ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

In Equity Sales and Research for more than 25 years covering Asian markets. Possesses in-depth knowledge of a wide range of companies, economies, and markets in Asia. Over his career, he has specialised in HK/China and ASEAN markets at various different Investment Banks, most recently heading equities in Indonesia for Bank of America Merrill Lynch in Jakarta for more than three years. Whilst in Jakarta, he produced a well-read daily and weekly product on the Indonesian market, which included company visits, as well as political, economic and sector commentary. A former racing skier, who enjoys ultra-marathons and surfing in his spare time.

ASEAN Insight Provider

Cromwell REIT Placement - Acquisition Was Announced Well Ahead and Placement Likely Expected

Cromwell REIT Placement: DPU Accretive at the Cost of Increasing EM Exposure

Cromwell EREIT IPO: Third Time Downsized, What's New?

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Cromwell European REIT / Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889:1" rel="noopener">Cromwell European REIT (CERT SP)</a> announced a Euro90m private placement earlier this week to plenish working capital following a recently completed acquisition in Italy and to partially fund the acquisition of properties based in the Czech Republic and Slovakia.</p><p>After the completion of this placement, the company should be eligible for inclusion in FTSE EPRA NAREIT Developed Asia Index, which will make the company more accessible for a broader investor base.</p><section class="figure"><section class="figure">The company released a resilient set of results earlier this week with a net property income (NPI) slightly above FY2019, mainly due to the positive impact from acquisitions.</section><section class="figure"></section><section class="figure"></section><section class="figure"></section><section class="figure"></section><section class="figure">Despite the pandemic, it announced a DPU only -3% lower than FY2019 with strong positive operating cash flow.</section><section class="figure"></section><section class="figure"></section><section class="figure"></section><section class="figure"></section><section class="figure"></section></section><section class="figure"></section><section class="figure">The company demonstrated its resilience during FY2020 with an overall occupancy rate across all its properties of 95.1%  and +2.1% positive rental reversions across all sectors. </section><section class="figure"></section><section class="figure"></section><section class="figure"></section><section class="figure"></section><section class="figure"></section><section class="figure"><a href="https://www.smartkarma.com/entities/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889:1" rel="noopener">Cromwell European REIT (CERT SP)</a> has transformed its capital management over 2020 with the establishment of a Euro1.5bn euro medium-term note program during the year. It was also given a BBB- Investment Grade rating by Fitch Ratings and succeeded in launching an inaugural  Euro300m 5-year bond issue, followed by a Euro200m tap issue in Janaury 2021. </section><section class="figure"></section><section class="figure"></section><section class="figure"></section><section class="figure"></section><section class="figure"></section><section class="figure">2020 was a year of two halves for <a href="https://www.smartkarma.com/entities/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889:1" rel="noopener">Cromwell European REIT (CERT SP)</a> with 1H2020 all about cash preservation and prudent provisioning, 2H2020 saw a gradual return to normal operations, with a significant resumption of transactions, an improved customer retention rate.</section><section class="figure"></section><section class="figure"></section><section class="figure"></section><section class="figure"></section><section class="figure"><a href="https://www.smartkarma.com/entities/cromwell-european-real-estate" target="_blank" data-smartkarma-citation="entities:25889:1" rel="noopener">Cromwell European REIT (CERT SP)</a> looks attractive from a yield perspective but there is also scope for further upside to the value of its portfolio. Inflows from an index inclusion should provide strong support for the share price and potentially a higher premium on valuation. </section><section class="figure"></section><section class="figure"></section><section class="figure"></section><section class="figure"><p></p></section>

Cromwell European REIT (CERT SP) announced a Euro90m private placement earlier this week to plenish working capital following a recently completed acquisition in Italy and to partially fund the acquisition of properties based in the Czech Republic and Slovakia.After the completion of this placement, the company should be eligible for inclusion in FTSE EPRA NAREIT Developed Asia Index, which will make the company more accessible for a broader investor base.The company released a resilient set of results earlier this week with a net property income (NPI) slightly above FY2019, mainly due to the positive impact from acquisitions.Despite the pandemic, it announced a DPU only -3% lower than FY2019 with strong positive operating cash flow.The company demonstrated its resilience during FY2020 with an overall occupancy rate across all its properties of 95.1%  and +2.1% positive rental reversions across all sectors. Cromwell European REIT (CERT SP) has transformed its capital management over 2020 with the establishment of a Euro1.5bn euro medium-term note program during the year. It was also given a BBB- Investment Grade rating by Fitch Ratings and succeeded in launching an inaugural  Euro300m 5-year bond issue, followed by a Euro200m tap issue in Janaury 2021. 2020 was a year of two halves for Cromwell European REIT (CERT SP) with 1H2020 all about cash preservation and prudent provisioning, 2H2020 saw a gradual return to normal operations, with a significant resumption of transactions, an improved customer retention rate.Cromwell European REIT (CERT SP) looks attractive from a yield perspective but there is also scope for further upside to the value of its portfolio. Inflows from an index inclusion should provide strong support for the share price and potentially a higher premium on valuation. 

Cromwell European REIT (CERT SP) - Opportunity Knocks?