Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Mapletree Industrial Trust / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/mapletree-industrial-trust" target="_blank" data-smartkarma-citation="entities:40:1" rel="noopener">Mapletree Industrial Trust (MINT SP)</a> plans to raise around US$385m (S$513m) to partly fund the acquisition of 29 data centres located in the United States.</p><p>We have covered three of the past placements for MINT:</p><ul>
<li dir="ltr" aria-level="1"><p><a href="https://www.smartkarma.com/insights/mint-placement-known-asset-more-data-centres-less-sme-exposure-heading-in-the-right-direction" target="_blank" rel="noopener">MINT Placement - Known Asset, More Data Centres, Less SME Exposure -&gt; Heading in the Right Direction</a></p></li>
<li dir="ltr" aria-level="1"><p><a href="https://www.smartkarma.com/insights/mint-placement-accretive-acquisition-but-look-out-for-the-rising-leverage" target="_blank" rel="noopener">MINT Placement - Accretive Acquisition but Look Out for the Rising Leverage</a></p></li>
<li dir="ltr" aria-level="1"><p><a href="https://www.smartkarma.com/insights/mint-placement-well-flagged-placement-but-only-marginally-accretive-past-deals-have-done-well" target="_blank" rel="noopener">MINT Placement - Well Flagged Placement but Only Marginally Accretive, Past Deals Have Done Well</a></p></li>
</ul><p>In this insight, we'll run the deal through our ECM framework and talk about deal dynamics.</p>

Mapletree Industrial Trust (MINT SP) plans to raise around US$385m (S$513m) to partly fund the acquisition of 29 data centres located in the United States.We have covered three of the past placements for MINT:
MINT Placement - Known Asset, More Data Centres, Less SME Exposure -&gt; Heading in the Right Direction
MINT Placement - Accretive Acquisition but Look Out for the Rising Leverage
MINT Placement - Well Flagged Placement but Only Marginally Accretive, Past Deals Have Done Well
In this insight, we'll run the deal through our ECM framework and talk about deal dynamics.

Mapletree Industrial (MINT SP) Placement - Large but Accretive Deal, Becoming More like Keppel DC

CapitaLand Ascendas REIT / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/ascendas-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:39:1" rel="noopener">Ascendas Real Estate Investment Trust (AREIT SP)</a> aims to raise around US$320m (S$430m) to acquire the balance 75% stake in Galaxis. </p></div><div><p>This will be the second placement in under six months. Links to our previous coverage are below:</p></div><div><ul style="list-style-type: disc;">
<li><a href="https://www.smartkarma.com/insights/areit-placement-expected-to-be-dpu-accretive-but-the-acquisition-might-take-a-while" target="_blank" rel="noopener">AREIT Placement - Expected to Be DPU Accretive but the Acquisition Might Take a While</a></li>
<li><a href="https://www.smartkarma.com/insights/areit-paying-for-acquisition-with-only-equity-doesn-t-add-up-dpu-to-fall-by-3-4" target="_blank" rel="noopener">AREIT - Paying for Acquisition with Only Equity Doesn’t Add Up, DPU to Fall by 3-4%</a></li>
<li><a href="https://www.smartkarma.com/insights/ascendas-reit-placement-multiple-acquisitions-to-be-made-starting-from-us-office-properties" target="_blank" rel="noopener">Ascendas REIT Placement - Multiple Acquisitions to Be Made, Starting From US Office Properties</a></li>
</ul></div>

Ascendas Real Estate Investment Trust (AREIT SP) aims to raise around US$320m (S$430m) to acquire the balance 75% stake in Galaxis. This will be the second placement in under six months. Links to our previous coverage are below:
AREIT Placement - Expected to Be DPU Accretive but the Acquisition Might Take a While
AREIT - Paying for Acquisition with Only Equity Doesn’t Add Up, DPU to Fall by 3-4%
Ascendas REIT Placement - Multiple Acquisitions to Be Made, Starting From US Office Properties


Ascendas REIT Placement - Smaller than the Last Deal, Should Be Accretive as Well

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Our bullish outlook remains intact and is supported by the absence of breakdowns across major global indexes (MSCI ACWI, ACWI ex-US, EM, and EAFE) and ongoing positive market dynamics. Until this changes, we believe global equities are headed higher in the coming weeks and months.</p>

Our bullish outlook remains intact and is supported by the absence of breakdowns across major global indexes (MSCI ACWI, ACWI ex-US, EM, and EAFE) and ongoing positive market dynamics. Until this changes, we believe global equities are headed higher in the coming weeks and months.

Global Equity Strategy: Stick With Reflation & Reopening Theme

<p>DDMP REIT (DDMPR), a subsidiary of DoubleDragon Properties Corp (DDP), aims to raise up to US$300 in its Philippines listing.</p>
<p>DDMPR will be the second REIT listing in the Philippines. DDMPR’s investment strategy is to invest in income-generating real estate located in either Metro Manila or key provinces in the Philippines. It aims to acquire primarily Grade A commercial properties, but may acquire other related real estate as well.</p>
<p>It will have an initial portfolio of three commercial buildings, with six office towers, located in DD Meridian Park. It also owns the land for two other under construction assets, which have been leased to DDP. Together the assets will have a gross leasable area (GLA) of 172,252sqm. As of Sep 2020, the portfolio had an occupancy of 99.5% and weighted average lease expiry for the office leases of 4.2years.</p>
<p>Its assets are relatively new, with all having been completed over 2017-19. The assets have long term leases and step-up rental escalation, which should provide rental stability. </p>
<p>However, the assets aren’t located in prime CBD and the particular area appears to have a fair amount of incoming office supply over the next few years.</p>

DDMP REIT (DDMPR), a subsidiary of DoubleDragon Properties Corp (DDP), aims to raise up to US$300 in its Philippines listing.
DDMPR will be the second REIT listing in the Philippines. DDMPR’s investment strategy is to invest in income-generating real estate located in either Metro Manila or key provinces in the Philippines. It aims to acquire primarily Grade A commercial properties, but may acquire other related real estate as well.
It will have an initial portfolio of three commercial buildings, with six office towers, located in DD Meridian Park. It also owns the land for two other under construction assets, which have been leased to DDP. Together the assets will have a gross leasable area (GLA) of 172,252sqm. As of Sep 2020, the portfolio had an occupancy of 99.5% and weighted average lease expiry for the office leases of 4.2years.
Its assets are relatively new, with all having been completed over 2017-19. The assets have long term leases and step-up rental escalation, which should provide rental stability. 
However, the assets aren’t located in prime CBD and the particular area appears to have a fair amount of incoming office supply over the next few years.

DDMP REIT Pre-IPO - Brand New Assets but Not with the Best of Outlooks

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

Soilbuild Business Space REIT / Event-Driven

<p><a href="https://www.smartkarma.com/entities/soilbuild-business-space-reit" target="_blank" data-smartkarma-citation="entities:13446:1" rel="noopener">Soilbuild Business Space REIT (SBREIT SP)</a> has announced a privatisation offer from Mr Lim Chap Huat (executive Chairman) and <a href="https://www.smartkarma.com/entities/blackstone-group-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone Group LP (BX US)</a> at S$0.55 cash per unit. The privatisation price is a premium of 8% to the last close price of S$0.51 per unit (8 December prior to the trading halt) and a 27.9% to the unaffected price of S$0.430 per unit (31 August 2020 prior to the announcement of a possible transaction involving Mr Lim Chap Huat’s stake). The effective date for the trust scheme meeting is targeted for the end of March 2021 with delisting in early April 2021. </p><div class="content-highlight"><p>SB REIT faces challenging market conditions due to the fallout from the COVID-19 pandemic. A combination of high DPU yield and limited debt headroom is a constraint to driving growth through DPU accretive acquisitions. Over the past few years, SB REIT’s sponsor has received several privatisation proposals and the current offer is the highest offer price received to date. Overall, while the bid is not a knockout bid particularly for long-term unitholders, we think that a reasonable offer (offer values SB REIT broadly in line with its latest adjusted NAV) makes it likely that the offer succeeds. </p></div>

Soilbuild Business Space REIT (SBREIT SP) has announced a privatisation offer from Mr Lim Chap Huat (executive Chairman) and Blackstone Group LP (BX US) at S$0.55 cash per unit. The privatisation price is a premium of 8% to the last close price of S$0.51 per unit (8 December prior to the trading halt) and a 27.9% to the unaffected price of S$0.430 per unit (31 August 2020 prior to the announcement of a possible transaction involving Mr Lim Chap Huat’s stake). The effective date for the trust scheme meeting is targeted for the end of March 2021 with delisting in early April 2021. SB REIT faces challenging market conditions due to the fallout from the COVID-19 pandemic. A combination of high DPU yield and limited debt headroom is a constraint to driving growth through DPU accretive acquisitions. Over the past few years, SB REIT’s sponsor has received several privatisation proposals and the current offer is the highest offer price received to date. Overall, while the bid is not a knockout bid particularly for long-term unitholders, we think that a reasonable offer (offer values SB REIT broadly in line with its latest adjusted NAV) makes it likely that the offer succeeds. 

Soilbuild Business Space REIT’s Privatisation Bid

Singapore

Mapletree Industrial Trust is a Singapore-focused real estate investment trust with a large and diversified portfolio of industrial properties. The Trust invests in a diverse portfolio of industrial properties with the primary objective of achieving an attractive level of return from rental income and for long-term capital growth.

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Mapletree Industrial Trust (MINT SP)

Mapletree Industrial (MINT SP) Placement - Large but Accretive Deal, Becoming More like Keppel DC

Mapletree Industrial Trust (MINT SP) plans to raise around US$385m (S$513m) to partly fund the acquisition of 29 data centres located in the United...

Sumeet Singh

Ascendas REIT Placement - Smaller than the Last Deal, Should Be Accretive as Well

Ascendas Real Estate Investment Trust (AREIT SP) aims to raise around US$320m (S$430m) to acquire the balance 75% stake in Galaxis.

Sumeet Singh

Global Equity Strategy: Stick With Reflation & Reopening Theme

Our bullish outlook remains intact supported by the absence of breakdowns across major global indexes. Until this changes, we believe global...

Vermilion Research

DDMP REIT Pre-IPO - Brand New Assets but Not with the Best of Outlooks

DDMP REIT (DDMPR), a subsidiary of DoubleDragon Properties Corp (DDP), aims to raise up to US$300 in its Philippines listing.

Sumeet Singh

Soilbuild Business Space REIT’s Privatisation Bid

SB REIT announced a privatisation offer from Mr Lim Chap Huat and Blackstone at S$0.55 cash per unit, a 27.9% to the unaffected price of S$0.430...

Arun George

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