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/dasin-retail-trust" target="_blank" data-smartkarma-citation="entities:23743" rel="noopener">Dasin Retail Trust (DASIN SP)</a> terminates partnership with ARA Group; Enters into MoU with Sino-Ocean Capital Holding</h3><ul><li>The board of directors of Dasin Retail Trust Management has been informed by Mr. Zhang Zhencheng, Chairman and controlling shareholder of Dasin Retail Trust Management, as well as Aqua Wealth, a controlling unitholder of DASIN, that all relevant parties have agreed to terminate the SPA and will not be proceeding with the proposed transaction under the sales and purchase agreement</li><li>On the other hand, Mr Zhang Zhencheng had entered into a non-binding MOU with Sino-Ocean Capital Holding Limited on 5Jul21 in pursuance of a strategic partnership. Sino-Ocean Capital is a domestic real estate fund management company, and an alternative asset management company in China. Sino-Ocean Capital currently holds ~6.36% of the total issued units in DASIN via its affiliate Glory Class Ventures Limited</li><li>The Sino-Ocean Capital Partnership will involve an acquisition by Sino-Ocean Capital, Glory Class or any affiliate designated by Sino-Ocean Capital of 70.0% of the total issued share capital in Dasin Retail Trust Management from Mr. Zhang Zhencheng. In conjunction with this acquisition, Sino-Ocean Capital may also acquire such number of units in DASIN from Aqua Wealth which, when added to the units in DASIN currently held by Glory Class, will be no less than 25% of the total issued units in DASIN. The terms of the Sino-Ocean Capital Partnership will be subject to the execution of legally binding definitive documents between the parties which is expected to take place in Jul21</li><li>DASIN is also currently seeking to secure the refinancing of the offshore facilities and to that end is working to obtain the approvals for the refinancing from all the banks within the syndicate of lenders, while contemplating other possible solutions, including applying for a further extension.</li></ul>

SingaporeDasin Retail Trust (DASIN SP) terminates partnership with ARA Group; Enters into MoU with Sino-Ocean Capital HoldingThe board of directors of Dasin Retail Trust Management has been informed by Mr. Zhang Zhencheng, Chairman and controlling shareholder of Dasin Retail Trust Management, as well as Aqua Wealth, a controlling unitholder of DASIN, that all relevant parties have agreed to terminate the SPA and will not be proceeding with the proposed transaction under the sales and purchase agreementOn the other hand, Mr Zhang Zhencheng had entered into a non-binding MOU with Sino-Ocean Capital Holding Limited on 5Jul21 in pursuance of a strategic partnership. Sino-Ocean Capital is a domestic real estate fund management company, and an alternative asset management company in China. Sino-Ocean Capital currently holds ~6.36% of the total issued units in DASIN via its affiliate Glory Class Ventures LimitedThe Sino-Ocean Capital Partnership will involve an acquisition by Sino-Ocean Capital, Glory Class or any affiliate designated by Sino-Ocean Capital of 70.0% of the total issued share capital in Dasin Retail Trust Management from Mr. Zhang Zhencheng. In conjunction with this acquisition, Sino-Ocean Capital may also acquire such number of units in DASIN from Aqua Wealth which, when added to the units in DASIN currently held by Glory Class, will be no less than 25% of the total issued units in DASIN. The terms of the Sino-Ocean Capital Partnership will be subject to the execution of legally binding definitive documents between the parties which is expected to take place in Jul21DASIN is also currently seeking to secure the refinancing of the offshore facilities and to that end is working to obtain the approvals for the refinancing from all the banks within the syndicate of lenders, while contemplating other possible solutions, including applying for a further extension.

ASEAN Builder's Scoop (6Jul21) - DASIN Terminates ARA Partnership

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

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Equity Bottom-Up

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<ul><li>The SET Index is expected to move up, with the support at 1,615/1,610 points and the resistance at 1,635/1,640 points, in response to the report of the US CPI in November, which was lower than expected at 7.10% YoY (vs. the expected 7.30% YoY).</li><li>Hence, the FOMC is anticipated to raise interest rates by just 0.50% to 4.50% tonight, with a probability of 79.4%, followed by rate hikes of 0.25% in the meetings on February 1 and March 22, 2023 (with probabilities of 52.4% and 47%, respectively).</li><li>The Fed is expected to end its interest rate upcycle at 5% (based on the CME Group's fed funds futures).</li></ul>

The SET Index is expected to move up, with the support at 1,615/1,610 points and the resistance at 1,635/1,640 points, in response to the report of the US CPI in November, which was lower than expected at 7.10% YoY (vs. the expected 7.30% YoY).Hence, the FOMC is anticipated to raise interest rates by just 0.50% to 4.50% tonight, with a probability of 79.4%, followed by rate hikes of 0.25% in the meetings on February 1 and March 22, 2023 (with probabilities of 52.4% and 47%, respectively).The Fed is expected to end its interest rate upcycle at 5% (based on the CME Group's fed funds futures).

<ul><li>The SET Index is expected to move sideways, with the resistance at 1,630/1,635 points and the support at 1,611 (50-week EMA)/1,600 points.</li><li>We recommend trading buy on BANPU, CPALL and SC.</li><li>Today's momentum is slightly negative due to concerns over China's new lockdowns in Beijing to contain COVID-19.</li></ul>

The SET Index is expected to move sideways, with the resistance at 1,630/1,635 points and the support at 1,611 (50-week EMA)/1,600 points.We recommend trading buy on BANPU, CPALL and SC.Today's momentum is slightly negative due to concerns over China's new lockdowns in Beijing to contain COVID-19.

Recommendation: Buy on Weakness, Sell on Strength

<ul><li>The SET Index is expected to move sideways down, with the resistance at 1,569/1,579 points and the support at 1,556/1,550 points.</li><li>We recommend trading buy on BBL, WHA and ERW.</li><li>Technically, the index may rise to 1,597 points in a W-shaped double-bottom pattern if it manages to close positive today; on the other hand, there will be a new selling sign if the index falls below the support at 1,556 points.</li></ul>

The SET Index is expected to move sideways down, with the resistance at 1,569/1,579 points and the support at 1,556/1,550 points.We recommend trading buy on BBL, WHA and ERW.Technically, the index may rise to 1,597 points in a W-shaped double-bottom pattern if it manages to close positive today; on the other hand, there will be a new selling sign if the index falls below the support at 1,556 points.

<ul><li>The SET Index is expected to weaken, with the resistance at 1,640/1,650 points and the support at 1,628/1,617 points (200-day EMA).</li><li>Negative momentum today will be generated by the Fed maintaining its hawkish stance, signaling that it will continue raising interest rates aggressively to tame inflation, despite its decision to hike rates by 0.75% yesterday, as expected.</li><li>The Fed also raised its core CPI projection from +4.3% to +4.5% for year-end 2022E and revised up its forecasts to +3.1%, +2.3% and +2.1% for 2023E, 2024E and 2025E, respectively.</li></ul>

The SET Index is expected to weaken, with the resistance at 1,640/1,650 points and the support at 1,628/1,617 points (200-day EMA).Negative momentum today will be generated by the Fed maintaining its hawkish stance, signaling that it will continue raising interest rates aggressively to tame inflation, despite its decision to hike rates by 0.75% yesterday, as expected.The Fed also raised its core CPI projection from +4.3% to +4.5% for year-end 2022E and revised up its forecasts to +3.1%, +2.3% and +2.1% for 2023E, 2024E and 2025E, respectively.

Singapore

Sea Limited is a Singapore-based global technology company founded in 2009. It operates three core businesses: digital entertainment through Garena, e-commerce via Shopee, and digital financial services under Monee. The company is headquartered in Singapore.

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Sea Ltd (SE US)

ASEAN Builder's Scoop (6Jul21) - DASIN Terminates ARA Partnership

DASIN terminates ARA partnership; SE expands to Rochester Commons; CBD office 1H21 demand turns net positive; CLI books +13% YoY 2Q21 sales; Indo's...

SCCM Asia Research

Technical Analysis

The SET Index is expected to move up, with the support at 1,615/1,610 points and the resistance at 1,635/1,640 points, in response to the report...

Krungthai XSpring

Recommendation: Buy on Weakness, Sell on Strength

The SET Index is expected to move sideways, with the resistance at 1,630/1,635 points and the support at 1,611 (50-week EMA)/1,600 points. We...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways down, with the resistance at 1,569/1,579 points and the support at 1,556/1,550 points. We recommend...

Krungthai XSpring

Market Outlook

The SET Index is expected to weaken, with the resistance at 1,640/1,650 points and the support at 1,628/1,617 points (200-day EMA). Negative...

Krungthai XSpring

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