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/capitaland-integrated-commercial-trust" target="_blank" data-smartkarma-citation="entities:105" rel="noopener">Capitaland Integrated Commercial Trust (CICT SP)</a> renews leases with Temasek subsidiaries</li><li><a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> , <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> unitholders approved merger to create third largest SREIT</li><li>Suburban condos have outperformed prime ones the last decade and may continue given regulations in place</li></ul>

Capitaland Integrated Commercial Trust (CICT SP) renews leases with Temasek subsidiariesMapletree Commercial Trust (MCT SP) , Mapletree North Asia Commercial Trust (MAGIC SP) unitholders approved merger to create third largest SREITSuburban condos have outperformed prime ones the last decade and may continue given regulations in place

ASEAN Builder's Scoop (24May22) - CICT Renews Leases with Temasek Subs

<h2>Singapore  </h2><h3><a href="https://www.smartkarma.com/entities/ireit-global" target="_blank" data-smartkarma-citation="entities:10596" rel="noopener">IREIT Global (IREIT SP)</a> master tenant vacating Darmstadt Campus on 29Nov22</h3><p>An IREIT tenant intends to vacate a property that accounts for about 11% of total GRI. This will be when the lease expires on 29Nov22. As such, the manager does not expect any material impact on DPU for FY21 and FY22. GMG Generalmietgesellschaft is the sole tenant at Darmstadt Campus. The space to be vacated there constitutes 7.9% of IREIT's total portfolio lettable area as at 30Sep. GMG, a unit of Deutsche Telekom AG, is also a tenant in Bonn Campus and Munster Campus. Its Darmstadt Campus lease is independent and separate from these other 2 leases. It will now start marketing the Darmstadt Campus and is exploring a multi-let approach to broaden the tenant mix at the property and reduce the reliance on any one single tenant. With the 1-year notice period, there is adequate time to re-let the property to new tenants, as the property is in a prime office location and within a short walking distance to Darmstadt's main railway station.</p>

Singapore  IREIT Global (IREIT SP) master tenant vacating Darmstadt Campus on 29Nov22An IREIT tenant intends to vacate a property that accounts for about 11% of total GRI. This will be when the lease expires on 29Nov22. As such, the manager does not expect any material impact on DPU for FY21 and FY22. GMG Generalmietgesellschaft is the sole tenant at Darmstadt Campus. The space to be vacated there constitutes 7.9% of IREIT's total portfolio lettable area as at 30Sep. GMG, a unit of Deutsche Telekom AG, is also a tenant in Bonn Campus and Munster Campus. Its Darmstadt Campus lease is independent and separate from these other 2 leases. It will now start marketing the Darmstadt Campus and is exploring a multi-let approach to broaden the tenant mix at the property and reduce the reliance on any one single tenant. With the 1-year notice period, there is adequate time to re-let the property to new tenants, as the property is in a prime office location and within a short walking distance to Darmstadt's main railway station.

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

Philippines

Sta. Lucia Land, Inc. primarily engages in the real estate development activities in the Philippines. It operates through two segments, Leasing and Residential Development. The company develops and sells residential subdivisions, golf courses and communities, resorts, condominiums, sports and country club estates, and commercial properties. It is also involved in leasing of mall. The company was formerly known as Zipporah Realty Holdings, Inc. and changed its name to Sta. Lucia Land, Inc. in 2007. The company was incorporated in 1966 and is headquartered in Cainta, the Philippines. Sta. Lucia Land, Inc. operates as a subsidiary of Sta. Lucia Realty & Development, Inc.

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Sta Lucia Land (SLI PM)

ASEAN Builder's Scoop (24May22) - CICT Renews Leases with Temasek Subs

MCT-MAGIC merger gets nod from unitholders; Suburban condos outperforming prime; APAC driving global RE flows; House inquiry of BIG, MEG closure...

SCCM Asia Research

ASEAN Builder's Scoop (8Nov21)

IREIT master tenant vacating in Nov22; YLLG Oct21 presales up 50% MoM; SLI postpones PHP9.9bn follow-on offering; RLC initiates PHP3bn buyback program

SCCM Asia Research

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

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