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.

Equity Capital Markets

Hoshino Resorts Reit / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hoshino-resorts-reit-inc" target="_blank" data-smartkarma-citation="entities:6976:1" rel="noopener">Hoshino Resorts Reit (3287 JP)</a> is looking to raise US$125m from a primary follow-on. Proceeds will be used to acquire the OMO7 Osaka asset.</li>
<li>The REIT has been active on the acquisition front, undertaking a number of capital raisings in recent years.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Hoshino Resorts Reit (3287 JP) is looking to raise US$125m from a primary follow-on. Proceeds will be used to acquire the OMO7 Osaka asset.
The REIT has been active on the acquisition front, undertaking a number of capital raisings in recent years.
In this note, we will talk about the placement and run the deal through our ECM framework.


Hoshino Resorts REIT Placement - Another Raising to Fund an Accretive Acquisition

Invincible Investment / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/invincible-investment-corp" target="_blank" data-smartkarma-citation="entities:3617:1" rel="noopener">Invincible Investment (8963 JP)</a> is looking to raise around US$375m in its primary follow-on offering. The proceeds will be used to partially acquire 12 assets from its Sponsor’s affiliates. </li>
<li>The REIT has been very active on the acquisition front, and has highlighted its ongoing discussions with its Sponsor for acquisitions. Thus, the current deal should be well flagged.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Invincible Investment (8963 JP) is looking to raise around US$375m in its primary follow-on offering. The proceeds will be used to partially acquire 12 assets from its Sponsor’s affiliates. 
The REIT has been very active on the acquisition front, and has highlighted its ongoing discussions with its Sponsor for acquisitions. Thus, the current deal should be well flagged.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Invincible Investment Corp Placement  - Another Accretive Acquisition, past Deals Have Done Well

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, we undertook a peer comparison and looked at valuations for <a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS).</a> </li>
<li>On the placement front, it was another busy week with a number of blocks in India along with <a href="https://www.smartkarma.com/entities/asmedia-technology-inc" target="_blank" data-smartkarma-citation="entities:15732:1" rel="noopener">Asmedia Technology (5269 TT)</a>'s GDR offering and <a href="https://www.smartkarma.com/entities/exedy-corp" target="_blank" data-smartkarma-citation="entities:6516:1" rel="noopener">Exedy Corp (7278 JP)</a>. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, we undertook a peer comparison and looked at valuations for Shift Up (462870 KS). 
On the placement front, it was another busy week with a number of blocks in India along with Asmedia Technology (5269 TT)'s GDR offering and Exedy Corp (7278 JP). 


ECM Weekly (3rd June 2024) - Shift Up, QuantumPharm, Telix, Sompo, ASMedia, Exedy, Barito, Zomato

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hoshino-resorts-reit-inc" target="_blank" data-smartkarma-citation="entities:6976:1" rel="noopener">Hoshino Resorts Reit (3287 JP)</a>  ("HRR") announced a follow-on equity offering after market close on 10th November 2021 to fund part of their recent property acquisition. </li>
<li>The primary offer quantity is 19,630 units. In addition, there will also be an over-allotment quantity of 969 units. The total size of this offering could be roughly ¥13.8bn (~US$120mn). </li>
<li>Below, we take a look at the attractiveness of HHR's latest offering with greater emphasis on the potential for strong post-offering secondary market performance. </li>
</ul>



Hoshino Resorts Reit (3287 JP)  ("HRR") announced a follow-on equity offering after market close on 10th November 2021 to fund part of their recent property acquisition. 
The primary offer quantity is 19,630 units. In addition, there will also be an over-allotment quantity of 969 units. The total size of this offering could be roughly ¥13.8bn (~US$120mn). 
Below, we take a look at the attractiveness of HHR's latest offering with greater emphasis on the potential for strong post-offering secondary market performance. 


Hoshino Resorts REIT (3287 JP): Offering Seems Unexciting

Alpha-Centric ESG Research

Kyle Rudden

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.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.

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

TOKYU REIT, Inc. is a real estate investment trust (REIT) that directly invests in real estate properties such as office and commercial buildings in the Tokyo area.  The Company also invests in securitized real estate products.

Japan Excellent, Inc. is a real estate investment trust (REIT), which mainly invests in office buildings in Tokyo area and major cities in Japan.

NIPPON REIT Investment Corporation is a real estate investment trust(REIT). The Company mainly invests in real estate properties such as business offices, residential buidings and shopping centers.

HEIWA REAL ESTATE REIT, Inc. is a real estate investment trust (REIT) which invests in real estate and securitized real estate products.  The Company mainly invests in office and residential buildings in metropolitan area.

NTT UD REIT Investment Corporation is a real estate investment trust with income producing properties primarily in the Tokyo area.  The Trust's properties include office buildings and apartment projects.

NTT UD REIT Investment Corporation (8956 JP)

Star Asia Investment Corporation is a real estate investment trust(REIT). The Company mainly invests in real estate properties such as business offices, logistics facilities, residential buildings and hotels.

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

Fukuoka REIT Corporation is a real estate investment trust which invests in real estates around the Kyushu area.  The Company invests in office and commercial buildings.

Mitsubishi Estate Logistics REIT Investment Corporation operates real estate investment trust businesses. The Company provides logistics facilities investment trusts, business offices investment trusts, and other services. Mitsubishi Estate Logistics REIT Investment offers its services throughout Japan.

Hulic Reit, Inc. is a real estate investment trust which mainly invests in real estate and securitized real estate products. The Company invests mainly in properties which are business offices, commercial buildings and nursing homes.

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.

Piedmont Office Realty Trust Inc. is a fully integrated and self-managed real estate investment trust (REIT). The trust specializes in the acquisition, ownership, management and development of primarily office buildings located in major U.S. markets.

Piedmont Office Realty Trust, Inc (PDM US)

NexPoint Residential Trust, Inc. operates as a REIT.  The Company owns and operates real estate properties in the United States, primarily Multi-family in the Southeast and Southwest.

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

Arena REIT operates as a real estate investment trust. The Trust owns a portfolio in sectors such as childcare, healthcare, education and government tenanted facilities in Australia.

Armada Hoffler Properties, Inc. operates as a full service real estate company. The Company develops, builds, owns and manages office, retail, and residential properties. Armada Hoffler Properties offers its services in the Mid-Atlantic region of the United States.

Urstadt Biddle Properties Inc is a real estate investment trust. The Company is engaged in the acquisition, ownership, and management of commercial real estate, primarily neighborhood and community shopping centers in the northeastern United States. Urstadt also owns office and retail buildings and industrial properties.

Pavilion Real Estate Investment Trust is a REIT. The Company invests, directly and indirectly, in a diversified portfolio of income producing real estate used for retail purposes in Malaysia and other countries within the Asia-Pacific region.

Pavilion Real Estate Investment Trust (PREIT MK)

Saul Centers, Inc. is a real estate investment trust that invests in community and neighborhood shopping centers that are owned and operated by the Saul Organization. The Saul Organization is an operator and owner of shopping centers in the Washington-Baltimore area.

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.

Hoshino Resorts REIT, Inc. is a real estate investment trust (REIT) which invests in Hotels, Japanese-Style Inns and related facilities.

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Hoshino Resorts Reit (3287 JP)

Hoshino Resorts REIT Placement - Another Raising to Fund an Accretive Acquisition

Hoshino Resorts Reit (3287 JP) is looking to raise US$125m from a primary follow-on. Proceeds will be used to acquire the OMO7 Osaka asset.

Clarence Chu

Invincible Investment Corp Placement - Another Accretive Acquisition, past Deals Have Done Well

Invincible Investment (8963 JP) is looking to raise around US$375m in its primary follow-on offering. The proceeds will be used to partially...

Clarence Chu

ECM Weekly (3rd June 2024) - Shift Up, QuantumPharm, Telix, Sompo, ASMedia, Exedy, Barito, Zomato

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh