Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

China Yuhua Education / Equity Capital Markets

<p>China YuHua Education, a China Henan province based private education providers, is raising up to US$282m (<a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2017/0216/LTN20170216015.pdf" target="_blank">Prospectus</a>). Its business fundamentals were covered in a previous insight by <a href="https://www.smartkarma.com/profiles/803" target="_blank" data-smartkarma-citation="accounts:803">Valerie Law</a> (<a href="https://www.smartkarma.com/insights/china-yuhua-education-ipo-preview-empire-building-on-its-brand" target="_blank" data-smartkarma-citation="insights:6050">China Yuhua Education IPO Preview: Empire Building on Its Brand</a>). In this insight, we will provide additional thoughts as we dig deeper. We will also score the deal in our Smartkarma ECM Framework.</p><hr><h2>Deal and framework score overview</h2><h2>Company Background</h2><p>Our fellow insight provider <a href="https://www.smartkarma.com/profiles/803" target="_blank" data-smartkarma-citation="accounts:803">Valerie Law, CFA</a> covered…</p>

China YuHua Education, a China Henan province based private education providers, is raising up to US$282m (Prospectus). Its business fundamentals were covered in a previous insight by Valerie Law (China Yuhua Education IPO Preview: Empire Building on Its Brand). In this insight, we will provide additional thoughts as we dig deeper. We will also score the deal in our Smartkarma ECM Framework.Deal and framework score overviewCompany BackgroundOur fellow insight provider Valerie Law, CFA covered…

YuHua Education IPO: Rebranding a Concern but Valuation OK

Deciphering real estate markets globally., Rems Advisors

TAN Kok Keong

Deciphering real estate markets globally.

Rems Advisors

Thematic (Sector/Industry)

<div><h2>Private Residential Primary Sales Status (Excluding Executive Condominiums)</h2></div><p>Singapore primary home sales in January saw a slight improvement after two consecutive months of decline. Developers sold a total of 381 units of new homes in January, a slight increase of 4% month-on-month and 18% year-on-year (see Figure 1). This may due to the higher number of units launched for sale in the month. Developers released another 108 units into the market in January, 20% more than the previous month but…</p>

Private Residential Primary Sales Status (Excluding Executive Condominiums)Singapore primary home sales in January saw a slight improvement after two consecutive months of decline. Developers sold a total of 381 units of new homes in January, a slight increase of 4% month-on-month and 18% year-on-year (see Figure 1). This may due to the higher number of units launched for sale in the month. Developers released another 108 units into the market in January, 20% more than the previous month but…

Singapore Primary Home Sales Inched Up 4% in January

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul>
<li><strong>SGX’s Real Estate Developers and Operators have returned 12% YTD, outperforming the STI’s +8%. Despite the rally, the price-to-book ratio of the Sector is still trading near one standard deviation below its historical mean.</strong></li>
<li>
<strong>Potential drivers for the Singapore property market exist on both the supply and demand front. The biggest Real Estate Developer stocks with substantial Singapore exposure include UOL Group, United Industrial Corporation, Wheelock Properties, Wing Tai Holdings and Bukit</strong>…</li>
</ul>


SGX’s Real Estate Developers and Operators have returned 12% YTD, outperforming the STI’s +8%. Despite the rally, the price-to-book ratio of the Sector is still trading near one standard deviation below its historical mean.

Potential drivers for the Singapore property market exist on both the supply and demand front. The biggest Real Estate Developer stocks with substantial Singapore exposure include UOL Group, United Industrial Corporation, Wheelock Properties, Wing Tai Holdings and Bukit…


Real Estate Sector Outperformed in the Year to Date

Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

<p>The numbers are in; industrial S-REITs/Trusts ("SREITs") have reported their most recent quarterly results. In this piece, we look at the mid-sized industrial SREITs' 2016 financial performance and compare the figures to that of 2015. From the results, it is clear that headwinds in the sector have not left any unscathed. </p>

The numbers are in; industrial S-REITs/Trusts ("SREITs") have reported their most recent quarterly results. In this piece, we look at the mid-sized industrial SREITs' 2016 financial performance and compare the figures to that of 2015. From the results, it is clear that headwinds in the sector have not left any unscathed. 

SREIT M&A Season; Is The Writing on the Wall?

Asia's Leading Online Property Group, PropertyGuru

Bjorn Sprengers

Asia's Leading Online Property Group

PropertyGuru

PropertyGuru Pte Ltd owns and operates a real estate property information website. The Company offers facilities to search for condominiums, apartments, Housing and Development Board (HDB) flats, serviced apartments, houses, and commercial properties to rent and buy in Singapore.

<p>2016 was an interesting year for the Executive Condominium (EC) market, with a number of projects doing extremely well due to its sound fundamentals. While the glut of units in the market has been reduced, more time is needed for the current supply to be absorbed: </p><ul><li>The supply of ECs has tapered to deal with oversupply and a high vacancy rate.</li><li>Prices remained weaker in 2016, which contributed to the recovery in transaction volumes.</li><li>Long term, ECs continue to see decent capital appreciation for homeowners.</li><li>There are two likely EC launches in 2017, one in Choa Chu Kang, the other in Yio Chu Kan</li></ul>

2016 was an interesting year for the Executive Condominium (EC) market, with a number of projects doing extremely well due to its sound fundamentals. While the glut of units in the market has been reduced, more time is needed for the current supply to be absorbed: The supply of ECs has tapered to deal with oversupply and a high vacancy rate.Prices remained weaker in 2016, which contributed to the recovery in transaction volumes.Long term, ECs continue to see decent capital appreciation for homeowners.There are two likely EC launches in 2017, one in Choa Chu Kang, the other in Yio Chu Kan

Singapore Residential - Tightened Supply for ECs in 2017

Singapore

EC World Real Estate Investment Trust (EC World REIT) is the first Chinese specialised logistics and e-commerce logistics REIT listed on SGX-ST. 

It has a portfolio of quality properties located predominantly in one of the largest e-commerce clusters in the Yangtze River Delta which offers investors unique exposure to the logistics and e-commerce sectors in Hangzhou and Wuhan, China.
  
EC World REIT’s investment strategy is to invest principally, directly or indirectly, in a diversified portfolio of income-producing real estate which is used primarily for e-commerce, supply-chain management and logistics purposes, as well as real estate-related assets, with an initial geographical focus on the PRC. 

EC World REIT is listed in several indices. These include the FTSE ASEAN All-Share Index, FTSE ST All-Share Index, FTSE ST China Index and FTSE ST Singapore Shariah Index. For more information, please visit: http://www.ecwreit.com/ 

EC World REIT is managed by EC World Asset Management Pte. Ltd., which is an indirect wholly-owned subsidiary of the Sponsor – Forchn Holdings Group Co., Ltd.

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EC World Reit (ECWREIT SP)

YuHua Education IPO: Rebranding a Concern but Valuation OK

China YuHua Education, a China Henan province based private education providers, is raising up to US$282m (Prospectus). Its business fundamentals...

Ke Yan, CFA, FRM

Singapore Primary Home Sales Inched Up 4% in January

Private Residential Primary Sales Status (Excluding Executive Condominiums)Singapore primary home sales in January saw a slight improvement after...

TAN Kok Keong

Real Estate Sector Outperformed in the Year to Date

SGX’s Real Estate Developers and Operators have returned 12% YTD, outperforming the STI’s +8%. Despite the rally, the price-to-book ratio of the...

Singapore Exchange Ltd (SGX)

SREIT M&A Season; Is The Writing on the Wall?

The numbers are in; industrial S-REITs/Trusts ("SREITs") have reported their most recent quarterly results. In this piece, we look at the mid-sized...

Crispin Francis

Singapore Residential - Tightened Supply for ECs in 2017

2016 was an interesting year for the Executive Condominium (EC) market, with a number of projects doing extremely well due to its sound...

PropertyGuru

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