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>Revising up our estimates on robust operating metrics. We raised our occupancy and passing rent estimates by 2.6 pp and 1.7% YoY to 93.7% and S$1.85psf pm in FY22E</li></ul><div><div><div><ul><li>Positive on the proposed merger with ALLT. We believe EREIT’s shareholder should vote in favour of the merger</li></ul><div><div><div><div><ul><li>Reiterate BUY; Upgrade TP to S$0.54/unit: We have priced-in latest developments including higher occupancy and passing rents, AEI and lower cost of funding.</li></ul></div></div></div></div></div></div></div></div></div></div></div>

Revising up our estimates on robust operating metrics. We raised our occupancy and passing rent estimates by 2.6 pp and 1.7% YoY to 93.7% and S$1.85psf pm in FY22EPositive on the proposed merger with ALLT. We believe EREIT’s shareholder should vote in favour of the mergerReiterate BUY; Upgrade TP to S$0.54/unit: We have priced-in latest developments including higher occupancy and passing rents, AEI and lower cost of funding.

ESR-REIT: Robust Performance; Pending Merger Approval

ESR-LOGOS REIT

ESR-REIT: Robust Performance; Pending Merger Approval