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/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> to divest Stage 1 properties of Bei Gang Logistics and Chongxian Port Logistics for S$406.8m</li><li>CapitaLand Ascendas REIT (CAREIT SP) to convert San Diego office property to life sciences property for US$40m</li><li><a href="https://www.smartkarma.com/entities/cortina-holdings" target="_blank" data-smartkarma-citation="entities:4046" rel="noopener">Cortina Holdings (CTN SP)</a> to acquire fourth level of a commercial building for S$49m</li></ul>

EC World Reit (ECWREIT SP) to divest Stage 1 properties of Bei Gang Logistics and Chongxian Port Logistics for S$406.8mCapitaLand Ascendas REIT (CAREIT SP) to convert San Diego office property to life sciences property for US$40mCortina Holdings (CTN SP) to acquire fourth level of a commercial building for S$49m

ASEAN Builder's Scoop (5Oct22) - ECWREIT to Divest Assets for S$406.8m

<ul><li>3 Co-working firms in APAC to merge; Targeting to launch IPO post-merger</li><li>Bungalow in White House Park bought for S$45.5m or ~S$3,017psf</li><li><a href="https://www.smartkarma.com/entities/vista-land-lifescapes-inc" target="_blank" data-smartkarma-citation="entities:18262" rel="noopener">Vista Land &amp; Lifescapes (VLL PM)</a> 2Q22 net income +10% YoY, Launched 5 projects valued at PHP11bn</li></ul>

3 Co-working firms in APAC to merge; Targeting to launch IPO post-mergerBungalow in White House Park bought for S$45.5m or ~S$3,017psfVista Land &amp; Lifescapes (VLL PM) 2Q22 net income +10% YoY, Launched 5 projects valued at PHP11bn

ASEAN Builder's Scoop (17Aug22) - 3 Co-Working Firms in APAC to Merge

<ul><li>SingHaiyi Group (SHG) places S$1.28bn top bid for Dunman site; <a href="https://www.smartkarma.com/entities/uol-group-ltd" target="_blank" data-smartkarma-citation="entities:142" rel="noopener">UOL Group (UOL SP)</a> - <a href="https://www.smartkarma.com/entities/singapore-land-group-ltd" target="_blank" data-smartkarma-citation="entities:12891" rel="noopener">Singapore Land Group (SPLG SP)</a>  won Pine Grove (A) site</li><li>Chinese national buys 20 units at CanningHill Piers for ~S$85m; 92% total units are now snapped</li><li>Warehouses occupancy and rents likely to rise in tandem with oil prices</li></ul>

SingHaiyi Group (SHG) places S$1.28bn top bid for Dunman site; UOL Group (UOL SP) - Singapore Land Group (SPLG SP)  won Pine Grove (A) siteChinese national buys 20 units at CanningHill Piers for ~S$85m; 92% total units are now snappedWarehouses occupancy and rents likely to rise in tandem with oil prices

ASEAN Builder's Scoop (3Jun22) - SHG Won Dunman Site

<ul><li><a href="https://www.smartkarma.com/entities/digital-core-reit" target="_blank" data-smartkarma-citation="entities:35145" rel="noopener">Digital Core REIT (DCREIT SP)</a> 1Q22 Business Updates – Slight beat to IPO forecast; Gearing for more acquisitions with identified pipeline  </li><li><a href="https://www.smartkarma.com/entities/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889" rel="noopener">Cromwell European REIT (CERT SP)</a> acquires 3 freehold Light Industrial/ Logistics assets in Italy and Germany; NOI yield of 6.8%</li><li><a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57" rel="noopener">City Developments (CIT SP)</a> Piccadilly Grand to start viewing on 23Apr with prices starting from ~S$2,000psf</li></ul>

Digital Core REIT (DCREIT SP) 1Q22 Business Updates – Slight beat to IPO forecast; Gearing for more acquisitions with identified pipeline  Cromwell European REIT (CERT SP) acquires 3 freehold Light Industrial/ Logistics assets in Italy and Germany; NOI yield of 6.8%City Developments (CIT SP) Piccadilly Grand to start viewing on 23Apr with prices starting from ~S$2,000psf

ASEAN Builder's Scoop (22Apr22) - DCREIT Gearing for More Acquisitions

<ul><li><a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666" rel="noopener">Apple Inc (AAPL US)</a> acquires UE BizHub Central at Ang Mo Kio for S$55m from United Engineers</li><li><a href="https://www.smartkarma.com/entities/keppel-dc-reit" target="_blank" data-smartkarma-citation="entities:85" rel="noopener">Keppel DC REIT (KDCREIT SP)</a> looks to pick up more Asia-Pac Data Centre hubs</li><li><a href="https://www.smartkarma.com/entities/hotel-properties-ltd" target="_blank" data-smartkarma-citation="entities:5801" rel="noopener">Hotel Properties Limited (HPL SP)</a> to reap S$29m gain from London hotel sale</li></ul>

Apple Inc (AAPL US) acquires UE BizHub Central at Ang Mo Kio for S$55m from United EngineersKeppel DC REIT (KDCREIT SP) looks to pick up more Asia-Pac Data Centre hubsHotel Properties Limited (HPL SP) to reap S$29m gain from London hotel sale

ASEAN Builder's Scoop (11Apr22) - AAPL Buys UE Bizhub Central for S$55m

Philippines

Vista Land & Lifescapes, Inc. is an integrated property developer and homebuilder in the Philippines. It specializes in developing horizontal properties, master-planned communities, and vertical residences, and also operates shopping malls, commercial centers, and BPO offices. The company was incorporated in 2007 and is headquartered in Las Pinas City, Philippines.

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Vista Land (VLL PM)

ASEAN Builder's Scoop (5Oct22) - ECWREIT to Divest Assets for S$406.8m

CAREIT to convert office to life sciences property for US$40m; CTN to buy commercial asset for S$49m; Prelim private resi prices rise 3.4% QoQ in...

SCCM Asia Research

ASEAN Builder's Scoop (17Aug22) - 3 Co-Working Firms in APAC to Merge

White House Park bungalow sold for ~S$3,017psf; VLL 2Q22 earnings boosted by rental income; Phils foreign investment pledges double in 2Q22

SCCM Asia Research

ASEAN Builder's Scoop (3Jun22) - SHG Won Dunman Site

UOL-SPLG Won Pine Grove (A) Site; CanningHill Piers 92% sold; Warehouse rents rising in tandem with oil; MICE full recovery by 2025; RLC, VLL bond...

SCCM Asia Research

ASEAN Builder's Scoop (22Apr22) - DCREIT Gearing for More Acquisitions

CERT buys 3 Italy/Germany assets at 6.8% NOI yield; CIT Piccadily Grand previewing this wkd; VLL shifts to vertical housing

SCCM Asia Research

ASEAN Builder's Scoop (11Apr22) - AAPL Buys UE Bizhub Central for S$55m

KDCREIT to pick up more APAC DC hubs; HPL exits Hilton London; Vista REIT strong pipeline from VLL; SENTRAL Klang Valley office under pressure

SCCM Asia Research

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