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>RMB appreciation and lower DI retention rate drove performance. 3Q21 Revenue and NPI rose by 10.9% and 9.4% YoY</li><li>Robust Port and E-Commerce Logistics. Revenue from Port Logistics and ECommerce Logistics segments have increased for six consecutive quarters on a QoQ basis</li><li>Maintain BUY with TP of S$0.87/unit: We maintain our forecasts for FY21E</li></ul><div><div><div><div><div><div><div></div></div></div></div></div></div></div></div></div></div></div>

RMB appreciation and lower DI retention rate drove performance. 3Q21 Revenue and NPI rose by 10.9% and 9.4% YoYRobust Port and E-Commerce Logistics. Revenue from Port Logistics and ECommerce Logistics segments have increased for six consecutive quarters on a QoQ basisMaintain BUY with TP of S$0.87/unit: We maintain our forecasts for FY21E

SCCM | EC World REIT (ECWREIT SP): Awaiting Asset Deal While Collecting 8+% Yield

EC World Reit

SCCM | EC World REIT (ECWREIT SP): Awaiting Asset Deal While Collecting 8+% Yield