APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Nippon Prologis Reit / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-prologis-reit-inc" target="_blank" data-smartkarma-citation="entities:15683:1" rel="noopener">Nippon Prologis Reit (3283 JP)</a> is looking to raise US$184m in its primary follow-on offering to acquire one property, namely Prologis Park Soka. </li>
<li>The deal is a somewhat large one to digest, at 14 days of three month ADV but only 3% dilution. </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$184m in its primary follow-on offering to acquire one property, namely Prologis Park Soka. 
The deal is a somewhat large one to digest, at 14 days of three month ADV but only 3% dilution. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Nippon Prologis REIT Placement - Well-Flagged and past Deals Have Performed Decently

<ul>
<li>
<a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934:1" rel="noopener">ESR-LOGOS REIT (EREIT SP)</a> is looking to raise US$114m (S$150m) in a private placement. The proceeds will be used to fund potential acquisitions and finance the redevelopment of its properties. </li>
<li>Post offering, there will also be a US$114m (S$150m) non-renounceable preferential offering, which will bring the total gross proceeds of the equity fund raising to US$228m (S$300m).</li>
<li>The deal is a relatively large one to digest at 46 days of ADV and 6.4% of current mcap. We'll talk about the deal dynamics.</li>
</ul>



ESR-LOGOS REIT (EREIT SP) is looking to raise US$114m (S$150m) in a private placement. The proceeds will be used to fund potential acquisitions and finance the redevelopment of its properties. 
Post offering, there will also be a US$114m (S$150m) non-renounceable preferential offering, which will bring the total gross proceeds of the equity fund raising to US$228m (S$300m).
The deal is a relatively large one to digest at 46 days of ADV and 6.4% of current mcap. We'll talk about the deal dynamics.


ESR-Logos REIT Placement - Implied Yield Attractive Enough to Take the Deal

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

Mapletree North Asia Commercial Trust / Event-Driven

<ul>
<li>Quarz Capital’s <a href="https://www.bettermnact.com/_files/ugd/517105_02ef42e240d344b9a13b20fce5b8c5d1.pdf" target="_blank" rel="noopener">open letter</a> urges <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>’s (MNACT) board to protect unitholders’ interest and negotiate for a higher offer from <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>.</li>
<li>MCT has three options – keep the terms unchanged, improve the terms or support MNACT's board benchmarking the merger vs alternative transactions.   </li>
<li>MCT’s likely move is to keep terms unchanged and seek shareholder approval. MNACT's board can appease unitholders by exploring alternative transactions.   </li>
</ul>


Quarz Capital’s open letter urges Mapletree North Asia Commercial Trust (MAGIC SP)’s (MNACT) board to protect unitholders’ interest and negotiate for a higher offer from Mapletree Commercial Trust (MCT SP).
MCT has three options – keep the terms unchanged, improve the terms or support MNACT's board benchmarking the merger vs alternative transactions.   
MCT’s likely move is to keep terms unchanged and seek shareholder approval. MNACT's board can appease unitholders by exploring alternative transactions.   


MCT and MNACT’s Options for Dealing with Quarz’s Campaign

<ul>
<li>Each <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>/MNACT unitholder will receive either a scrip-only or the cash-and-scrip offer worth S$1.1949 per MNACT unit, a 7.6% premium to the last close price.</li>
<li>The proposed merger provides <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> unitholders with meaningful geographic diversification through a DPU and NAV accretive transaction.   </li>
<li>MNACT unitholders will receive an attractive consideration in terms of P/NAV and gross exchange ratio. Both unitholders will benefit from the enlarged REIT’s higher free float and growth potential. </li>
</ul>


Each Mapletree North Asia Commercial Trust (MAGIC SP)/MNACT unitholder will receive either a scrip-only or the cash-and-scrip offer worth S$1.1949 per MNACT unit, a 7.6% premium to the last close price.
The proposed merger provides Mapletree Commercial Trust (MCT SP) unitholders with meaningful geographic diversification through a DPU and NAV accretive transaction.   
MNACT unitholders will receive an attractive consideration in terms of P/NAV and gross exchange ratio. Both unitholders will benefit from the enlarged REIT’s higher free float and growth potential. 


Mapletree Commercial Trust’s Proposed Merger with Mapletree North Asia Commercial Trust

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Capitaland Integrated Commercial Trust / Equity Capital Markets

<ul>
<li>CapitaLand Integrated Commercial Trust (CICT) aims to raise around US$150m to partly fund the recently announced acquisition of two Australian assets.</li>
<li>Although, at the time of the acquisition the company had stated that it aims to finance the acquisition using debt and divestment proceeds.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


CapitaLand Integrated Commercial Trust (CICT) aims to raise around US$150m to partly fund the recently announced acquisition of two Australian assets.
Although, at the time of the acquisition the company had stated that it aims to finance the acquisition using debt and divestment proceeds.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


CICT Placement - Surprise About Turn on Acquisition Funding

Singapore

AIMS APAC REIT is a real estate investment trust. The Trust's principal investment objective is owning and investing in a diversified portfolio of income-producing industrial real estate assets throughout Asia Pacific, including warehousing and logistics, manufacturing, business parks and hi-tech spaces.

CDL Hospitality Trusts is a stapled group compromising H-REIT and HBT. H-REIT is a real estate investment trust that invest in a portfolio of income-producing properties and HBT is a business trust.

Starhill Global REIT is a real estate investment trust.  The trust invests in retail and office buildings in Singapore and overseas.

Ho Bee Land Limited develops and invests in real estate properties in Singapore and United Kingdom.  The Company also operates hotels.

Wing Tai Holdings Limited is an investment holding company whose subsidiaries invest in and develop properties, manufacture woven labels, and trade garments and architectural products and accessories.  The Company also provides management services and operates restaurants.

Far East Hospitality Trust is a hospitality stapled group comprising Far East H-REIT and Far East H-BT. Far East H-REIT is a Singapore-based real estate investment trust, which invests in hospitality assets and Far East H-BT, a Singapore-based business trust which will be dormant as of the Listing Date.

First Sponsor Group Limited, an investment holding company, is engaged in the property development and investment activities primarily in the People's Republic of China. Its properties include residential and commercial properties.

Cromwell Real Estate Investment Trust is a real estate investment trust with a commercial portfolio of offices and light industrial /  logistics assets across Europe.

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

Fortune REIT is a real estate investment trust that invests in a portfolio of retail shopping malls located in Hong Kong.

Uniti Group Inc. operates as a real estate investment trust. The Company provides wireless infrastructure solutions for communications industry. Uniti Group serves customers in the United States and Latin America.

China Overseas Grand Oceans Group Ltd. is a property development and sales company. The Compnay'ss operations include the entire property development process, comprising land acquisition and investment, construction planning, design and execution, sales and marketing, after-sales service as well as property management.

HEIWA REAL ESTATE CO., LTD. develops, constructs, sells, and leases real estate properties.  The Company also provides brokerage services on residential and commercial buildings as well as maintenance services.  Heiwa Real Estate provides consulting services on real estate and develops and operates resort places and facilities.

Ichigo Office REIT Investment Corporation is a real estate investment trust (J-REIT). The Company mainly invests in office buildings in major cities in Japan. The REIT merged with FC Residential Investment Corporation in 2005.

Ichigo Office REIT Investment Corporation (8975 JP)

Ichigo Office REIT Investment Corporation

CPN Retail Growth Leasehold REIT is a closed-end fund incorporated in Thailand. The Fund invests in shopping complex projects: Central Plaza Rama II, Central Plaza Ratchada-Rama II, & Central Plaza Pinklao.

CPN Retail Growth Leasehold REIT (CPNREIT TB)

Vital Healthcare Property Trust is a property trust that invests in and manages healthcare facilities in New Zealand and Australia.

Da-Li Development Co., Ltd. is primarily involved in outsourced construction, leasing and distribution businesses. The Company develops residential buildings, including houses, suites and parking spaces.

Fujian Start Group Co., Ltd. manufactures and markets personal computers, computer peripheral equipment, and networking products.  The Company also develops computer software.

Financial Street Holdings Co., Ltd. develops and manages commercial and residential buildings.  The Company, through its subsidiaries, also provides rental, moving, and information consulting services.

Tesco Lotus Retail Growth Freehold & Leasehold Property Fund is a closed-end fund incorporated in Thailand. The Fund's objective is to achieve good returns. The Fund invests in freehold & leasehold of 17 shopping malls anchored by a Tesco Lotus hypermarket in cities including Bangkok and tourist destinations such as Krabi.

Digital Core REIT MANAGEMENT Pte Ltd operates as a real estate investment trust, It is sponsored by a global listed data centre owner, Digital Realty. It is an S-REIT established with the principal strategy of investing in a portfolio of stabilised income-producing real estate assets globally.

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Digital Core REIT (DCREIT SP)

Nippon Prologis REIT Placement - Well-Flagged and past Deals Have Performed Decently

Nippon Prologis Reit (3283 JP) is looking to raise US$184m in its primary follow-on offering to acquire one property, namely Prologis Park Soka.

Ethan Aw

ESR-Logos REIT Placement - Implied Yield Attractive Enough to Take the Deal

ESR-LOGOS REIT (EREIT SP) is looking to raise US$114m (S$150m) in a private placement. The proceeds will be used to fund potential acquisitions and...

Ethan Aw

MCT and MNACT’s Options for Dealing with Quarz’s Campaign

MCT has three options – keep the terms unchanged, improve the terms or support MNACT's board benchmarking the merger vs alternative transactions.

Arun George

Mapletree Commercial Trust’s Proposed Merger with Mapletree North Asia Commercial Trust

The deal terms are attractive for MNACT unitholders. The deal is DPU/NAV accretive for MCT unitholders. The merger is likely to get approval from...

Arun George

CICT Placement - Surprise About Turn on Acquisition Funding

CapitaLand Integrated Commercial Trust (CICT) aims to raise around US$150m to partly fund the recently announced acquisition of two Australian assets.

Sumeet Singh

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