External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

External broker reports(aggregated public sources)

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. 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>Retail real estate in the US demonstrated resiliency with 10 consecutive quarters of positive net absorption.</li><li>According to CBRE, strip centres are leading the recovery with rent growth of 2.7% y-o-y in 1Q23.</li><li>United Hampshire US REIT’s strip centres cater to necessity spending and have long WALE of 7.4 years. </li></ul>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.

Retail real estate in the US demonstrated resiliency with 10 consecutive quarters of positive net absorption.According to CBRE, strip centres are leading the recovery with rent growth of 2.7% y-o-y in 1Q23.United Hampshire US REIT’s strip centres cater to necessity spending and have long WALE of 7.4 years. 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.

United Hampshire US REIT 1Q23 - Strip Centres At The Forefront Of A Retail Recovery

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.

<ul><li>Inside Insights - Wee Ee Cheong boosts UOB stake For the 5 trading sessions that spanned Aug 19 to Aug 25, the Straits Times Index (STI) declined 0.8 per cent, with the FTSE China A50 Index declining 0.9 per cent, the Hang Seng Index gaining 1.3 per cent and the FTSE Bursa Malaysia KLCI declining 1.1 per cent.</li><li>Between Aug 16 and 22, United Overseas Bank (UOB) deputy chairman and CEO Wee Ee Cheong acquired 100,000 shares at an average price of S$26.86 per share.</li></ul>

Inside Insights - Wee Ee Cheong boosts UOB stake For the 5 trading sessions that spanned Aug 19 to Aug 25, the Straits Times Index (STI) declined 0.8 per cent, with the FTSE China A50 Index declining 0.9 per cent, the Hang Seng Index gaining 1.3 per cent and the FTSE Bursa Malaysia KLCI declining 1.1 per cent.Between Aug 16 and 22, United Overseas Bank (UOB) deputy chairman and CEO Wee Ee Cheong acquired 100,000 shares at an average price of S$26.86 per share.

CapitaLand Integrated Commercial Trust / Equity Bottom-Up

CapitaLand Integrated Commercial Trust (CICT SP)

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In Q2 2022 to date, the Straits Times Index (STI) has generated an 8 per cent decline in total returns, while the FTSE Developed Index declined 16 per cent. The iEdge S-Reit Index maintained resilience with a 2 per cent decline in total returns, while the FTSE EPRA Nareit Developed Index (a benchmark for global Reits) declined 15 per cent.

For the quarter-to-date, Singapore stocks have seen S$1.05 billion of net institutional outflows, reducing the 2022 year-to-date (YTD) net institutional inflow to S$74 million.

The technology sector has continued to weigh on global stocks, with hospitality and real estate also lagging. Banks, technology, and Reits have now booked the most net institutional outflows across the sectors in 2022 YTD. In the YTD, STI’s total returns have maintained at 1 per cent and iEdge S-Reit Index has declined 0.8 per cent. The FTSE EPRA Nareit Developed Index declined 18 per cent in the YTD.

From an SGX Research market update last week, the 20 stocks among the most actively traded Singapore stocks that booked the highest net institutional inflows in the YTD proportionate to their current market capitalisation included 5 S-Reits. These 20 stocks averaged 22 per cent total returns in the YTD. The 5 S-Reits were Ascott Residence Trust, Suntec Reit, CapitaLand Integrated Commercial Trust, Frasers Hospitality Trust, and Keppel Reit. These 5 S-Reits averaged 18 per cent total returns in the YTD and saw combined net institutional inflows exceeding S$300 million.

Over the past 5 trading sessions through to Jun 23, institutional investors were net buyers of Singapore stocks with S$116 million of net inflows, following S$166 million in net outflows for the preceding 5 sessions. The top 5 stocks with the highest net institutional inflows were DBS, Singtel, CapitaLand Investment, Digital Core Reit and Hongkong Land.

Digital Core Reit in its Q1 2022 business update reported a 2 per cent increase in distributable income versus its IPO forecast. In April 2022, Digital Core Reit’s fifth-largest customer, a privately held IT service provider in Toronto, filed for bankruptcy protection. The Reit manager expects to be able to back-fill this capacity, given the tight market conditions in Toronto and updated that the customer event is not expected to impact distribution per unit.

In terms of director acquisitions over the past week, United Hampshire US Reit (UHReit) Management’s non-independent non-executive director David Tuvia Goss on Jun 20 and 22 acquired 500,000 units of UHReit : ODBU 0% at an average price of 60.9 US cents per unit.

UHReit is the first US grocery-anchored shopping centre and self-storage Reit to list in Singapore, and back in May reported Q1 2022 distributable income of US$8.1 million, 7.9 per cent higher than Q1 2021. UHReit completed its inaugural acquisitions of Colonial Square on Nov 12, 2021 and Penrose Plaza on Nov 24, 2021, with both acquisitions contributing positively to Q1 2022 distributable income.

REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/five-s-reits-drawing-net-institutional-inflows-in-2022-year-to-date">read </a>the original version.
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    REIT Watch 27 Jun


In Q2 2022 to date, the Straits Times Index (STI) has generated an 8 per cent decline in total returns, while the FTSE Developed Index declined 16 per cent. The iEdge S-Reit Index maintained resilience with a 2 per cent decline in total returns, while the FTSE EPRA Nareit Developed Index (a benchmark for global Reits) declined 15 per cent.

For the quarter-to-date, Singapore stocks have seen S$1.05 billion of net institutional outflows, reducing the 2022 year-to-date (YTD) net institutional inflow to S$74 million.

The technology sector has continued to weigh on global stocks, with hospitality and real estate also lagging. Banks, technology, and Reits have now booked the most net institutional outflows across the sectors in 2022 YTD. In the YTD, STI’s total returns have maintained at 1 per cent and iEdge S-Reit Index has declined 0.8 per cent. The FTSE EPRA Nareit Developed Index declined 18 per cent in the YTD.

From an SGX Research market update last week, the 20 stocks among the most actively traded Singapore stocks that booked the highest net institutional inflows in the YTD proportionate to their current market capitalisation included 5 S-Reits. These 20 stocks averaged 22 per cent total returns in the YTD. The 5 S-Reits were Ascott Residence Trust, Suntec Reit, CapitaLand Integrated Commercial Trust, Frasers Hospitality Trust, and Keppel Reit. These 5 S-Reits averaged 18 per cent total returns in the YTD and saw combined net institutional inflows exceeding S$300 million.

Over the past 5 trading sessions through to Jun 23, institutional investors were net buyers of Singapore stocks with S$116 million of net inflows, following S$166 million in net outflows for the preceding 5 sessions. The top 5 stocks with the highest net institutional inflows were DBS, Singtel, CapitaLand Investment, Digital Core Reit and Hongkong Land.

Digital Core Reit in its Q1 2022 business update reported a 2 per cent increase in distributable income versus its IPO forecast. In April 2022, Digital Core Reit’s fifth-largest customer, a privately held IT service provider in Toronto, filed for bankruptcy protection. The Reit manager expects to be able to back-fill this capacity, given the tight market conditions in Toronto and updated that the customer event is not expected to impact distribution per unit.

In terms of director acquisitions over the past week, United Hampshire US Reit (UHReit) Management’s non-independent non-executive director David Tuvia Goss on Jun 20 and 22 acquired 500,000 units of UHReit : ODBU 0% at an average price of 60.9 US cents per unit.

UHReit is the first US grocery-anchored shopping centre and self-storage Reit to list in Singapore, and back in May reported Q1 2022 distributable income of US$8.1 million, 7.9 per cent higher than Q1 2021. UHReit completed its inaugural acquisitions of Colonial Square on Nov 12, 2021 and Penrose Plaza on Nov 24, 2021, with both acquisitions contributing positively to Q1 2022 distributable income.

REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - Five S-Reits drawing net institutional inflows in 2022 year to date

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Mapletree North Asia Commercial Trust / Event-Driven

Mapletree North Asia Commercial Trust (MAGIC SP)

<ul>
<li>Quarz Capital’s <a href="https://www.bettermnact.com/_files/ugd/517105_02ef42e240d344b9a13b20fce5b8c5d1.pdf" target="_blank" rel="noopener">open letter</a> urges <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a>’s (MNACT) board to protect unitholders’ interest and negotiate for a higher offer from <a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106:1" rel="noopener">Mapletree Commercial Trust (MCT SP)</a>.</li>
<li>MCT has three options – keep the terms unchanged, improve the terms or support MNACT's board benchmarking the merger vs alternative transactions.   </li>
<li>MCT’s likely move is to keep terms unchanged and seek shareholder approval. MNACT's board can appease unitholders by exploring alternative transactions.   </li>
</ul>


Quarz Capital’s open letter urges Mapletree North Asia Commercial Trust (MAGIC SP)’s (MNACT) board to protect unitholders’ interest and negotiate for a higher offer from Mapletree Commercial Trust (MCT SP).
MCT has three options – keep the terms unchanged, improve the terms or support MNACT's board benchmarking the merger vs alternative transactions.   
MCT’s likely move is to keep terms unchanged and seek shareholder approval. MNACT's board can appease unitholders by exploring alternative transactions.   


MCT and MNACT’s Options for Dealing with Quarz’s Campaign

<ul>
<li>Each <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a>/MNACT unitholder will receive either a scrip-only or the cash-and-scrip offer worth S$1.1949 per MNACT unit, a 7.6% premium to the last close price.</li>
<li>The proposed merger provides <a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106:1" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> unitholders with meaningful geographic diversification through a DPU and NAV accretive transaction.   </li>
<li>MNACT unitholders will receive an attractive consideration in terms of P/NAV and gross exchange ratio. Both unitholders will benefit from the enlarged REIT’s higher free float and growth potential. </li>
</ul>


Each Mapletree North Asia Commercial Trust (MAGIC SP)/MNACT unitholder will receive either a scrip-only or the cash-and-scrip offer worth S$1.1949 per MNACT unit, a 7.6% premium to the last close price.
The proposed merger provides Mapletree Commercial Trust (MCT SP) unitholders with meaningful geographic diversification through a DPU and NAV accretive transaction.   
MNACT unitholders will receive an attractive consideration in terms of P/NAV and gross exchange ratio. Both unitholders will benefit from the enlarged REIT’s higher free float and growth potential. 


Mapletree Commercial Trust’s Proposed Merger with Mapletree North Asia Commercial Trust

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)

United Hampshire US REIT 1Q23 - Strip Centres At The Forefront Of A Retail Recovery

Retail real estate in the US demonstrated resiliency with 10 consecutive quarters of positive net absorption. According to CBRE, strip centres are...

UOB Kay Hian

Wee Ee Cheong boosts UOB stake

Inside Insights - Wee Ee Cheong boosts UOB stake For the 5 trading sessions that spanned Aug 19 to Aug 25, the Straits Times Index (STI) declined...

Singapore Exchange Ltd (SGX)

REIT Watch - Five S-Reits drawing net institutional inflows in 2022 year to date

In Q2 2022 to date, the Straits Times Index (STI) has generated an 8 per cent decline in total returns, while the FTSE...

Singapore Exchange Ltd (SGX)

MCT and MNACT’s Options for Dealing with Quarz’s Campaign

MCT has three options – keep the terms unchanged, improve the terms or support MNACT's board benchmarking the merger vs alternative transactions.

Arun George

Mapletree Commercial Trust’s Proposed Merger with Mapletree North Asia Commercial Trust

The deal terms are attractive for MNACT unitholders. The deal is DPU/NAV accretive for MCT unitholders. The merger is likely to get approval from...

Arun George

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