Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

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Invincible Investment / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/3617" target="_blank" data-smartkarma-citation="entities:3617">Invincible Investment Corp</a> (INV) , a leading Japan Hotel REIT, plans to raise US$329m, in order to fund asset acquisition.</p><ul>
<li>The deal scores slightly above the borderline for participation on our Placement Framework, as valuation category is negatively affected by its relative rich valuation against peers. </li>
<li>The acquisition is accretive and the shares have been trading well since the deal was announced. </li>
<li>The large size of the placement versus ADV remains a key risk to its short term performance.</li>
<li>…</li>
</ul>

Invincible Investment Corp (INV) , a leading Japan Hotel REIT, plans to raise US$329m, in order to fund asset acquisition.
The deal scores slightly above the borderline for participation on our Placement Framework, as valuation category is negatively affected by its relative rich valuation against peers. 
The acquisition is accretive and the shares have been trading well since the deal was announced. 
The large size of the placement versus ADV remains a key risk to its short term performance.
…


Invincible REIT Placement: Earning Accretive, Tourist Exposure, Beware of the Size

Japan

Japan Hotel REIT Investment Corporation is a real estate investment trust(REIT) which invests in securitized real estate products. The Company mainly invests in real estate properties used in hotels.

United Urban Investment Corporation is a real estate investment trust (REIT). The Company directly invests in real estate properties such as shopping centers, offices, hotels, and residential buildings.

ORIX JREIT Inc. is a real estate investment trust (REIT) which invests in securitized real estate products.  The Company directly invests in real estate properties such as offices, rental housings, and hotels.

Advance Residence Investment is a real estate investment trust (REIT) which invests in securitized real estate products. The Company is established through the merger of Advance Residence Investment and Nippon Residential Investment Corporation.

Japan Prime Realty Investment Corporation is a real estate investment trust (REIT) which mainly invests in office buildings and commercial-use facilities nationwide.

Industrial & Infrastructure Fund Investment Corporation is a a real estate investment trust (REIT). The Company invests in real estate properties such as facilities for industry and infrastructure institution.

Industrial & Infrastructure Fund Investment (3249 JP)

Industrial & Infrastructure Fund Investment

Nippon Accommodations Fund Inc. is a real estate investment trust (REIT), which invests in income producing properties.  The Company invests in residential buildings.

Sekisui House Reit, Inc. is a real estate investment trust (REIT) which mainly invests in real estate and securitized real estate products. Properties are mainly Business office buildings and are located in Tokyo, Osaka and Nagoya area. Sekisui House Reit, Inc. also invests in commercial properties in foreign countries.

Daiwa House REIT Investment Corp. is a real estate investment trust (REIT) which invests in securitized real estate products. The Company mainly invests in residential rental properties and commercial properties.

MORI HILLS REIT INVESTMENT CORPORATION is a real estate investment trust (REIT). The Company invests in real estate properties such as commercial and office buildings.

Mori Hills REIT Investment Corporation (3234 JP)

Keppel DC REIT is Asia's first pure-play data centre REIT listed on the Singapore Exchange. Keppel DC REIT's investment strategy is to principally invest, directly or indirectly, in a diversified portfolio of income-producing real estate assets which are used primarily for data centre purposes, as well as real estate related assets.

Suntec Real Estate Investment Trust is a commercial real estate investment trust. The Trust invests in income-producing real estate that is primarily used for retail and/or office purposes.

Keppel REIT operates as a commercial real estate investment trust. The Trust owns and invests in a portfolio of income-producing office buildings and related real estate assets. Keppel REIT offers its services in Asia and Australia.

Frasers Centrepoint Trust is a retail real estate investment trust focused on growing unitholder value through asset management, financial management and strategic investments.  The trust invests in retail properties in Singapore and overseas.

Corporate Office Properties Trust is a real estate investment trust which focuses on the acquisition, ownership and operation of suburban office properties located in high-growth submarkets.

Medical Properties Trust Inc. is a self-advised real estate investment trust formed to acquire and develop net-leased healthcare facilities. These facilities include inpatient rehabilitation hospitals, long-term acute care hospitals, regional acute care hospitals, ambulatory surgery centers, and other single-discipline healthcare facilities such as heart hospitals.

National Health Investors, Inc. invests in income producing health care properties primarily via property ownership and providing mortgage financing. It's major assets are in the long term care industry, followed by investments in acute care hospitals, medical office buildings, assisted living facilities, retirement centers and projects for the developmentally disabled.

KLCC Property Holdings Bhd comprises of units in a Real Estate Investment Trust (KLCC REIT) stapled together with the ordinary shares of KLCC Property Holdings Berhad. The Stapled Security, through the subsidiaries of KLCC Property Holdings Berhad, is engaged in providing facility management services and car parking management services.

EPR Properties is a real estate investment trust.  The Company acquires and develops properties leased to entertainment and entertainment related business operators generally under long-term triple net leases. The Company plans to focus primarily on megaplex theaters and entertainment themed retail centers.

National Storage Affiliates Trust operates as a real estate investment trust. The Trust focuses on the ownership, operation, and acquisition of self-storage properties located within the United States.

Invincible Investment Corp is a real estate investment trust (REIT) which  invests in securitized real estate products. TGR Investment invests in income  producing residential and office buildings.

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Invincible Investment (8963 JP)

Invincible REIT Placement: Earning Accretive, Tourist Exposure, Beware of the Size

Invincible Investment Corp (INV) , a leading Japan Hotel REIT, plans to raise US$329m, in order to fund asset acquisition. The deal scores slightly...

Ke Yan, CFA, FRM

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