Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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Kenedix Retail REIT / Equity Capital Markets

Kenedix Retail plans to raise JPY17bn (US$155 million) in order to fund its acquisition of seven additional properties worth JPY27.1bn. The deal scores a positive score on our framework as valuations appear reasonable, the acquisition will be accretive to earnings, past deal has done well and recent price momentum remains strong. <h2>Deal overview</h2><ul>
<li>Company Name: Kenedix Retail REIT Corp</li>
<li>Ticker: 3453 JP Equity</li>
<li>Primary placement -Global Offering</li>
<li>Settlement is longer than normal, with stock settling on 21…</li>
</ul>

Kenedix Retail plans to raise JPY17bn (US$155 million) in order to fund its acquisition of seven additional properties worth JPY27.1bn. The deal scores a positive score on our framework as valuations appear reasonable, the acquisition will be accretive to earnings, past deal has done well and recent price momentum remains strong. Deal overview
Company Name: Kenedix Retail REIT Corp
Ticker: 3453 JP Equity
Primary placement -Global Offering
Settlement is longer than normal, with stock settling on 21…


Kenedix Retail REIT - IPO and past Deal Has Done Well, Valuation Remains Undemanding

Japan Metropolitan Fund Investment Corporation / Equity Capital Markets

Japan Metropolitan Fund Investment Corporation

Japan Retail Fund (8953 JP) plans to raise US$215m through a global follow on offering, in order to fund the purchase of additional properties.The deal scores a negative score on our framework largely owing to the lackluster&nbsp;momentum for the sector and market as a whole.However, we remain inclined to take the deal given: 1) the stock has corrected by 10% since the deal was announced (more than Topix or the reit index), &nbsp;and is likely pricing in the most of the negatives; 2)&nbsp;&nbsp;The stock has provided a positive return in the short-term in all its past nine deals; 3) Valuation appears inline with peers; and 4) Proceeds from the deal will be used to acquire seven more properties, however, accretion remains minimal according to the company's revised earnings.&nbsp;&nbsp;

Japan Retail Fund (8953 JP) plans to raise US$215m through a global follow on offering, in order to fund the purchase of additional properties.The deal scores a negative score on our framework largely owing to the lackluster&nbsp;momentum for the sector and market as a whole.However, we remain inclined to take the deal given: 1) the stock has corrected by 10% since the deal was announced (more than Topix or the reit index), &nbsp;and is likely pricing in the most of the negatives; 2)&nbsp;&nbsp;The stock has provided a positive return in the short-term in all its past nine deals; 3) Valuation appears inline with peers; and 4) Proceeds from the deal will be used to acquire seven more properties, however, accretion remains minimal according to the company's revised earnings.&nbsp;&nbsp;

Most previous deals have done well; however, minimal DPU accretion could limit upside

Japan

Japan Metropolitan Fund Investment Corporation operates real estate investment trust. The Company provides securitized real estate investment, real estate leasing, shopping centers investment, and other services. Japan Metropolitan Fund Investment provides its services throughout Japan.

Japan Metropolitan Fund Investment Corporation (8953 JP)

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Japan Metropolitan Fund Investment Corporation (8953 JP)

Kenedix Retail REIT - IPO and past Deal Has Done Well, Valuation Remains Undemanding

Kenedix Retail plans to raise JPY17bn (US$155 million) in order to fund its acquisition of seven additional properties worth JPY27.1bn. The deal...

Sumeet Singh

Most previous deals have done well; however, minimal DPU accretion could limit upside

Japan Retail Fund (8953 JP) plans to raise US$215m through a global follow on offering, in order to fund the purchase of additional properties.The...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)