Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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Japan Prime Realty Investmen / Equity Capital Markets

Japan Prime Realty (JPR) plans to raise ~US$150m through &nbsp;a majority primary placement.&nbsp;The deal scores well on our framework and we would be inclined to take the deal, given: the stock has corrected by the dilution amount, since the deal announcement, and is now trading at multi-month lows, thus, valuations look reasonable vs. peers at the current juncture. In addition,&nbsp;the company has a good track record of beating its forecasts, and delivering positive returns in its previous deals.However, we would expect upside to be limited, given the recent under performance of the stock and the peer group&nbsp; versus the market, combined with the fact that the proceeds will likely be used in the short-term only to pay down debt (versus acquiring new assets) and will thus, have limited impact on distributions, in the short-term.

Japan Prime Realty (JPR) plans to raise ~US$150m through &nbsp;a majority primary placement.&nbsp;The deal scores well on our framework and we would be inclined to take the deal, given: the stock has corrected by the dilution amount, since the deal announcement, and is now trading at multi-month lows, thus, valuations look reasonable vs. peers at the current juncture. In addition,&nbsp;the company has a good track record of beating its forecasts, and delivering positive returns in its previous deals.However, we would expect upside to be limited, given the recent under performance of the stock and the peer group&nbsp; versus the market, combined with the fact that the proceeds will likely be used in the short-term only to pay down debt (versus acquiring new assets) and will thus, have limited impact on distributions, in the short-term.

Take the deal owing to its track record and reasonable relative valuations

Japan

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

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Japan Prime Realty Investmen (8955 JP)

Take the deal owing to its track record and reasonable relative valuations

Japan Prime Realty (JPR) plans to raise ~US$150m through a majority primary placement. The deal scores well on our framework and we would be...

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)