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><h3><a href="https://www.smartkarma.com/entities/suntec-reit" target="_blank" data-smartkarma-citation="entities:151" rel="noopener">Suntec REIT (SUN SP)</a> to divest office strata units for S$197m; Acquire London building for GBP353m (S$667.2m)</h3><ul><li>SUN is divesting a portfolio of strata units at Suntec City Office for S$197m and acquiring a Grade-A office building located in the heart of city of London for GBP353m (S$667.2m). The Suntec City Office units are being divested at an 8.9% premium over the independent valuation of S$180.9m for the 78,491sqft of space, with a net gain on divestment of S$13.9m. The net property income yield was 3.1%</li><li>The London property is the Minster Building, an 11-storey Grade-A office development with ancillary retail built in 1990 and refurbished in 2018. It has a NPI yield of 4.5% (based on passing income as at 31Mar21 divided by the total acquisition outlay) and a long WALE of 12.3 years. The building has a committed occupancy of 96.7% with the office component being 96.2% leased to quality office tenants from diversified sectors, and WALE of 11.3 years. The retail component has a committed occupancy of 100% and a WALE of 19.6 years. The property has a two-year income guarantee for vacant spaces and retail leases, and an approximately one-year income guarantee for the co-working lease</li><li>Post these transactions, AUM will grow from S$11.5bn to S$11.7bn across 10 properties in Singapore (70.7% of AUM), Australia (16.8% of AUM) and the United Kingdom (12.5% of AUM). SUN continues to be anchored by office sector, which will contribute more than 85% of total income. The office portfolio WALE will be lengthened to 5.55 years, while the retail portfolio WALE will be extended to 3.18 years</li><li>On a FY20 pro-forma basis, after considering the proceeds from divestments of ~S$280.0m (9 Penang Road and SC Office strata units), GBP175.0m (~S$330.8m) of GBP-denominated loan at an indicative interest rate of 2.7% pa, and ~ S$70.0m perpetual securities at fixed rate coupon of 4.25% pa, this transaction is expected to be +3.6% DPU accretive and +0.7% NAV accretive to unitholders. Gearing will decrease to 43.8% from 44.3% as at 31Dec20 on a pro-forma basis. <section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/216/078/original/image003+%282%29.png?1625017360" class="editor-image img-responsive" data-smartkarma-image-id="216078"></figure><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/216/081/original/image004.png?1625017400" class="editor-image img-responsive" data-smartkarma-image-id="216081"></figure></section></section></li></ul>

SingaporeSuntec REIT (SUN SP) to divest office strata units for S$197m; Acquire London building for GBP353m (S$667.2m)SUN is divesting a portfolio of strata units at Suntec City Office for S$197m and acquiring a Grade-A office building located in the heart of city of London for GBP353m (S$667.2m). The Suntec City Office units are being divested at an 8.9% premium over the independent valuation of S$180.9m for the 78,491sqft of space, with a net gain on divestment of S$13.9m. The net property income yield was 3.1%The London property is the Minster Building, an 11-storey Grade-A office development with ancillary retail built in 1990 and refurbished in 2018. It has a NPI yield of 4.5% (based on passing income as at 31Mar21 divided by the total acquisition outlay) and a long WALE of 12.3 years. The building has a committed occupancy of 96.7% with the office component being 96.2% leased to quality office tenants from diversified sectors, and WALE of 11.3 years. The retail component has a committed occupancy of 100% and a WALE of 19.6 years. The property has a two-year income guarantee for vacant spaces and retail leases, and an approximately one-year income guarantee for the co-working leasePost these transactions, AUM will grow from S$11.5bn to S$11.7bn across 10 properties in Singapore (70.7% of AUM), Australia (16.8% of AUM) and the United Kingdom (12.5% of AUM). SUN continues to be anchored by office sector, which will contribute more than 85% of total income. The office portfolio WALE will be lengthened to 5.55 years, while the retail portfolio WALE will be extended to 3.18 yearsOn a FY20 pro-forma basis, after considering the proceeds from divestments of ~S$280.0m (9 Penang Road and SC Office strata units), GBP175.0m (~S$330.8m) of GBP-denominated loan at an indicative interest rate of 2.7% pa, and ~ S$70.0m perpetual securities at fixed rate coupon of 4.25% pa, this transaction is expected to be +3.6% DPU accretive and +0.7% NAV accretive to unitholders. Gearing will decrease to 43.8% from 44.3% as at 31Dec20 on a pro-forma basis. 

ASEAN Builder's Scoop (30Jun21) - SUN Busy Year with +3.6% DPU Accretion Deals

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/suntec-reit" target="_blank" data-smartkarma-citation="entities:151" rel="noopener">Suntec REIT (SUN SP)</a> divests 30% of 9 Penang Road; Booked 30% development gain</h3><ul><li>SUN has sold its 30% interest in 9 Penang Road, formerly known as Park Mall, to Haiyi Holdings at an agreed property value of S$295.5m or S$2,468psf based on the property’s NLA. Haiyi Holdings, which redeveloped the site together with SUN and SingHaiyi Group (SHG SP), already held a 35% stake in the JV before buying out SUN's interest. The agreed property value represents a 5.7% premium over the latest valuation of S$931.8m and 30.3% higher than the total development cost of S$756.0m</li><li>The ten-storey development consists of two office towers and ancillary retail with a NLA of ~399,000sqft. The committed occupancy was 98.7% as at 31Mar21 with the two office towers fully leased to UBS AG</li><li>After taking into account the divestment related expenses (including the divestment fee payable to the Manager), the net proceeds from the divestment would be ~S$88.2m, resulting in an estimated net gain of ~S$66.5m. This represents a 305% return on investment if calculating net divestment profit as a percentage of cost of investment. The net proceeds of the divestment may be used to pare down bank borrowings and/or fund future acquisitions</li><li>Post divestment, SUN continues to be anchored by resilient office segment, which will contribute more than 80% to the REIT’s total income contribution with Singapore properties constituting ~75% of total AUM</li><li>On a stabilized basis, the NPI yield is 3.3% for this divestment. On a FY20 pro-forma basis, the acquisitions are expected to be +0.15% NAV accretive to unitholders. DPU will remain flattish at S$7.402c. Gearing will decrease to 42.9% from 44.4% as at 31Mar21 on a pro-forma basis. <section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/213/614/original/image015.png?1623894864" class="editor-image img-responsive" data-smartkarma-image-id="213614"></figure></section></li></ul>

SingaporeSuntec REIT (SUN SP) divests 30% of 9 Penang Road; Booked 30% development gainSUN has sold its 30% interest in 9 Penang Road, formerly known as Park Mall, to Haiyi Holdings at an agreed property value of S$295.5m or S$2,468psf based on the property’s NLA. Haiyi Holdings, which redeveloped the site together with SUN and SingHaiyi Group (SHG SP), already held a 35% stake in the JV before buying out SUN's interest. The agreed property value represents a 5.7% premium over the latest valuation of S$931.8m and 30.3% higher than the total development cost of S$756.0mThe ten-storey development consists of two office towers and ancillary retail with a NLA of ~399,000sqft. The committed occupancy was 98.7% as at 31Mar21 with the two office towers fully leased to UBS AGAfter taking into account the divestment related expenses (including the divestment fee payable to the Manager), the net proceeds from the divestment would be ~S$88.2m, resulting in an estimated net gain of ~S$66.5m. This represents a 305% return on investment if calculating net divestment profit as a percentage of cost of investment. The net proceeds of the divestment may be used to pare down bank borrowings and/or fund future acquisitionsPost divestment, SUN continues to be anchored by resilient office segment, which will contribute more than 80% to the REIT’s total income contribution with Singapore properties constituting ~75% of total AUMOn a stabilized basis, the NPI yield is 3.3% for this divestment. On a FY20 pro-forma basis, the acquisitions are expected to be +0.15% NAV accretive to unitholders. DPU will remain flattish at S$7.402c. Gearing will decrease to 42.9% from 44.4% as at 31Mar21 on a pro-forma basis. 

ASEAN Builder's Scoop (17Jun21) - SUN Booked 30% Devt Gain on 9 Penang Rd Sale

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

Capitaland Integrated Commercial Trust / Equity Bottom-Up

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<p>ON May 16, Singapore announced tighter measures to combat the increased number of local Covid-19 cases. The four weeks of tightened measures left malls, eateries and offices quieter as the country defaulted to working from home and dining-in at F&amp;B establishments were prohibited.</p>

<p>SGX lists 10 S-Reits with exposure to Singapore's office and/or retail segment. Despite lower footfall in the past four weeks (May 14 to June 10) due to Phase 2 (Heightened Alert) measures, these 10 S-Reits generated average total returns of 6.5 per cent, outperforming the 5.6 per cent average of the overall S-Reits sector and the Straits Times Index's 3.6 per cent total return.</p>

<p>Together, the 10 S-Reits received net inflows of S$43.9 million from institutional investors. Among them, the three highest recipients of institutional net inflows were CapitaLand Integrated Commercial Trust (CICT), Suntec Reit and Frasers Centrepoint Trust (FCT).</p>

<p>CICT, the largest S-Reit, is predominantly Singapore-focused and has a portfolio of 11 retail, eight office and five integrated development assets. Across its portfolio, the trust saw 30.7 per cent decline in shopper traffic (comparing periods of May 10 to 23 and April 26 to May 9) and return of office community fell to 15.0 per cent (in the week ended May 21).<br><br>
To support retail tenants and shoppers, CICT provided rental waivers and operational support for retailers to continue online sales through CapitaLand's digital platforms and extended carpark grace periods. As at March 31, the trust maintains committed occupancy rates of 97.1 per cent and 94.8 per cent for its Singapore retail and office assets respectively.<br><br>
Suntec Reit's S$11.7 billion portfolio includes retail and office assets in Singapore (four), Australia (five) and the United Kingdom (one).</p>

<p>The Reit believes that while hybrid working arrangements are likely to continue, physical offices will remain relevant as companies value the need to build corporate culture and foster employee collaboration.</p>

<p>Hence it expects revenue from its Singapore office assets to be stable, underpinned by strong rent reversions in the past 11 quarters.</p>

<p>Suntec City Mall, the Reit's largest income contributor, saw uneven retail recovery in Q12021, led by categories such as F&amp;B, wellness, supermarket, homeware, kids' fashion and toys. As at March 31, the Reit maintains committed occupancy rates of 91.5 per cent and 96.1 per cent for its Singapore retail and office assets respectively.</p>

<p>FCT, a pure play on Singapore's suburban retail sector, has a current portfolio of 10 retail malls with total asset under management (AUM) of S$6.4 billion.</p>

<p>The trust noted that these suburban assets, which were among the first to benefit from recovery exiting the circuit breaker in June 2020, are predominantly at well-connected locations, with large catchment serving more than half of Singapore's population, and provides sustainable relevance to shoppers.</p>

<p>FCT maintains a portfolio occupancy rate of 96.1 per cent, as at March 31.</p>

<p>Waterway Point, in which FCT has a 40 per cent interest, announced the securing of its maiden S$589 million green loan in May, which will enjoy a reduction in margin on its second year, if Waterway Point retains its current Green Mark Gold Plus certification status issued by the Building and Construction Authority (BCA). <br><br><strong><em>REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/retail-and-office-s-reits-outperform-despite-tighter-covid-19-measures">read</a> the original version.</em></strong></p>
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    REIT watch


ON May 16, Singapore announced tighter measures to combat the increased number of local Covid-19 cases. The four weeks of tightened measures left malls, eateries and offices quieter as the country defaulted to working from home and dining-in at F&amp;B establishments were prohibited.

SGX lists 10 S-Reits with exposure to Singapore's office and/or retail segment. Despite lower footfall in the past four weeks (May 14 to June 10) due to Phase 2 (Heightened Alert) measures, these 10 S-Reits generated average total returns of 6.5 per cent, outperforming the 5.6 per cent average of the overall S-Reits sector and the Straits Times Index's 3.6 per cent total return.

Together, the 10 S-Reits received net inflows of S$43.9 million from institutional investors. Among them, the three highest recipients of institutional net inflows were CapitaLand Integrated Commercial Trust (CICT), Suntec Reit and Frasers Centrepoint Trust (FCT).

CICT, the largest S-Reit, is predominantly Singapore-focused and has a portfolio of 11 retail, eight office and five integrated development assets. Across its portfolio, the trust saw 30.7 per cent decline in shopper traffic (comparing periods of May 10 to 23 and April 26 to May 9) and return of office community fell to 15.0 per cent (in the week ended May 21).  
To support retail tenants and shoppers, CICT provided rental waivers and operational support for retailers to continue online sales through CapitaLand's digital platforms and extended carpark grace periods. As at March 31, the trust maintains committed occupancy rates of 97.1 per cent and 94.8 per cent for its Singapore retail and office assets respectively.  
Suntec Reit's S$11.7 billion portfolio includes retail and office assets in Singapore (four), Australia (five) and the United Kingdom (one).

The Reit believes that while hybrid working arrangements are likely to continue, physical offices will remain relevant as companies value the need to build corporate culture and foster employee collaboration.

Hence it expects revenue from its Singapore office assets to be stable, underpinned by strong rent reversions in the past 11 quarters.

Suntec City Mall, the Reit's largest income contributor, saw uneven retail recovery in Q12021, led by categories such as F&amp;B, wellness, supermarket, homeware, kids' fashion and toys. As at March 31, the Reit maintains committed occupancy rates of 91.5 per cent and 96.1 per cent for its Singapore retail and office assets respectively.

FCT, a pure play on Singapore's suburban retail sector, has a current portfolio of 10 retail malls with total asset under management (AUM) of S$6.4 billion.

The trust noted that these suburban assets, which were among the first to benefit from recovery exiting the circuit breaker in June 2020, are predominantly at well-connected locations, with large catchment serving more than half of Singapore's population, and provides sustainable relevance to shoppers.

FCT maintains a portfolio occupancy rate of 96.1 per cent, as at March 31.

Waterway Point, in which FCT has a 40 per cent interest, announced the securing of its maiden S$589 million green loan in May, which will enjoy a reduction in margin on its second year, if Waterway Point retains its current Green Mark Gold Plus certification status issued by the Building and Construction Authority (BCA).   REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - Retail and office S-Reits outperform despite tighter Covid-19 measures

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/suntec-reit" target="_blank" data-smartkarma-citation="entities:151" rel="noopener">Suntec REIT (SUN SP)</a> issues 5yrs S$150m perpetual securities at 4.25% pa; Perps are back this year as funding alternatives</h3><p>SUN has priced S$150m of subordinated perpetual securities at 4.25% pa for five years. After the first reset date of 15Jun26, the new rate will be equivalent to the Swap Offer Rate, its successor rate, or if there is no successor rate, an alternative reference rate, with respect to the reset date plus the initial spread of 3.29%. The net proceeds from the issue will be used for refinancing its existing borrowings, financing or refinancing its acquisitions or investments and financing any asset enhancement works. The perpetuals will be issued under its US$2bn Euro Medium Term Securities Programme. Distributions under the perpetuals shall be payable semi-annually in arrears on 15Jun and 15Dec in each year, commencing on 15Dec21.</p><p>Comments: Perps are back and we have seen 3 SREITs issuing perps so far this year with an average coupon of 3.2-4.2%. We think perps are good funding alternatives for SREITs on top of traditional bank loan, bond, or equity – as long as they are not utilized as “financial engineering” to make deals look accretive on acquisitions. However, important metrics to look at 1) perps as % equity – anything above 10% can be perceived as “high” by the market; and 2) look-through gearing – preferably remains below the statutory limit of 50%.  </p><table class="table table-striped"><tbody><tr><td style="width: 154.422px;"><p> </p></td><td style="width: 165.188px;"><p>SUN</p></td><td style="width: 161.375px;"><p>LREIT</p></td><td style="width: 163.016px;"><p>MINT</p></td></tr><tr><td style="width: 154.422px;"><p>Date of Issue</p></td><td style="width: 165.188px;"><p>7-Jun-21</p></td><td style="width: 161.375px;"><p>27-May-21</p></td><td style="width: 163.016px;"><p>3-May-21</p></td></tr><tr><td style="width: 154.422px;"><p>Size</p></td><td style="width: 165.188px;"><p>S$150,000,000</p></td><td style="width: 161.375px;"><p>S$200,000,000</p></td><td style="width: 163.016px;"><p>S$300,000,000</p></td></tr><tr><td style="width: 154.422px;"><p>Rate</p></td><td style="width: 165.188px;"><p>15Jun21 - 15Jun26: 4.25%<br>31Jan23 onwards : 3.290% + Swap Offer Rate/Successor Rate/Alternative Reference Rate</p></td><td style="width: 161.375px;"><p>4.2% Pa</p></td><td style="width: 163.016px;"><p>3.15% Fixed Rate Pa</p></td></tr><tr><td style="width: 154.422px;"><p>Financial  </p><p>Calendar Referenced</p></td><td style="width: 165.188px;"><p>FY20</p></td><td style="width: 161.375px;"><p>1H21</p></td><td style="width: 163.016px;"><p>FY21</p></td></tr><tr><td style="width: 154.422px;"><p>Total Perps as % of Equity</p></td><td style="width: 165.188px;"><p>6.0</p></td><td style="width: 161.375px;"><p>16.7</p></td><td style="width: 163.016px;"><p>7.2</p></td></tr><tr><td style="width: 154.422px;"><p>Total Perps as % of Debt</p></td><td style="width: 165.188px;"><p>7.3</p></td><td style="width: 161.375px;"><p>36.6</p></td><td style="width: 163.016px;"><p>13.2</p></td></tr><tr><td style="width: 154.422px;"><p>(Debt + Perps) (S$ '000)</p></td><td style="width: 165.188px;"><p>4,976,461</p></td><td style="width: 161.375px;"><p>745,769</p></td><td style="width: 163.016px;"><p>2,571,100</p></td></tr><tr><td style="width: 154.422px;"><p>Total Asset (S$ ‘000)</p></td><td style="width: 165.188px;"><p>11,227,408</p></td><td style="width: 161.375px;"><p>1,577,523</p></td><td style="width: 163.016px;"><p>6,391,619</p></td></tr><tr><td style="width: 154.422px;"><p>Look-through Gearing Ratio</p></td><td style="width: 165.188px;"><p>44.3%</p></td><td style="width: 161.375px;"><p>47.3%</p></td><td style="width: 163.016px;"><p>40.2%</p></td></tr></tbody></table>

SingaporeSuntec REIT (SUN SP) issues 5yrs S$150m perpetual securities at 4.25% pa; Perps are back this year as funding alternativesSUN has priced S$150m of subordinated perpetual securities at 4.25% pa for five years. After the first reset date of 15Jun26, the new rate will be equivalent to the Swap Offer Rate, its successor rate, or if there is no successor rate, an alternative reference rate, with respect to the reset date plus the initial spread of 3.29%. The net proceeds from the issue will be used for refinancing its existing borrowings, financing or refinancing its acquisitions or investments and financing any asset enhancement works. The perpetuals will be issued under its US$2bn Euro Medium Term Securities Programme. Distributions under the perpetuals shall be payable semi-annually in arrears on 15Jun and 15Dec in each year, commencing on 15Dec21.Comments: Perps are back and we have seen 3 SREITs issuing perps so far this year with an average coupon of 3.2-4.2%. We think perps are good funding alternatives for SREITs on top of traditional bank loan, bond, or equity – as long as they are not utilized as “financial engineering” to make deals look accretive on acquisitions. However, important metrics to look at 1) perps as % equity – anything above 10% can be perceived as “high” by the market; and 2) look-through gearing – preferably remains below the statutory limit of 50%.   SUNLREITMINTDate of Issue7-Jun-2127-May-213-May-21SizeS$150,000,000S$200,000,000S$300,000,000Rate15Jun21 - 15Jun26: 4.25% 31Jan23 onwards : 3.290% + Swap Offer Rate/Successor Rate/Alternative Reference Rate4.2% Pa3.15% Fixed Rate PaFinancial  Calendar ReferencedFY201H21FY21Total Perps as % of Equity6.016.77.2Total Perps as % of Debt7.336.613.2(Debt + Perps) (S$ '000)4,976,461745,7692,571,100Total Asset (S$ ‘000)11,227,4081,577,5236,391,619Look-through Gearing Ratio44.3%47.3%40.2%

ASEAN Builder's Scoop (8Jun21) - SREITs Perps Are Back as Funding Alternatives

Bond market data and technology, BondEvalue

BondEvalue

Bond market data and technology

BondEvalue is a Singapore-based Fintech that specializes in bond market data and technology. The company's information services business offers bond market data on hard-currency corporate & sovereign bonds across Asia, Middle East, Europe and the Americas. The data, which includes bond prices, yields, news and analytics, is offered to end investors via interactive Mobile and Web Apps. Investors can sign up for a free trial of the service either via the company's website (https://bondevalue.com) or by downloading the BondEvalue Mobile App (http://onelink.to/wej7jq). BondEvalue is also developing an electronic bond exchange, BondbloX in Singapore that allows investors to trade bonds electronically in smaller sizes (US$1,000 or equivalent). For more information, visit https://www.bondblox.com/

Bond Market Data and Technology

Credit

US stock markets ended the week in the green after the Non-Farm Payrolls report for May, where 559k jobs were added vs. 278k in April. The number was lower than the expectation of 671k. S&amp;P was up 0.9% and the tech heavy Nasdaq was up 1.5% on Friday. The unemployment rate dropped to 5.8% from 6.1%, better than the expectation of 5.9%.  US 10Y Treasury yields were 7bp lower to 1.56%. In Europe, DAX led the gains, higher by 0.4% while FTSE and CAC were up ~0.1% each. US IG and HY CDS spreads tightened 0.7bp and 4.5bp respectively. EU main and crossover CDS spreads tightened 0.6bp and 2.9bp respectively. Asian markets are flat with Asia ex-Japan CDS spreads tightening 2.5bp.

Suntec REIT, Yango, NagaCorp Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top ...

Singapore

Suntec Real Estate Investment Trust is a commercial real estate investment trust. The Trust invests in income-producing real estate that is primarily used for retail and/or office purposes.

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Suntec REIT (SUN SP)

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REIT Watch - Retail and office S-Reits outperform despite tighter Covid-19 measures

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Singapore Exchange Ltd (SGX)

ASEAN Builder's Scoop (8Jun21) - SREITs Perps Are Back as Funding Alternatives

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SCCM Asia Research

Suntec REIT, Yango, NagaCorp Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top ...

US stock markets ended the week in the green after the Non-Farm Payrolls report for May, where 559k jobs were added vs. 278k in April. The number...

BondEvalue

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