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

ARA US Hospitality Trust / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/28048" target="_blank" data-smartkarma-citation="entities:28048:1">ARA US Hospitality Trust (HOTEL SP)</a> (ARAHT) plans to raise upto US$450m via its IPO on SGX. The initial portfolio comprises of 38 hotels in the US and was recently purchased by ARA from Lone Star. Lone Star in turn had bought the assets from <a href="https://www.smartkarma.com/entities/1912" target="_blank" data-smartkarma-citation="entities:1912:1">Hyatt Hotels Corp Cl A (H US)</a> in 2014.
ARAHT is being offered at 7.8% FY19 and 8.0% FY20 yield. Over the past few years, the portfolio hasn't really recorded much growth. The Hyatt House brand has been doing better than the Hyatt Place Hotels. ARAHT expects this trend to reverse going forward, for reasons that haven't been mentioned. Even then, the forecast growth rate is only of 3.2%.
Moreover as most of the assets were recently refurbished there don't seem to be any asset enhancement opportunities. To add to that, the sponsor doesn't have a ready pipeline of assets either for future injections.

ARA US Hospitality Trust (HOTEL SP) (ARAHT) plans to raise upto US$450m via its IPO on SGX. The initial portfolio comprises of 38 hotels in the US and was recently purchased by ARA from Lone Star. Lone Star in turn had bought the assets from Hyatt Hotels Corp Cl A (H US) in 2014.
ARAHT is being offered at 7.8% FY19 and 8.0% FY20 yield. Over the past few years, the portfolio hasn't really recorded much growth. The Hyatt House brand has been doing better than the Hyatt Place Hotels. ARAHT expects this trend to reverse going forward, for reasons that haven't been mentioned. Even then, the forecast growth rate is only of 3.2%.
Moreover as most of the assets were recently refurbished there don't seem to be any asset enhancement opportunities. To add to that, the sponsor doesn't have a ready pipeline of assets either for future injections.

ARA US Hospitality Trust IPO - Matured Portfolio with Few Signs of Growth

Singapore

ARA US Hospitality Trust is a Singapore-listed stapled trust. It owns upscale select-service hotels in the US.

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ARA US Hospitality Trust (ARAUS SP)

ARA US Hospitality Trust IPO - Matured Portfolio with Few Signs of Growth

ARA US Hospitality Trust (HOTEL SP) (ARAHT) plans to raise upto US$450m via its IPO on SGX. The initial portfolio comprises of 38 hotels in the US...

Sumeet Singh

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