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

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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/link-reit" target="_blank" data-smartkarma-citation="entities:872:1" rel="noopener">Link REIT (823 HK)</a> (LREIT) aims to undertake a 1 for 5 rights issue at a subscription price of HK$44.20/unit, to raise around US$2.4bn.</li>
<li>After announcing a S$2.2bn acquisition in late Dec 2022, the company explicitly mentioned that it didn’t need to raise any new capital. Thus, the rights issue marks an abrupt turnaround.</li>
<li>In this note, we talk about the right issue, its previous acquisition and the overall implications.</li>
</ul>



Link REIT (823 HK) (LREIT) aims to undertake a 1 for 5 rights issue at a subscription price of HK$44.20/unit, to raise around US$2.4bn.
After announcing a S$2.2bn acquisition in late Dec 2022, the company explicitly mentioned that it didn’t need to raise any new capital. Thus, the rights issue marks an abrupt turnaround.
In this note, we talk about the right issue, its previous acquisition and the overall implications.


Link REIT US$2.4bn Rights Issue - Mistimed but Yield at the Rights Price Might Be the Saving Grace

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The <a href="https://www.smartkarma.com/entities/sabana-industrial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:911:1" rel="noopener">Sabana Industrial REIT (SSREIT SP)</a> 2022H2 dividend went ex- on 6 February 2023, setting the Offer to be lowered. The Offer by Volare was lowered. Docs out Friday night.</li>
<li>The S$0.465 Offer, adjusted for dividends (to be paid 27 March (cash or DRP units)), is now S$0.4504 per unit. The first close is 10 March 2023. </li>
<li>Sabana has underperformed a basket of slightly higher beta peers by 1+% since the day before the announcement. Watch pro-ration risk.</li>
</ul>


The Sabana Industrial REIT (SSREIT SP) 2022H2 dividend went ex- on 6 February 2023, setting the Offer to be lowered. The Offer by Volare was lowered. Docs out Friday night.
The S$0.465 Offer, adjusted for dividends (to be paid 27 March (cash or DRP units)), is now S$0.4504 per unit. The first close is 10 March 2023. 
Sabana has underperformed a basket of slightly higher beta peers by 1+% since the day before the announcement. Watch pro-ration risk.


Sabana Industrial REIT - Offer Goes Live, Worth A Look

<ul>
<li>On Friday, after the close, 5.4% owner of <a href="https://www.smartkarma.com/entities/sabana-industrial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:911:1" rel="noopener">Sabana Industrial REIT (SSREIT SP)</a> announced it had <a href="https://links.sgx.com/FileOpen/Offer%20Announcement%20for%20Sabana%20REIT%20by%20Volare%20Group%20AG.ashx?App=Announcement&amp;FileID=744629" target="_blank" rel="noopener">offered to buy</a> another 10.0% in a Partial Offer at a recent high price.</li>
<li>The Price of the Tender Offer at S$0.465/share matches a recent (and 7-year) high and a 0.88x multiple against June 2022 NAV of S$0.53/share.</li>
<li>It's a small deal (US$35mm) for a small REIT (US$350mm) but there's an activist and an engaged not-quite sponsor, and this would make a third large unitholder in the mix.</li>
</ul>


On Friday, after the close, 5.4% owner of Sabana Industrial REIT (SSREIT SP) announced it had offered to buy another 10.0% in a Partial Offer at a recent high price.
The Price of the Tender Offer at S$0.465/share matches a recent (and 7-year) high and a 0.88x multiple against June 2022 NAV of S$0.53/share.
It's a small deal (US$35mm) for a small REIT (US$350mm) but there's an activist and an engaged not-quite sponsor, and this would make a third large unitholder in the mix.


Partial Tender for Sabana Industrial REIT - Large Additional Player to the Activist Mix

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Nexus Select Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nexus-select-trust" target="_blank" data-smartkarma-citation="entities:36566:1" rel="noopener">Nexus Select Trust (NST IN)</a> is looking to raise up to US$500m in its upcoming India IPO. </li>
<li>The bookrunners on the deal are Axis, BofA, Citi, HSBC, IIFL, JM Fin, JPM, Kotak, MS and SBI Cap.</li>
<li>Nexus Select Trust (NST) is a REIT with a portfolio of 17 Grade A urban consumption centers.</li>
</ul>



Nexus Select Trust (NST IN) is looking to raise up to US$500m in its upcoming India IPO. 
The bookrunners on the deal are Axis, BofA, Citi, HSBC, IIFL, JM Fin, JPM, Kotak, MS and SBI Cap.
Nexus Select Trust (NST) is a REIT with a portfolio of 17 Grade A urban consumption centers.


Singapore

Mapletree Logistics Trust is an Asia-focused logistics real estate investment trust. The Company invests in a diversified portfolio of income-producing real estate which is used for logistics purposes.

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Mapletree Logistics Trust (MLT SP)

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

Link REIT US$2.4bn Rights Issue - Mistimed but Yield at the Rights Price Might Be the Saving Grace

Link REIT (823 HK) (LREIT) aims to undertake a 1 for 5 rights issue at a subscription price of HK$44.20/unit, to raise around US$2.4bn. In this...

Sumeet Singh

Sabana Industrial REIT - Offer Goes Live, Worth A Look

Volare AG's Partial Offer to buy 10% of Sabana Industrial REIT is now live. The div has been paid, Offer Price adjusted, and Sabana is cheap vs...

Travis Lundy

Partial Tender for Sabana Industrial REIT - Large Additional Player to the Activist Mix

Private industrial concern with significant fuel/real estate presence Volare Group AG owns 5.4% of Sabana Industrial REIT. They have announced a...

Travis Lundy

Nexus Select Trust Pre-IPO Tearsheet

Nexus Select Trust (NST IN) is looking to raise up to US$500m in its upcoming India IPO. The bookrunners on the deal are Axis, BofA, Citi, HSBC,...

Clarence Chu

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