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

Capitaland Integrated Commercial Trust / Equity Capital Markets

<ul>
<li>CapitaLand Integrated Commercial Trust (CICT) aims to raise around US$150m to partly fund the recently announced acquisition of two Australian assets.</li>
<li>Although, at the time of the acquisition the company had stated that it aims to finance the acquisition using debt and divestment proceeds.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


CapitaLand Integrated Commercial Trust (CICT) aims to raise around US$150m to partly fund the recently announced acquisition of two Australian assets.
Although, at the time of the acquisition the company had stated that it aims to finance the acquisition using debt and divestment proceeds.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


CICT Placement - Surprise About Turn on Acquisition Funding

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<p>Real Estate exposure is close to its lowest levels on record among active Asia Ex-Japan investors.  Average weights have fallen to 3.07% following an aggressive decline that took hold in April 2020 when average holding weights were above 5%.</p><p>Real Estate is now the 3rd least widely held sector among active Asia Ex-Japan investors, slipping behind Health Care and Materials earlier this year for the first time in a decade.</p><p>Underweights are widespread, led by the lightly held <a href="https://www.smartkarma.com/entities/ck-asset-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22650:1" rel="noopener">CK Asset Holdings (1113 HK)</a>, <a href="https://www.smartkarma.com/entities/wharf-real-estate-investment" target="_blank" data-smartkarma-citation="entities:26031:1" rel="noopener">Wharf Real Estate Investment (1997 HK)</a> and <a href="https://www.smartkarma.com/entities/country-garden-holdings-co" target="_blank" data-smartkarma-citation="entities:5225:1" rel="noopener">Country Garden Holdings Co (2007 HK).</a>  <a href="https://www.smartkarma.com/entities/capitaland-investment-ltd-si" target="_blank" data-smartkarma-citation="entities:33774:1" rel="noopener">Capitaland Investment (CLI SP)</a>, a 0.1% weight in the MSCI AAXJ index is held by none of the active strategies in our analysis.</p><p>Activity over the last 6-months shows a clear rotation out of China &amp; HK and Singapore Real Estate and in to India.  Indian Real Estate ownership metrics all moved higher, with average weights increasing by 0.17%, funds invested by +4.3%, more funds buying than selling and positive fund flows.</p><p><em>Analysis taken from our Asia Ex-Japan research, covering 96 active strategies with combined AUM of </em><em>$85bn</em></p>

Real Estate exposure is close to its lowest levels on record among active Asia Ex-Japan investors.  Average weights have fallen to 3.07% following an aggressive decline that took hold in April 2020 when average holding weights were above 5%.Real Estate is now the 3rd least widely held sector among active Asia Ex-Japan investors, slipping behind Health Care and Materials earlier this year for the first time in a decade.Underweights are widespread, led by the lightly held CK Asset Holdings (1113 HK), Wharf Real Estate Investment (1997 HK) and Country Garden Holdings Co (2007 HK).  Capitaland Investment (CLI SP), a 0.1% weight in the MSCI AAXJ index is held by none of the active strategies in our analysis.Activity over the last 6-months shows a clear rotation out of China &amp; HK and Singapore Real Estate and in to India.  Indian Real Estate ownership metrics all moved higher, with average weights increasing by 0.17%, funds invested by +4.3%, more funds buying than selling and positive fund flows.Analysis taken from our Asia Ex-Japan research, covering 96 active strategies with combined AUM of $85bn

Asia Ex-Japan Real Estate:  Hitting the Lows.  China to India Rotation

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

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<p><a href="https://www.smartkarma.com/entities/ciputra-development-tbk-pt" target="_blank" data-smartkarma-citation="entities:5513:1" rel="noopener">Ciputra Development (CTRA IJ)</a> is one of Indonesia's largest property companies involved in property development for sale in townships, residential, condominiums, and offices. It remains well-positioned to tap into the recovery in the local property market, especially for affordable housing, as activity picks up as mobility restrictions lifted and vaccinations rates improve</p>
</div>
<p>In 1H2021 79% of revenues came from property development, and 21% from recurring income from malls, hotels, hospitals, and offices. The company is the most geographically diverse across the archipelago of Indonesian developers.</p>
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<p><a href="https://www.smartkarma.com/entities/ciputra-development-tbk-pt" target="_blank" data-smartkarma-citation="entities:5513:1" rel="noopener">Ciputra Development (CTRA IJ)</a> booked a strong set of 1H2021 results with revenues up by +43.4% YoY, driven by a +49.8% increase in revenues from the property development segment and +23.1% growth from recurrent income.</p>
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<p>The company is seeing a higher portion of sales financed by mortgages, with a larger portion of end user buyers and it also continues to focus on selling more affordable properties, with 65% of total sales in 1H2021 below IDR2bn.</p>
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</section>
<p><a href="https://www.smartkarma.com/entities/ciputra-development-tbk-pt" target="_blank" data-smartkarma-citation="entities:5513:1" rel="noopener">Ciputra Development (CTRA IJ)</a> is well-positioned in terms of its land bank, with sufficient supply to sustain the company's property development plans for the next 15 years and it supplements its land supply significantly through joining operating projects</p>
<figure class="editor-figure mceNonEditable"></figure>
<p>The company recorded strong marketing sales up to the end of August 2021, as zero down payment and Value Added Tax policy (exemption) helped to boost the company's performance, despite some mobility restrictions.</p>
<p><span data-preserver-spaces="true"><a href="https://www.smartkarma.com/entities/ciputra-development-tbk-pt" target="_blank" data-smartkarma-citation="entities:5513:1" rel="noopener">Ciputra Development (CTRA IJ)</a>  remains one of our top picks to play the recovery in the residential property market in Indonesia, with the most geographically diverse exposure of the local developers. It trades at a discount to historical perspective both on PBV and PER.</span></p>



Ciputra Development (CTRA IJ) is one of Indonesia's largest property companies involved in property development for sale in townships, residential, condominiums, and offices. It remains well-positioned to tap into the recovery in the local property market, especially for affordable housing, as activity picks up as mobility restrictions lifted and vaccinations rates improve

In 1H2021 79% of revenues came from property development, and 21% from recurring income from malls, hotels, hospitals, and offices. The company is the most geographically diverse across the archipelago of Indonesian developers.


Ciputra Development (CTRA IJ) booked a strong set of 1H2021 results with revenues up by +43.4% YoY, driven by a +49.8% increase in revenues from the property development segment and +23.1% growth from recurrent income.






The company is seeing a higher portion of sales financed by mortgages, with a larger portion of end user buyers and it also continues to focus on selling more affordable properties, with 65% of total sales in 1H2021 below IDR2bn.


Ciputra Development (CTRA IJ) is well-positioned in terms of its land bank, with sufficient supply to sustain the company's property development plans for the next 15 years and it supplements its land supply significantly through joining operating projects

The company recorded strong marketing sales up to the end of August 2021, as zero down payment and Value Added Tax policy (exemption) helped to boost the company's performance, despite some mobility restrictions.
Ciputra Development (CTRA IJ)  remains one of our top picks to play the recovery in the residential property market in Indonesia, with the most geographically diverse exposure of the local developers. It trades at a discount to historical perspective both on PBV and PER.

Ciputra Development (CTRA IJ) - Primed for the Recovery

RL Commercial REIT / Equity Capital Markets

<div>
<p>RL Commercial REIT (RREIT), sponsored by Robinsons Land Corporation (RLC), raised around US$427m in its Philippines listing. </p>
</div>
<div>
<p>RREIT is a commercial REIT and its initial portfolio will consist of 14 PEZA-accredited commercial real estate properties located in CBDs across Metro Manila and key cities outside Metro Manila, namely, Naga, Tarlac, Cebu and Davao. </p>
</div>
<div>
<p>We have looked at various aspects of the REIT in our previous notes:</p>
</div>
<div>
<ul style="list-style-type: disc;">
<li dir="ltr" aria-level="1">
<p><a href="https://www.smartkarma.com/insights/rl-commercial-reit-pre-ipo-motley-crew-of-assets-has-weathered-covid-well" target="_blank" rel="noopener">RL Commercial REIT Pre-IPO - Motley crew of assets has weathered COVID well</a></p>
</li>
<li dir="ltr" aria-level="1">
<p><a href="https://www.smartkarma.com/insights/rl-commercial-reit-and-mreit-peer-comparison-one-is-much-better-shape" target="_blank" rel="noopener">RL Commercial REIT and MREIT peer comparison - One is in a much better shape</a></p>
</li>
<li dir="ltr" aria-level="1"><a href="https://www.smartkarma.com/insights/rl-commercial-reit-ipo-needs-to-come-at-a-discount" target="_blank" rel="noopener">RL Commercial REIT IPO - Needs to Come at a Discount</a></li>
</ul>
<p>In this note, we will talk about the trading dynamics.</p>
</div>


RL Commercial REIT (RREIT), sponsored by Robinsons Land Corporation (RLC), raised around US$427m in its Philippines listing. 


RREIT is a commercial REIT and its initial portfolio will consist of 14 PEZA-accredited commercial real estate properties located in CBDs across Metro Manila and key cities outside Metro Manila, namely, Naga, Tarlac, Cebu and Davao. 


We have looked at various aspects of the REIT in our previous notes:




RL Commercial REIT Pre-IPO - Motley crew of assets has weathered COVID well


RL Commercial REIT and MREIT peer comparison - One is in a much better shape

RL Commercial REIT IPO - Needs to Come at a Discount

In this note, we will talk about the trading dynamics.


RL Commercial REIT IPO Trading - Adequately Priced

<div>
<p>Keppel DC REIT (KDCREIT SP) plans to raise up to US$151m (S$204m) via a mix of a private placement. The company will use the proceeds to fund the recent acquisition of its first China data centre and to pay down debt. </p>
<p>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</p>
<p>We have covered the listing and previous placements for KDC in our earlier notes:</p>
</div><div><ul style="list-style-type: disc;">
<li>Sep 2019 placement for US$273m: <a href="https://www.smartkarma.com/insights/keppel-dc-reit-placement-just-in-time-for-the-index-inclusion" target="_blank" rel="noopener">Keppel DC REIT Placement - Just in Time for the Index Inclusion</a>
</li>
<li>May 2018 placement for US$228m: <a href="https://www.smartkarma.com/insights/keppel-dc-reit-placement-accretive-acquisition-and-probably-expected-dilution" target="_blank" rel="noopener">Keppel DC REIT Placement - Accretive Acquisition and Probably Expected Dilution</a>
</li>
<li>IPO: <a href="https://www.smartkarma.com/insights/first-of-its-kind-exposure-to-rapidly-growing-data-centers" target="_blank" rel="noopener">First of its kind exposure to rapidly growing data centers</a>
</li>
</ul></div>


Keppel DC REIT (KDCREIT SP) plans to raise up to US$151m (S$204m) via a mix of a private placement. The company will use the proceeds to fund the recent acquisition of its first China data centre and to pay down debt. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
We have covered the listing and previous placements for KDC in our earlier notes:

Sep 2019 placement for US$273m: Keppel DC REIT Placement - Just in Time for the Index Inclusion

May 2018 placement for US$228m: Keppel DC REIT Placement - Accretive Acquisition and Probably Expected Dilution

IPO: First of its kind exposure to rapidly growing data centers



Keppel DC REIT Placement - Most of the past Deals Have Done Well, Though This Won’t Be Accretive

Singapore

CapitaLand Limited is a real estate company focused on investment holding. The Company and its subsidiaries are principally engaged in investment holding, real estate development, investment in real estate financial products and real estate assets, investment advisory and management services, as well as the management of serviced residences.

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Capitaland (CAPL SP)

CICT Placement - Surprise About Turn on Acquisition Funding

CapitaLand Integrated Commercial Trust (CICT) aims to raise around US$150m to partly fund the recently announced acquisition of two Australian assets.

Sumeet Singh

Asia Ex-Japan Real Estate: Hitting the Lows. China to India Rotation

Real Estate exposure is close to its lowest levels on record among active Asia Ex-Japan investors. As China Real Estate suffers an exodus, India...

Steven Holden

Ciputra Development (CTRA IJ) - Primed for the Recovery

Ciputra Development (CTRA IJ) remains one of our top picks to play the recovery in the residential property market in Indonesia, with the most...

Angus Mackintosh

RL Commercial REIT IPO Trading - Adequately Priced

RL Commercial REIT, sponsored by Robinsons Land Corporation (RLC), raised around US$427m in its Philippines listing. RREIT is a commercial REIT...

Sumeet Singh

Keppel DC REIT Placement - Most of the past Deals Have Done Well, Though This Won’t Be Accretive

Keppel DC REIT (KDCREIT SP) plans to raise up to US$151m (S$204m) via a mix of a private placement. The company will use the proceeds to fund the...

Sumeet Singh

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