Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

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.

Research from SooChow CSSD Capital Markets (Asia)

SooChow CSSD Capital Markets (Asia)

Equity Bottom-Up

<div><div><div><div><ul><li>1Q22 DPU below expectation: 1Q22 revenue and NPI rose by 4.4% and 7.4% YoY (0.7% and 3.2% QoQ) to S$32.2m and S$29.7m, respectively, largely due to RMB appreciation and step-up rents.</li></ul><div><div><div><div><ul><li>+ve revenue growth across three segments: On a QoQ basis, revenues from all three segments – Port Logistics, Specialized Logistics and E-Commerce Logistics have reported +ve growth, largely due to step-up rents and strengthening RMB.</li></ul><div><div><div><div><ul><li>Refinancing completion as a near-term catalyst: Mgmt. believes that it is very close to complete the refinancing exercise of its offshore facilities (~S$423m or 66% of total loans in FY22E), which will expire by end of May22.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div>

1Q22 DPU below expectation: 1Q22 revenue and NPI rose by 4.4% and 7.4% YoY (0.7% and 3.2% QoQ) to S$32.2m and S$29.7m, respectively, largely due to RMB appreciation and step-up rents.+ve revenue growth across three segments: On a QoQ basis, revenues from all three segments – Port Logistics, Specialized Logistics and E-Commerce Logistics have reported +ve growth, largely due to step-up rents and strengthening RMB.Refinancing completion as a near-term catalyst: Mgmt. believes that it is very close to complete the refinancing exercise of its offshore facilities (~S$423m or 66% of total loans in FY22E), which will expire by end of May22.

EC World REIT - One-Off Event Impacted DPU

EC World Reit

EC World REIT - One-Off Event Impacted DPU