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/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

<ul><li>AREIT redeveloping Science Park Drive; 10M21 new home sales take-up rate at 181%; KEP final offer for SPH; SDPR new launches sold out; Phils Sep21 remittances rebounded</li><li>New private home sales rose 9% MoM in Oct21; Robust take-up rate (above 100%) for the past 9mo</li><li>Keppel Corp (KEP SP) says its final offer for Singapore Press Holdings (SPH SP) is compelling - KEP stated that its final offer is a compelling one and a win-win proposition which would be put to both KEP’s and SPH’s shareholders for their respective decisions.</li></ul>

AREIT redeveloping Science Park Drive; 10M21 new home sales take-up rate at 181%; KEP final offer for SPH; SDPR new launches sold out; Phils Sep21 remittances reboundedNew private home sales rose 9% MoM in Oct21; Robust take-up rate (above 100%) for the past 9moKeppel Corp (KEP SP) says its final offer for Singapore Press Holdings (SPH SP) is compelling - KEP stated that its final offer is a compelling one and a win-win proposition which would be put to both KEP’s and SPH’s shareholders for their respective decisions.

ASEAN Builder's Scoop (16Nov21) - AREIT Redeveloping Science Park Drive

<h2>Singapore  </h2><h3>Accor signs agreement to manage 8 on Claymore Serviced Residences, adding to its portfolio of 28 properties</h3><p>Accor has signed a management agreement to operate 8 on Claymore Serviced Residences located in the Orchard Road area. Accor is scheduled to commence operations around end-2021. According to the management agreement, the property will undergo a soft refurbishment for all rooms and public areas by mid-2022. The 85-room property will feature a range of modern accommodation, from executive studios to two- and three-bedroom apartments, each with fully equipped kitchens and in-room laundry facilities. This property will join Accor’s portfolio of 28 properties in Singapore including the Raffles, Fairmont, Sofitel, Swissôtel, Novotel, Mercure and ibis brands.</p>

Singapore  Accor signs agreement to manage 8 on Claymore Serviced Residences, adding to its portfolio of 28 propertiesAccor has signed a management agreement to operate 8 on Claymore Serviced Residences located in the Orchard Road area. Accor is scheduled to commence operations around end-2021. According to the management agreement, the property will undergo a soft refurbishment for all rooms and public areas by mid-2022. The 85-room property will feature a range of modern accommodation, from executive studios to two- and three-bedroom apartments, each with fully equipped kitchens and in-room laundry facilities. This property will join Accor’s portfolio of 28 properties in Singapore including the Raffles, Fairmont, Sofitel, Swissôtel, Novotel, Mercure and ibis brands.

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/capitaland-ltd" target="_blank" data-smartkarma-citation="entities:55" rel="noopener">Capitaland (CAPL SP)</a> 3Q21 Business Updates – A good start with key metrics growing robustly</h3><ul><li>9M21 revenue came in at S$1.6bn with Fee income Related Business (FRB) making up 40% of total revenue and Real-estate investment business making up the remaining 60%. 9M21 FRB rose by 19% YoY to S$656m, with fund management rising by 35% YoY to S$292m, followed by property management rising by 2.6% YoY to S$236m and lodging management rising by 23% to S$128m, respectively     </li></ul>

SingaporeCapitaland (CAPL SP) 3Q21 Business Updates – A good start with key metrics growing robustly9M21 revenue came in at S$1.6bn with Fee income Related Business (FRB) making up 40% of total revenue and Real-estate investment business making up the remaining 60%. 9M21 FRB rose by 19% YoY to S$656m, with fund management rising by 35% YoY to S$292m, followed by property management rising by 2.6% YoY to S$236m and lodging management rising by 23% to S$128m, respectively     

<h2>Singapore</h2><p>SREITs results in a glance (see detailed spreadsheet and calendar attached)</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/236/273/original/image_54776601321634694560432.png?1634694565" class="editor-image img-responsive" data-smartkarma-image-id="236273"></figure><ul><li><h3></h3><a href="https://www.smartkarma.com/entities/ascendas-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:39" rel="noopener">Ascendas Real Estate Investment Trust (AREIT SP)</a> 3Q21 Business Updates; Robust reversions while on virtuous cycle of inorganic growth (BUY; TP S$3.55/unit)</li><li>3Q21 revenue, NPI and DPU were undisclosed. AREIT has completed the development of the Grab Headquarters, with a total development cost of S$184.6m. Divestment of two Australian logistics properties has also been completed at a price of S$104.5m (AUD101.6m)</li></ul>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached)Ascendas Real Estate Investment Trust (AREIT SP) 3Q21 Business Updates; Robust reversions while on virtuous cycle of inorganic growth (BUY; TP S$3.55/unit)3Q21 revenue, NPI and DPU were undisclosed. AREIT has completed the development of the Grab Headquarters, with a total development cost of S$184.6m. Divestment of two Australian logistics properties has also been completed at a price of S$104.5m (AUD101.6m)

Philippines

SM Prime Holdings Inc., through its subsidiaries, is engaged in residential property, shopping malls, offices, hotels and convention centers development.

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Sm Prime Holdings (SMPH PM)

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 (16Nov21) - AREIT Redeveloping Science Park Drive

AREIT redeveloping Science Park Drive; 10M21 new home sales take-up rate at 181%; KEP final offer for SPH; SDPR new launches sold out; Phils Sep21...

SCCM Asia Research

ASEAN Builder's Scoop (9Nov21)

Accor to manage 8 on Claymore SR; SMPH weaker resi weighs on bottom line; RLC earnings spike on improved leasing; BL to open more Iceland hotels;...

SCCM Asia Research

ASEAN Builder's Scoop (3Nov21)

CLI 3Q21 results a good start; OUECT declining QoQ reversions; MUST green shoots of recovery; HOBEE buys Melbourne site; ALLHC expands Cavite...

SCCM Asia Research

ASEAN Builder's Scoop (20Oct21)

AREIT robust reversions, on virtuous growth cycle; IWG opens 16th Co-working centre; Ann Siang House pivots to rental business; SWB revised FY21...

SCCM Asia Research

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