Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

Soon Hock Enterprise Holding / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/soon-hock-enterprise-holding-pte-ltd" target="_blank" data-smartkarma-citation="entities:45970:1" rel="noopener">Soon Hock Enterprise Holding (SHOCK SP)</a> is an established real estate developer that undertakes property development and property investment in Singapore.</li>
<li>The Group’s management has been involved in the launch of more than 1,200 units of strata-titled industrial properties in Singapore, achieving a total Gross Development Value (GDV) of S$1bn.</li>
<li>We initiate coverage on Soon Hock Enterprise with a RNAV-based TP of S$0.74, representing an upside of 27.6%.</li>
</ul>



Soon Hock Enterprise Holding (SHOCK SP) is an established real estate developer that undertakes property development and property investment in Singapore.
The Group’s management has been involved in the launch of more than 1,200 units of strata-titled industrial properties in Singapore, achieving a total Gross Development Value (GDV) of S$1bn.
We initiate coverage on Soon Hock Enterprise with a RNAV-based TP of S$0.74, representing an upside of 27.6%.


Soon Hock Enterprise Initiation - Established Player with Consistent Execution

<ul>
<li>
<a href="https://www.smartkarma.com/entities/isoteam-ltd" target="_blank" data-smartkarma-citation="entities:6201:1" rel="noopener">Isoteam Ltd (ISO SP)</a> is a SGX-Catalist listed company with a focus on Singapore’s building maintenance and estate upgrading industry, providing solutions across the entire lifecycle of buildings and infrastructure. </li>
<li>Since inception, the firm has completed over 900 projects on more than 7,500 buildings. Its projects are mainly based in Singapore, with approximately 70% derived from public sector contracts. </li>
<li>We initiate non-rated coverage on ISOTeam. Post-COVID, the firm's order book has rebounded and profitability is back in the black since FY23. </li>
</ul>



Isoteam Ltd (ISO SP) is a SGX-Catalist listed company with a focus on Singapore’s building maintenance and estate upgrading industry, providing solutions across the entire lifecycle of buildings and infrastructure. 
Since inception, the firm has completed over 900 projects on more than 7,500 buildings. Its projects are mainly based in Singapore, with approximately 70% derived from public sector contracts. 
We initiate non-rated coverage on ISOTeam. Post-COVID, the firm's order book has rebounded and profitability is back in the black since FY23. 


ISOTeam Initiation - Order Book Close to Record High

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>Liv @ MB condo by <a href="https://www.smartkarma.com/entities/bukit-sembawang-estates-ltd" target="_blank" data-smartkarma-citation="entities:17987" rel="noopener">Bukit Sembawang Estates (BS SP)</a> in Mountbatten &gt;75% sold @ S$2,387psf</li><li>Asia Green in Tampines on the market with S$470m indicative pricing</li><li>Fresh off student housing deal, <a href="https://www.smartkarma.com/entities/wee-hur-holdings-ltd" target="_blank" data-smartkarma-citation="entities:5653" rel="noopener">Wee Hur Holdings (WHUR SP)</a> keen on more partnerships with institutional investors</li></ul>

Liv @ MB condo by Bukit Sembawang Estates (BS SP) in Mountbatten &gt;75% sold @ S$2,387psfAsia Green in Tampines on the market with S$470m indicative pricingFresh off student housing deal, Wee Hur Holdings (WHUR SP) keen on more partnerships with institutional investors

ASEAN Builder's Scoop (23May22) - Liv@ MB by BS >75% Sold @ S$2,387psf

<ul><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> 1Q22 Business updates – Occupancy remains healthy; Trading at sub 3% yield</li><li><span style="font-size: var(--content-font-size);">EC North Gaia by <a href="https://www.smartkarma.com/entities/sing-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3498" rel="noopener">Sing Holdings (SING SP)</a> saw ~27% take-up rate with S$1,250+psf price</span></li><li><span style="font-size: var(--content-font-size);"><a href="https://www.smartkarma.com/entities/wee-hur-holdings-ltd" target="_blank" data-smartkarma-citation="entities:5653" rel="noopener">Hur Holdings (WHUR SP)</a> divests 49.9% stake in Australia PBSA portfolio</span></li></ul>

Parkway Life REIT (PREIT SP) 1Q22 Business updates – Occupancy remains healthy; Trading at sub 3% yieldEC North Gaia by Sing Holdings (SING SP) saw ~27% take-up rate with S$1,250+psf priceHur Holdings (WHUR SP) divests 49.9% stake in Australia PBSA portfolio

ASEAN Builder's Scoop (25Apr22) - PREIT Trading at Sub 3% Yield

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/mapletree-logistics-trust" target="_blank" data-smartkarma-citation="entities:16035" rel="noopener">Mapletree Logistics Trust (MLT SP)</a> to acquire Australian cold storage facility at 4.3% yield; Fully-funded by debt, DPU accretive</h3><ul><li>MLT proposed an acquisition of a cold storage facility at 5-17 Leslie Road and 6-10 Pipe Road in Melbourne, Victoria, Australia for A$42.8m (S$42.8m) vs. independent valuation of A$43.0m as at 21Jun21. Including A$3.1m transaction-related costs, the total transaction costs will be A$45.9m</li><li>The freehold property is located within the inner west precinct of Melbourne, an established industrial and logistics region in the vicinity of MLT’s existing four properties. Spanning a total NLA of 14,747sqm, the property is comprised of five blocks of cold and freezer warehouse (77% of NLA), ambient warehouse, office and other amenities. The property is 100% leased to Austco Polar Cold Storage, a wholly-owned subsidiary of ASX-listed Wingara AG Limited, for the next 13 years with annual rent escalations</li><li>The asset is expected to generate an initial NPI yield of 4.3% (based on purchase price) and will be accretive at the distribution level. The acquisition will be 100% funded by debt and is expected to be completed by 3Q22. Upon completion and including the proposed acquisition of 9 Changi South Street 2 (announced on 9Jul21), MLT’s aggregate leverage ratio is estimated to rise to 38.7%</li><li>Following this Acquisition, MLT will have five logistics assets in Melbourne and a total of 13 assets in AUS with over A$870m in AUM (8.5% of AUM from 8.0%) and 352,400sqm of leasable space. Contribution from AUS will increase from 7.4% of GRI to 8.5%</li><li>MLT is currently trading at 4.2% FY22E yield and 1.6x P/B.</li></ul><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/223/820/original/image_45736139921629083801234.png?1629083809" class="editor-image img-responsive" data-smartkarma-image-id="223820"></figure>

SingaporeMapletree Logistics Trust (MLT SP) to acquire Australian cold storage facility at 4.3% yield; Fully-funded by debt, DPU accretiveMLT proposed an acquisition of a cold storage facility at 5-17 Leslie Road and 6-10 Pipe Road in Melbourne, Victoria, Australia for A$42.8m (S$42.8m) vs. independent valuation of A$43.0m as at 21Jun21. Including A$3.1m transaction-related costs, the total transaction costs will be A$45.9mThe freehold property is located within the inner west precinct of Melbourne, an established industrial and logistics region in the vicinity of MLT’s existing four properties. Spanning a total NLA of 14,747sqm, the property is comprised of five blocks of cold and freezer warehouse (77% of NLA), ambient warehouse, office and other amenities. The property is 100% leased to Austco Polar Cold Storage, a wholly-owned subsidiary of ASX-listed Wingara AG Limited, for the next 13 years with annual rent escalationsThe asset is expected to generate an initial NPI yield of 4.3% (based on purchase price) and will be accretive at the distribution level. The acquisition will be 100% funded by debt and is expected to be completed by 3Q22. Upon completion and including the proposed acquisition of 9 Changi South Street 2 (announced on 9Jul21), MLT’s aggregate leverage ratio is estimated to rise to 38.7%Following this Acquisition, MLT will have five logistics assets in Melbourne and a total of 13 assets in AUS with over A$870m in AUM (8.5% of AUM from 8.0%) and 352,400sqm of leasable space. Contribution from AUS will increase from 7.4% of GRI to 8.5%MLT is currently trading at 4.2% FY22E yield and 1.6x P/B.

Singapore

Wee Hur Holdings Ltd provides building construction services and acts as the management or main contractor in construction projects for both private and public sectors. The Company's clients from the private sector include property owners and developers, and those from the public sector comprise government bodies and statutory boards.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Wee Hur Holdings (WHUR SP)

Soon Hock Enterprise Initiation - Established Player with Consistent Execution

Soon Hock Enterprise Holding (SHOCK SP) is an established real estate developer that undertakes property development and property investment in...

Evolve Capital Advisory Pte Ltd

ISOTeam Initiation - Order Book Close to Record High

Isoteam is a SGX-Catalist listed company focusing on Singapore’s building maintenance and estate upgrading industry, providing solutions across the...

Evolve Capital Advisory Pte Ltd

ASEAN Builder's Scoop (23May22) - Liv@ MB by BS >75% Sold @ S$2,387psf

Asia Green on market @ S$470m price tag; ALI-AREIT executed property swap; CPN aims to become fully-integrated developer; Ikano Centres unveiled...

SCCM Asia Research

ASEAN Builder's Scoop (25Apr22) - PREIT Trading at Sub 3% Yield

EC North Gaia going for S$1,250+psf; WHUR divests Aus PBSA portfolio; 1Q22 office rents +1.6% QoQ ; 1Q22 retail rents -0.4% QoQ; Villar group plans...

SCCM Asia Research

ASEAN Builder's Scoop (16Aug21)

MLT buys Aus cold storage facility; CIT readies ~2,000 resi launch pipeline; Jul21 new home sales surged 77% MoM; RCR gets IPO listing nod;...

SCCM Asia Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)