APAC IPOs & Placements, Aequitas Research

Clarence Chu

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.

Equity Capital Markets

CapitaLand Ascott Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ascott-residence-trust" target="_blank" data-smartkarma-citation="entities:6560:1" rel="noopener">Ascott Residence Trust (ART SP)</a> is looking to raise US$110m (S$150m) in its primary offering to partially fund the acquisition of nine properties in France, Vietnam, Australia, US and Japan.</li>
<li>The deal is a relatively large one to digest at 23.6 days of three month ADV, although it would represent just 3.9% of current mcap. </li>
<li>The proposed acquisitions are expected to be accretive, increasing DPU by 2.8% and would increase the REIT’s proportion of stable income to 71%, up from 69% in end proforma-FY21.</li>
</ul>



Ascott Residence Trust (ART SP) is looking to raise US$110m (S$150m) in its primary offering to partially fund the acquisition of nine properties in France, Vietnam, Australia, US and Japan.
The deal is a relatively large one to digest at 23.6 days of three month ADV, although it would represent just 3.9% of current mcap. 
The proposed acquisitions are expected to be accretive, increasing DPU by 2.8% and would increase the REIT’s proportion of stable income to 71%, up from 69% in end proforma-FY21.


Ascott Residence Trust Placement - Accretive Acquisition to Bolster Stable Income

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a> announced a privatisation proposal from Frasers Property Limited at S$0.70 cash per share + permitted distributions (estimated 1.2961 cents).  </li>
<li>The offer is the culmination of a strategic review announced on 8 April. The offer price is attractive in comparison to historical multiples, precedent transactions and historical unit prices.</li>
<li>At the last close and for the September end effective date, the gross and annualised spread to the total offer price of S$0.713 per unit is 3.3% and 11.1%, respectively. </li>
</ul>



Frasers Hospitality Trust (FHT SP) announced a privatisation proposal from Frasers Property Limited at S$0.70 cash per share + permitted distributions (estimated 1.2961 cents).  
The offer is the culmination of a strategic review announced on 8 April. The offer price is attractive in comparison to historical multiples, precedent transactions and historical unit prices.
At the last close and for the September end effective date, the gross and annualised spread to the total offer price of S$0.713 per unit is 3.3% and 11.1%, respectively. 


Fraser Hospitality Trust’s Privatisation Offer from Frasers Property Limited

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>This morning, <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a> announced a Scheme Implementation Deed was signed for the S-REIT's privatisation by its current sponsors TCC Group Investments Limited and Frasers Property Limited.</li>
<li>The S$500mm borrowing mooted suggested S$0.69/unit; Scheme Consideration is S$0.70/unit in cash against the latest commissioned Adjusted NAV estimate of S$0.6519 (vs last NAV of S$0.6534/unit).</li>
<li>The deal comes at an all-time high price, slightly exceeding the end-2019 price on a dividend-adjusted basis.  This should be done, but it is worth thinking about how.</li>
</ul>


This morning, Frasers Hospitality Trust (FHT SP) announced a Scheme Implementation Deed was signed for the S-REIT's privatisation by its current sponsors TCC Group Investments Limited and Frasers Property Limited.
The S$500mm borrowing mooted suggested S$0.69/unit; Scheme Consideration is S$0.70/unit in cash against the latest commissioned Adjusted NAV estimate of S$0.6519 (vs last NAV of S$0.6534/unit).
The deal comes at an all-time high price, slightly exceeding the end-2019 price on a dividend-adjusted basis.  This should be done, but it is worth thinking about how.


Frasers Hospitality Trust Scheme Announced

Far East Hospitality Trust / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a> has been the subject of media reports about possible "strategic options" or go-private interest since this spring. They <a href="https://links.sgx.com/FileOpen/FHT_Announcement.ashx?App=Announcement&amp;FileID=710769" target="_blank" rel="noopener">responded</a> on 8 April. </li>
<li>Today the shares were halted. We should expect news shortly. A Bloomberg article this morning suggested the promoters were seeking funding. Presumably, they will find it relatively quickly.</li>
<li>This could take a week rather than a day but given the run-up, one should also expect it a) to work and b) get done with small premium from here.</li>
</ul>



Frasers Hospitality Trust (FHT SP) has been the subject of media reports about possible "strategic options" or go-private interest since this spring. They responded on 8 April. 
Today the shares were halted. We should expect news shortly. A Bloomberg article this morning suggested the promoters were seeking funding. Presumably, they will find it relatively quickly.
This could take a week rather than a day but given the run-up, one should also expect it a) to work and b) get done with small premium from here.


Fraser Hospitality Trust Halted - Privatisation Likely. Far East The Better Trade Here.

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

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

Far East Hospitality Trust / Equity Bottom-Up

<ul>
<li>Not all hospitality REITs in Singapore are beneficiaries of the rebound in tourism in Singapore. </li>
<li>Genting, OUE Commercial REIT, and Fraser Hospitality Trust are not exactly beneficiaries to the current tourism rebound. </li>
<li>Only Far East Hospitality Trust has a 100% exposure in hotels in Singapore while CDL Hospitality Trust has 41% of the total contribution from Singapore. </li>
</ul>


Not all hospitality REITs in Singapore are beneficiaries of the rebound in tourism in Singapore. 
Genting, OUE Commercial REIT, and Fraser Hospitality Trust are not exactly beneficiaries to the current tourism rebound. 
Only Far East Hospitality Trust has a 100% exposure in hotels in Singapore while CDL Hospitality Trust has 41% of the total contribution from Singapore. 


Southeast Asia Tourism: Who Are the Beneficiaries

Singapore

Ascendas Hospitality Trust is a stapled trust. The Trust comprises Ascendas Hospitality Real Estate Investment Trust and Ascendas Hospitality Business Trust established with the principal investment strategy of investing, directly or indirectly, in a diversified portfolio of income-producing real estate used predominantly for hospitality purposes located across Asia, Australia and NZ.

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Ascendas Hospitality Trust (ASCHT SP)

Ascott Residence Trust Placement - Accretive Acquisition to Bolster Stable Income

Ascott Residence Trust (ART SP) is looking to raise US$110m (S$150m) in its primary offering to partially fund the acquisition of nine properties...

Clarence Chu

Fraser Hospitality Trust’s Privatisation Offer from Frasers Property Limited

The offer price is attractive. At the last close and for the September end effective date, the annualised spread to the total offer price of...

Arun George

Frasers Hospitality Trust Scheme Announced

Frasers Hospitality Trust deal announced at S$0.70 plus Permitted Distribution (expect 0.7-1.3cts), with expected completion end-Sep 2022. Seems...

Travis Lundy

Fraser Hospitality Trust Halted - Privatisation Likely. Far East The Better Trade Here.

Frasers Hospitality Trust has been halted two months after a Bloomberg article and management filing suggested "strategic options" were being...

Travis Lundy

Southeast Asia Tourism: Who Are the Beneficiaries

the real beneficiaries of the Singapore rebound in tourism (ex-China) are limited to a few names only. Far East Hospitality Trust and CDL...

Henry Soediarko

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