IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

AEON Mall Co., Ltd. develops, manages, and maintains large-scale shopping malls throughout Japan. The Company develops shopping malls, rent the space, manages and maintains the shopping malls.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aeon-mall-co-ltd" target="_blank" data-smartkarma-citation="entities:5262:1" rel="noopener">AEON Mall (8905 JP)</a> announced a share exchange offer by <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon Co Ltd (8267 JP)</a> at 0.65 Aeon shares per Aeon Mall share, a 30.9% premium to the undisturbed price.</li>
<li>The share exchange ratio is reasonable compared to historical price ratios and IFA valuation ranges. The implied offer multiple is attractive compared to peer multiples.</li>
<li>Aeon’s 58.16% shareholding ensures that Aeon Mall's vote on 22 May is low-risk. The share exchange's effective date is 1 July.</li>
</ul>



AEON Mall (8905 JP) announced a share exchange offer by Aeon Co Ltd (8267 JP) at 0.65 Aeon shares per Aeon Mall share, a 30.9% premium to the undisturbed price.
The share exchange ratio is reasonable compared to historical price ratios and IFA valuation ranges. The implied offer multiple is attractive compared to peer multiples.
Aeon’s 58.16% shareholding ensures that Aeon Mall's vote on 22 May is low-risk. The share exchange's effective date is 1 July.


Aeon Mall (8905 JP): Aeon (8267 JP)’s Share Exchange Ratio Is Set

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>In an announcement after the close Friday 11 April, <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon Co Ltd (8267 JP)</a> and <a href="https://www.smartkarma.com/entities/aeon-mall-co-ltd" target="_blank" data-smartkarma-citation="entities:5262:1" rel="noopener">AEON Mall (8905 JP)</a> announced their merger ratio, and timing. </li>
<li>The ratio is 0.65 to 1.0, meaning Aeon Mall shareholders don't get a lot of credit for their real estate. The timing is short-dated. The AGM is end-May. Merger July1. </li>
<li>This may be a tad light, but it is a done deal. Active shareholder base is almost all retail and crossholders+dom passive gets Aeon to 70%. </li>
</ul>


In an announcement after the close Friday 11 April, Aeon Co Ltd (8267 JP) and AEON Mall (8905 JP) announced their merger ratio, and timing. 
The ratio is 0.65 to 1.0, meaning Aeon Mall shareholders don't get a lot of credit for their real estate. The timing is short-dated. The AGM is end-May. Merger July1. 
This may be a tad light, but it is a done deal. Active shareholder base is almost all retail and crossholders+dom passive gets Aeon to 70%. 


"Tiny Win for Guess The Ratio" Aeon (8267) Pays a SMALL Premium for Aeon Mall (8905)

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Longfor Properties Co. Ltd. operates in the property development, property investment and property management businesses in China.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Sunny Optical, Greentown China</li>
<li>
<p>In the US, the March CPI came in below estimates at negative 0.1% m-o-m (0.1% e / 0.2% p) and 2.4% y-o-y (2.5% e / 2.8% p). This was driven by lower energy costs, as well as a decline in discretionary spending such as airfares, used vehicles and hotels. Core CPI (excluding food and energy) slowed to 0.1% m-o-m (0.3% e / 0.2% p) and 2.8% y-o-y (3.0% e / 3.1% p).</p>
</li>
<li>
<p>The White House has clarified that US President Donald Trump's total tariffs on Chinese imports stands at 145%, comprising a 125% reciprocal tariff rate on top of the existing 20% duty imposed earlier in February and March.</p>
</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Sunny Optical, Greentown China

In the US, the March CPI came in below estimates at negative 0.1% m-o-m (0.1% e / 0.2% p) and 2.4% y-o-y (2.5% e / 2.8% p). This was driven by lower energy costs, as well as a decline in discretionary spending such as airfares, used vehicles and hotels. Core CPI (excluding food and energy) slowed to 0.1% m-o-m (0.3% e / 0.2% p) and 2.8% y-o-y (3.0% e / 3.1% p).


The White House has clarified that US President Donald Trump's total tariffs on Chinese imports stands at 145%, comprising a 125% reciprocal tariff rate on top of the existing 20% duty imposed earlier in February and March.



Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Equity Bottom-Up

Goodman Group is an integrated industrial property group. The Group has operations in Australia, New Zealand, UK, Asia and Europe. Goodman's activities include property investment, funds management, property development and property services. The Group's property portfolio includes business parks, industrial estates, office parks and warehouse/distribution centers.

<ul><li>Goodman announces $722M investment in 90MW data centre 'Project Mars' in Sydney, expanding their data centre portfolio.</li><li>Executives from Partners Group, CDPQ, and ESR join the speaker list for Singapore Forum, a key event in the data centre industry.</li><li>Singapore's GIC collaborates with Alianza in a $329M venture to establish a data centre presence in Brazil, a promising market.</li></ul>

Goodman announces $722M investment in 90MW data centre 'Project Mars' in Sydney, expanding their data centre portfolio.Executives from Partners Group, CDPQ, and ESR join the speaker list for Singapore Forum, a key event in the data centre industry.Singapore's GIC collaborates with Alianza in a $329M venture to establish a data centre presence in Brazil, a promising market.

Asia Real Estate Tracker (10-Apr-2025): Goodman investing $722M in Sydney data centre

APAC IPOs & Placements, Aequitas Research

Rosita Fernandes

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

IndiQube Spaces Ltd / Equity Capital Markets

IndiQube Spaces Private Limited provides internet based services. The Company offers through its platform office properties search, information and real estate services. IndiQube Spaces serves customers in India.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indiqube-spaces-ltd" target="_blank" data-smartkarma-citation="entities:44238:1" rel="noopener">IndiQube Spaces Ltd (1628202D IN)</a>  (ISL) is planning to raise about US$100m in its upcoming India IPO. </li>
<li>ISL is a managed workplace solutions provider offering technological workplace solutions. As per CBRE Report, ISL is among the leading operators in Bengaluru as of Jun 24.</li>
<li>ISL offers enterprise workplace solutions, from large hubs to small spokes, enhancing employee experience through integrated interiors, amenities, and various value-added services for a seamless, efficient office environment.</li>
</ul>



IndiQube Spaces Ltd (1628202D IN)  (ISL) is planning to raise about US$100m in its upcoming India IPO. 
ISL is a managed workplace solutions provider offering technological workplace solutions. As per CBRE Report, ISL is among the leading operators in Bengaluru as of Jun 24.
ISL offers enterprise workplace solutions, from large hubs to small spokes, enhancing employee experience through integrated interiors, amenities, and various value-added services for a seamless, efficient office environment.


IndiQube Spaces Pre-IPO - Capacity Has Been Expanding, Though Margins Remain Unstable

Real Estate
Real Estate Insights

"Tiny Win for Guess The Ratio" Aeon (8267) Pays a SMALL Premium for Aeon Mall (8905)

The Aeon deal for Aeon Mall has been announced. Small premium vs last. Very short-term deal as merger effective July 1. Done deal. unfortunately,...

Travis Lundy

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Sunny Optical, Greentown China

Lucror Analytics

Asia Real Estate Tracker (10-Apr-2025): Goodman investing $722M in Sydney data centre

Goodman invests $722M in Sydney data centre, executives from Partners Group, CDPQ, and ESR added to Singapore Forum speaker list, and GIC partners...

Asia Real Estate Tracker

IndiQube Spaces Pre-IPO - Capacity Has Been Expanding, Though Margins Remain Unstable

IndiQube Spaces Ltd is set to raise $100m in its India IPO, offering managed workplace solutions to enhance employee experience and efficiency.

Rosita Fernandes

Aeon Mall (8905 JP): Aeon (8267 JP)’s Share Exchange Ratio Is Set

The share exchange ratio is reasonable compared to historical price ratios and IFA valuation ranges. Aeon’s 58.16% shareholding ensures that Aeon...

Arun George

"Tiny Win for Guess The Ratio" Aeon (8267) Pays a SMALL Premium for Aeon Mall (8905)

The Aeon deal for Aeon Mall has been announced. Small premium vs last. Very short-term deal as merger effective July 1. Done deal. unfortunately,...

Travis Lundy

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Sunny Optical, Greentown China

Lucror Analytics

Asia Real Estate Tracker (10-Apr-2025): Goodman investing $722M in Sydney data centre

Goodman invests $722M in Sydney data centre, executives from Partners Group, CDPQ, and ESR added to Singapore Forum speaker list, and GIC partners...

Asia Real Estate Tracker

IndiQube Spaces Pre-IPO - Capacity Has Been Expanding, Though Margins Remain Unstable

​IndiQube Spaces Ltd is set to raise $100m in its India IPO, offering managed workplace solutions to enhance employee experience and efficiency.

Rosita Fernandes

IndiQube Spaces Ltd is set to raise $100m in its India IPO, offering managed workplace solutions to enhance employee experience and efficiency.