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

Japan Metropolitan Fund Investment Corporation / Equity Capital Markets

Japan Metropolitan Fund Investment Corporation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-metropolitan-fund-investment-corporation" target="_blank" data-smartkarma-citation="entities:735:1" rel="noopener">Japan Metropolitan Fund Investment Corporation (8953 JP)</a> aims to raise around US$140m to partly fund the acquisition of four assets.</li>
<li>The deal will be relatively small, in terms of ADV and dilution.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Japan Metropolitan Fund Investment Corporation (8953 JP) aims to raise around US$140m to partly fund the acquisition of four assets.
The deal will be relatively small, in terms of ADV and dilution.
In this note, we will talk about the placement and run the deal through our ECM framework.


Japan Metropolitan Fund Placement - Relatively Small Deal to Digest

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On 16 October, the Asset Management Co of <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a> announced earnings, the execution of a Revival Plan, and said the sponsor, Sankei Building would buy more.</li>
<li>They'll buy for up to 220 days starting sometime before Feb-end. Presumably after the Revival Plan transactions have been executed. </li>
<li>The REIT is cheap to peers. It is small to peers. It needs some reviving. But when a sponsor promises to buy, it pays to take a look. </li>
</ul>


On 16 October, the Asset Management Co of Sankei Real Estate (2972 JP) announced earnings, the execution of a Revival Plan, and said the sponsor, Sankei Building would buy more.
They'll buy for up to 220 days starting sometime before Feb-end. Presumably after the Revival Plan transactions have been executed. 
The REIT is cheap to peers. It is small to peers. It needs some reviving. But when a sponsor promises to buy, it pays to take a look. 


Sponsor of Sankei Real Estate (2972) To Buy More Units in Revival Plan

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> plans to raise around US$230m to fund the acquisition of six hotel assets in Japan.</li>
<li>The stock has done well over the past year and so have most of its deals which we have covered in the past.</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) plans to raise around US$230m to fund the acquisition of six hotel assets in Japan.
The stock has done well over the past year and so have most of its deals which we have covered in the past.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Invincible Investment Corp Placement - Decent Accretion Despite the Large Dilution

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-excellent-inc" target="_blank" data-smartkarma-citation="entities:12745:1" rel="noopener">Japan Excellent (8987 JP)</a> has been the worst-performing Office J-REIT amongst the existing crop since the end of 2019.</li>
<li>Today, we got news of a possible flow event - a buyer.</li>
<li>There is room here for Japan Excellent to outperform over the next several months.</li>
</ul>



Japan Excellent (8987 JP) has been the worst-performing Office J-REIT amongst the existing crop since the end of 2019.
Today, we got news of a possible flow event - a buyer.
There is room here for Japan Excellent to outperform over the next several months.


Japan Excellent REIT (8987) - Possible Sustained Flow Event

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.

Mapletree North Asia Commercial Trust / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106:1" rel="noopener">Mapletree Commercial Trust (MCT SP)</a>’s EGM, <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a>/MNACT’s EGM and trust scheme meeting will take place on 23 May. The effective date is 8 August.</li>
<li>The IFA considers the scheme consideration to be fair. We think that IFA’s valuation approach is broadly sound with some areas for improvement. </li>
<li>For a 17 August payment, the gross and annualised spread of the cash-only consideration (including permitted clean-up DPU) is 1.6% and 5.6%, respectively. </li>
</ul>



Mapletree Commercial Trust (MCT SP)’s EGM, Mapletree North Asia Commercial Trust (MAGIC SP)/MNACT’s EGM and trust scheme meeting will take place on 23 May. The effective date is 8 August.
The IFA considers the scheme consideration to be fair. We think that IFA’s valuation approach is broadly sound with some areas for improvement. 
For a 17 August payment, the gross and annualised spread of the cash-only consideration (including permitted clean-up DPU) is 1.6% and 5.6%, respectively. 


MNACT's Scheme Meeting on 23 May, IFA Opinion

Japan

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

Price Gauge
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Ichigo Office REIT Investment Corporation (8975 JP)

Japan Metropolitan Fund Placement - Relatively Small Deal to Digest

Japan Metropolitan Fund Investment Corporation (8953 JP) aims to raise around US$140m to partly fund the acquisition of four assets.

Sumeet Singh

Invincible Investment Corp Placement - Decent Accretion Despite the Large Dilution

Invincible Investment plans to raise around US$230m to fund the acquisition of six hotel assets in Japan. In this note, we talk about the deal...

Sumeet Singh

Japan Excellent REIT (8987) - Possible Sustained Flow Event

Japan Excellent is a mid-range (but small) office J-REIT. Slightly under-levered. Slightly high dividend. The sponsor wants greater investor...

Travis Lundy

MNACT's Scheme Meeting on 23 May, IFA Opinion

The IFA considers the scheme consideration to be fair. For a 17 August payment, the annualised spread of the cash-only consideration (including...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Metropolitan Fund Placement - Relatively Small Deal to Digest

Japan Metropolitan Fund Investment Corporation (8953 JP) aims to raise around US$140m to partly fund the acquisition of four assets.

Sumeet Singh

Sponsor of Sankei Real Estate (2972) To Buy More Units in Revival Plan

Earnings remain burdened by low occupancy in Shinagawa. There's a plan to deal with that. Then there's a plan for the Sponsor to buy 9.99% of...

Travis Lundy

Invincible Investment Corp Placement - Decent Accretion Despite the Large Dilution

Invincible Investment plans to raise around US$230m to fund the acquisition of six hotel assets in Japan. In this note, we talk about the deal...

Sumeet Singh

Japan Excellent REIT (8987) - Possible Sustained Flow Event

Japan Excellent is a mid-range (but small) office J-REIT. Slightly under-levered. Slightly high dividend. The sponsor wants greater investor...

Travis Lundy

MNACT's Scheme Meeting on 23 May, IFA Opinion

The IFA considers the scheme consideration to be fair. For a 17 August payment, the annualised spread of the cash-only consideration (including...

Arun George