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> 2H21 DPU +10.9% YoY; All eyes remain on the hefty 2022 refinancing burden</li><li><a href="https://www.smartkarma.com/entities/bhg-retail-reit" target="_blank" data-smartkarma-citation="entities:21021" rel="noopener">BHG Retail REIT (BHGREIT SP)</a> 2H21 DPU -0.9% YoY; Steady as she goes with occupancy rates inching higher</li><li><a href="https://www.smartkarma.com/entities/ireit-global" target="_blank" data-smartkarma-citation="entities:10596" rel="noopener">IREIT Global (IREIT SP)</a> 2H21 DPU +7.9% YoY; Continued to trade ~25% below book value despite an attractive 7+% yield</li></ul>

Dasin Retail Trust (DASIN SP) 2H21 DPU +10.9% YoY; All eyes remain on the hefty 2022 refinancing burdenBHG Retail REIT (BHGREIT SP) 2H21 DPU -0.9% YoY; Steady as she goes with occupancy rates inching higherIREIT Global (IREIT SP) 2H21 DPU +7.9% YoY; Continued to trade ~25% below book value despite an attractive 7+% yield

ASEAN Builder's Scoop 28Feb22 - DASIN All Eyes on Mar22 Loan Refinancing

<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> FY21 performance beats as fund management business takes off; Lodging recovering further</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> returns to black in 2H21; A surprise CDREIT dividend in specie</li><li><a href="https://www.smartkarma.com/entities/propnex-ltd" target="_blank" data-smartkarma-citation="entities:27209" rel="noopener">Propnex Ltd (PROP SP)</a> 4Q21 net profit rose 90.5% YoY; Declared total dividends of S$0.125/share (~7.3% implied yield)</li></ul>

Capitaland Investment (CLI SP) FY21 performance beats as fund management business takes off; Lodging recovering furtherCity Developments (CIT SP) returns to black in 2H21; A surprise CDREIT dividend in speciePropnex Ltd (PROP SP) 4Q21 net profit rose 90.5% YoY; Declared total dividends of S$0.125/share (~7.3% implied yield)

ASEAN Builder's Scoop 25Feb22 - CLI Fund Management Takes Off

<ul><li>The Ascott Limited establishes new US student accommodation JV with Riyad Capital</li><li>Singapore property firms increases presence in Vietnam - Amid a wealth boom and an economic rebound, Vietnam has been attracting capital from property companies in Singapore.</li><li><a href="https://www.smartkarma.com/entities/ayala-land-inc" target="_blank" data-smartkarma-citation="entities:131" rel="noopener">Ayala Land Inc (ALI PM)</a> details property-for-share swap deal (Regina Capital)</li></ul>

The Ascott Limited establishes new US student accommodation JV with Riyad CapitalSingapore property firms increases presence in Vietnam - Amid a wealth boom and an economic rebound, Vietnam has been attracting capital from property companies in Singapore.Ayala Land Inc (ALI PM) details property-for-share swap deal (Regina Capital)

ASEAN Builder's Scoop (3Feb22) - Ascott/Riyad Capital in US Student Accommodation JV

<ul><li>Cromwell REIT (CREIT SP) acquires GBP57.8m logistics properties in the UK and Netherlands with 5.6% NOI yield</li><li>De Nassim luxury project targets super wealthy with an eye on S$6,000psf price tag</li><li>Rebound in PH tourism to face setbacks (Regina Capital)</li></ul>

Cromwell REIT (CREIT SP) acquires GBP57.8m logistics properties in the UK and Netherlands with 5.6% NOI yieldDe Nassim luxury project targets super wealthy with an eye on S$6,000psf price tagRebound in PH tourism to face setbacks (Regina Capital)

ASEAN Builder's Scoop (5Jan22) - CERT Acquires UK/Netherlands Logistics at 5.6% NOI Yield

<ul><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> divests Seoul Hotel with expected gain of ~S$530m; Divestment of non-core assets continues</li><li><a href="https://www.smartkarma.com/entities/parkway-life-reit" target="_blank" data-smartkarma-citation="entities:13422" rel="noopener">Parkway Life REIT (PREIT SP)</a> acquires Tokyo nursing home at 5.9% NPI yield </li><li><a href="https://www.smartkarma.com/entities/8990-holdings-inc" target="_blank" data-smartkarma-citation="entities:22652" rel="noopener">8990 holdings (HOUSE PM)</a> current ~671ha Land bank can deliver PHP165bn sales</li></ul>

City Developments (CIT SP) divests Seoul Hotel with expected gain of ~S$530m; Divestment of non-core assets continuesParkway Life REIT (PREIT SP) acquires Tokyo nursing home at 5.9% NPI yield 8990 holdings (HOUSE PM) current ~671ha Land bank can deliver PHP165bn sales

ASEAN Builder's Scoop (12Dec21) - CIT Divests Seoul Hotel for ~S$530m Gain

Malaysia

Sime Darby Property Berhad provides property development and investment services. The Company offers parks, hotels, resorts, and golf and country club. Sime Darby Property serves hospitality and leisure industries in Malaysia.

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Sime Darby Property Bhd (SDPR MK)

ASEAN Builder's Scoop 28Feb22 - DASIN All Eyes on Mar22 Loan Refinancing

BHGREIT steady as she goes; IREIT trading ~25% below book; AEW sells 55MS for S$3,450psf; CLD signs S$1.3bn Vietnam MOU; ELITE embarks on new AEI

SCCM Asia Research

ASEAN Builder's Scoop 25Feb22 - CLI Fund Management Takes Off

CIT surprise CDREIT divvy in specie; PROP ~7.3% implied divvy yield; ALLHC 4Q21 earnings fell 27% YoY; SDPR targets MYR2.8bn new launches

SCCM Asia Research

ASEAN Builder's Scoop (3Feb22) - Ascott/Riyad Capital in US Student Accommodation JV

SG firms increasing presence in VN; ALI details swap deal; Phils office subdued in 1H22; Nomura/Federal Land signs JV; NCH aims 31% YoY sales...

SCCM Asia Research

ASEAN Builder's Scoop (5Jan22) - CERT Acquires UK/Netherlands Logistics at 5.6% NOI Yield

CERT acquires UK/Netherlands logistics at 5.6% NOI yield; De Nassim luxury project targets S$6,000psf tag price; PH tourism rebound facing...

SCCM Asia Research

ASEAN Builder's Scoop (12Dec21) - CIT Divests Seoul Hotel for ~S$530m Gain

CIT divests Seoul hotel for ~S$530m gain; PREIT buys Tokyo nursing home at 5.9% yield; HOUSE ample land bank for next 7-10yrs; Phils FDI exceeds...

SCCM Asia Research

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