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>Ascott acquires 2 properties in Ningbo and Amsterdam for S$190m via its PE fund ASRGF</li><li><a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952" rel="noopener">Singapore Press Holdings (SPH SP) </a>shareholders vote overwhelmingly for Cuscaden offer; Potential chain offer for SPHREIT</li><li><a href="https://www.smartkarma.com/entities/tuan-sing-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17234" rel="noopener">Tuan Sing Holdings (TSH SP)</a> and Mitsubishi Estate to jointly develop phase 1 of Karawang mall</li></ul>

Ascott acquires 2 properties in Ningbo and Amsterdam for S$190m via its PE fund ASRGFSingapore Press Holdings (SPH SP) shareholders vote overwhelmingly for Cuscaden offer; Potential chain offer for SPHREITTuan Sing Holdings (TSH SP) and Mitsubishi Estate to jointly develop phase 1 of Karawang mall

ASEAN Builder's Scoop (23Mar22) - Ascott Buys Ningbo/Ams Props Via ASRGF PE Fund

<ul><li><a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952" rel="noopener">Singapore Press Holdings (SPH SP)</a> sees operational improvement in Student Accommodation and Aged-care holdings</li><li>New private home sales fell 58% MoM in Dec21 due to cooling measures and holiday season</li><li>Condo resale prices rose 1% MoM in Dec21; closing 2021 with 10.3% YoY rise</li></ul>

Singapore Press Holdings (SPH SP) sees operational improvement in Student Accommodation and Aged-care holdingsNew private home sales fell 58% MoM in Dec21 due to cooling measures and holiday seasonCondo resale prices rose 1% MoM in Dec21; closing 2021 with 10.3% YoY rise

ASEAN Builder's Scoop (12Jan22) - SPH Improvements on Property Holdings

<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> providing bridging loan for land investments in China to a JV partner</li><li><a href="https://www.smartkarma.com/entities/yanlord-land-group-ltd" target="_blank" data-smartkarma-citation="entities:14152" rel="noopener">Yanlord Land (YLLG SP)</a> raked in RMB5.075bn pre-sales with 100% sellout at Yanlord Arcadia Shanghai  </li><li>Cuscaden Peak to cover S$34m break fee if <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952" rel="noopener">Singapore Press Holdings (SPH SP)</a> shareholders vote down <a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12" rel="noopener">Keppel Corp (KEP SP)</a> offer</li></ul>

Frasers Property Ltd (FPL SP) providing bridging loan for land investments in China to a JV partnerYanlord Land (YLLG SP) raked in RMB5.075bn pre-sales with 100% sellout at Yanlord Arcadia Shanghai  Cuscaden Peak to cover S$34m break fee if Singapore Press Holdings (SPH SP) shareholders vote down Keppel Corp (KEP SP) offer

ASEAN Builder's Scoop (26Nov21) - FPL Provides Loan to China JV Partner

<ul><li><a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> settles with insurers for HK$334m over damage to Festival Walk mall</li><li>New bonus GFA incentive scheme for developments that meet standards on digitalization and productivity</li><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> scraps plan to acquire Vietnam property developer</li></ul>

Mapletree North Asia Commercial Trust (MAGIC SP) settles with insurers for HK$334m over damage to Festival Walk mallNew bonus GFA incentive scheme for developments that meet standards on digitalization and productivityFrasers Property Ltd (FPL SP) scraps plan to acquire Vietnam property developer

ASEAN Builder's Scoop (25Nov21) - MAGIC Settles FW's Insurance Claims

<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: 146.859px; height: 12px;"> </td><td style="width: 143.312px; height: 12px;">AREIT</td><td style="width: 147.344px; height: 12px;">MINT</td><td style="width: 145.031px; height: 12px;">AAREIT</td><td style="width: 143.453px; height: 12px;">EREIT</td></tr><tr><td style="width: 146.859px; height: 13px;">Period</td><td style="width: 143.312px; height: 13px;">1H21</td><td style="width: 147.344px; height: 13px;">1Q22</td><td style="width: 145.031px; height: 13px;">1Q22</td><td style="width: 143.453px; height: 13px;">2Q21</td></tr><tr><td style="width: 146.859px; height: 13px;">Gross Revenue (S$ m)</td><td style="width: 143.312px; height: 13px;">586.0 (+12.4% YoY)</td><td style="width: 147.344px; height: 13px;">128.1 (+29.2% YoY)</td><td style="width: 145.031px; height: 13px;">31.8 (+16.8% YoY)</td><td style="width: 143.453px; height: 13px;">59.5 (+6.25% YoY)</td></tr><tr><td style="width: 146.859px; height: 12px;">NPI (S$ m)</td><td style="width: 143.312px; height: 12px;">445.6 (+14.8% YoY)</td><td style="width: 147.344px; height: 12px;">104.7 (+33.1% YoY)</td><td style="width: 145.031px; height: 12px;">23.1 (+23.9% YoY)</td><td style="width: 143.453px; height: 12px;">42.9 (+9.4% YoY)</td></tr><tr><td style="width: 146.859px; height: 12px;">DPU (S$ c)</td><td style="width: 143.312px; height: 12px;">7.66 (+5.4% YoY)</td><td style="width: 147.344px; height: 12px;">3.35 (+16.7% YoY)</td><td style="width: 145.031px; height: 12px;">2.25 (+12.5% YoY)</td><td style="width: 143.453px; height: 12px;">0.754 (13.9% YoY)</td></tr><tr><td style="width: 146.859px; height: 12px;">NAV per Unit (S$)</td><td style="width: 143.312px; height: 12px;">2.27</td><td style="width: 147.344px; height: 12px;">1.75</td><td style="width: 145.031px; height: 12px;">1.35</td><td style="width: 143.453px; height: 12px;">0.398</td></tr><tr><td style="width: 146.859px; height: 12px;">P/B (x)</td><td style="width: 143.312px; height: 12px;">1.37</td><td style="width: 147.344px; height: 12px;">1.65</td><td style="width: 145.031px; height: 12px;">1.15</td><td style="width: 143.453px; height: 12px;">1.1</td></tr><tr><td style="width: 146.859px; height: 12px;">Occupancy (%)</td><td style="width: 143.312px; height: 12px;">91.3</td><td style="width: 147.344px; height: 12px;">94.3 (Overall); 97.8 (North American); 93.4 (Singapore)</td><td style="width: 145.031px; height: 12px;">95.7</td><td style="width: 143.453px; height: 12px;">91.7</td></tr><tr><td style="width: 146.859px; height: 6px;">Reversion (%)</td><td style="width: 143.312px; height: 6px;">6.4</td><td style="width: 147.344px; height: 6px;">Not Disclosed</td><td style="width: 145.031px; height: 6px;">Not disclosed</td><td style="width: 143.453px; height: 6px;">-0.2</td></tr><tr><td style="width: 146.859px; height: 12px;">Gearing (%)</td><td style="width: 143.312px; height: 12px;">37.6</td><td style="width: 147.344px; height: 12px;">31</td><td style="width: 145.031px; height: 12px;">34.3</td><td style="width: 143.453px; height: 12px;">42.9</td></tr><tr><td style="width: 146.859px; height: 12px;">Cost of Debt (%)</td><td style="width: 143.312px; height: 12px;">2.4</td><td style="width: 147.344px; height: 12px;">2.7</td><td style="width: 145.031px; height: 12px;">2.8</td><td style="width: 143.453px; height: 12px;">3.24</td></tr><tr><td style="width: 146.859px; height: 12px;">1 Yr Fwd Yield (%)</td><td style="width: 143.312px; height: 12px;">5.06</td><td style="width: 147.344px; height: 12px;">4.69</td><td style="width: 145.031px; height: 12px;">6.1</td><td style="width: 143.453px; height: 12px;">7.05</td></tr><tr><td style="width: 146.859px; height: 12px;">Debt Hedged (%)</td><td style="width: 143.312px; height: 12px;">75.2</td><td style="width: 147.344px; height: 12px;">95.8</td><td style="width: 145.031px; height: 12px;">77.2</td><td style="width: 143.453px; height: 12px;">75</td></tr><tr><td style="width: 146.859px; height: 12px;">Target Price</td><td style="width: 143.312px; height: 12px;">Under Review</td><td style="width: 147.344px; height: 12px;">N/A</td><td style="width: 145.031px; height: 12px;">Under Review</td><td style="width: 143.453px; height: 12px;">N/A</td></tr><tr><td style="width: 146.859px; height: 13px;">Rating</td><td style="width: 143.312px; height: 13px;">Under Review</td><td style="width: 147.344px; height: 13px;">N/A</td><td style="width: 145.031px; height: 13px;">Under Review</td><td style="width: 143.453px; height: 13px;">Under Review</td></tr></tbody></table>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached) AREITMINTAAREITEREITPeriod1H211Q221Q222Q21Gross Revenue (S$ m)586.0 (+12.4% YoY)128.1 (+29.2% YoY)31.8 (+16.8% YoY)59.5 (+6.25% YoY)NPI (S$ m)445.6 (+14.8% YoY)104.7 (+33.1% YoY)23.1 (+23.9% YoY)42.9 (+9.4% YoY)DPU (S$ c)7.66 (+5.4% YoY)3.35 (+16.7% YoY)2.25 (+12.5% YoY)0.754 (13.9% YoY)NAV per Unit (S$)2.271.751.350.398P/B (x)1.371.651.151.1Occupancy (%)91.394.3 (Overall); 97.8 (North American); 93.4 (Singapore)95.791.7Reversion (%)6.4Not DisclosedNot disclosed-0.2Gearing (%)37.63134.342.9Cost of Debt (%)2.42.72.83.241 Yr Fwd Yield (%)5.064.696.17.05Debt Hedged (%)75.295.877.275Target PriceUnder ReviewN/AUnder ReviewN/ARatingUnder ReviewN/AUnder ReviewUnder Review

ASEAN Builder's Scoop (03Aug21) - AREIT Boosted by DPU-Accretive Acq

Singapore

Singapore Press Holdings is a diversified company that primarily invests in and manages properties, including retail malls and student accommodation, and operates aged care facilities. It previously held a significant media business, publishing newspapers, magazines, and books across various platforms. The company was founded in Singapore on August 4, 1984, with its headquarters in Singapore.

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Singapore Press Holdings (SPH SP)

ASEAN Builder's Scoop (23Mar22) - Ascott Buys Ningbo/Ams Props Via ASRGF PE Fund

SPHREIT potential chain offer; Rising mortgage rates inevitable; NWP/CRE Indo logistics platform; MAR opening 7-8 hotels in Thai in 2022

SCCM Asia Research

ASEAN Builder's Scoop (12Jan22) - SPH Improvements on Property Holdings

SPH improvements on property holdings; New home sales fell 58% MoM in Dec21; Condo resale prices +10% in 2021; LPKR +5% YoY mrkt sales growth in...

SCCM Asia Research

ASEAN Builder's Scoop (26Nov21) - FPL Provides Loan to China JV Partner

FPL provides loan to China JV partner; YLLG 100% take-up in Shanghai project; Phils Cebu office vacancy to expand; ALLHC seals deal with Newbie...

SCCM Asia Research

ASEAN Builder's Scoop (25Nov21) - MAGIC Settles FW's Insurance Claims

MAGIC settles FW's insurance claims; New bonus GFA incentive scheme; FPL cancels VN acquisition; SASSR new CFO; SPSB likely exceeds 2021 sales...

SCCM Asia Research

ASEAN Builder's Scoop (03Aug21) - AREIT Boosted by DPU-Accretive Acq

AREIT boosted by DPU-accretive acq; KEP-SPH better yield for SPH holders; SMPH 1H21 supported by resi biz; DD launches buyback program; LPKR strong...

SCCM Asia Research

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