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.

Equity Capital Markets

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> has launched an SGX IPO to raise gross proceeds of S$464 million ($343 million) at an IPO price of S$0.80 per unit. </li>
<li>In <a href="https://www.smartkarma.com/insights/daiwa-house-logistics-trust-ipo-the-flow-of-things" target="_blank" data-smartkarma-citation="insights:60978" rel="noopener">Daiwa House Logistics Trust IPO: The Flow of Things</a>, we outlined its attractive value proposition.  </li>
<li>Our valuation analysis suggests that the IPO price of S$0.80 per unit is reasonable.</li>
</ul>



Daiwa House Logistics Trust (DHLT SP) has launched an SGX IPO to raise gross proceeds of S$464 million ($343 million) at an IPO price of S$0.80 per unit. 
In Daiwa House Logistics Trust IPO: The Flow of Things, we outlined its attractive value proposition.  
Our valuation analysis suggests that the IPO price of S$0.80 per unit is reasonable.


Daiwa House Logistics Trust IPO: Valuation Insights

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<p>Last Friday after market-close, <a href="https://www.smartkarma.com/entities/glp-j-reit" target="_blank" data-smartkarma-citation="entities:11009:1" rel="noopener">GLP J-REIT (3281 JP)</a> (<strong>"GLP"</strong>) launched a follow-on equity offering (<a href="https://ssl4.eir-parts.net/doc/3281/tdnet/1993205/00.pdf" target="_blank" rel="noopener">J-only</a>) to fund part of their recent property acquisition. </p><p>The primary offer quantity is 142,513 units. Out of this, 83,831 units are expected to be allocated for domestic investors and 58,682 units are expected to be allocated for foreign investors. There is also an over-allotment quantity of 4,192 units. The total size of the offering could be approximately ¥26bn (~US$235mn). </p><div><p>The Offer Price will be determined between 30th June and 5th July 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></div>

Last Friday after market-close, GLP J-REIT (3281 JP) ("GLP") launched a follow-on equity offering (J-only) to fund part of their recent property acquisition. The primary offer quantity is 142,513 units. Out of this, 83,831 units are expected to be allocated for domestic investors and 58,682 units are expected to be allocated for foreign investors. There is also an over-allotment quantity of 4,192 units. The total size of the offering could be approximately ¥26bn (~US$235mn). The Offer Price will be determined between 30th June and 5th July 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.

JREIT Offering: GLP J-REIT (3281 JP) - Take It Vs TSEREIT Index

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.

<div><p><a href="https://www.smartkarma.com/entities/glp-j-reit" target="_blank" data-smartkarma-citation="entities:11009:1" rel="noopener">GLP J-REIT (3281 JP) </a>is looking to raise  around US$230m in its placement to acquire four assets located in Tokyo and Osaka. This is the third fund raising by the company in a little over a year. All of the past deals have done well.</p></div><div><p>Links to our coverage of previous placements done by GLP J-REIT:</p></div><div><ul style="list-style-type: disc;">
<li><a href="https://www.smartkarma.com/insights/glp-j-reit-placement-accretive-acquisition-past-deals-have-done-well" target="_blank" rel="noopener">GLP J-REIT Placement - Accretive Acquisition, past Deals Have Done Well</a></li>
<li><a href="https://www.smartkarma.com/insights/glp-j-reit-placement-a-large-but-accretive-acquisition" target="_blank" rel="noopener">GLP J-REIT Placement - A Large but Accretive Acquisition</a></li>
<li>
<a href="https://www.smartkarma.com/insights/glp-j-reit-placement-setting-a-new-trend-for-jreits" target="_blank" data-smartkarma-citation="insights:40622" rel="noopener">GLP J-REIT Placement - Setting a New Trend for JREITs</a> </li>
<li><a href="https://www.smartkarma.com/insights/glp-j-reit-placement-already-back-for-more-but-still-getting-good-accretion" target="_blank" rel="noopener">GLP J-REIT Placement - Already Back for More but Still Getting Good Accretion</a></li>
</ul></div><p>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</p>

GLP J-REIT (3281 JP) is looking to raise  around US$230m in its placement to acquire four assets located in Tokyo and Osaka. This is the third fund raising by the company in a little over a year. All of the past deals have done well.Links to our coverage of previous placements done by GLP J-REIT:
GLP J-REIT Placement - Accretive Acquisition, past Deals Have Done Well
GLP J-REIT Placement - A Large but Accretive Acquisition

GLP J-REIT Placement - Setting a New Trend for JREITs 
GLP J-REIT Placement - Already Back for More but Still Getting Good Accretion
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.

GLP J-REIT Placement - Almost All the past Deals Have Done Well but Shares Are at an All Time High

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

Lasalle Logiport REIT / Equity Capital Markets

<p>After market-close on 14th April, Logistics J-REIT <a href="https://www.smartkarma.com/entities/lasalle-logiport-reit" target="_blank" data-smartkarma-citation="entities:22658:1" rel="noopener">Lasalle Logiport REIT (3466 JP)</a> launched a <a href="http://lasalle-logiport.com/file/en-news-44b0c5bed854001d0e4980a029de993341612e77.pdf" target="_blank" rel="noopener">follow-on equity offering</a> to fund part of their recent property acquisition. </p><p>The primary offer quantity is 140,000 units out of which 73,850 units are expected to be allocated to the domestic market and 66,150 units are expected to be allocated to foreign buyers. There is also an over-allotment quantity of 7,000 units. The total size of this offering could be around ¥25bn (~US$230mn). </p><div><p>The Offer Price will be determined between 21st April and 26th April (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>

After market-close on 14th April, Logistics J-REIT Lasalle Logiport REIT (3466 JP) launched a follow-on equity offering to fund part of their recent property acquisition. The primary offer quantity is 140,000 units out of which 73,850 units are expected to be allocated to the domestic market and 66,150 units are expected to be allocated to foreign buyers. There is also an over-allotment quantity of 7,000 units. The total size of this offering could be around ¥25bn (~US$230mn). The Offer Price will be determined between 21st April and 26th April (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: Lasalle Logiport REIT (3466 JP) - Take It (Vs Comps)

Japan

Japan Logistics Fund Inc. is a real estate investment trust (REIT) that directly invests in real estate properties used for logistics businesses.  The Company also invests in securitized real estate products.

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Japan Logistics Fund (8967 JP)

Daiwa House Logistics Trust IPO: Valuation Insights

Our valuation analysis suggests that the IPO price of S$0.80 per unit is reasonable. Bookbuilding will end on 18 Nov, with an expected listing date...

Arun George

JREIT Offering: GLP J-REIT (3281 JP) - Take It Vs TSEREIT Index

GLP is a big boy of the Japan Logistics REITs space and REITs logistics have been a growth area. So far in 2021 they have underperf'd, but GLP...

Janaghan Jeyakumar, CFA

GLP J-REIT Placement - Almost All the past Deals Have Done Well but Shares Are at an All Time High

GLP J-REIT (3281 JP) is looking to raise around US$230m in its placement to acquire four assets located in Tokyo and Osaka. This is the third fund...

Sumeet Singh

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

JREIT Offering: Lasalle Logiport REIT (3466 JP) - Take It (Vs Comps)

Lasalle Logiport REIT trades slightly cheap to its large logistics peers and isn't issuing after a big run like last August. Take the deal.

Janaghan Jeyakumar, CFA

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