WEEKLY S-REITS TRACKER - Ocbc Securities

1 ocbc Investment Research Singapore Equities Please refer to important disclosures at the back of this document. Asia Pacific Equity Research | Singapore KEY TAKEAWAYS Mapletree North Asia Commercial Trust s (MNACT; Ticker: MAGIC SP) 2 QFY19 DPU rose YoY and this was within our expectations. Maintain BUY, with fair value of S$ (29 Oct) Cache Logistics Trust s (CACHE) 3Q18 results were within expectations. 3Q18 total DPU dipped YoY, but increased QoQ on the back of a QoQ growth in Singapore NPI. Maintain BUY with fair value of S$ (29 Oct) CapitaLand Commercial Trust s (CCT) 3Q18 results came in within our expectations.

2 DPU grew YoY to S cents after taking into account the adjustment to 3Q17 s DPU following a rights issue. After fine-tuning our assumptions, our fair value moves to S$ (previously S$ ). Maintain HOLD. (29 Oct) Mapletree Logistics Trust (MLT) reported a healthy set of 2 QFY19 results which met our expectations, with DPU growing YoY to S cents. Separately, MLT announced its proposed acquisition of the Coles Distribution Centre in Brisbane, Australia, for a purchase consideration of A$105m. Post-acquisition, MLT s aggregate leverage is expected to be ~ Maintain BUY rating and fair value of S$ (23 & 29 Oct) Ascendas REIT (A-REIT) reported its 2 QFY19 results which fell slightly short of our expectations, with DPU suffering a YoY decline of to S cents.

3 Maintain HOLD, with fair value estimate of S$ (26 Oct) CapitaLand Mall Trust s (CMT) 3Q18 results met our expectations with DPU increasing YoY to S cents. Maintain HOLD with FV of S$ (26 Oct) Frasers Centrepoint Trust (FCT) reported an in-line set of 4 QFY18 results. DPU fell YoY to S cents, but if we strip out one-off property expenses, it would have come in flat. Maintain BUY, with FV of S$ (25 Oct) Suntec REIT reported its 3Q18 results which met our expectations, with DPU stable YoY at S cents (+ ). Maintain HOLD, with FV of S$ (25 Oct) Mapletree Industrial Trust (MIT) reported an in-line set of 2 QFY19 results, with DPU inching up by YoY to S cents.

4 Maintain HOLD with FV of S$ (24 Oct) Sources: Reuters, Bloomberg, News agencies, Company announcements, OIR WEEKLY top gainers (%) Mapletree Commercial Trust + First REIT + ParkwayLife REIT + WEEKLY top laggers (%) Keppel-KBS US REIT Lippo Malls Indo Retail Trust CapitaLand Mall Trust WEEKLY sector performance (%) Healthcare + Data Centre + Industrial Retail Office Hospitality Others Overall The FTSE ST REIT Index fell WoW while the STI was down over the same period. Source: Bloomberg, OIR NOTE: The calculation of the % gains/losses is based on last Friday s closing prices and the preceding week s Friday closing prices.

5 29 Oct 2018 WEEKLY S-REITS TRACKER Andy Wong Teck Ching, CFA (65) 6818 4808 ocbc Investment ResearchWeekly S-REITS TrackerExhibit 1: Peer comparisonSingapore REITsPriceMkt CapFloatFYEDPUCurr DPUFwd DPUCurr YieldFwd YieldYTD ReturnD/AP/B($)($ m)(%)(mth)(freq)(cents)(cents)(%)(%)(%)( %)(x)OFFICE (8)CapitaLand Commercial , Commercial , Global , US Commercial REIT , US :19, (11)BHG Retail Mall , Retail China , , Centrepoint , Malls Indo Retail Commercial , North Asia , REIT , Global , :27, (10)AIMS AMP Capital Ind , Logistics World , Logistics & Ind , Industrial , Logistics , :22, (6)Ascendas Hospitality Residence , Hospitality , East Hospitality , Hospitality Trust , Hospitality , :8, (2)First , :2, CENTRE (1)Keppel DC , :1, (1)Cromwell European :1, S-REITSGRAND TOTAL:84, TrustsREAL ESTATE (3)Accordia Golf Trust India , Retail :2, (3)Asian Pay Television Infrastructure , NBN , :5, AND SHIPPING (2)First Ship Lease Port , :2, (1)RHT Health BUSINESS TRUSTSGRAND TOTAL:11, : Managers, Bloomberg, OIR estimates (29 Oct 2018)NOTES: 1) SGD/JPY =.

6 SGD/USD = ; SGD/HKD = ; USD/HKD = ; SGD/EUR = ; SGD/AUD = ; CNY/SGD = ) Curr/Fwd DPU and yield are based on Bloomberg consensus forecasts for the current/next financial year3) D/A (Debt-to-Asset) and P/B (Price-to-Book) are based on figures reported in latest available financial results4) YTD return includes dividends distributed5) Mapletree Greater China Commercial Trust has changed its name to Mapletree North Asia Commercial Trust with effect from 25 May 20186) Keppel-KBS US REIT's Curr DPU and Fwd DPU are based on its prospectus' FY18 and FY19 forecasted figures, ) Cromwell European REIT's Curr DPU and Fwd DPU are based on its prospectus' FY18 and FY19 forecasted figures, respectively.

7 8) Sasseur REIT's Curr DPU is for FY18, based on the annualised DPU for the Forecast Period 2018 (with Entrusted Management Agreements) as stated in the prospectus. Fwd DPU is calculated from the prospectus' FY19 forecasted yield. D/A and P/B calculations are based on pro forma figures as at listing Investment ResearchWeekly S-REITS TrackerExhibit 2: OIR coveragePriceFair ValueRatingAscendas Residence Logistics Commercial Mall Retail China Hospitality East Hospitality Centrepoint Commercial Logistics & Ind DC North Asia Industrial Logistics Hospitality REIT Global : Bloomberg, OIR estimates (29 Oct 2018)Exhibit 3.

8 Distribution detailsMapletree Logistics TrustESR-REITSPH REIT Keppel REITF irst REITS oilbuild REITF rasers Commercial TrustMapletree Industrial TrustSuntec REITC apitaLand Mall TrustFrasers Centrepoint TrustMapletree Commercial TrustParkwayLife REITAIMS AMP Capital Ind REITA scendas REITC ache Logistics TrustSabana REITM apletree North Asia ComFrasers Hospitality Trust Source: Managers, Bloomberg, OIR estimates (29 Oct 2018)NOTES: 1) Ascendas REIT's annualised yield includes an advanced distribution of S cents for the period from 1 Apr 2018 to 17 Sep 4: Results release datesFar East Hospitality TrustCapitaLand Retail China TrustStarhill Global REITCDL Hospitality TrustsCapitaLand Retail China TrustStarhill Global REITA scendas Hospitality TrustAscott Residence TrustNetLink NBN TrustManulife US REITF rasers Logistics & Ind TrustOUE Hospitality TrustEC World REITBHG Retail REITL ippo Malls Indo Retail TrustSasseur REITA ccordia Golf TrustAsian Pay Television TrustSource.

9 Managers, BloombergBefore market open3 QFY1812 Nov 2018 Before market open2 QFY1931 Oct 2018 After market close1 QFY1930 Oct 2018 After market close3 QFY1801 Nov 2018 Before market openAfter market closeAfter market closeAfter market close4 QFY1805 Nov 2018 After market close3 QFY1830 Oct 2018 After market close5 Nov 20185 Nov 201828 Nov 201821 Dec 20181 Nov 201828 Dec 2018 After market Nov 2018 BBRG Ticker29 Nov 201826 Nov Nov 20185 Nov 201829 Oct 201830 Nov 201829 Nov Oct 2018 AREIT SPART SPCACHE SPCCT SP20 Sep 201819 Oct 201821 Nov 201829 Nov 20182 Nov 20181 Nov 2018 After market close26 Oct 201826 Oct Oct Oct 201824 Oct Oct

10 201824 Oct Oct quarterRelease dateRemarks26 Oct date1 Nov 201827 Nov 201830 Oct 2018 Date announcedEx-dateCRCT SPCT SP8 Oct 201826 Nov 2018 DPU (S cents)SBREIT SPSGREIT SPSUN SPCDREIT SPFEHT SPFCT SP15 Oct 201828 Sep Nov Dec Nov 201817 Oct 201811 Oct 201826 Oct 201823 Oct 201825 Oct 201826 Oct 201825 Oct 201830 Oct 201830 Oct Oct 201825 Oct 201822 Nov Oct 20181 Nov Nov 201830 Oct 201829 Nov 20184 Oct yield (%)FCOT SP23 Oct Nov 2018 MINT SPFLT SPMLT SPSPHREIT SPKDCREIT SPMAGIC SPOUEHT Oct 2018 Pay date1 Nov Nov 20181 Nov 201826 Nov Nov Oct 20182 Nov Oct 201823 Oct 201819 Oct 20181 Nov 20182 Nov 201831 Oct 201827 Sep 201825 Sep Nov 20183 QFY183 QFY183 QFY183 QFY1807 Nov 20182 QFY1802 Nov 201830 Oct 201830 Oct 201807 Nov 201830 Oct 20183 QFY1830 Oct 201813 Nov 20182 QFY19 After market close3 QFY1814 Nov 20183 QFY1808 Nov 2018 Before market openAfter market close1 QFY193 QFY183 QFY1805 Nov 2018 After market closeAfter market closeBefore market open ocbc Investment Research