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

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

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<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: 363.047px; height: 14px;"> </td><td style="width: 362.953px; height: 14px;">ELITE (GBP)</td></tr><tr><td style="width: 363.047px; height: 14px;">Period</td><td style="width: 362.953px; height: 14px;">1H21</td></tr><tr><td style="width: 363.047px; height: 14px;">Gross Revenue (S$ m)</td><td style="width: 362.953px; height: 14px;">15.9 (+37.7% vs forecast)</td></tr><tr><td style="width: 363.047px; height: 14px;">NPI (S$ m)</td><td style="width: 362.953px; height: 14px;">15.4 (+37% vs forecast)</td></tr><tr><td style="width: 363.047px; height: 14px;">DPU (S$ c)</td><td style="width: 362.953px; height: 14px;">2.63 (+8.7% vs forecast)</td></tr><tr><td style="width: 363.047px; height: 14px;">NAV per Unit (S$)</td><td style="width: 362.953px; height: 14px;">0.62</td></tr><tr><td style="width: 363.047px; height: 14px;">P/B (x)</td><td style="width: 362.953px; height: 14px;">1.08</td></tr><tr><td style="width: 363.047px; height: 14px;">Occupancy (%)</td><td style="width: 362.953px; height: 14px;">100</td></tr><tr><td style="width: 363.047px; height: 7px;">Reversion (%)</td><td style="width: 362.953px; height: 7px;">Not Disclosed</td></tr><tr><td style="width: 363.047px; height: 14px;">Gearing (%)</td><td style="width: 362.953px; height: 14px;">42.1</td></tr><tr><td style="width: 363.047px; height: 14px;">Cost of Debt (%)</td><td style="width: 362.953px; height: 14px;">1.9</td></tr><tr><td style="width: 363.047px; height: 14px;">1 Yr Fwd Yield (%)</td><td style="width: 362.953px; height: 14px;">7.41</td></tr><tr><td style="width: 363.047px; height: 14px;">Debt Hedged (%)</td><td style="width: 362.953px; height: 14px;">63</td></tr><tr><td style="width: 363.047px; height: 14px;">Target Price</td><td style="width: 362.953px; height: 14px;">N/A</td></tr><tr><td style="width: 363.047px; height: 14px;">Rating</td><td style="width: 362.953px; height: 14px;">N/A</td></tr></tbody></table>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached) ELITE (GBP)Period1H21Gross Revenue (S$ m)15.9 (+37.7% vs forecast)NPI (S$ m)15.4 (+37% vs forecast)DPU (S$ c)2.63 (+8.7% vs forecast)NAV per Unit (S$)0.62P/B (x)1.08Occupancy (%)100Reversion (%)Not DisclosedGearing (%)42.1Cost of Debt (%)1.91 Yr Fwd Yield (%)7.41Debt Hedged (%)63Target PriceN/ARatingN/A

ASEAN Builder's Scoop (02Jul21) - ELITE >7% GBP Yield with Min Collection Risks

External broker reports(aggregated public sources), RHB Invest

RHB Invest

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Sheng Siong's share price has declined ~7% from S$1.77 to S$1.64, along with the wider market, including the STI Index, since our report Sheng Siong - Growth Traction Intact; Keep BUY in May.</li><li>Singapore’s supermarket retail sales has normalised earlier than expected. We had expected supermarket retail sales to normalise around May, but it grew 0.6% y-o-y and 0.1% m-o-m in April.</li><li>Prior to this, it declined y-o-y for 11 consecutive months since May 2022, due to the high base of robust supermarket retail sales resulting from COVID-19’s safe distancing restrictions in 2021.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sheng Siong's share price has declined ~7% from S$1.77 to S$1.64, along with the wider market, including the STI Index, since our report Sheng Siong - Growth Traction Intact; Keep BUY in May.Singapore’s supermarket retail sales has normalised earlier than expected. We had expected supermarket retail sales to normalise around May, but it grew 0.6% y-o-y and 0.1% m-o-m in April.Prior to this, it declined y-o-y for 11 consecutive months since May 2022, due to the high base of robust supermarket retail sales resulting from COVID-19’s safe distancing restrictions in 2021.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sheng Siong - Palatable Valuations; Keep BUY

Singapore

Sheng Siong Group Ltd. operates a chain of supermarket retail stores, offering a wide assortment of live, fresh, and chilled produce, pantry staples, packaged foods, and household merchandise. The company also engages in general trading, wholesale import and export, and operates an online grocery platform. Sheng Siong was founded in 1985 and is headquartered in Singapore.

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Sheng Siong (SSG SP)

ASEAN Builder's Scoop (02Jul21) - ELITE >7% GBP Yield with Min Collection Risks

ELITE >7% GBP yield with min collection risks; EAGLEHT Dalls hotel sold at lower price; GLP sees frothy valuations in most markets; DILD 1H21 mktg...

SCCM Asia Research

Sheng Siong - Palatable Valuations; Keep BUY

Sheng Siong's share price has declined ~7% from S$1.77 to S$1.64, along with the wider market, including the STI Index, since our report Sheng...

RHB Invest

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