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><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/233/730/original/image_54312508231633489341255.png?1633489342" class="editor-image img-responsive" data-smartkarma-image-id="233730"></figure><h3><a href="https://www.smartkarma.com/entities/sph-reit" target="_blank" data-smartkarma-citation="entities:5994" rel="noopener">SPH REIT (SPHREIT SP)</a> FY21 DPU +98.5% YoY; Rental reversions still weak, cap rate flat</h3><ul><li>2H21 revenue and NPI rose by 27% and 24.6% to S$137.2m and S$97.8m, respectively. FY21 revenue and NPI increased by 14.8% and 11.4% YoY to S$277.2m (107% of BB est) and S$202.7m (122% of BB est), respectively. The increase was mainly due to overall market recovery, lower rental assistance, and the full year contribution from Westfield Marion Shopping Centre</li></ul>

SingaporeSPH REIT (SPHREIT SP) FY21 DPU +98.5% YoY; Rental reversions still weak, cap rate flat2H21 revenue and NPI rose by 27% and 24.6% to S$137.2m and S$97.8m, respectively. FY21 revenue and NPI increased by 14.8% and 11.4% YoY to S$277.2m (107% of BB est) and S$202.7m (122% of BB est), respectively. The increase was mainly due to overall market recovery, lower rental assistance, and the full year contribution from Westfield Marion Shopping Centre

<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: 141.25pt;">
 
</td>
<td style="width: 141.2pt;">
SPHREIT
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
Period
</td>
<td style="width: 141.2pt;">
3Q21
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
Gross Revenue (S$ m)
</td>
<td style="width: 141.2pt;">
69.6 (+82.8% YoY)
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
NPI (S$ m)
</td>
<td style="width: 141.2pt;">
Not Disclosed
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
DPU (S$ c)
</td>
<td style="width: 141.2pt;">
1.38 (+176.0% YoY)
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
NAV per Unit (S$)
</td>
<td style="width: 141.2pt;">
Not Disclosed
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
P/B (x)
</td>
<td style="width: 141.2pt;">
1.02 (Based on 2Q21 NAV)
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
Occupancy (%)
</td>
<td style="width: 141.2pt;">
98.4
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
Reversion (%)
</td>
<td style="width: 141.2pt;">
Not Disclosed
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
Gearing (%)
</td>
<td style="width: 141.2pt;">
Not Disclosed
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
Cost of Debt (%)
</td>
<td style="width: 141.2pt;">
1.86
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
1 Yr Fwd Yield (%)
</td>
<td style="width: 141.2pt;">
5.62
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
Debt Hedged (%)
</td>
<td style="width: 141.2pt;">
58
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
Target Price
</td>
<td style="width: 141.2pt;">
NA
</td>
</tr>
<tr>
<td style="width: 141.25pt;">
Rating
</td>
<td style="width: 141.2pt;">
NA
</td>
</tr>
</tbody>
</table>

Singapore
SREITs results in a glance (see detailed spreadsheet and calendar attached)




 


SPHREIT




Period


3Q21




Gross Revenue (S$ m)


69.6 (+82.8% YoY)




NPI (S$ m)


Not Disclosed




DPU (S$ c)


1.38 (+176.0% YoY)




NAV per Unit (S$)


Not Disclosed




P/B (x)


1.02 (Based on 2Q21 NAV)




Occupancy (%)


98.4




Reversion (%)


Not Disclosed




Gearing (%)


Not Disclosed




Cost of Debt (%)


1.86




1 Yr Fwd Yield (%)


5.62




Debt Hedged (%)


58




Target Price


NA




Rating


NA





ASEAN Builder's Scoop (13Jul21) - SPHREIT No Mention of Rebates

Singapore

Paragon REIT is a real estate investment trust that primarily invests in income-producing retail properties across Singapore and the Asia-Pacific region. Its portfolio includes upscale retail malls, medical suites, and shopping centers such as Paragon, The Clementi Mall, and Westfield Marion Shopping Centre. The company is headquartered in Singapore and was founded in 2013.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Paragon REIT (PGNREIT SP)

ASEAN Builder's Scoop (5Oct21)

SPHREIT rental reversions still weak, cap rate flat; SLI ventures into leisure farms residential concept; Phils Sep21 inflation call at 5.2%; IOIPG...

SCCM Asia Research

ASEAN Builder's Scoop (13Jul21) - SPHREIT No Mention of Rebates

SPHREIT no mention of rebates; CAPL opens RC the Bund Shanghai; LMRT extends mall closure in Medan; SLI plans for 3bn shares follow-on offer; 2Q21...

SCCM Asia Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)