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)

Thematic (Sector/Industry)

<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> – proven track record as a prominent Real Estate Private Equity player</li><li>Residential rents could continue climbing in 2H22: Huttons Asia</li><li>Hospitality sector an attractive asset class amid tourism recovery and limited supply</li></ul>

Straits Trading (STRTR SP) – proven track record as a prominent Real Estate Private Equity playerResidential rents could continue climbing in 2H22: Huttons AsiaHospitality sector an attractive asset class amid tourism recovery and limited supply

ASEAN Builder's Scoop (6Oct22) - STRTR Prominent RE PE Player

<ul><li><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> to divest Stage 1 properties of Bei Gang Logistics and Chongxian Port Logistics for S$406.8m</li><li>CapitaLand Ascendas REIT (CAREIT SP) to convert San Diego office property to life sciences property for US$40m</li><li><a href="https://www.smartkarma.com/entities/cortina-holdings" target="_blank" data-smartkarma-citation="entities:4046" rel="noopener">Cortina Holdings (CTN SP)</a> to acquire fourth level of a commercial building for S$49m</li></ul>

EC World Reit (ECWREIT SP) to divest Stage 1 properties of Bei Gang Logistics and Chongxian Port Logistics for S$406.8mCapitaLand Ascendas REIT (CAREIT SP) to convert San Diego office property to life sciences property for US$40mCortina Holdings (CTN SP) to acquire fourth level of a commercial building for S$49m

ASEAN Builder's Scoop (5Oct22) - ECWREIT to Divest Assets for S$406.8m

<ul><li>Property cooling measures finally here – Higher interest rates floor and tighter LTV (for HDB) to moderate demand</li><li><a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934" rel="noopener">ESR-LOGOS REIT (EREIT SP)</a> continues to divest non-core asset; 2 Jalan Kilang Barat for S$35.3m</li><li><a href="https://www.smartkarma.com/entities/first-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:15848" rel="noopener">First REIT (FIRT SP)</a> bagged ~S$17m social loan to fund its acquisition of 2 nursing homes in Japan</li></ul>

Property cooling measures finally here – Higher interest rates floor and tighter LTV (for HDB) to moderate demandESR-LOGOS REIT (EREIT SP) continues to divest non-core asset; 2 Jalan Kilang Barat for S$35.3mFirst REIT (FIRT SP) bagged ~S$17m social loan to fund its acquisition of 2 nursing homes in Japan

ASEAN Builder's Scoop (30Sep22) - Higher IR Floor and Tighter LTV to Moderate Housing Demand

Equity Bottom-Up

Adhi Commuter Properti / Equity Bottom-Up

PT Adhi Commuter Properti Tbk is an Indonesian property developer specializing in mass transportation-oriented projects, including Transit-Oriented Developments (TOD) such as LRT City and Adhi City. The company develops residential buildings, offices, and operates hotels under the GranDhika brand. It was established on March 9, 2018, and is headquartered in East Jakarta, Indonesia.

<ul><li>CBD Grade A office rents rose +2.9% QoQ in 3Q22; Climbing towards record high in 2008</li><li>Keppel Corporation (KEP) increases stake in Malaysian DC asset post put option exercise</li><li>Serene Centre on market at reserve price of S$120m; Sultan Plaza to lower reserve price</li></ul>

CBD Grade A office rents rose +2.9% QoQ in 3Q22; Climbing towards record high in 2008Keppel Corporation (KEP) increases stake in Malaysian DC asset post put option exerciseSerene Centre on market at reserve price of S$120m; Sultan Plaza to lower reserve price

ASEAN Builder's Scoop (29Sep22) - CBD Grade-A Office Rents Surpassed Pre-Pandemic Peak

<ul><li>New hospitality packages instantly sold out as F1 splurge continues</li><li>Commercial portfolio of 15 units in International Plaza on market at a guided price of S$60m</li><li>SEC approves <a href="https://www.smartkarma.com/entities/cebu-landmasters-inc" target="_blank" data-smartkarma-citation="entities:31203" rel="noopener">Cebu Landmasters Inc (CLI PM)</a> PHP15bn bonds (Regina Capital)</li></ul>

New hospitality packages instantly sold out as F1 splurge continuesCommercial portfolio of 15 units in International Plaza on market at a guided price of S$60mSEC approves Cebu Landmasters Inc (CLI PM) PHP15bn bonds (Regina Capital)

ASEAN Builder's Scoop (28Sep22) - SG Gearing up for F1 Wkd

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

ASEAN Builder's Scoop (6Oct22) - STRTR Prominent RE PE Player

Residential rents could continue climbing in 2H22; Hospitality sector limited supply; Aug22 retail sales fell 1.3% MoM; Phils inflation at 4yr high

SCCM Asia Research

ASEAN Builder's Scoop (5Oct22) - ECWREIT to Divest Assets for S$406.8m

CAREIT to convert office to life sciences property for US$40m; CTN to buy commercial asset for S$49m; Prelim private resi prices rise 3.4% QoQ in...

SCCM Asia Research

ASEAN Builder's Scoop (30Sep22) - Higher IR Floor and Tighter LTV to Moderate Housing Demand

EREIT divests 2 JKB at 22% premium; CLI sees strong take-up in 1st Luzon project; Thai land appraisal price to rise by ~8%; Property cooling...

SCCM Asia Research

ASEAN Builder's Scoop (29Sep22) - CBD Grade-A Office Rents Surpassed Pre-Pandemic Peak

KEP increases stake in Malaysian DC asset; ADCP in JV with Hyundai for TOD projects; Phils BPO still bullish on growth; CBD Grade A office rents...

SCCM Asia Research

ASEAN Builder's Scoop (28Sep22) - SG Gearing up for F1 Wkd

SEC approves CLI PHP15bn bonds; WB upgraded Phils growth est; SMRA earmarks IDR500bn bond repayment. New hospitality packages instantly sold out as...

SCCM Asia Research