Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>OCBC: REIT spin-off is a positive move for Boustead.</li>
<li>CDG's prequalification for Copenhagen Metro boosts profile; CityCab deal may add EPS.</li>
<li>DBS increases AEM target price to $2.10, citing Intel-Nvidia collaboration.</li>
</ul>


OCBC: REIT spin-off is a positive move for Boustead.
CDG's prequalification for Copenhagen Metro boosts profile; CityCab deal may add EPS.
DBS increases AEM target price to $2.10, citing Intel-Nvidia collaboration.


Singapore Market Roundup (19-Sep-2025): OCBC Views Boustead's REIT Spin-Off as a Positive Step.

External broker reports(aggregated public sources), Hong Leong Investment Bank Berhad

Hong Leong Investment Bank Berhad

External broker reports(aggregated public sources)

Hong Leong Investment Bank Berhad operates as an investment banking company. The Company provides debt and equity funding, private debt securities issuance, merger and acquisitions, initial public offerings, corporate restructuring, and stockbroking services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Sunway announced that it is acquiring 245 acres of freehold industrial land in Kuang, Rawang for a purchase consideration of RM115m through its 70%-owned JV.</li><li>The development has an indicative GDV of &gt;RM2bn with target launch in early-2026 to be developed over an estimated period of 10 years.</li><li>We are positive on the acquisition given (i) strategic location of land with good connectivity to KLIA and Port Klang; (ii) fair acquisition price; (iii) attractive industrial segment benefitting from strong FDI flow trend; and (iv) the venture allows the group to diversify its revenue stream. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Sunway announced that it is acquiring 245 acres of freehold industrial land in Kuang, Rawang for a purchase consideration of RM115m through its 70%-owned JV.The development has an indicative GDV of &gt;RM2bn with target launch in early-2026 to be developed over an estimated period of 10 years.We are positive on the acquisition given (i) strategic location of land with good connectivity to KLIA and Port Klang; (ii) fair acquisition price; (iii) attractive industrial segment benefitting from strong FDI flow trend; and (iv) the venture allows the group to diversify its revenue stream. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sunway - Acquisition of Rawang Industrial Land

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)

<ul><li>Condo and HDB rents continued rising in Feb22; Rents could rise 8-12% in 2022</li><li>Commercial en bloc sales may not see significant impacts from new strata subdivision rule</li><li>Singapore commercial real estate investment volume recovered in 2021</li></ul>

Condo and HDB rents continued rising in Feb22; Rents could rise 8-12% in 2022Commercial en bloc sales may not see significant impacts from new strata subdivision ruleSingapore commercial real estate investment volume recovered in 2021

ASEAN Builder's Scoop (17Mar22) - Condo/HDB Rents Continued Rising in Feb22

<ul><li>New private home sales fell 58.0% MoM in Dec21; Closing 2021 with 29% YoY increase and 112% average take-up rate</li><li>Proxy advisory Institutional Shareholder Services (ISS) recommends voting against merger of ALLT-EREIT</li><li><a href="https://www.smartkarma.com/entities/doubledragon-properties-corp" target="_blank" data-smartkarma-citation="entities:23011" rel="noopener">Doubledragon Properties (DD PM)</a> completes Phase 4 of warehouse complex (Regina Capital)</li></ul>

New private home sales fell 58.0% MoM in Dec21; Closing 2021 with 29% YoY increase and 112% average take-up rateProxy advisory Institutional Shareholder Services (ISS) recommends voting against merger of ALLT-EREITDoubledragon Properties (DD PM) completes Phase 4 of warehouse complex (Regina Capital)

New Home Sales up 29% YoY in 2021; ISS Voting Against ALLT-EREIT Merger

<ul><li>Mapletree Logistics Trust (MLT) and Mapletree Industrial Trust (MIT) have no plans on merging</li><li>Condo, HDB rents increases more than 10% in 2021; Rents could continue to move up given cooling measures</li><li><a href="https://www.smartkarma.com/entities/banyan-tree-holdings-ltd" target="_blank" data-smartkarma-citation="entities:18141" rel="noopener">Banyan Tree Holdings (BTH SP)</a> Banyan Tree Group (BTH SP) launches new hospitality concept in Phuket, Thailand</li></ul>

Mapletree Logistics Trust (MLT) and Mapletree Industrial Trust (MIT) have no plans on mergingCondo, HDB rents increases more than 10% in 2021; Rents could continue to move up given cooling measuresBanyan Tree Holdings (BTH SP) Banyan Tree Group (BTH SP) launches new hospitality concept in Phuket, Thailand

ASEAN Builder's Scoop (13Jan22) - No Merger for MLT/MINT

Malaysia

Sunway Bhd. is a property development and construction company. The Company's other business divisions include quarrying and building materials trading and manufacturing, hospitality, leisure, and healthcare.

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Sunway Bhd (SWB MK)

Singapore Market Roundup (19-Sep-2025): OCBC Views Boustead's REIT Spin-Off as a Positive Step.

OCBC sees Boustead's REIT spin-off positively; CDG's Copenhagen Metro prequalification enhances its profile; DBS raises AEM target price to $2.10...

Singapore Market Roundup

Sunway - Acquisition of Rawang Industrial Land

Sunway announced that it is acquiring 245 acres of freehold industrial land in Kuang, Rawang for a purchase consideration of RM115m through its 70%...

Hong Leong Investment Bank Berhad

ASEAN Builder's Scoop (17Mar22) - Condo/HDB Rents Continued Rising in Feb22

Min impact for commercial enbloc sales from new ruling; Phils remittances sustain growth in Jan22; SWB secures Surety Bond facility from Berkshire

SCCM Asia Research

New Home Sales up 29% YoY in 2021; ISS Voting Against ALLT-EREIT Merger

New home sales up 29% YoY in 2021; ISS voting against ALLT-EREIT merger; DD completes phase 4 warehouse complex; Indo new property tax breaks; SWB...

SCCM Asia Research

ASEAN Builder's Scoop (13Jan22) - No Merger for MLT/MINT

No merger for MLT/MINT; Condo, HDB rents may continue rising; BTH launching new concept in Phuket; METRO/Daiwa House deepens collaboration; SIRI...

SCCM Asia Research

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