Dealing, Product Financing and Custody Services, Tickrs

Tickrs

Dealing, Product Financing and Custody Services

Tickrs Financial Singapore Pte Ltd (TFS) obtained Capital Markets Services (CMS) License from the Monetary Authority of Singapore (MAS) in 2022. Product offering include stock trading services across 10 global markets, futures trading, fixed income and wealth management products offering.

Equity Bottom-Up

<ul><li>Our conviction rests on three clear pillars that create a compelling risk-reward profile, which we believe the market has yet to fully price in.</li><li>Unprecedented Earnings Visibility from a S$629m Order Book • The Group’s construction order book sits at a record high, providing clear revenue visibility for the next 2-3 years.</li><li>• This is directly leveraged to Singapore's robust construction pipeline, with the BCA forecasting demand of S$47-53 billion in 2025, driven by public housing and infrastructure projects.</li></ul>

Our conviction rests on three clear pillars that create a compelling risk-reward profile, which we believe the market has yet to fully price in.Unprecedented Earnings Visibility from a S$629m Order Book • The Group’s construction order book sits at a record high, providing clear revenue visibility for the next 2-3 years.• This is directly leveraged to Singapore's robust construction pipeline, with the BCA forecasting demand of S$47-53 billion in 2025, driven by public housing and infrastructure projects.

Wee Hur Holdings Initiation : Built to Win in Singapore's Infrastructure Boom

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

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<li>
<a href="https://www.smartkarma.com/entities/okp-holdings-limited" target="_blank" data-smartkarma-citation="entities:13193:1" rel="noopener">OKP (OKP SP)</a> is an SGX Mainboard-listed civil engineering and infrastructure group specialising in public-sector transport and commuter infrastructure. It holds an A1 grade civil engineering status.</li>
<li>The group's work spans expressways, flyovers, vehicular bridges, urban and arterial roads, airport infrastructure and oil-and-gas-related infrastructure.</li>
<li>OKP reported its 1H26 results on 11th Aug 26. We maintain our BUY on OKP with a TP of S$0.98/share, based on 5.5x FY26E EV/EBITDA.</li>
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OKP (OKP SP) is an SGX Mainboard-listed civil engineering and infrastructure group specialising in public-sector transport and commuter infrastructure. It holds an A1 grade civil engineering status.
The group's work spans expressways, flyovers, vehicular bridges, urban and arterial roads, airport infrastructure and oil-and-gas-related infrastructure.
OKP reported its 1H26 results on 11th Aug 26. We maintain our BUY on OKP with a TP of S$0.98/share, based on 5.5x FY26E EV/EBITDA.


OKP Holdings - 1H26 Earnings Update - Order Book and Margins at Peak but De-Rating Overdone

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. is a Singapore-based investment holding company primarily engaged in construction, property development, fund management, and alternative investments. The company constructs residential, industrial, institutional, and commercial properties, and develops and sells residential and industrial properties in Singapore and mixed-use properties in Australia. It also operates workers' dormitories and purpose-built student accommodation. Wee Hur Holdings was founded in 1980 and is headquartered in Singapore.

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Wee Hur Holdings (WHUR SP)

Wee Hur Holdings Initiation : Built to Win in Singapore's Infrastructure Boom

Our conviction rests on three clear pillars that create a compelling risk-reward profile, which we believe the market has yet to fully price...

Tickrs

OKP Holdings - 1H26 Earnings Update - Order Book and Margins at Peak but De-Rating Overdone

OKP reported its 1H26 results on 11th Aug 26. We maintain our BUY on OKP with a TP of S$0.98/share, based on 5.5x FY26E EV/EBITDA.

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

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