio), namely Shiqi Metro Mall, Xiaolan Metro Mall, Ocean Metro Mall and Dasin E-Colour, has recovered to 94% of 1Q19 (pre-pandemic)’s level. Including Shunde Metro Mall and Tanbei Metro Mall (8Jul20), 1Q21 revenue (in RMB terms) increased 87.4% YoY to ~RMB127.3m</li>
<li>Overall portfolio committed occupancy stabilized at 96.1% (vs. 96.5% in 4Q20 and 96.1% in 3Q20). ~9,085sqm (12.7% of total Ocean Metro Mall NLA) of “furniture and finishing” space at the mall has been reconfigured in 4Q20 into a children’s education area, which brought a positive rental reversion of ~46%. Portfolio WALE stood at 5.9 years by NLA and 3.6 years by GRI. ~31.1% of GRI will be due for renewal in FY21E</li>
<li>Portfolio gearing stands at 37.2% (vs. 37.8% in 4Q20 and 38.5% in 3Q20). DASIN is currently negotiating with banks for extension of loans amounting to S$235.2m, which are due on 18Jul21</li>
<li>Mr. Zhang Zhencheng, Chairman and controlling shareholder of the Trustee-Manager, as well as Aqua Wealth Holdings Limited (a controlling unitholder of the Trust), had entered into a sale and purchase agreement with ARA DSRT (Holdings) and ARA Real Estate Investors 22 in pursuance of a strategic partnership with ARA Asset Management. ARA will acquire 50% of interest in the Trustee-Manager from Mr. Zhang Zhencheng, as well as ~5.0% of interest in DASIN from Aqua Wealth Holdings Limited in two separate tranches. The sale of 50% stake in Trustee-Manager and first tranche of DASIN’s units (2.5% stake) is expected to complete by May21</li>
<li>DASIN currently trades at 7.0% FY21E yield and 0.51x P/B.</li>
</ul>
Comments: 1Q21 Revenue forms 23.6% of our full-year FY21E revenue (based on avg. 1Q21 RMB/SGD of 4.8727). We are encouraged by Dasin E-Colour’s strong revenue recovery (to near pre-Covid level) despite a challenging occupancy profile of 86.5% (vs. portfolio average of 96.1% and 1Q20’s 91.9%), thus translating to a robust passing rent at ~RMB125.6psm pm with +107% YoY reversions. Meanwhile, its 2 mature assets, namely Shiqi Metro Mall and Xiaolan Metro Mall (contributed to ~45.6% of 1Q21 revenue), appear to be on track for a sustained recovery – upticks in both occupancy rates and passing rents. The two newly acquired Shunde Metro Mall and Tanbei Metro Mall should provide inorganic boost to with its full-year contributions (vs. 6 mths contributions in FY20). Notwithstanding a challenging leasing market (portfolio occupancy remains below pre-Covid level of 97-98%), DASIN’s lease structure with high fixed components (fixed rent and fixed rent with built-in escalation) at 82.8%% of Mar21 GRI, offer income stability somewhat. We have a BUY rating with TP of S$0.81/Unit for DASIN.
<section class="figure">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/207/030/original/image021.png?1621332221" class="editor-image img-responsive" data-smartkarma-image-id="207030"></figure>
</section>

Singapore
SREITs results in a glance (see detailed spreadsheet and calendar attached)




 


DASIN


SASSR


BHGREIT


CLCT




Period


1Q21


1Q21


1Q21


1Q21




Gross Revenue (S$ m)


Not Disclosed in SGD terms; RMB127.3m (+87.4% YoY); or RMB101.6m if w/o Shunde Metro Mall and Tanbei Metro Mall (+51.0% YoY)


EMA Rental Income: 34.1 (+23.4% YoY)


Not Disclosed


Not Disclosed




NPI (S$ m)


Not Disclosed


EMA Rental Income (Excluding straight-line adjustments): 32.3 (+27.8% YoY)


Not Disclosed


264.2 (RMB)




DPU (S$ c)


Not Disclosed


1.759 (+31.9% YoY)


Not Disclosed


Not Disclosed




NAV per Unit (S$)


1.41 (Based on 4Q20)


0.922


Not Disclosed


Not Disclosed




P/B (x)


0.510


1.00


0.64 (Based on 4Q20 NAV)


0.94 (Based on 4Q20 NAV)




Occupancy (%)


96.1


93.5


92.1


Retail: 94.4 Business Parks: 92.1




Reversion (%)


NA


Not Disclosed


Not Disclosed


Not Disclosed




Gearing (%)


37.2


27.6


35.6


35.1




Cost of Debt (%)


NA


3.3


3.8


2.51




1 Yr Fwd Yield (%)


6.99


7.46


NA


6.21




Debt Hedged (%)


NA


Not Disclosed


60% of offshore loans


~70




Target Price


S$0.81


NA


NA


NA




Rating


BUY


NA


NA


NA





Dasin Retail Trust (DASIN SP) 1Q21 Business Updates – Revenue recovered to 94% of pre-Covid level; ARA’s strategic stake underscores GBA’s potential

1Q21 revenue (in RMB terms; on same-mall basis) increased 51.0% YoY to ~RMB101.6m. Total revenues of the four malls (IPO portfolio), namely Shiqi Metro Mall, Xiaolan Metro Mall, Ocean Metro Mall and Dasin E-Colour, has recovered to 94% of 1Q19 (pre-pandemic)’s level. Including Shunde Metro Mall and Tanbei Metro Mall (8Jul20), 1Q21 revenue (in RMB terms) increased 87.4% YoY to ~RMB127.3m
Overall portfolio committed occupancy stabilized at 96.1% (vs. 96.5% in 4Q20 and 96.1% in 3Q20). ~9,085sqm (12.7% of total Ocean Metro Mall NLA) of “furniture and finishing” space at the mall has been reconfigured in 4Q20 into a children’s education area, which brought a positive rental reversion of ~46%. Portfolio WALE stood at 5.9 years by NLA and 3.6 years by GRI. ~31.1% of GRI will be due for renewal in FY21E
Portfolio gearing stands at 37.2% (vs. 37.8% in 4Q20 and 38.5% in 3Q20). DASIN is currently negotiating with banks for extension of loans amounting to S$235.2m, which are due on 18Jul21
Mr. Zhang Zhencheng, Chairman and controlling shareholder of the Trustee-Manager, as well as Aqua Wealth Holdings Limited (a controlling unitholder of the Trust), had entered into a sale and purchase agreement with ARA DSRT (Holdings) and ARA Real Estate Investors 22 in pursuance of a strategic partnership with ARA Asset Management. ARA will acquire 50% of interest in the Trustee-Manager from Mr. Zhang Zhencheng, as well as ~5.0% of interest in DASIN from Aqua Wealth Holdings Limited in two separate tranches. The sale of 50% stake in Trustee-Manager and first tranche of DASIN’s units (2.5% stake) is expected to complete by May21
DASIN currently trades at 7.0% FY21E yield and 0.51x P/B.

Comments: 1Q21 Revenue forms 23.6% of our full-year FY21E revenue (based on avg. 1Q21 RMB/SGD of 4.8727). We are encouraged by Dasin E-Colour’s strong revenue recovery (to near pre-Covid level) despite a challenging occupancy profile of 86.5% (vs. portfolio average of 96.1% and 1Q20’s 91.9%), thus translating to a robust passing rent at ~RMB125.6psm pm with +107% YoY reversions. Meanwhile, its 2 mature assets, namely Shiqi Metro Mall and Xiaolan Metro Mall (contributed to ~45.6% of 1Q21 revenue), appear to be on track for a sustained recovery – upticks in both occupancy rates and passing rents. The two newly acquired Shunde Metro Mall and Tanbei Metro Mall should provide inorganic boost to with its full-year contributions (vs. 6 mths contributions in FY20). Notwithstanding a challenging leasing market (portfolio occupancy remains below pre-Covid level of 97-98%), DASIN’s lease structure with high fixed components (fixed rent and fixed rent with built-in escalation) at 82.8%% of Mar21 GRI, offer income stability somewhat. We have a BUY rating with TP of S$0.81/Unit for DASIN.




ASEAN Builder's Scoop (18May21) - DASIN strategic investment from ARA

Singapore and emerging market real estate

Royston Foo

Singapore’s Urban Redevelopment Authority (URA) today released the data on property developers’ private home sales for the month of May 2019.Property developers in Singapore launched a total of 1,374 non-land private residential units for sale in the month of May and this was an increase of 214% MoM and 30% YoY.A total of 934 non-landed private residential units were sold in May. This was an increase of 29% MoM, but a decline of 15% YoY. Buyers continue to gravitate towards the earlier launched mass-market property projects that are priced at more reasonable levels in comparison to the newer projects. Interest in mid-range to high-end projects remained subdued.Total developers’ inventory available for immediate launch decreased by 3.6% MoM in May to 16,782 units, aided by the improvement in sales and fewer projects getting sales approval in May. Developers’ inventory in the CCR continued to increase in May, rising by 2.5% MoM to 3,061 units in May. This is the highest level since December 2016.

Singapore’s Urban Redevelopment Authority (URA) today released the data on property developers’ private home sales for the month of May 2019.Property developers in Singapore launched a total of 1,374 non-land private residential units for sale in the month of May and this was an increase of 214% MoM and 30% YoY.A total of 934 non-landed private residential units were sold in May. This was an increase of 29% MoM, but a decline of 15% YoY. Buyers continue to gravitate towards the earlier launched mass-market property projects that are priced at more reasonable levels in comparison to the newer projects. Interest in mid-range to high-end projects remained subdued.Total developers’ inventory available for immediate launch decreased by 3.6% MoM in May to 16,782 units, aided by the improvement in sales and fewer projects getting sales approval in May. Developers’ inventory in the CCR continued to increase in May, rising by 2.5% MoM to 3,061 units in May. This is the highest level since December 2016.

Singapore Property – 29% Increase in Property Sales in May but No Recovery in Sight Yet.

Singapore’s Urban Redevelopment Authority (URA) today released the data on property developers’ private home sales for the month of April 2019.Property developers in Singapore launched a total of 438 non-land private residential units for sale in the month April, a decline of 76% MoM and 30% YoY.A total of 726 non-landed private residential units were sold in April, a decline of 30% MoM.Take-up rate rebounded in April to 166% after falling to the lowest level since November 2014 but the recovery was attributable to the decline in launches, rather than an improvement in sales.Total developers’ inventory available for immediate launch increased by 5.3% MoM in April to 17,411 units, reaching the highest level since August 2015.The deleveraging of Oxley’s balance sheet with the Chevron House sale and the planned divestment of Novotel and Mercure on Stevens, and the healthy sales momentum at Oxley’s residential projects in Singapore are expected to reduce Oxley’s risk profile in the coming months and could be potential catalysts for re-rating.

Singapore’s Urban Redevelopment Authority (URA) today released the data on property developers’ private home sales for the month of April 2019.Property developers in Singapore launched a total of 438 non-land private residential units for sale in the month April, a decline of 76% MoM and 30% YoY.A total of 726 non-landed private residential units were sold in April, a decline of 30% MoM.Take-up rate rebounded in April to 166% after falling to the lowest level since November 2014 but the recovery was attributable to the decline in launches, rather than an improvement in sales.Total developers’ inventory available for immediate launch increased by 5.3% MoM in April to 17,411 units, reaching the highest level since August 2015.The deleveraging of Oxley’s balance sheet with the Chevron House sale and the planned divestment of Novotel and Mercure on Stevens, and the healthy sales momentum at Oxley’s residential projects in Singapore are expected to reduce Oxley’s risk profile in the coming months and could be potential catalysts for re-rating.  

Singapore Property – 30% Decline in Property Sales in April; Rising Inventory Remains a Concern

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN 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

Cross Asset Strategy

<div class="content-highlight">This week's offering of Insights across <a href="mailto:ASEAN@Smartkarma" target="_blank">ASEAN@Smartkarma</a> is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up pieces. Please find a brief summary below, with a fuller write up in the detailed section.</div><h2>Macro Insights</h2>In <a href="https://www.smartkarma.com/insights/ten-years-on-asia-s-time-is-coming-don-t-miss-the-boat" target="_blank" data-smartkarma-citation="insights:27259">Ten Years On - Asia's Time Is Coming, Don't Miss The Boat</a>, <a href="https://www.smartkarma.com/profiles/1728" target="_blank" data-smartkarma-citation="accounts:1728">Sharmila Whelan</a> suggests that the time has come for Asia to outperform developed markets.In <a href="https://www.smartkarma.com/insights/the-black-elephant-has-trumpeted" target="_blank" data-smartkarma-citation="insights:27310">The Black Elephant Has Trumpeted</a>, <a href="https://www.smartkarma.com/profiles/1628" target="_blank" data-smartkarma-citation="accounts:1628">Dr. Jim Walker</a> argues that we are on the cusp of a period of pronounced outperformance for Asian economies. In <a href="https://www.smartkarma.com/insights/catalyst-calendar-for-thailand-2019" target="_blank" data-smartkarma-citation="insights:27331">Catalyst Calendar for Thailand 2019</a>, our Thai Guru attempts upcoming catalysts for selective stocks in Thailand including <a href="https://www.smartkarma.com/entities/8090" target="_blank" data-smartkarma-citation="entities:8090:1">TMB Bank PCL (TMB TB)</a>, <a href="https://www.smartkarma.com/entities/239" target="_blank" data-smartkarma-citation="entities:239:1">Airports Of Thailand (AOT TB)</a>, <a href="https://www.smartkarma.com/entities/18105" target="_blank" data-smartkarma-citation="entities:18105:1">Indorama Ventures (IVL TB)</a>, <a href="https://www.smartkarma.com/entities/1812" target="_blank" data-smartkarma-citation="entities:1812:1">Sino Thai Engr &amp; Constr (STEC TB)</a>, and <a href="https://www.smartkarma.com/entities/16662" target="_blank" data-smartkarma-citation="entities:16662:1">Major Cineplex Group (MAJOR TB)</a>.<h2>Equity Bottom-Up Insights</h2>In his on the ground insight, <a href="https://www.smartkarma.com/insights/sumber-alfaria-trijaya-amrt-ij-flying-off-the-shelves-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:27216">Sumber Alfaria Trijaya (AMRT IJ) - Flying off the Shelves</a>, former Jakartan <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> revisits this leading Indonesian mini-market operator. After a meeting with management, he finds the company on an altogether more favourable tack.In <a href="https://www.smartkarma.com/insights/ayala-corp-placement-selldown-by-mitsubishi-likely-to-reignite-overhang-worries" target="_blank" data-smartkarma-citation="insights:27282">Ayala Corp Placement - Selldown by Mitsubishi Likely to Reignite Overhang Worries</a>, <a href="https://www.smartkarma.com/profiles/673" target="_blank" data-smartkarma-citation="accounts:673">Zhen Zhou, Toh</a> takes a look at this significant transaction in the Philippines. <a href="https://www.smartkarma.com/entities/20668" target="_blank" data-smartkarma-citation="entities:20668:1"></a>in <a href="https://www.smartkarma.com/insights/capitaland-capl-sp-transformational-acquisition-at-a-premium" target="_blank" data-smartkarma-citation="insights:27299">Capitaland (CAPL SP): Transformational Acquisition at a Premium</a>, <a href="https://www.smartkarma.com/profiles/1680" target="_blank" data-smartkarma-citation="accounts:1680">Arun George</a> comments on <a href="https://www.smartkarma.com/entities/55" target="_blank" data-smartkarma-citation="entities:55:1">Capitaland Ltd (CAPL SP)</a>'s latest acquisition and though he sees it as significant would take a wait and see stance on the stock. <h2>Sector and Thematic Insights</h2>In <a href="https://www.smartkarma.com/insights/singapore-real-deals-jan-2019-issue-1" target="_blank" data-smartkarma-citation="insights:27317">Singapore Real Deals (Jan 2019 Issue 1</a>, <a href="https://www.smartkarma.com/profiles/1786" target="_blank" data-smartkarma-citation="accounts:1786">Anni Kum</a> launches a new regular product commenting on significant developments in the Singapore property sector. Singapore Real Deals is a fortnightly property digest that takes you through the peculiarities of Singapore's real estate market. In the first issue of Singapore Real Deals, she will dive into the first property launch in Prime District 9 in 2019, RV Altitude, to get a sense of the product mix and pricing strategies that developers are adopting in a price-sensitive market. In <a href="https://www.smartkarma.com/insights/singapore-property-a-perfect-storm-for-the-high-end-residential-market-in-2019" target="_blank" data-smartkarma-citation="insights:27311">Singapore Property – A Perfect Storm for the High-End Residential Market in 2019?</a>, <a href="https://www.smartkarma.com/profiles/2053" target="_blank" data-smartkarma-citation="accounts:2053">Royston Foo</a> investigates some worrying developments on the supply side in Singapore property, which he suggests could negatively affect the market, especially the high-end.

This week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up pieces. Please find a brief summary below, with a fuller write up in the detailed section.Macro InsightsIn Ten Years On - Asia's Time Is Coming, Don't Miss The Boat, Sharmila Whelan suggests that the time has come for Asia to outperform developed markets.In The Black Elephant Has Trumpeted, Dr. Jim Walker argues that we are on the cusp of a period of pronounced outperformance for Asian economies. In Catalyst Calendar for Thailand 2019, our Thai Guru attempts upcoming catalysts for selective stocks in Thailand including TMB Bank PCL (TMB TB), Airports Of Thailand (AOT TB), Indorama Ventures (IVL TB), Sino Thai Engr &amp; Constr (STEC TB), and Major Cineplex Group (MAJOR TB).Equity Bottom-Up InsightsIn his on the ground insight, Sumber Alfaria Trijaya (AMRT IJ) - Flying off the Shelves, former Jakartan Angus Mackintosh revisits this leading Indonesian mini-market operator. After a meeting with management, he finds the company on an altogether more favourable tack.In Ayala Corp Placement - Selldown by Mitsubishi Likely to Reignite Overhang Worries, Zhen Zhou, Toh takes a look at this significant transaction in the Philippines. in Capitaland (CAPL SP): Transformational Acquisition at a Premium, Arun George comments on Capitaland Ltd (CAPL SP)'s latest acquisition and though he sees it as significant would take a wait and see stance on the stock. Sector and Thematic InsightsIn Singapore Real Deals (Jan 2019 Issue 1, Anni Kum launches a new regular product commenting on significant developments in the Singapore property sector. Singapore Real Deals is a fortnightly property digest that takes you through the peculiarities of Singapore's real estate market. In the first issue of Singapore Real Deals, she will dive into the first property launch in Prime District 9 in 2019, RV Altitude, to get a sense of the product mix and pricing strategies that developers are adopting in a price-sensitive market. In Singapore Property – A Perfect Storm for the High-End Residential Market in 2019?, Royston Foo investigates some worrying developments on the supply side in Singapore property, which he suggests could negatively affect the market, especially the high-end.

The Week that Was in ASEAN@Smartkarma - Asia's Time, Indo Mini-Marts, and Singapore Property Woes

Singapore

Roxy-Pacific Holdings is a Singapore-based property and hospitality group primarily engaged in property development, hotel ownership, and property investment. The company develops small-to-mid sized residential and commercial properties and owns and operates hotels such as Grand Mercure Singapore Roxy and Noku Kyoto. Roxy-Pacific Holdings was founded in 1967 and is headquartered in Singapore.

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Roxy-Pacific (ROXY SP)

Singapore Residential Property

Jefferies strategist Chris Wood made an interesting comment in his 4Q21 Asia Maxima report. He expressed a bullish view on Singaporean residential...

Asian Century Stocks

ASEAN Builder's Scoop (18May21) - DASIN strategic investment from ARA

DASIN strategic investment from ARA; ECWREIT privatization on the cards?; Apr21 new home sales robust 122% take-up rate; Hmlet down round...

SCCM Asia Research

Singapore Property – 29% Increase in Property Sales in May but No Recovery in Sight Yet.

Singapore’s Urban Redevelopment Authority (URA) today released the data on property developers’ private home sales for the month of May...

Royston Foo

Singapore Property – 30% Decline in Property Sales in April; Rising Inventory Remains a Concern

Singapore’s Urban Redevelopment Authority (URA) today released the data on property developers’ private home sales for the month of April...

Royston Foo

The Week that Was in ASEAN@Smartkarma - Asia's Time, Indo Mini-Marts, and Singapore Property Woes

This week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights...

Angus Mackintosh

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