Deciphering real estate markets globally., Rems Advisors

TAN Kok Keong

Deciphering real estate markets globally.

Rems Advisors

Thematic (Sector/Industry)

<div><h2>Private Residential Primary Sales Status (Excluding Executive Condominiums)</h2></div><p>For the month of September, primary home sales in Singapore increased by 8% increase month-on-month, continuing the build up of postive momentum in the market (see Figure 1). Developers sold a total of 509 units of new homes (ex-ECs). The improving sentiment is visible as this is a 49% increase over the sales figure last year. </p><p>Figure 1: September 2016 Primary Sales (Excluding Executive Condominium)</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/014/886/original/Sept%202016%20Primary%20sale%20%28ex%20Ec%29.png?1476758876" class="editor-image img-responsive" data-smartkarma-image-id="14886"></figure><p>Source: URA, REMS…</p>

Private Residential Primary Sales Status (Excluding Executive Condominiums)For the month of September, primary home sales in Singapore increased by 8% increase month-on-month, continuing the build up of postive momentum in the market (see Figure 1). Developers sold a total of 509 units of new homes (ex-ECs). The improving sentiment is visible as this is a 49% increase over the sales figure last year. Figure 1: September 2016 Primary Sales (Excluding Executive Condominium)Source: URA, REMS…

Singapore's Primary Home Sales Pick Up in September

Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

<p>The Philippines has been experiencing high levels of economic growth, which has been driven by the business process outsourcing industry. &nbsp;The business process outsourcing industry has&nbsp;been a strong catalyst for the development of the real estate industry in The Philippines. &nbsp;MegaWorld Corporation provides investors with diverse exposure to the real estate industry, has low valuation, and also has a strong track record of success in The Philippines.</p>

The Philippines has been experiencing high levels of economic growth, which has been driven by the business process outsourcing industry. &nbsp;The business process outsourcing industry has&nbsp;been a strong catalyst for the development of the real estate industry in The Philippines. &nbsp;MegaWorld Corporation provides investors with diverse exposure to the real estate industry, has low valuation, and also has a strong track record of success in The Philippines.

MegaWorld Corporation: Access the Growth of Real Estate in The Philippines

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Adani Ports & Special Economic Zone / Credit

Adani Ports & Special Economic Zone (ADSEZ IN)

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, China Vanke, Vista Land &amp; Lifescapes</li>
<li>The UST curve twisted steeper around the 10Y on Friday, after US President Donald Trump confirmed Kevin Warsh as his choice for the next Fed Chairman. The steepening move came as the market priced in slightly more Fed easing, while the long end was pressured by Mr Warsh’s preference against the Fed expanding its balance sheet.</li>
<li>The yield on the 2Y UST fell 4 bps to 3.52%, while that on the 10Y UST was stable at 4.24%. The yield on the 30Y UST was up 2 bps at 4.87%. Equities slid alongside a sell-off in previous metals. The S&amp;P 500 and Nasdaq were down 0.4% and 0.9% at 6,939 and 23,462, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, China Vanke, Vista Land &amp; Lifescapes
The UST curve twisted steeper around the 10Y on Friday, after US President Donald Trump confirmed Kevin Warsh as his choice for the next Fed Chairman. The steepening move came as the market priced in slightly more Fed easing, while the long end was pressured by Mr Warsh’s preference against the Fed expanding its balance sheet.
The yield on the 2Y UST fell 4 bps to 3.52%, while that on the 10Y UST was stable at 4.24%. The yield on the 30Y UST was up 2 bps at 4.87%. Equities slid alongside a sell-off in previous metals. The S&amp;P 500 and Nasdaq were down 0.4% and 0.9% at 6,939 and 23,462, respectively.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Vista Land &amp; Lifescapes, Rakuten Group, Vedanta Resources, Tata Steel</li>
<li>UST yields rose on Friday, led by the front end. There was a lack of catalysts, due to non-publication of the September nonfarm payrolls amid the government shutdown, albeit private surveys showed weakening US services data. Yields on the 2Y and 10Y USTs rose 4 bps each to 3.58% and 4.12%, respectively. Equities were mixed, with the S&amp;P 500 stable at 6,716, while the Nasdaq fell 0.3% to 22,781.</li>
<li>Japan’s ruling Liberal Democratic Party has elected former economic security minister Sanae Takaichi as its new leader, making the 64-year-old likely to become the country’s first female prime minister. Ms Takaichi replaces Shigeru Ishiba, who resigned as prime minister last month after the party suffered two election blows (including losing its majority in the Lower House).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Vista Land &amp; Lifescapes, Rakuten Group, Vedanta Resources, Tata Steel
UST yields rose on Friday, led by the front end. There was a lack of catalysts, due to non-publication of the September nonfarm payrolls amid the government shutdown, albeit private surveys showed weakening US services data. Yields on the 2Y and 10Y USTs rose 4 bps each to 3.58% and 4.12%, respectively. Equities were mixed, with the S&amp;P 500 stable at 6,716, while the Nasdaq fell 0.3% to 22,781.
Japan’s ruling Liberal Democratic Party has elected former economic security minister Sanae Takaichi as its new leader, making the 64-year-old likely to become the country’s first female prime minister. Ms Takaichi replaces Shigeru Ishiba, who resigned as prime minister last month after the party suffered two election blows (including losing its majority in the Lower House).


<ul>
<li>Vista Land &amp; Lifescapes (VLL) reported FY 2024 and Q1/25 results that were moderately weak in our view.</li>
<li>EBITDA continued to grow, supported by top-line and margin expansion.</li>
<li>That said, cash flows remained poor, as OCF (after tax and interest) remained negative in FY 2024.</li>
</ul>


Vista Land &amp; Lifescapes (VLL) reported FY 2024 and Q1/25 results that were moderately weak in our view.
EBITDA continued to grow, supported by top-line and margin expansion.
That said, cash flows remained poor, as OCF (after tax and interest) remained negative in FY 2024.


Vista Land & Lifescapes - Q1 FY 2025 And FY 2024 Results - Lucror Analytics

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)

Singapore's Primary Home Sales Pick Up in September

Private Residential Primary Sales Status (Excluding Executive Condominiums)For the month of September, primary home sales in Singapore increased by...

TAN Kok Keong

MegaWorld Corporation: Access the Growth of Real Estate in The Philippines

The Philippines has been experiencing high levels of economic growth, which has been driven by the business process outsourcing industry. The...

Nomadic Equity

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, China Vanke, Vista Land &...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Vista Land & Lifescapes, Rakuten Group,...

Lucror Analytics

Vista Land & Lifescapes - Q1 FY 2025 And FY 2024 Results - Lucror Analytics

Vista Land & Lifescapes (VLL) reported FY 2024 and Q1/25 results that were moderately weak in our view. EBITDA continued to grow, supported by top...

Lucror Analytics

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