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/ascendas-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:39" rel="noopener">Ascendas Real Estate Investment Trust (AREIT SP)</a> to acquire a cold storage logistics facility in Singapore for S$191.9m; DPU accretion by +0.56%</li><li><a href="https://www.smartkarma.com/entities/parkway-life-reit" target="_blank" data-smartkarma-citation="entities:13422" rel="noopener">Parkway Life REIT (PREIT SP)</a> acquires 3 Hokkaido nursing homes for ~S$26.1m; No material impact to DPU</li><li>Recent suburban launches seen strong sales despite economic headwinds</li></ul>

Ascendas Real Estate Investment Trust (AREIT SP) to acquire a cold storage logistics facility in Singapore for S$191.9m; DPU accretion by +0.56%Parkway Life REIT (PREIT SP) acquires 3 Hokkaido nursing homes for ~S$26.1m; No material impact to DPURecent suburban launches seen strong sales despite economic headwinds

ASEAN Builder's Scoop (14Sep22) - AREIT Buys SG Cold Storage Facility, +0.56% DPU Accretion

<ul><li><a href="https://www.smartkarma.com/entities/ascendas-india-trust" target="_blank" data-smartkarma-citation="entities:935" rel="noopener">Ascendas India Trust (AIT SP)</a> to invest in two additional industrial facilities at Chennai</li><li>Condominium saw rents rising by 2.1% MoM in Jun22</li><li>Retail sales normalizing to pre-pandemic levels but risk of recession persists</li></ul>

Ascendas India Trust (AIT SP) to invest in two additional industrial facilities at ChennaiCondominium saw rents rising by 2.1% MoM in Jun22Retail sales normalizing to pre-pandemic levels but risk of recession persists

ASEAN Builder's Scoop (15Jul22) - AIT to Add 2 Industrial Facilities at Chennai

<ul><li>Lakepoint condo S$640m en bloc tender closes without bids - Lakepoint Condominium closed its collective sale tender without bids and is now entering into private treaty negotiations with interested parties.</li><li>Duta Perintis by <a href="https://www.smartkarma.com/entities/ijm-land-bhd" target="_blank" data-smartkarma-citation="entities:18008" rel="noopener">Ijm Land Bhd (IJMLD MK)</a> has 77% take-up rate</li><li><a href="https://www.smartkarma.com/entities/tropicana-corp-bhd" target="_blank" data-smartkarma-citation="entities:16874" rel="noopener">Tropicana Corp (TRCB MK)'</a>s marketing campaigns generate MYR459m in bookings</li></ul>

Lakepoint condo S$640m en bloc tender closes without bids - Lakepoint Condominium closed its collective sale tender without bids and is now entering into private treaty negotiations with interested parties.Duta Perintis by Ijm Land Bhd (IJMLD MK) has 77% take-up rateTropicana Corp (TRCB MK)'s marketing campaigns generate MYR459m in bookings

ASEAN Builder's Scoop (9Jun22) - Lakepoint Condo S$640m Tender Closes Without Bids

<ul><li>Propertyguru (PGRU US) 1Q22 Adjusted EBITDA rose 51% YoY; On track for a full-year positive Adjusted EBITDA</li><li>Rising retail rents and inflation pose headwinds to retailers</li><li><a href="https://www.smartkarma.com/entities/megaworld-corp" target="_blank" data-smartkarma-citation="entities:8746" rel="noopener">Megaworld Corp (MEG PM)</a> expects P6.5bn sales from Cavite project (Regina Capital)</li></ul>

Propertyguru (PGRU US) 1Q22 Adjusted EBITDA rose 51% YoY; On track for a full-year positive Adjusted EBITDARising retail rents and inflation pose headwinds to retailersMegaworld Corp (MEG PM) expects P6.5bn sales from Cavite project (Regina Capital)

ASEAN Builder's Scoop (27May22) - PGRU on Track for a FY Positive on Adjusted EBITDA

<ul><li>Ascott Residence Trust (ART) acquires 4 rental housing and first student accommodation properties in Japan at 4% NOI yield; DPU accretive by 1.7%</li><li><a href="https://www.smartkarma.com/entities/frasers-centrepoint-trust" target="_blank" data-smartkarma-citation="entities:2870" rel="noopener">Frasers Centrepoint Trust (FCT SP)</a> Jan22 tenant sales at 113% of pre-Covid level</li><li>Latest Government Land Sales (GLS) tenders reflect strong interest from developers</li></ul>

Ascott Residence Trust (ART) acquires 4 rental housing and first student accommodation properties in Japan at 4% NOI yield; DPU accretive by 1.7%Frasers Centrepoint Trust (FCT SP) Jan22 tenant sales at 113% of pre-Covid levelLatest Government Land Sales (GLS) tenders reflect strong interest from developers

ASEAN Builder's Scoop (9Mar22) - ART Acquires Japan Properties at 4% Yield

Malaysia

Tropicana Corporation Berhad is involved in the development of residential and commercial properties including golf courses and resorts.  The Company is also involved in mechanical engineering, general trading services, and credit leasing business.

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Tropicana Corp (TRCB MK)

ASEAN Builder's Scoop (14Sep22) - AREIT Buys SG Cold Storage Facility, +0.56% DPU Accretion

PREIT expands into Japan nursing home; GLS tenders received fewer bids; Condo resale prices marched higher in Aug22; TRCB inks 3 land acq in 2022

SCCM Asia Research

ASEAN Builder's Scoop (15Jul22) - AIT to Add 2 Industrial Facilities at Chennai

Resi condo rents +2.1% MoM in Jun22; Retail sales normalize to pre-pandemic levels; JRPT plans for IDR100bn shares buyback; TRCB generates...

SCCM Asia Research

ASEAN Builder's Scoop (9Jun22) - Lakepoint Condo S$640m Tender Closes Without Bids

Duta Perintis by IJMLD reported 77% take-up rate; TRCB marketing campaigns generate MYR459m in bookings; Six Senses recorded THB4.7bn in sales;...

SCCM Asia Research

ASEAN Builder's Scoop (27May22) - PGRU on Track for a FY Positive on Adjusted EBITDA

MEG expects PHP6.5bn sales from Cavite project; VREIT priced its IPO at PHP1.75/sh; ALLY plans to acquire 3-5 projects in FY22; TRCB dragged by...

SCCM Asia Research

ASEAN Builder's Scoop (9Mar22) - ART Acquires Japan Properties at 4% Yield

FCT Jan22 tenant sales at 113% pre-Covid level; 2 GLS tenders receive solid bids; SWIB to sell HQ for S$30.8m; TRCB latest launches fully sold

SCCM Asia Research

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