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

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, HK market sentiment is likely to be put to test again with the upcoming listing for <a href="https://www.smartkarma.com/entities/growatt-new-energy-technology" target="_blank" data-smartkarma-citation="entities:36103:1" rel="noopener">Growatt Technology.</a>
</li>
<li>The REIT were once again at the front lines this week for placements, while <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a> has so far been holding up.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, HK market sentiment is likely to be put to test again with the upcoming listing for Growatt Technology.

The REIT were once again at the front lines this week for placements, while Rakuten (4755 JP) has so far been holding up.


ECM Weekly (28th May 2023) - HK Trip Notes, Rakuten, JD Ind, Horizon Const, Nippon Prologis, MINT

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Mapletree Industrial Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mapletree-industrial-trust" target="_blank" data-smartkarma-citation="entities:40:1" rel="noopener">Mapletree Industrial Trust (MINT SP)</a> is looking to raise at least S$202m (US$150m) in its primary placement.</li>
<li>The proceeds will be used to partially fund its acquisition of a data centre asset in downtown Osaka, Japan, while the remainder will be funded by debt.</li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Mapletree Industrial Trust (MINT SP) is looking to raise at least S$202m (US$150m) in its primary placement.
The proceeds will be used to partially fund its acquisition of a data centre asset in downtown Osaka, Japan, while the remainder will be funded by debt.
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


Mapletree Industrial Trust Placement - Data Centre Exposure Still on the Rise

CapitaLand Ascendas REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/capitaland-ascendas-reit" target="_blank" data-smartkarma-citation="entities:39:1" rel="noopener">CapitaLand Ascendas REIT (CLAR SP)</a> is looking to raise up to S$459m (US$344m) in its primary placement. The proceeds will be used for acquisition, redevelopment and debt repayment purposes. </li>
<li>The deal will be a large one to digest at 15.8 days of three month ADV and 3.9% dilution.  </li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



CapitaLand Ascendas REIT (CLAR SP) is looking to raise up to S$459m (US$344m) in its primary placement. The proceeds will be used for acquisition, redevelopment and debt repayment purposes. 
The deal will be a large one to digest at 15.8 days of three month ADV and 3.9% dilution.  
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


Capitaland Ascendas REIT Placement - Good Track Record and Most Deals Have Performed Well

Mapletree Logistics Trust / Equity Capital Markets

<ul>
<li>Mapletree Logistics Trust (MLT SP) plans to raise around US$150 (S$200m) to partially fund the acquisition of logistics properties in Japan, Australia and South Korea.</li>
<li>We have earlier covered the previous six placements for the REIT since 2017. Most of the past deals have done well except for the two most recent ones.</li>
<li>In this note, we will run the deal through our ECM framework and talk about deal dynamics.</li>
</ul>


Mapletree Logistics Trust (MLT SP) plans to raise around US$150 (S$200m) to partially fund the acquisition of logistics properties in Japan, Australia and South Korea.
We have earlier covered the previous six placements for the REIT since 2017. Most of the past deals have done well except for the two most recent ones.
In this note, we will run the deal through our ECM framework and talk about deal dynamics.


MLT Placement - Small Deal but Recent Deals Didn’t Do Well

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>REIT Watch – Industrial S-Reits record positive rental reversions Mapletree Logistics Trust (MLT), Aims Apac Reit (AAReit) and Mapletree Industrial Trust (MIT) received the most institutional net inflows this year-to-date totalling S$12 million, while ESR-Logos Reit (E-Log), MIT and Sabana Industrial Reit received the most net retail inflows totalling S$22 million.</li><li>Sabana Industrial Reit, the only industrial S-Reit with all of its assets in Singapore, saw FY22 gross revenue rise by 15.9 per cent yoy, while NPI rose 2.6 per cent yoy.</li></ul>

REIT Watch – Industrial S-Reits record positive rental reversions Mapletree Logistics Trust (MLT), Aims Apac Reit (AAReit) and Mapletree Industrial Trust (MIT) received the most institutional net inflows this year-to-date totalling S$12 million, while ESR-Logos Reit (E-Log), MIT and Sabana Industrial Reit received the most net retail inflows totalling S$22 million.Sabana Industrial Reit, the only industrial S-Reit with all of its assets in Singapore, saw FY22 gross revenue rise by 15.9 per cent yoy, while NPI rose 2.6 per cent yoy.

REIT Watch – Industrial S-Reits record positive rental reversions

Singapore

Mapletree Industrial Trust is a Singapore-focused real estate investment trust with a large and diversified portfolio of industrial properties. The Trust invests in a diverse portfolio of industrial properties with the primary objective of achieving an attractive level of return from rental income and for long-term capital growth.

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Mapletree Industrial Trust (MINT SP)

ECM Weekly (28th May 2023) - HK Trip Notes, Rakuten, JD Ind, Horizon Const, Nippon Prologis, MINT

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Mapletree Industrial Trust Placement - Data Centre Exposure Still on the Rise

Mapletree Industrial Trust (MINT SP) is looking to raise at least S$202m (US$150m) in its primary placement. In this note, we'll run the deal...

Ethan Aw

Capitaland Ascendas REIT Placement - Good Track Record and Most Deals Have Performed Well

CapitaLand Ascendas REIT (CLAR SP) is looking to raise up to S$459m (US$344m) in its primary placement. In this note, we'll run the deal through...

Ethan Aw

MLT Placement - Small Deal but Recent Deals Didn’t Do Well

Mapletree Logistics Trust (MLT SP) plans to raise around US$150 (S$200m) to partially fund the acquisition of logistics properties in Japan,...

Sumeet Singh

REIT Watch – Industrial S-Reits record positive rental reversions

REIT Watch – Industrial S-Reits record positive rental reversions Mapletree Logistics Trust (MLT), Aims Apac Reit (AAReit) and Mapletree...

Singapore Exchange Ltd (SGX)

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