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

<p><a href="https://www.smartkarma.com/entities/filinvest-reit" target="_blank" data-smartkarma-citation="entities:33764:1" rel="noopener">Filinvest Reit (FILRT PM)</a> (FREIT), a subsidiary of Filinvest, aims to raise up to US$240m in its Philippines listing. The REIT is sponsored by <a href="https://www.smartkarma.com/entities/filinvest-land-inc" target="_blank" data-smartkarma-citation="entities:23026:1" rel="noopener">Filinvest Land (FLI PM)</a>. </p><p>FREIT’s initial property portfolio consists of 16 office towers located in Northgate Cyberzone, Alabang, and one office tower in Cebu City with an aggregate office space GLA of 299,158 sqm and 2,204 sqm of retail GLA. The portfolio will have a weighted average lease expiry (WALE) of 3.8 years with an occupancy of 89.7% as of Mar 2021. The Properties were valued at PHP48,547.4m (US$965m).</p><p>Given the recent restructuring of the REITs assets, its past financials aren’t of much use. However, looking at the operational data of its existing portfolio, FREIT doesn’t appear to have had a very good FY20 and even FY21 doesn’t appear to be shaping up well.</p><p>Having said that, the REIT does have a strong sponsor with a rich pipeline of ROFR assets.</p>

Filinvest Reit (FILRT PM) (FREIT), a subsidiary of Filinvest, aims to raise up to US$240m in its Philippines listing. The REIT is sponsored by Filinvest Land (FLI PM). FREIT’s initial property portfolio consists of 16 office towers located in Northgate Cyberzone, Alabang, and one office tower in Cebu City with an aggregate office space GLA of 299,158 sqm and 2,204 sqm of retail GLA. The portfolio will have a weighted average lease expiry (WALE) of 3.8 years with an occupancy of 89.7% as of Mar 2021. The Properties were valued at PHP48,547.4m (US$965m).Given the recent restructuring of the REITs assets, its past financials aren’t of much use. However, looking at the operational data of its existing portfolio, FREIT doesn’t appear to have had a very good FY20 and even FY21 doesn’t appear to be shaping up well.Having said that, the REIT does have a strong sponsor with a rich pipeline of ROFR assets.

Filinvest REIT IPO - Almost like a Single Asset REIT, COVID Hasn't Been Kind

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

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/yanlord-land-group-ltd" target="_blank" data-smartkarma-citation="entities:14152" rel="noopener">Yanlord Land (YLLG SP)</a> Jun21 contracted pre-sales fell 62% YoY, dragging 1H21 performance  </h3><ul><li>For Jun21, total contracted pre-sales from residential and commercial units, and car parks amounted to ~RMB4.179bn on contracted GFA of 149,557sqm, a decrease of 61.5% and 50.9% YoY, respectively, compared to Jun20. In addition for Jun21, the total contracted pre-sales of other property development projects under YLLG’s project management business was ~RMB0.335bn on contracted GFA of 10,509sqm</li><li>For 1H21, total contracted pre-sales from residential and commercial units, and car parks was ~RMB28.681bn on contracted GFA of 898,943 sqm, a decrease of 3.7% and an increase of 8.1% YoY, respectively. For 1H21, the total contracted pre-sales of other property development projects under YLLG’s project management business was ~RMB6.843bn on contracted GFA of 160,221sqm</li><li>A total of ~RMB2.891bn of subscription sales was recorded as at 30Jun21 and is expected to be subsequently turned into contracted pre-sales in the following months. The aggregate contracted pre-sales in Nanjing, Suzhou, Shanghai, Zhuhai and Tianjin of ~RMB19.086bn, accounted for ~66.5% of the total contracted pre-sales for 1H21.</li></ul>

SingaporeYanlord Land (YLLG SP) Jun21 contracted pre-sales fell 62% YoY, dragging 1H21 performance  For Jun21, total contracted pre-sales from residential and commercial units, and car parks amounted to ~RMB4.179bn on contracted GFA of 149,557sqm, a decrease of 61.5% and 50.9% YoY, respectively, compared to Jun20. In addition for Jun21, the total contracted pre-sales of other property development projects under YLLG’s project management business was ~RMB0.335bn on contracted GFA of 10,509sqmFor 1H21, total contracted pre-sales from residential and commercial units, and car parks was ~RMB28.681bn on contracted GFA of 898,943 sqm, a decrease of 3.7% and an increase of 8.1% YoY, respectively. For 1H21, the total contracted pre-sales of other property development projects under YLLG’s project management business was ~RMB6.843bn on contracted GFA of 160,221sqmA total of ~RMB2.891bn of subscription sales was recorded as at 30Jun21 and is expected to be subsequently turned into contracted pre-sales in the following months. The aggregate contracted pre-sales in Nanjing, Suzhou, Shanghai, Zhuhai and Tianjin of ~RMB19.086bn, accounted for ~66.5% of the total contracted pre-sales for 1H21.

ASEAN Builder's Scoop (7Jul21) - YLLG Jun21 Pre-Sales Fell 62% YoY

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/prime-us-reit" target="_blank" data-smartkarma-citation="entities:28144" rel="noopener">Prime US REIT (PRIME SP)</a> private placement raises US$80m; Over two times subscribed at US$81c per unit</h3><p>PRIME’s private placement, which raised US$80m was more than two times subscribed. A total of 98.8m new units will be issued at US$81c/new unit, and their listing is expected to commence on 5Jul21. The issue price is fixed at the higher end of the US$79.7-82.2c price range. It represents a ~3.4% discount to the adjusted volume-weighted average price of US$83.85c/unit on 23Jun and ~8% discount to last close US$88c on 24Jun. Institutional investors accounted for over half the demand and final allocations, accompanied by strong private wealth and family office interest. Proceeds of the placement will partially fund PRIME's proposed acquisitions of Sorrento Towers in San Diego, California and One Town Center in Boca Raton, Florida.</p>

SingaporePrime US REIT (PRIME SP) private placement raises US$80m; Over two times subscribed at US$81c per unitPRIME’s private placement, which raised US$80m was more than two times subscribed. A total of 98.8m new units will be issued at US$81c/new unit, and their listing is expected to commence on 5Jul21. The issue price is fixed at the higher end of the US$79.7-82.2c price range. It represents a ~3.4% discount to the adjusted volume-weighted average price of US$83.85c/unit on 23Jun and ~8% discount to last close US$88c on 24Jun. Institutional investors accounted for over half the demand and final allocations, accompanied by strong private wealth and family office interest. Proceeds of the placement will partially fund PRIME's proposed acquisitions of Sorrento Towers in San Diego, California and One Town Center in Boca Raton, Florida.

ASEAN Builder's Scoop (25Jun21) - PRIME Placement >2x Subscribed

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/low-keng-huat-singapore-ltd" target="_blank" data-smartkarma-citation="entities:1928" rel="noopener">Low Keng Huat Singapore (LKH SP)</a> to sell Westgate Tower 40% stake; Buy 45% of Paya Lebar Square in a shift move to retail from office</h3><ul><li>LKH has entered agreements to sell its interests in Westgate Tower for S$97.1m, while buying the remaining 45% of Paya Lebar Square that it does not already own for S$90.5m. LKH hopes to focus on retail instead of commercial office developments as it has more experience in managing the former. The buyer of the Westgate Tower stake and seller of the Paya Lebar Square shares are Sun Venture Homes (SVH) and Sun Venture Realty (SVR), respectively. They are the joint venture partners of LKH in both properties.  LKH's interests in Westgate Tower to be sold comprise a 40% stake in each of Westgate Tower (WTPL) and Westgate Commercial (WCPL). Both entities collectively own 295 office units in Westgate Tower, a commercial office development at 1 Gateway Drive</li><li>The sale price for the Westgate Tower interests represents an excess of S$14.33m over the net book value of the relevant sale shares. It also includes shareholders' loans of an aggregate amount of S$80.5m owing to LKH. For FY21, the net loss attributable to WTPL and WCPL were S$2.6m and S$3.2m, respectively. LKH said that there is a S$8.11m gain on disposal with WTPL and a S$6.23m gain on disposal with WCPL. In the other transaction, LKH will acquire shares of Paya Lebar Square (PLSPL), which owns the Paya Lebar Square commercial office and retail development at 60 Paya Lebar Road, with 159 retail units and one office unit. LKH already owns 55% of PLSPL. The S$90.5m purchase price for the PLSPL stake includes a shareholder's loan of S$47.6m owing to SVR.</li></ul>

SingaporeLow Keng Huat Singapore (LKH SP) to sell Westgate Tower 40% stake; Buy 45% of Paya Lebar Square in a shift move to retail from officeLKH has entered agreements to sell its interests in Westgate Tower for S$97.1m, while buying the remaining 45% of Paya Lebar Square that it does not already own for S$90.5m. LKH hopes to focus on retail instead of commercial office developments as it has more experience in managing the former. The buyer of the Westgate Tower stake and seller of the Paya Lebar Square shares are Sun Venture Homes (SVH) and Sun Venture Realty (SVR), respectively. They are the joint venture partners of LKH in both properties.  LKH's interests in Westgate Tower to be sold comprise a 40% stake in each of Westgate Tower (WTPL) and Westgate Commercial (WCPL). Both entities collectively own 295 office units in Westgate Tower, a commercial office development at 1 Gateway DriveThe sale price for the Westgate Tower interests represents an excess of S$14.33m over the net book value of the relevant sale shares. It also includes shareholders' loans of an aggregate amount of S$80.5m owing to LKH. For FY21, the net loss attributable to WTPL and WCPL were S$2.6m and S$3.2m, respectively. LKH said that there is a S$8.11m gain on disposal with WTPL and a S$6.23m gain on disposal with WCPL. In the other transaction, LKH will acquire shares of Paya Lebar Square (PLSPL), which owns the Paya Lebar Square commercial office and retail development at 60 Paya Lebar Road, with 159 retail units and one office unit. LKH already owns 55% of PLSPL. The S$90.5m purchase price for the PLSPL stake includes a shareholder's loan of S$47.6m owing to SVR.

ASEAN Builder's Scoop (14Jun21) - LKH Sells Westgate Tower Stake

<h2>Singapore</h2><h3>2H21 private housing supply from GLS Confirmed List increases by 25% HoH</h3><ul><li>The supply of private homes from 2H21 Confirmed sites under the GLS programme has been raised by nearly 25% to 2,000 units, up from 1,605 units in 1H21. It comprises four residential sites on the Confirmed List, including one EC site, which can collectively yield 2,000 units. Two sites, one at Jalan Tembusu and the other at Dairy Farm Walk, were shifted from the Reserve List to the Confirmed List. Meanwhile, a fresh addition to the GLS Programme is an EC site at Bukit Batok Avenue 8. Also on the Confirmed List is a site at Lentor Hills Road which can yield 595 residential units</li><li>On the Reserve List are six residential sites, two white sites and one hotel site at River Valley Road. This works out to another 4,860 private residential units (including EC units), 90,000sqm GFA of commercial space and 530 hotel rooms. Taken together, the Confirmed and Reserve Lists can yield a total of 6,860 units, down from 7,045 units from 1H21</li><li>MND said the unsold inventory of private housing units has declined over the past year amidst strong demand. Nonetheless, even as the economy is recovering from the recession in 2020, there are continued uncertainties in the economic and labour market conditions due to the ongoing Covid-19 situation globally and locally. As such, it has decided to moderately increase the supply of private housing on the Confirmed List to 2,000 units. <section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/212/452/original/image020.png?1623374450" class="editor-image img-responsive" data-smartkarma-image-id="212452"></figure></section></li></ul>

Singapore2H21 private housing supply from GLS Confirmed List increases by 25% HoHThe supply of private homes from 2H21 Confirmed sites under the GLS programme has been raised by nearly 25% to 2,000 units, up from 1,605 units in 1H21. It comprises four residential sites on the Confirmed List, including one EC site, which can collectively yield 2,000 units. Two sites, one at Jalan Tembusu and the other at Dairy Farm Walk, were shifted from the Reserve List to the Confirmed List. Meanwhile, a fresh addition to the GLS Programme is an EC site at Bukit Batok Avenue 8. Also on the Confirmed List is a site at Lentor Hills Road which can yield 595 residential unitsOn the Reserve List are six residential sites, two white sites and one hotel site at River Valley Road. This works out to another 4,860 private residential units (including EC units), 90,000sqm GFA of commercial space and 530 hotel rooms. Taken together, the Confirmed and Reserve Lists can yield a total of 6,860 units, down from 7,045 units from 1H21MND said the unsold inventory of private housing units has declined over the past year amidst strong demand. Nonetheless, even as the economy is recovering from the recession in 2020, there are continued uncertainties in the economic and labour market conditions due to the ongoing Covid-19 situation globally and locally. As such, it has decided to moderately increase the supply of private housing on the Confirmed List to 2,000 units. 

ASEAN Builder's Scoop (11Jun21) - 2H21 GLS Confirmed List Rises by 25% HoH

Philippines

Filinvest Land, Inc., together with its subsidiaries, operates as a real estate developer in the Philippines. The company operates through Real Estate Sales and Leasing segments. It develops and sells affordable and middle-market residential lots and housing units to lower and middle-income markets. The company also develops themed residential projects with a leisure component, such as farm estates and developments anchored by sports and resort clubs. In addition, it has investment properties comprising Festival Supermall, a shopping complex consisting of approximately 700 retail stores and outlets, 10 theater movie multiplexs, and 2 themed amusement centers, as well as exhibit, trade, and music halls; PBCom Tower located in Makati City; and office buildings in Northgate Cyberzone, a 10-hectare business process outsourcing office park. The company was formerly known as Citation Homes, Inc. and changed its name to Filinvest Land, Inc. in July 1993. The company was incorporated in 1989 and is headquartered in Mandaluyong, the Philippines. Filinvest Land, Inc. operates as a subsidiary of Filinvest Development Corp.

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Filinvest Land (FLI PM)

Filinvest REIT IPO - Almost like a Single Asset REIT, COVID Hasn't Been Kind

Filinvest Reit (FILRT PM) (FREIT), a subsidiary of Filinvest, aims to raise up to US$240m in its Philippines listing. The REIT is sponsored by...

Sumeet Singh

ASEAN Builder's Scoop (7Jul21) - YLLG Jun21 Pre-Sales Fell 62% YoY

YLLG Jun21 pre-sales fell 62% YoY; ST Telemedia launches DC in Loyang; 1H21 APAC hotel deals fell 18% from 1H19 peak; FLI REIT IPO to list on 6Aug;...

SCCM Asia Research

ASEAN Builder's Scoop (25Jun21) - PRIME Placement >2x Subscribed

PRIME placement >2x subscribed; ECW robust sales continues to date; Surge seen in PH Data Centres; Villar gears up for REIT listing; Thai...

SCCM Asia Research

ASEAN Builder's Scoop (14Jun21) - LKH Sells Westgate Tower Stake

LKH sells Westgate Tower stake, buys PLS stake; ISET assess WA space again; FIL valuation boosts post REIT listing; IGB Comm REIT largest MY office...

SCCM Asia Research

ASEAN Builder's Scoop (11Jun21) - 2H21 GLS Confirmed List Rises by 25% HoH

2H21 GLS Confirmed list rises by 25% HoH; Marina View white site triggered for S$1.5bn; Bugis Junction undergoing S$10m revamp; FLI banking on BPO...

SCCM Asia Research

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