Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Equity Capital Markets

Aeon Reit Investment / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/aeon-reit-investment-corp" target="_blank" data-smartkarma-citation="entities:11010:1" rel="noopener">Aeon REIT Investment (3292 JP)</a> announced a <a href="https://www.aeon-jreit.co.jp/file/en-news-c4afa1361917d34d9433bbfa718f7d6ad5e1b5a6.pdf" target="_blank" rel="noopener">follow-on equity offering</a> after the close on 2nd August 2021 to fund part of their recent property acquisition.   </p><p>The primary offer quantity is 163,000 units. In addition, there will also be an over-allotment quantity of 8,150 units. The total size of this offering could be roughly ¥26bn (~US$230mn) which is slightly larger than some of the recent offerings by other JREITs. </p><div><p>The Offer Price will be determined between 11th August 2021 and 17th August 2021 (typically it has been the first day of this window for most JREIT offerings) and the day following the Offer Price Determination Day ("Pricing Date") will be the Application Date. </p></div><div>
<p><em>More below the fold.</em></p>
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<p><em>For a primer on J-REIT Offerings, their history, their patterns, etc, please refer to <strong><a href="https://www.smartkarma.com/insights/j-reit-offering-primer-get-ready-for-offering-season-2021" target="_blank" data-smartkarma-citation="insights:46416" rel="noopener">J-REIT Offering Primer: Get Ready for Offering Season 2021</a>.</strong></em></p>
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Aeon REIT Investment (3292 JP) announced a follow-on equity offering after the close on 2nd August 2021 to fund part of their recent property acquisition.   The primary offer quantity is 163,000 units. In addition, there will also be an over-allotment quantity of 8,150 units. The total size of this offering could be roughly ¥26bn (~US$230mn) which is slightly larger than some of the recent offerings by other JREITs. The Offer Price will be determined between 11th August 2021 and 17th August 2021 (typically it has been the first day of this window for most JREIT offerings) and the day following the Offer Price Determination Day ("Pricing Date") will be the Application Date. 
More below the fold.

For a primer on J-REIT Offerings, their history, their patterns, etc, please refer to J-REIT Offering Primer: Get Ready for Offering Season 2021.


JREIT Offering: Aeon REIT (3292 JP) - Take It Vs Comps

ESCON Japan REIT Investment / Equity Capital Markets

<p>Last Friday after market-close, Small-cap Retail JREIT <a href="https://www.smartkarma.com/entities/escon-japan-reit-investment" target="_blank" data-smartkarma-citation="entities:28278:1" rel="noopener">Escon Japan Reit Investment (2971 JP)</a> launched a follow-on equity offering (<a href="https://www.escon-reit.jp/file/news-2bc2805fa9a725adcb1adeb58f551bf37b84f21e.pdf" target="_blank" rel="noopener">J-only</a>) to fund part of their recent property acquisition.</p><p>The primary offer quantity is 65,700 units and there is an over-allotment quantity of 3,285 units. The total size of the offering could be approximately ¥10bn (~US$94mn). </p><div><p>The Offer Price will be determined between 19th July and 27th July 2021 (typically it has been the first day of this window for most JREIT offerings) and the two business days following the offer price determination day ("Pricing Date") will be the Application Period. </p></div><div><p><em>More below the fold.</em></p></div>

Last Friday after market-close, Small-cap Retail JREIT Escon Japan Reit Investment (2971 JP) launched a follow-on equity offering (J-only) to fund part of their recent property acquisition.The primary offer quantity is 65,700 units and there is an over-allotment quantity of 3,285 units. The total size of the offering could be approximately ¥10bn (~US$94mn). The Offer Price will be determined between 19th July and 27th July 2021 (typically it has been the first day of this window for most JREIT offerings) and the two business days following the offer price determination day ("Pricing Date") will be the Application Period. More below the fold.

JREIT Offering: Escon Japan REIT (2971 JP)

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong short data will be published after market close on 6 July due to the issuance of Black Rainstorm signal on 28 June and the public holiday on 1 July.</p></div><div><p>In Japan, stocks increased on <a href="https://www.smartkarma.com/entities/sharp-corp" target="_blank" data-smartkarma-citation="entities:391:1" rel="noopener">Sharp Corp (6753 JP)</a>, <a href="https://www.smartkarma.com/entities/plus-alpha-consulting-co-ltd" target="_blank" data-smartkarma-citation="entities:33441:1" rel="noopener">Plus Alpha Consulting (4071 JP)</a>, <a href="https://www.smartkarma.com/entities/mitsubishi-corp" target="_blank" data-smartkarma-citation="entities:20668:1" rel="noopener">Mitsubishi Corp (8058 JP)</a>, <a href="https://www.smartkarma.com/entities/cocokara-fine-inc" target="_blank" data-smartkarma-citation="entities:15447:1" rel="noopener">Cocokara Fine (3098 JP)</a> and <a href="https://www.smartkarma.com/entities/rakuten-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Inc (4755 JP)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/frontier-real-estate-invest" target="_blank" data-smartkarma-citation="entities:13526:1" rel="noopener">Frontier Real Estate Invest (8964 JP)</a>, <a href="https://www.smartkarma.com/entities/monex-group-inc" target="_blank" data-smartkarma-citation="entities:14211:1" rel="noopener">Monex Group Inc (8698 JP)</a>, <a href="https://www.smartkarma.com/entities/anritsu-corp" target="_blank" data-smartkarma-citation="entities:3700:1" rel="noopener">Anritsu Corp (6754 JP)</a>, <a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive Systems (6324 JP)</a> and <a href="https://www.smartkarma.com/entities/park24-co-ltd" target="_blank" data-smartkarma-citation="entities:5622:1" rel="noopener">Park24 Co Ltd (4666 JP)</a>. Shorts increased the most in the Consumer Discretionary, Industrials and Consumer Staples sectors.</p></div><div><p>In Korea, shorts increased on <a href="https://www.smartkarma.com/entities/doosan-heavy-industries-construction" target="_blank" data-smartkarma-citation="entities:7389:1" rel="noopener">Doosan Heavy Industries &amp; Construction (034020 KS)</a>, <a href="https://www.smartkarma.com/entities/hanwha-solutions" target="_blank" data-smartkarma-citation="entities:8656:1" rel="noopener">Hanwha Solutions (009830 KS)</a>, <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a>, <a href="https://www.smartkarma.com/entities/shinpoong-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:7296:1" rel="noopener">Shinpoong Pharmaceutical (019170 KS)</a> and <a href="https://www.smartkarma.com/entities/hmm-co-ltd" target="_blank" data-smartkarma-citation="entities:13494:1" rel="noopener">HMM Co., Ltd. (011200 KS)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a>, <a href="https://www.smartkarma.com/entities/doosan-infracore-co-ltd" target="_blank" data-smartkarma-citation="entities:3982:1" rel="noopener">Doosan Infracore (042670 KS)</a>, <a href="https://www.smartkarma.com/entities/naver-corp" target="_blank" data-smartkarma-citation="entities:16029:1" rel="noopener">Naver Corp (035420 KS)</a>, <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> and <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a>.</p></div><div><p>In Taiwan, shorts increased on <a href="https://www.smartkarma.com/entities/au-optronics-corp" target="_blank" data-smartkarma-citation="entities:6704:1" rel="noopener">AU Optronics (2409 TT)</a>, <a href="https://www.smartkarma.com/entities/micro-star-international-co" target="_blank" data-smartkarma-citation="entities:8871:1" rel="noopener">Micro Star International Co (2377 TT)</a>, <a href="https://www.smartkarma.com/entities/walsin-technology-corp" target="_blank" data-smartkarma-citation="entities:11084:1" rel="noopener">Walsin Technology (2492 TT)</a>, <a href="https://www.smartkarma.com/entities/asustek-computer-inc" target="_blank" data-smartkarma-citation="entities:13002:1" rel="noopener">Asustek Computer (2357 TT)</a> and <a href="https://www.smartkarma.com/entities/ta-chen-stainless-pipe-co-ltd" target="_blank" data-smartkarma-citation="entities:2519:1" rel="noopener">TA Chen Stainless Pipe (2027 TT)</a> while shorts covered on <a href="https://www.smartkarma.com/entities/formosa-laboratories-inc" target="_blank" data-smartkarma-citation="entities:17658:1" rel="noopener">Formosa Laboratories (4746 TT)</a>, <a href="https://www.smartkarma.com/entities/china-steel-corp" target="_blank" data-smartkarma-citation="entities:962:1" rel="noopener">China Steel (2002 TT)</a>, <a href="https://www.smartkarma.com/entities/yang-ming-marine-transport" target="_blank" data-smartkarma-citation="entities:8502:1" rel="noopener">Yang Ming Marine Transport (2609 TT)</a>, <a href="https://www.smartkarma.com/entities/taiwan-cement" target="_blank" data-smartkarma-citation="entities:19736:1" rel="noopener">Taiwan Cement (1101 TT)</a> and <a href="https://www.smartkarma.com/entities/largan-precision-co-ltd" target="_blank" data-smartkarma-citation="entities:9126:1" rel="noopener">Largan Precision (3008 TT)</a>. </p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong short data will be published after market close on 6 July due to the issuance of Black Rainstorm signal on 28 June and the public holiday on 1 July.In Japan, stocks increased on Sharp Corp (6753 JP), Plus Alpha Consulting (4071 JP), Mitsubishi Corp (8058 JP), Cocokara Fine (3098 JP) and Rakuten Inc (4755 JP) while there was short covering on Frontier Real Estate Invest (8964 JP), Monex Group Inc (8698 JP), Anritsu Corp (6754 JP), Harmonic Drive Systems (6324 JP) and Park24 Co Ltd (4666 JP). Shorts increased the most in the Consumer Discretionary, Industrials and Consumer Staples sectors.In Korea, shorts increased on Doosan Heavy Industries &amp; Construction (034020 KS), Hanwha Solutions (009830 KS), Celltrion Inc (068270 KS), Shinpoong Pharmaceutical (019170 KS) and HMM Co., Ltd. (011200 KS) while shorts were covered on SK Hynix (000660 KS), Doosan Infracore (042670 KS), Naver Corp (035420 KS), Samsung Electronics (005930 KS) and LG Chem Ltd (051910 KS).In Taiwan, shorts increased on AU Optronics (2409 TT), Micro Star International Co (2377 TT), Walsin Technology (2492 TT), Asustek Computer (2357 TT) and TA Chen Stainless Pipe (2027 TT) while shorts covered on Formosa Laboratories (4746 TT), China Steel (2002 TT), Yang Ming Marine Transport (2609 TT), Taiwan Cement (1101 TT) and Largan Precision (3008 TT). 

Asia Shorts: Sharp, Cocokara, Rakuten, Park24, Doosan, HMM, Hynix, LG Chem, AUO, Yang Ming, Largan

Frontier Real Estate Invest / Equity Capital Markets

<p>Today after market-close, <a href="https://www.smartkarma.com/entities/frontier-real-estate-invest" target="_blank" data-smartkarma-citation="entities:13526:1" rel="noopener">Frontier Real Estate Invest (8964 JP)</a> ("FRI") launched a follow-on equity offering (<a href="https://ssl4.eir-parts.net/doc/8964/tdnet/1990785/00.pdf" target="_blank" rel="noopener">J-only</a>) to fund part of their recent property acquisition. </p><p>The primary offer quantity is 28,792 units and the over-allotment quantity is 1,440 units. The total size of the offering could be approximately ¥13.6bn (~US$124mn). </p><div><p>The Offer Price will be determined between 24th and 25th June (typically it has been the first day of this window for most JREIT offerings) and the day following the offer price determination day (pricing date) will be the application date. </p></div><div><p><em>More below the fold.</em></p></div>

Today after market-close, Frontier Real Estate Invest (8964 JP) ("FRI") launched a follow-on equity offering (J-only) to fund part of their recent property acquisition. The primary offer quantity is 28,792 units and the over-allotment quantity is 1,440 units. The total size of the offering could be approximately ¥13.6bn (~US$124mn). The Offer Price will be determined between 24th and 25th June (typically it has been the first day of this window for most JREIT offerings) and the day following the offer price determination day (pricing date) will be the application date. More below the fold.

JREIT Offering: Frontier Real Estate Invest (8964 JP)

Alpha-Centric ESG Research

Kyle Rudden

<p>Announcements keep on coming from <a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" data-smartkarma-citation="entities:1047:1" rel="noopener">Singapore Exchange (SGX SP)</a> and its SGX FIRST sustainable investing platform. Weeks after launching Climate Impact X – SGX's carbon exchange joint venture with DBS, Standard Chartered, and Temasek – the exchange announced (on 14 June) the launch of the <a href="https://www.smartkarma.com/entities/sgx-nikkei-esg-reit-index-futures" target="_blank" data-smartkarma-citation="entities:33480:1" rel="noopener">SGX Nikkei ESG-REIT Index Futures (JRTA INDEX)</a> contract.</p><p>For SGX, the launch further solidifies its position as Asia's leading financial exchange for all things sustainable investing and finance (and of course, REITs). For investors, the ESG-REIT Index futures contract expands the menu of products for REIT-related ESG investing. That is far more significant than it sounds; Real Estate is a sleeping ESG giant of sorts, and investment products are lacking.</p><p>Therein lies the second of two goals for this Insight. The first is, rather obviously, to delve into the SGX Nikkei ESG-REIT product – the underlying index and futures contract. The second is to take it as an opportunity to broach an important, but often underrated, topic – the relationships between ESG and the Real Estate sector, including REITs. Much of it positive, or at least potentially so.</p><p>Think about it. One billion buildings in the world already, and expected to double by 2060.</p>

Announcements keep on coming from Singapore Exchange (SGX SP) and its SGX FIRST sustainable investing platform. Weeks after launching Climate Impact X – SGX's carbon exchange joint venture with DBS, Standard Chartered, and Temasek – the exchange announced (on 14 June) the launch of the SGX Nikkei ESG-REIT Index Futures (JRTA INDEX) contract.For SGX, the launch further solidifies its position as Asia's leading financial exchange for all things sustainable investing and finance (and of course, REITs). For investors, the ESG-REIT Index futures contract expands the menu of products for REIT-related ESG investing. That is far more significant than it sounds; Real Estate is a sleeping ESG giant of sorts, and investment products are lacking.Therein lies the second of two goals for this Insight. The first is, rather obviously, to delve into the SGX Nikkei ESG-REIT product – the underlying index and futures contract. The second is to take it as an opportunity to broach an important, but often underrated, topic – the relationships between ESG and the Real Estate sector, including REITs. Much of it positive, or at least potentially so.Think about it. One billion buildings in the world already, and expected to double by 2060.

SGX Nikkei ESG-REIT Index Futures Launch Is an Ideal Backdrop for an Important Topic: ESG and REITs

Japan

Frontier Real Estate Investment Corporation is a real estate investment trust (REIT) which invests in securitized real estate products.  The Company mainly invests in commercial buildings in metropolitan area and local cities.

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Frontier Real Estate Invest (8964 JP)

JREIT Offering: Aeon REIT (3292 JP) - Take It Vs Comps

Aeon REIT (3292 JP) announced a follow-on equity offering on 2nd August 2021 to fund part of their recent property acquisition. The total size of...

Janaghan Jeyakumar, CFA

JREIT Offering: Escon Japan REIT (2971 JP)

Escon Japan REIT is doing its second secondary offering - the first came just before the covid crash. The retail sector is iffy. And Escon trades...

Janaghan Jeyakumar, CFA

Asia Shorts: Sharp, Cocokara, Rakuten, Park24, Doosan, HMM, Hynix, LG Chem, AUO, Yang Ming, Largan

The Insight looks at large short interest movements across HK, Japan, Korea and Taiwan stocks and highlights large increases/decreases in shorts to...

Brian Freitas

JREIT Offering: Frontier Real Estate Invest (8964 JP)

Frontier REIT is coming out with its 6th ever secondary offering - this one to finance the purchase of buildings or stakes with an NOI yield below...

Janaghan Jeyakumar, CFA

SGX Nikkei ESG-REIT Index Futures Launch Is an Ideal Backdrop for an Important Topic: ESG and REITs

Singapore Exchange just launched the SGX Nikkei ESG-REIT Index futures contract. A multi-win for SGX, but it also serves as a reminder of how...

Kyle Rudden

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