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

JD.com Inc (ADR) / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space,  HK remained quiet with Australia seeing some more action.</li>
<li>On the placement front, Bain continued to exit <a href="https://www.smartkarma.com/entities/axis-bank-ltd" target="_blank" data-smartkarma-citation="entities:768:1" rel="noopener">Axis Bank Ltd (AXSB IN)</a> while <a href="https://www.smartkarma.com/entities/weilong-delicious-global-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33378:1" rel="noopener">Weilong Delicious Global (9985 HK)</a> and <a href="https://www.smartkarma.com/entities/sula-vineyards-ltd" target="_blank" data-smartkarma-citation="entities:36206:1" rel="noopener">Sula Vineyards</a> had lock-up expiries.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space,  HK remained quiet with Australia seeing some more action.
On the placement front, Bain continued to exit Axis Bank Ltd (AXSB IN) while Weilong Delicious Global (9985 HK) and Sula Vineyards had lock-up expiries.


ECM Weekly (18th June 2023) - JD Property, Tata Tech, SBFC Fin, Auckland Air, Weilong, Sula, Abacus

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This morning, <a href="https://www.smartkarma.com/entities/abacus-property-group" target="_blank" data-smartkarma-citation="entities:10566:1" rel="noopener">Abacus Property (ABP AU)</a> units were halted for trading and the Institutional Offer for Abacus Storage King (future ASK AU) units were launched. </li>
<li>The Offer is underwritten by Barrenjoey and Morgan Stanley. The Institutional Offer will be completed by Friday, and results announced Monday 19 June, with trading halt lifted. </li>
<li>Then the Retail portion of the Offer will be conducted til 27 July. EGM the same day. Delayed settlement trading of ASK and New ABP (ABG AU) will start 1Aug.</li>
</ul>


This morning, Abacus Property (ABP AU) units were halted for trading and the Institutional Offer for Abacus Storage King (future ASK AU) units were launched. 
The Offer is underwritten by Barrenjoey and Morgan Stanley. The Institutional Offer will be completed by Friday, and results announced Monday 19 June, with trading halt lifted. 
Then the Retail portion of the Offer will be conducted til 27 July. EGM the same day. Delayed settlement trading of ASK and New ABP (ABG AU) will start 1Aug.


Abacus Offers ASK - The Back End Trade Is Still Better

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/abacus-property-group" target="_blank" data-smartkarma-citation="entities:10566:1" rel="noopener">Abacus Property (ABP AU)</a> is looking to de-staple <a href="https://www.smartkarma.com/entities/abacus-storage-king" target="_blank" data-smartkarma-citation="entities:39857:1" rel="noopener">Abacus Storage King (ASK AU)</a> , its self-storage business. The offer will be underwritten by Morgan Stanley and Barrenjoey.</li>
<li>Offering 1 ASK share for every 5.6 ABP share, the REIT is looking to raise A$225m (US$153m) via offering 159.6m shares at a A$1.41-1.47/share price band.</li>
<li>The deal is effectively an IPO, and after having been in the making for some time now, it is well flagged as well.</li>
</ul>



Abacus Property (ABP AU) is looking to de-staple Abacus Storage King (ASK AU) , its self-storage business. The offer will be underwritten by Morgan Stanley and Barrenjoey.
Offering 1 ASK share for every 5.6 ABP share, the REIT is looking to raise A$225m (US$153m) via offering 159.6m shares at a A$1.41-1.47/share price band.
The deal is effectively an IPO, and after having been in the making for some time now, it is well flagged as well.


ASK Listing - Asset Quality Seems to Trump It's Peer, However Settlement Period Is Long

Australia

Dexus Industria REIT operates as a real estate investment trust. The Company invests in and owns interest in real estate properties throughout Australia, focusing on industrial, technology park, and business office assets.

Growthpoint Properties Australia Limited operates as a real estate investment trust. The Company focuses on office, residential, and industrial sectors. Growthpoint Properties Australia serves customers in Australia.

Growthpoint Properties Australia (GOZ AU)

Ingenia Communities Group manages, develops and invests in a portfolio of retirement village accomodation housing units.

Charter Hall Retail REIT owns a portfolio of supermarkets and shopping centers located in non-metropolitan areas throughout Australia, New Zealand and the United States.

Arena REIT operates as a real estate investment trust. The Trust owns a portfolio in sectors such as childcare, healthcare, education and government tenanted facilities in Australia.

Cromwell Property Group is a property and funds manager. The Company, through its subsidiary, provides funds management, property transactions, property and facilities management, finance, compliance, debenture issues, and debt management.

Abacus Group is a diversified property investment and management company. The Company provides exposure to a portfolio of commercial office, retail, and self storage real estates. Abacus Group serves customers in Australia.

Lifestyle Communities Ltd Limited provides resort style housing for individuals in their fifties and older.

United Overseas Australia Limited is a real estate development and management company.  The Company has interest in developed properties, both commercial and residential, in Kuala Lumpur, Malaysia.  The Company also has investments in the form of rental properties.

Charter Hall Social Infrastructure REIT operates as a real estate investment trust. The Company invests in social infrastructure properties, as well as provides assets and capital management services. Charter Hall Social Infrastructure serves clients in Australia and New Zealand.

Charter Hall Social Infrastructure REIT (CQE AU)

Mitsui Fudosan Logistics Park Inc. is a real estate investment trust (REIT) that invests in real estate and securitized real estate products. The Company primarily invests in logistics facilities.

Mitsui Fudosan Logistics Park Inc (3471 JP)

China Jinmao Holdings Group Limited invests in and develops real estate projects in the Peoples Republic of China.

Sunac China Holdings Limited is a real estate development company.

Great Eagle Holdings Limited, through its subsidiaries, develops and invests in properties, operates hotels and restaurants, and trades building materials.  The Company also invests in securities and provides management, maintenance, and insurance agency services.  In addition, Great Eagle operates sports clubs.

OUE Commercial Real Estate Investment Trust (“OUE C-REIT”) is one of the largest diversified Singapore REITs (“S-REITs”) with total assets of S$6.0 billion as at 31 December 2022. With seven properties across the commercial and hospitality segments in Singapore and Shanghai, the property portfolio comprises more than 2.1 million square feet of prime office and retail space, and 1,643 upper upscale hotel rooms.

OUE C-REIT invests in income-producing real estate used primarily for commercial purposes (including real estate used primarily for office and/or retail purposes) in financial and business hubs, hospitality and/or hospitality-related purposes, as well as real estate-related assets.

Sunteck Realty Ltd. develops real estate.

Ascendas India Trust is a business trust that invests in real estate. The trust acquires, owns, and develops land for business use.

Cinda Real Estate Co., Ltd. is a residential property development company.

Cathay Real Estate Development Co., Ltd. develops, sells, and leases residential and commercial buildings which are constructed by independent contractors.

Sunway Real Estate Investment Trust invests in retail, office, and hotel properties.

Sunway Real Estate Investment Trust (SREIT MK)

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Abacus Storage King (ASK AU)

ECM Weekly (18th June 2023) - JD Property, Tata Tech, SBFC Fin, Auckland Air, Weilong, Sula, Abacus

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Abacus Offers ASK - The Back End Trade Is Still Better

Abacus launches its Offering for Abacus Storage King for ABP securityholders and a likely clean-up offer at 0.9x NTA - lower than NSR, but not by a...

Travis Lundy

ASK Listing - Asset Quality Seems to Trump It's Peer, However Settlement Period Is Long

Abacus Property (ABP AU) is looking to de-staple Abacus Storage King (ASK AU) , its self-storage business. The offer will be underwritten by Morgan...

Clarence Chu

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52-week Range

Market Cap (USDm)

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