Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Thematic (Sector/Industry)

<ul>
<li>In this original series, we do a deep-dive on 4 HK real estate companies: SHKP, CKA, NWD, LINK REIT, and explain why we think they have an exciting year ahead</li>
<li>We believe the current macro backdrop in US, China and Hong Kong will support our investment thesis in real estate, with each company having additional catalysts to drive re-rating</li>
<li>Depending on investors’ appetite, style and mandate, we discuss multiple trading strategies that can play around these 4 names, including absolute, relative and yield plays</li>
</ul>


In this original series, we do a deep-dive on 4 HK real estate companies: SHKP, CKA, NWD, LINK REIT, and explain why we think they have an exciting year ahead
We believe the current macro backdrop in US, China and Hong Kong will support our investment thesis in real estate, with each company having additional catalysts to drive re-rating
Depending on investors’ appetite, style and mandate, we discuss multiple trading strategies that can play around these 4 names, including absolute, relative and yield plays


HK RE Series (1): Picking the Winners for 2024 with Supportive Macro Backdrop & Company Catalysts

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

Cross Asset Strategy

<ul>
<li>The heavy decline in EM allocations that started in early 2021 came to an end last October. Since then, a growing number of Global Equity funds are raising allocations.</li>
<li>Taiwan, China &amp; HK, Mexico and Indonesia are at the heart of these moves, but all major countries are still held underweight, on average.</li>
<li>Stock exposures remain heavily skewed to the large caps, with 38% of the EM allocation in 6 key companies.</li>
</ul>


The heavy decline in EM allocations that started in early 2021 came to an end last October. Since then, a growing number of Global Equity funds are raising allocations.
Taiwan, China &amp; HK, Mexico and Indonesia are at the heart of these moves, but all major countries are still held underweight, on average.
Stock exposures remain heavily skewed to the large caps, with 38% of the EM allocation in 6 key companies.


Global Equity Managers Trim EM Underweight, but Remain Bearish

Equity Bottom-Up

<ul>
<li>We conducted fundamental analysis on Link REIT, the largest REIT In Asia, who owns and operates retail assets, office buildings and logistics in the APAC region</li>
<li>Link REIT has strong track record for capital management, we expect that to continue.  In the LT, Link REIT is on the path to grow its fund management business</li>
<li>Link REIT is currently trading at 0.64x P/B and 6% dividend yield, which is attractive from a historical perspective</li>
</ul>


We conducted fundamental analysis on Link REIT, the largest REIT In Asia, who owns and operates retail assets, office buildings and logistics in the APAC region
Link REIT has strong track record for capital management, we expect that to continue.  In the LT, Link REIT is on the path to grow its fund management business
Link REIT is currently trading at 0.64x P/B and 6% dividend yield, which is attractive from a historical perspective


LINK REIT – the Largest REIT in Asia, Firmly on a Post-Covid Recovery with Attractive Valuation

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.

Equity Capital Markets

Yuexiu Property   / Equity Capital Markets

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a>, <a href="https://www.smartkarma.com/entities/horizon-construction-development" target="_blank" data-smartkarma-citation="entities:35117:1" rel="noopener">Horizon Construction Development (1887128D HK)</a>, <a href="https://www.smartkarma.com/entities/growatt-new-energy-technology" target="_blank" data-smartkarma-citation="entities:36103:1" rel="noopener">Growatt Technology (1833969D CH)</a> IPOs; <a href="https://www.smartkarma.com/entities/yuexiu-property-co-ltd" target="_blank" data-smartkarma-citation="entities:18097:1" rel="noopener">Yuexiu Property (123 HK)</a> rights trading.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">Invocare Ltd (IVC AU)</a>, <a href="https://www.smartkarma.com/entities/newcrest-mining-ltd" target="_blank" data-smartkarma-citation="entities:691:1" rel="noopener">Newcrest Mining (NCM AU)</a>, <a href="https://www.smartkarma.com/entities/united-malt-group-ltd" target="_blank" data-smartkarma-citation="entities:29116:1" rel="noopener">United Malt Group Ltd (UMG AU)</a>, <a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a>, <a href="https://www.smartkarma.com/entities/penguin-international-ltd" target="_blank" data-smartkarma-citation="entities:10190:1" rel="noopener">Penguin International (PBS SP)</a>.  </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Tata Technologies (TATATECH IN), Horizon Construction Development (1887128D HK), Growatt Technology (1833969D CH) IPOs; Yuexiu Property (123 HK) rights trading.
Event-Driven developments - Invocare Ltd (IVC AU), Newcrest Mining (NCM AU), United Malt Group Ltd (UMG AU), Golden Energy &amp; Resources (GER SP), Penguin International (PBS SP).  


Weekly Deals Digest (21 May) - Yuexiu, Horizon Construction, Newcrest, InvoCare, Golden Energy

APAC IPOs & Placements, Aequitas Research

Ethan Aw

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/glp-j-reit" target="_blank" data-smartkarma-citation="entities:11009:1" rel="noopener">GLP J-REIT (3281 JP)</a> is looking to raise around US$220m through a primary follow-on offering. The deal is a large one to digest, at 17 days of three month ADV.</li>
<li>The proceeds will be used to acquire three new properties and obtain a 30% co-ownership interest in a fourth one. </li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



GLP J-REIT (3281 JP) is looking to raise around US$220m through a primary follow-on offering. The deal is a large one to digest, at 17 days of three month ADV.
The proceeds will be used to acquire three new properties and obtain a 30% co-ownership interest in a fourth one. 
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


GLP J-REIT Placement - Could Be Another Addition to Its History of Well-Performing Deals

Hong Kong

Link REIT is a real estate investment trust in Hong Kong. The Trust owns and operates shopping centers, parking space facilities and real estate retail space.

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Link REIT (823 HK)

HK RE Series (1): Picking the Winners for 2024 with Supportive Macro Backdrop & Company Catalysts

With the current macro in US, China and HK, we do a deep dive on 4 HK RE companies which will have an exciting year ahead, given their company...

Jacob Cheng

Global Equity Managers Trim EM Underweight, but Remain Bearish

A growing number of Global Equity long-only funds are rotating back in, or moving to an overweight stance in Emerging Markets.

Steven Holden

LINK REIT – the Largest REIT in Asia, Firmly on a Post-Covid Recovery with Attractive Valuation

Link REIT, the largest REIT in Asia, is firmly on the post-covid recovery path. The Hong Kong portfolio will see rebound. It is trading at...

Jacob Cheng

Weekly Deals Digest (21 May) - Yuexiu, Horizon Construction, Newcrest, InvoCare, Golden Energy

Last week, notable developments occurred in Event-Driven (InvoCare, Newcrest, United Malt, Golden Energy, Penguin) and ECM (Yuexiu, Tata Tech,...

Arun George

GLP J-REIT Placement - Could Be Another Addition to Its History of Well-Performing Deals

GLP J-REIT (3281 JP) is looking to raise around US$220m through a primary follow-on offering. The deal is a large one to digest, at 17 days of...

Ethan Aw

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