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

Equity Bottom-Up

CapitaLand Ascendas REIT / Equity Bottom-Up

<ul>
<li>US-10 year treasury yield and Singapore 10-year bond yield are closely correlated</li>
<li>Singapore real estate stocks’ trading performance are therefore related to expectation of a US rate cut</li>
<li>We expect SG RE stocks will show stable industry fundamentals in upcoming results.  We like our trade idea to Long CLAR SP and SHORT Keppel REIT among S-REITs</li>
</ul>


US-10 year treasury yield and Singapore 10-year bond yield are closely correlated
Singapore real estate stocks’ trading performance are therefore related to expectation of a US rate cut
We expect SG RE stocks will show stable industry fundamentals in upcoming results.  We like our trade idea to Long CLAR SP and SHORT Keppel REIT among S-REITs


Short Note: Singapore Real Estate - Position for a Re-Rating on Fed Rate Cut Cycle

<ul>
<li>We look at Asia, and see where there are interesting trade idea.  While HK/CH see investors’ capitulation, there are some interesting ideas in Singapore</li>
<li>We focus on real estate and look at S-REITs, which just wrap up their 4Q 23 results.  We see divergence in terms of industry fundamentals</li>
<li>Within S-REITs, we like industrial and retail given stronger industry fundamentals and stable asset valuation</li>
</ul>


We look at Asia, and see where there are interesting trade idea.  While HK/CH see investors’ capitulation, there are some interesting ideas in Singapore
We focus on real estate and look at S-REITs, which just wrap up their 4Q 23 results.  We see divergence in terms of industry fundamentals
Within S-REITs, we like industrial and retail given stronger industry fundamentals and stable asset valuation


S-REIT Pair Trade Idea: Long CLAR SP and SHORT Keppel REIT on Industry Fundamentals

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.</li>
<li>It is the right approach for Singapore – a <em>voluntary</em> best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.</li>
<li>No surprise ratings methodology changes. No <em>en masse</em> upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.</li>
</ul>


The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.
It is the right approach for Singapore – a voluntary best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.
No surprise ratings methodology changes. No en masse upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.


Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

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

<ul>
<li>Vertex Technology Acquisition Corporation Ltd (VTAC) aims to raise around US$126m via Singapore’s first SPAC listing.</li>
<li>VTAC is sponsored by Vertex Venture Holdings (VVH), a wholly owned subsidiary of Temasek. </li>
<li>In this tear sheet, we will talk about the deal background and structure.</li>
</ul>


Vertex Technology Acquisition Corporation Ltd (VTAC) aims to raise around US$126m via Singapore’s first SPAC listing.
VTAC is sponsored by Vertex Venture Holdings (VVH), a wholly owned subsidiary of Temasek. 
In this tear sheet, we will talk about the deal background and structure.


Vertex Technology Acquisition Corporation Ltd Tear Sheet - Singapore’s First SPAC Listing

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Mapletree Pan Asia Commercial Trust / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106:1" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> and <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> announced their prospective merger on Friday. </li>
<li>The merger ratio provides an uplift to already strong recent relative performance for MAGIC holders, and strong pro-forma NAV and DPU accretion for MCT holders. </li>
<li>And it means a lot of flow. Lots and lots of flow. </li>
</ul>



Mapletree Commercial Trust (MCT SP) and Mapletree North Asia Commercial Trust (MAGIC SP) announced their prospective merger on Friday. 
The merger ratio provides an uplift to already strong recent relative performance for MAGIC holders, and strong pro-forma NAV and DPU accretion for MCT holders. 
And it means a lot of flow. Lots and lots of flow. 


Singapore

CapitaLand Ascendas REIT is an industrial real estate investment trust. The Trust invests in business and science park properties, integrated development, amenities, and retail (IDAR) properties, high-specifications industrial properties and data centers, light industrial and flatted factories, and logistics and distribution centers.

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CapitaLand Ascendas REIT (CLAR SP)

Short Note: Singapore Real Estate - Position for a Re-Rating on Fed Rate Cut Cycle

Singapore bond yields have high correlation with US treasury. If US starts a rate cut cycle, Singapore rates will also see downward pressure. ...

Jacob Cheng

S-REIT Pair Trade Idea: Long CLAR SP and SHORT Keppel REIT on Industry Fundamentals

S-REITs have wrapped up their Q4 results and we see divergence in industry fundamentals. We like industrial and retail given stronger...

Jacob Cheng

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden

Vertex Technology Acquisition Corporation Ltd Tear Sheet - Singapore’s First SPAC Listing

Vertex Technology Acquisition Corporation Ltd (VTAC) aims to raise around US$126m via Singapore’s first SPAC listing. VTAC is backed by Vertex,...

Sumeet Singh

Mapletree Mega-Merger Means MCT Markup

The proposed Mapletree Commercial Trust and Mapletree North Asian Commercial Trust combination creates a Top 10 Asian REIT and one of Singapore's...

Travis Lundy

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