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>Private home prices +3.5% QoQ in 2Q22; More completions in 2022-23 could help ease price rise</li><li>AMO Residence condo in Ang Mo Kio sold over 98% on its launch day</li><li>Office rents +2.4% QoQ in 2Q22; Limited supply can offset potentially slowing demand for rest of 2022</li></ul>

Private home prices +3.5% QoQ in 2Q22; More completions in 2022-23 could help ease price riseAMO Residence condo in Ang Mo Kio sold over 98% on its launch dayOffice rents +2.4% QoQ in 2Q22; Limited supply can offset potentially slowing demand for rest of 2022

ASEAN Builder's Scoop (25Jul22) - Private Home Prices and Rents Soar in 2Q22

<ul><li><a href="https://www.smartkarma.com/entities/aims-amp-capital-industrial" target="_blank" data-smartkarma-citation="entities:933" rel="noopener">AIMS APAC REIT (AAREIT SP)</a> extends target date for 315 Alexandra Road to 1Jul22</li><li><a href="https://www.smartkarma.com/entities/united-hampshire-us-reit" target="_blank" data-smartkarma-citation="entities:28874" rel="noopener">United Hampshire US REIT (UHU SP)</a> acquires US$85.7m grocery-anchored freehold asset; DPU accretive by ~2.1%</li><li><a href="https://www.smartkarma.com/entities/mapletree-industrial-trust" target="_blank" data-smartkarma-citation="entities:40" rel="noopener">Mapletree Industrial Trust (MINT SP)</a> divests Michigan’s Data Centre for US$10m</li></ul>

AIMS APAC REIT (AAREIT SP) extends target date for 315 Alexandra Road to 1Jul22United Hampshire US REIT (UHU SP) acquires US$85.7m grocery-anchored freehold asset; DPU accretive by ~2.1%Mapletree Industrial Trust (MINT SP) divests Michigan’s Data Centre for US$10m

ASEAN Builder's Scoop (10Jun22) - AAREIT Extends 315 Alexandra Target Date to 1Jul22

<ul><li><a href="https://www.smartkarma.com/entities/lhn-ltd" target="_blank" data-smartkarma-citation="entities:27234" rel="noopener">LHN Ltd (LHN SP)</a> 1H22 PATMI +117.4% YoY; More Co-living properties will be launched in 2H22</li><li><a href="https://www.smartkarma.com/entities/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> 1Q22 DPU -9.7% YoY; Timing difference in pre-termination compensation received</li><li><a href="https://www.smartkarma.com/entities/oue-commercial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:912" rel="noopener">OUE Commercial REIT (OUECT SP)</a> 1Q22 Business Updates – RevPAR recovery appears slow and Commercial occupancy remains flattish at low 90%</li></ul>

LHN Ltd (LHN SP) 1H22 PATMI +117.4% YoY; More Co-living properties will be launched in 2H22EC World Reit (ECWREIT SP) 1Q22 DPU -9.7% YoY; Timing difference in pre-termination compensation receivedOUE Commercial REIT (OUECT SP) 1Q22 Business Updates – RevPAR recovery appears slow and Commercial occupancy remains flattish at low 90%

ASEAN Builder's Scoop (13May22) - LHN Co-Living Bearing Fruits

<ul><li><a href="https://www.smartkarma.com/entities/united-hampshire-us-reit" target="_blank" data-smartkarma-citation="entities:28874" rel="noopener">United Hampshire US REIT (UHU SP)</a> revises price downward on proposed divestment of 2 self-storage properties</li><li>New private home sales rose 24% MoM in Mar22; Take-up rate remains robust at ~212% though on a downward trend</li><li><a href="https://www.smartkarma.com/entities/sm-prime-holdings-inc" target="_blank" data-smartkarma-citation="entities:89" rel="noopener">Sm Prime Holdings (SMPH PM)</a> allots PHP80bn for FY22 capex (Regina Capital)</li></ul>

United Hampshire US REIT (UHU SP) revises price downward on proposed divestment of 2 self-storage propertiesNew private home sales rose 24% MoM in Mar22; Take-up rate remains robust at ~212% though on a downward trendSm Prime Holdings (SMPH PM) allots PHP80bn for FY22 capex (Regina Capital)

ASEAN Builder's Scoop (19Apr22) - UHU Revises Price Downwards on 2 Divestments

<ul><li><a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934" rel="noopener">ESR-REIT (EREIT SP)</a> provides indicative timeline till merger is finalised</li><li><a href="https://www.smartkarma.com/entities/united-hampshire-us-reit" target="_blank" data-smartkarma-citation="entities:28874" rel="noopener">United Hampshire US REIT (UHU SP)</a> extends due diligence for fourth time</li><li>Hmlet and European co-living player Habyt to merge via equity share swap</li></ul>

ESR-REIT (EREIT SP) provides indicative timeline till merger is finalisedUnited Hampshire US REIT (UHU SP) extends due diligence for fourth timeHmlet and European co-living player Habyt to merge via equity share swap

ASEAN Builder's Scoop (13Apr22) - EREIT Releases Merger Process Timeline

Singapore

United Hampshire US Real Estate Investment Trust invests in a diversified portfolio of stabilized income-producing grocery-anchored and necessity-based retail properties, and modern, climate-controlled self-storage facilities, located in the United States of America. It aims to provide unitholders with regular and stable distributions and achieve long-term growth. The company is headquartered in Singapore and was constituted in 2019.

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United Hampshire US (UHU SP)

ASEAN Builder's Scoop (25Jul22) - Private Home Prices and Rents Soar in 2Q22

AMO Residence >98% sold on launch day; Office rents +2.4% QoQ in 2Q22, retail rents remain subdued; Hotel room rates +63% YoY in Jun22; HDB resale...

SCCM Asia Research

ASEAN Builder's Scoop (10Jun22) - AAREIT Extends 315 Alexandra Target Date to 1Jul22

UHU buys freehold asset for US$85.7m; MINT divests MI data center for US$10m; TCC seeks loan to privatize FHT; Cape Royale Sentosa up for sale from...

SCCM Asia Research

ASEAN Builder's Scoop (13May22) - LHN Co-Living Bearing Fruits

ECWREIT timing difference in compensation; OUECT recovery appears slow; UHU min leasing risk; FPL boosted invt props; SMPH reopening play for malls

SCCM Asia Research

ASEAN Builder's Scoop (19Apr22) - UHU Revises Price Downwards on 2 Divestments

Mar22 new home sales take-up rate on downward trend; SMPH allots PHP80bn capex in 2022; Phils NCR office demand surges; BKK housing devs sentiment...

SCCM Asia Research

ASEAN Builder's Scoop (13Apr22) - EREIT Releases Merger Process Timeline

UHU extends due diligence for 4th time; Hmlet and Habyt to merge via equity swap; Condo resale volume up +35.6% and prices +0.8% in Mar; KLCCP sees...

SCCM Asia Research

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