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

Nippon Prologis Reit / Equity Capital Markets

<ul>
<li>Nippon Prologis Reit (3283 JP) is looking to raise US$265m in its global follow-on offering to acquire three logistics properties</li>
<li>We have covered a number of past placement for the stock, most of which have done well.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Nippon Prologis Reit (3283 JP) is looking to raise US$265m in its global follow-on offering to acquire three logistics properties
We have covered a number of past placement for the stock, most of which have done well.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Nippon Prologis REIT Placement - Small Deal, Marginal Accretion. Past Deals Have Done Well

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/lhn-ltd" target="_blank" data-smartkarma-citation="entities:27234" rel="noopener">LHN Ltd (LHN SP)</a> FY21 results boosted by facilities management and logistics services; Maintains S$0.01 DPS</li><li><a href="https://www.smartkarma.com/entities/ireit-global" target="_blank" data-smartkarma-citation="entities:10596" rel="noopener">IREIT Global (IREIT SP)</a> to achieve 100% occupancy rate for Münster Campus by Sep22 onwards</li><li><a href="https://www.smartkarma.com/entities/daiwa-house-logistics-trust" target="_blank" data-smartkarma-citation="entities:35020" rel="noopener">Daiwa House Logistics Trust (DHLT SP)</a> IPO sees healthy demand; Listing on 3Dec</li></ul>

LHN Ltd (LHN SP) FY21 results boosted by facilities management and logistics services; Maintains S$0.01 DPSIREIT Global (IREIT SP) to achieve 100% occupancy rate for Münster Campus by Sep22 onwardsDaiwa House Logistics Trust (DHLT SP) IPO sees healthy demand; Listing on 3Dec

ASEAN Builder's Scoop (29Nov21) - LHN Boosted by Facilities and Logistics Services

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.

Digital Core REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/digital-core-reit" target="_blank" data-smartkarma-citation="entities:35145:1" rel="noopener">Digital Core REIT (DCREIT SP)</a> is the exclusive S-REIT sponsored by <a href="https://www.smartkarma.com/entities/digital-realty-trust-inc" target="_blank" data-smartkarma-citation="entities:13149:1" rel="noopener">Digital Realty Trust (DLR US)</a>. It is seeking to raise US$600 million at US$0.88 per unit. </li>
<li>In <a href="https://www.smartkarma.com/insights/digital-core-reit-ipo-reaching-for-the-clouds" target="_blank" data-smartkarma-citation="insights:61737" rel="noopener">Digital Core REIT IPO: Reaching for the Clouds</a>, we outlined its attractive value proposition.    </li>
<li>Cornerstones such as Blackrock, Fidelity, JP Morgan AM account for 61% of the offer. Our valuation analysis suggests that the IPO price of $0.88 per unit is reasonable.</li>
</ul>



Digital Core REIT (DCREIT SP) is the exclusive S-REIT sponsored by Digital Realty Trust (DLR US). It is seeking to raise US$600 million at US$0.88 per unit. 
In Digital Core REIT IPO: Reaching for the Clouds, we outlined its attractive value proposition.    
Cornerstones such as Blackrock, Fidelity, JP Morgan AM account for 61% of the offer. Our valuation analysis suggests that the IPO price of $0.88 per unit is reasonable.


Digital Core REIT IPO: Valuation Insights

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Daiwa House Logistics Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/daiwa-house-logistics-trust" target="_blank" data-smartkarma-citation="entities:35020:1" rel="noopener">Daiwa House Logistics Trust (DHLT SP)</a> raised US$343m in its Singapore IPO.</li>
<li>As of Jun 2021, its assets had an aggregate net lettable area (NLA) of 423,920 sqm and had an appraised valuation of approximately JPY80,570m (S$952.9m).</li>
<li>Historically, overseas-related REITs have had tepid debuts with relatively weak liquidity in their first day/week. </li>
</ul>



Daiwa House Logistics Trust (DHLT SP) raised US$343m in its Singapore IPO.
As of Jun 2021, its assets had an aggregate net lettable area (NLA) of 423,920 sqm and had an appraised valuation of approximately JPY80,570m (S$952.9m).
Historically, overseas-related REITs have had tepid debuts with relatively weak liquidity in their first day/week. 


Daiwa House Logistics Trust IPO Trading - Historical Overseas-Related REIT Debuts Have Been Lukewarm

<ul>
<li>
<a href="https://www.smartkarma.com/entities/daiwa-house-logistics-trust" target="_blank" data-smartkarma-citation="entities:35020:1" rel="noopener">Daiwa House Logistics Trust (DHLT SP),</a> a Japan pure-play logistics REIT, is looking to raise US$343m in its Singapore IPO.</li>
<li>As of Jun 2021, its assets had an aggregate net lettable area (NLA) of 423,920 sqm and had an appraised valuation of approximately JPY80,570m (S$952.9m).</li>
<li>No compelling reason to buy as other SG-listed industrial/logistics REITs offer similar yields while having a much larger and diversified portfolio.</li>
</ul>



Daiwa House Logistics Trust (DHLT SP), a Japan pure-play logistics REIT, is looking to raise US$343m in its Singapore IPO.
As of Jun 2021, its assets had an aggregate net lettable area (NLA) of 423,920 sqm and had an appraised valuation of approximately JPY80,570m (S$952.9m).
No compelling reason to buy as other SG-listed industrial/logistics REITs offer similar yields while having a much larger and diversified portfolio.


Daiwa House Logistics Trust IPO - Valuation Appears Ok, but There Is No Compelling Reason to Buy

Singapore

Daiwa House Logistics Trust operates as a real estate investment trust. The Company focuses on investments in logistics and industrial real estate assets. Daiwa House Logistics Trust serves clients in Singapore.

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Daiwa House Logistics Trust (DHLT SP)

Nippon Prologis REIT Placement - Small Deal, Marginal Accretion. Past Deals Have Done Well

Nippon Prologis Reit (3283 JP) is looking to raise US$265m in its global follow-on offering to acquire three logistics properties.

Sumeet Singh

ASEAN Builder's Scoop (29Nov21) - LHN Boosted by Facilities and Logistics Services

LHN boosted by Facilities and Logistics services; IREIT secures new leases at Munster Campus; DHLT IPO debuts on 3Dec; The Commodore sold 70% on...

SCCM Asia Research

Digital Core REIT IPO: Valuation Insights

Digital Core REIT is seeking to raise US$600 million at US$0.88 per unit. Our valuation analysis suggests that the IPO price of $0.88 per unit is...

Arun George

Daiwa House Logistics Trust IPO - Valuation Appears Ok, but There Is No Compelling Reason to Buy

Daiwa House Logistics Trust (DHLT SP), a Japan pure-play logistics REIT, is looking to raise US$343m in its Singapore IPO.

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nippon Prologis REIT Placement - Small Deal, Marginal Accretion. Past Deals Have Done Well

Nippon Prologis Reit (3283 JP) is looking to raise US$265m in its global follow-on offering to acquire three logistics properties.

Sumeet Singh

ASEAN Builder's Scoop (29Nov21) - LHN Boosted by Facilities and Logistics Services

LHN boosted by Facilities and Logistics services; IREIT secures new leases at Munster Campus; DHLT IPO debuts on 3Dec; The Commodore sold 70% on...

SCCM Asia Research

Digital Core REIT IPO: Valuation Insights

Digital Core REIT is seeking to raise US$600 million at US$0.88 per unit. Our valuation analysis suggests that the IPO price of $0.88 per unit is...

Arun George

Daiwa House Logistics Trust IPO Trading - Historical Overseas-Related REIT Debuts Have Been Lukewarm

Daiwa House Logistics Trust (DHLT SP) raised US$343m in its Singapore IPO. Historically, overseas-related REITs have had tepid debuts with...

Clarence Chu

Daiwa House Logistics Trust IPO - Valuation Appears Ok, but There Is No Compelling Reason to Buy

Daiwa House Logistics Trust (DHLT SP), a Japan pure-play logistics REIT, is looking to raise US$343m in its Singapore IPO.

Clarence Chu