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>Given recent corporate events in S-REIT land, there <em>could be</em> some considerable money to be allocated to the sector near-term</li>
<li>These flows come at a time when prices are down off highs and liquidity is low.</li>
<li>There could be some price impact on certain types of S-REITs near-term.</li>
</ul>


Given recent corporate events in S-REIT land, there could be some considerable money to be allocated to the sector near-term
These flows come at a time when prices are down off highs and liquidity is low.
There could be some price impact on certain types of S-REITs near-term.


Large Potential S-REIT Flows in the Next Two Weeks

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.

<ul>
<li>Under the revised scheme consideration, each <a href="https://www.smartkarma.com/entities/ara-logos-logistics-trust" target="_blank" data-smartkarma-citation="entities:937:1" rel="noopener">ARA LOGOS (ALLT SP)</a> unitholder will receive S$0.097 in cash and 1.7729 new <a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934:1" rel="noopener">ESR-REIT (EREIT SP)</a> units at an issue price of S$0.4924.</li>
<li>The IFA considers the revised scheme consideration to be fair. We think that IFA’s valuation approach is broadly sound with some areas for improvement. </li>
<li>We think that the revised offer is reasonable. For a 28 April payment date, the gross and annualised spread is 2.9% and 18.2%, respectively. </li>
</ul>


Under the revised scheme consideration, each ARA LOGOS (ALLT SP) unitholder will receive S$0.097 in cash and 1.7729 new ESR-REIT (EREIT SP) units at an issue price of S$0.4924.
The IFA considers the revised scheme consideration to be fair. We think that IFA’s valuation approach is broadly sound with some areas for improvement. 
We think that the revised offer is reasonable. For a 28 April payment date, the gross and annualised spread is 2.9% and 18.2%, respectively. 


ARA LOGOS/ESR-REIT Scheme Meeting on 21 March, IFA Opinion

Equity Capital Markets

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

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.

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

FLT offers investors an opportunity to invest in logistics and industrial real estate assets strategically located within major logistics and industrial markets of Australia, Germany and the Netherlands.

Frasers Logistics & Commercial Trust (FLT SP)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Frasers Logistics & Commercial Trust (FLT SP)

Large Potential S-REIT Flows in the Next Two Weeks

There may be a large inflow into S-REITs next week. It could range from 7-25 days of ADV or more for a large number of higher-yielding REITs and...

Travis Lundy

ARA LOGOS/ESR-REIT Scheme Meeting on 21 March, IFA Opinion

ARA Logos and ESR-REIT merger scheme meeting is set for 21 March. The IFA considers the revised scheme consideration to be fair. For a 28 April...

Arun George

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)

Large Potential S-REIT Flows in the Next Two Weeks

There may be a large inflow into S-REITs next week. It could range from 7-25 days of ADV or more for a large number of higher-yielding REITs and...

Travis Lundy

ARA LOGOS/ESR-REIT Scheme Meeting on 21 March, IFA Opinion

ARA Logos and ESR-REIT merger scheme meeting is set for 21 March. The IFA considers the revised scheme consideration to be fair. For a 28 April...

Arun George

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