Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>PhillipCapital's Chew maintains 'accumulate' rating for HRnetGroup, target 78 cents.</li><li>RHB maintains DBS as its top banking choice in challenging 2QFY2025.</li><li>DBS raises Yanlord's target price, noting improved debt repayment progress.</li></ul>

PhillipCapital's Chew maintains 'accumulate' rating for HRnetGroup, target 78 cents.RHB maintains DBS as its top banking choice in challenging 2QFY2025.DBS raises Yanlord's target price, noting improved debt repayment progress.

Singapore Market Roundup (19-Aug-2025): Chew rates HRnetGroup 'accumulate', target 78 cents.

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>State-owned China Bond Insurance Co. is expanding a debt guarantee program to help about a dozen property developers issue 20 billion yuan ($2.75 billion) of bonds to shore up an industry that’s mired in a liquidity crisis amid slumping housing sales.</li><li>The debt-support policies are aimed at alleviating financial stress for private companies that are battling an economic slowdown and disruptions caused by the latest wave of Covid-19 lockdowns.</li><li>Defaults by private enterprises are increasing, and investors are becoming more wary of buying their debt.</li></ul>

State-owned China Bond Insurance Co. is expanding a debt guarantee program to help about a dozen property developers issue 20 billion yuan ($2.75 billion) of bonds to shore up an industry that’s mired in a liquidity crisis amid slumping housing sales.The debt-support policies are aimed at alleviating financial stress for private companies that are battling an economic slowdown and disruptions caused by the latest wave of Covid-19 lockdowns.Defaults by private enterprises are increasing, and investors are becoming more wary of buying their debt.

China Expands Debt Guarantee Program for Property Developers

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)

<ul><li><a href="https://www.smartkarma.com/entities/dasin-retail-trust" target="_blank" data-smartkarma-citation="entities:23743" rel="noopener">Dasin Retail Trust (DASIN SP)</a> extends its loan facility due 19Sep22</li><li><a href="https://www.smartkarma.com/entities/frasers-logistics-commercial-trust" target="_blank" data-smartkarma-citation="entities:22748" rel="noopener">Frasers Logistics &amp; Commercial Trust (FLT SP)</a> establishes S$1bn Euro-commercial paper program</li><li>Oxley Garden collective sale relaunched at the same minimum price of S$200m</li></ul>

Dasin Retail Trust (DASIN SP) extends its loan facility due 19Sep22Frasers Logistics &amp; Commercial Trust (FLT SP) establishes S$1bn Euro-commercial paper programOxley Garden collective sale relaunched at the same minimum price of S$200m

ASEAN Builder's Scoop (20Sep22) - DASIN Extends Loan Facility to End-Sep22

<ul><li><a href="https://www.smartkarma.com/entities/straits-trading-co-ltd" target="_blank" data-smartkarma-citation="entities:15745" rel="noopener">Straits Trading (STRTR SP)</a> venturing into high-tech warehouses and sophisticated storage areas</li><li><a href="https://www.smartkarma.com/entities/yanlord-land-group-ltd" target="_blank" data-smartkarma-citation="entities:14152" rel="noopener">Yanlord Land (YLLG SP)</a> 8M22 total contracted pre-sales rose 31.9% YoY; Robust Aug22 pre-sales +244.8% YoY</li><li>Jul22 retail sales up 13.7% YoY and +0.6% MoM; Slower YoY growth seen across the board from Jun22 figures</li></ul>

Straits Trading (STRTR SP) venturing into high-tech warehouses and sophisticated storage areasYanlord Land (YLLG SP) 8M22 total contracted pre-sales rose 31.9% YoY; Robust Aug22 pre-sales +244.8% YoYJul22 retail sales up 13.7% YoY and +0.6% MoM; Slower YoY growth seen across the board from Jun22 figures

ASEAN Builder's Scoop (6Sep22) - STRTR Venturing into High-Tech Warehouses

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<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> 2Q22 DPU -9.5% YoY; Hit by the pre-termination compensation, though top-line remains stable</li>
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<a href="https://www.smartkarma.com/entities/sasseur-reit" target="_blank" data-smartkarma-citation="entities:26807" rel="noopener">Sasseur REIT (SASSR SP)</a> 2Q22 DPU -1.6% YoY; Weak performance of variable rental income though occupancy improving</li>
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<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> 1H22 DPU +2.3% YoY; Weaknesses in I&amp;L reversions, overall portfolio metrics remain stable</li>
</ul>



EC World Reit (ECWREIT SP) 2Q22 DPU -9.5% YoY; Hit by the pre-termination compensation, though top-line remains stable

Sasseur REIT (SASSR SP) 2Q22 DPU -1.6% YoY; Weak performance of variable rental income though occupancy improving

Cromwell European REIT (CERT SP) 1H22 DPU +2.3% YoY; Weaknesses in I&amp;L reversions, overall portfolio metrics remain stable


ASEAN Builder's Scoop (12Aug22) - ECWREIT Steady Top-Line Due to Master Leases

Singapore

Yanlord Land Group Limited is a real estate developer specializing in high-end residential, commercial, and integrated property projects across the People's Republic of China and Singapore. The company also provides property management services and invests in commercial properties for rental income. It is headquartered in Singapore and was founded in 1993.

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Yanlord Land (YLLG SP)

Singapore Market Roundup (19-Aug-2025): Chew rates HRnetGroup 'accumulate', target 78 cents.

PhillipCapital rates HRnetGroup as 'accumulate' with a target of 78 cents. RHB favors DBS in tough 2QFY2025, while DBS raises Yanlord's target price.

Singapore Market Roundup

China Expands Debt Guarantee Program for Property Developers

State-owned China Bond Insurance Co. is expanding a debt guarantee program to help about a dozen property developers issue 20 billion yuan ($2.75...

Caixin Global

ASEAN Builder's Scoop (20Sep22) - DASIN Extends Loan Facility to End-Sep22

FLT establishes S$1bn Euro-comm paper program; POGO exit impact, BPO granted full WFH; CLI booked PHP13.5bn reservation sales this year

SCCM Asia Research

ASEAN Builder's Scoop (6Sep22) - STRTR Venturing into High-Tech Warehouses

YLLG robust Aug22 pre-sales; Jul22 retail sales YoY growth slowed down; DMW growing rentals, heavy downside risks; Manila resi vacancy declining in...

SCCM Asia Research

ASEAN Builder's Scoop (12Aug22) - ECWREIT Steady Top-Line Due to Master Leases

SASSR hit by weak variable income; CERT weakness in I&L reversions; IREIT low gearing opportunities; UHU occupancies trending up; PWON reached 44%...

SCCM Asia Research

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