Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Mapletree North Asia Commercial Trust / Event-Driven

<ul>
<li>Today is the last day of trading for <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> also known as MNACT.</li>
<li>That means today is index deletion day for any number of global indices, even though MNACT is not in many of the major ones. </li>
<li>Payment will be S$1.949/unit plus a Clean-Up Distribution. There may be opportunities at the close. Strategy below.</li>
</ul>


Today is the last day of trading for Mapletree North Asia Commercial Trust (MAGIC SP) also known as MNACT.
That means today is index deletion day for any number of global indices, even though MNACT is not in many of the major ones. 
Payment will be S$1.949/unit plus a Clean-Up Distribution. There may be opportunities at the close. Strategy below.


Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/capitaland-integrated-commercial-trust" target="_blank" data-smartkarma-citation="entities:105" rel="noopener">Capitaland Integrated Commercial Trust (CICT SP)</a> renews leases with Temasek subsidiaries</li><li><a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> , <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> unitholders approved merger to create third largest SREIT</li><li>Suburban condos have outperformed prime ones the last decade and may continue given regulations in place</li></ul>

Capitaland Integrated Commercial Trust (CICT SP) renews leases with Temasek subsidiariesMapletree Commercial Trust (MCT SP) , Mapletree North Asia Commercial Trust (MAGIC SP) unitholders approved merger to create third largest SREITSuburban condos have outperformed prime ones the last decade and may continue given regulations in place

ASEAN Builder's Scoop (24May22) - CICT Renews Leases with Temasek Subs

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106:1" rel="noopener">Mapletree Commercial Trust (MCT SP)</a>’s EGM, <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a>/MNACT’s EGM and trust scheme meeting will take place on 23 May. The effective date is 8 August.</li>
<li>The IFA considers the scheme consideration to be fair. We think that IFA’s valuation approach is broadly sound with some areas for improvement. </li>
<li>For a 17 August payment, the gross and annualised spread of the cash-only consideration (including permitted clean-up DPU) is 1.6% and 5.6%, respectively. </li>
</ul>



Mapletree Commercial Trust (MCT SP)’s EGM, Mapletree North Asia Commercial Trust (MAGIC SP)/MNACT’s EGM and trust scheme meeting will take place on 23 May. The effective date is 8 August.
The IFA considers the scheme consideration to be fair. We think that IFA’s valuation approach is broadly sound with some areas for improvement. 
For a 17 August payment, the gross and annualised spread of the cash-only consideration (including permitted clean-up DPU) is 1.6% and 5.6%, respectively. 


MNACT's Scheme Meeting on 23 May, IFA Opinion

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore and the US (Chinese ADRs only).</li>
<li>This week, the highest gross spreads are <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a>, <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, <a href="https://www.smartkarma.com/entities/shanghai-dongzheng-automotive-finance-co-ltd" target="_blank" data-smartkarma-citation="entities:27984:1" rel="noopener">Dongzheng Automotive Finance (2718 HK)</a>, <a href="https://www.smartkarma.com/entities/sezzle-inc" target="_blank" data-smartkarma-citation="entities:30969:1" rel="noopener">Sezzle Inc (SZL AU)</a>, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a>. </li>
<li>The lowest gross spreads are <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a>, <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a>, <a href="https://www.smartkarma.com/entities/51-job-inc-adr" target="_blank" data-smartkarma-citation="entities:532:1" rel="noopener">51 Job Inc Adr (JOBS US)</a>, <a href="https://www.smartkarma.com/entities/china-logistics-property-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:22799:1" rel="noopener">China Logistics Property Holdings (1589 HK)</a>, Jin Jiang Capital.</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore and the US (Chinese ADRs only).
This week, the highest gross spreads are 21Vianet Group (VNET US), Yashili International Holdings (1230 HK), Dongzheng Automotive Finance (2718 HK), Sezzle Inc (SZL AU), Link Administration Holdings (LNK AU). 
The lowest gross spreads are Virtus Health (VRT AU), Uniti Group Ltd (UWL AU), 51 Job Inc Adr (JOBS US), China Logistics Property Holdings (1589 HK), Jin Jiang Capital.


Merger Arb Mondays (25 Apr) - VNET, Yashili, Dongzheng AFC, Sezzle, Link, Razer, Ramsay Health

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

Mapletree North Asia Commercial Trust / Equity Bottom-Up

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2022-04/Capture_11.PNG' alt='Schedule of SREIT earnings' />
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 <div class='content-caption'>Schedule of SREIT earnings</div>
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SPH Reit kicked off the current financial reporting season for S-Reits on Apr 1, 2022 with the release of its H1 FY2022 (ended Feb 28, 2022) financial results.

This was followed by 7 other S-Reits, including Keppel DC Reit (Q1 business update), Keppel Pacific Oak US Reit (Q1 business update), Mapletree North Asia Commercial Trust (full-year results), Keppel Reit (Q1 business update), Mapletree Commercial Trust (full-year results), Digital Core Reit (Q1 business update) and Sabana Industrial Reit (Q1 business update), over a 3-day period from Apr 19 to 21, 2022.

Another 22 S-Reits have also confirmed that they will unveil financial results or business updates between Apr 22, 2022 and May 12, 2022 for their respective periods ended Mar 31, 2022. 
Among them, 3 would be reporting full-year financial results, 4 would be reporting first-half or first-quarter financial results, and another 15 would be providing quarterly business updates.

Mapletree North Asia Commercial Trust (MNACT) and Mapletree Commercial Trust (MCT) have both released financial results for the full year from Apr 1, 2021 to Mar 31, 2022 (FY21/22) while Mapletree Industrial Trust and Mapletree Logistics Trust will be unveiling full-year results on Apr 26 and 28, respectively.

Both MNACT and MCT managers reiterated their confidence and commitment to the proposed merger of the 2 trusts, citing long-term value and scale of the merged entity. 
On Mar 21, 2022, the trusts announced an alternative option for MNACT unitholders to receive the scheme consideration wholly in cash, providing additional optionality and enhanced flexibility to MNACT unitholders who wish to fully realise their investment, given higher uncertainty amid prevailing market conditions.

Both trusts are expected to hold extraordinary general meetings (EGMs) to obtain approvals from unitholders by end May 2022. REIT Watch is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/singapore-office-s-reits-poised-to-benefit-from-positive-rental-momentum-0"> </a><a href="https://www.businesstimes.com.sg/companies-markets/upcoming-s-reits-earnings-releases-schedule-0">read </a>the original version.
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    Schedule of SREIT earnings


SPH Reit kicked off the current financial reporting season for S-Reits on Apr 1, 2022 with the release of its H1 FY2022 (ended Feb 28, 2022) financial results.

This was followed by 7 other S-Reits, including Keppel DC Reit (Q1 business update), Keppel Pacific Oak US Reit (Q1 business update), Mapletree North Asia Commercial Trust (full-year results), Keppel Reit (Q1 business update), Mapletree Commercial Trust (full-year results), Digital Core Reit (Q1 business update) and Sabana Industrial Reit (Q1 business update), over a 3-day period from Apr 19 to 21, 2022.

Another 22 S-Reits have also confirmed that they will unveil financial results or business updates between Apr 22, 2022 and May 12, 2022 for their respective periods ended Mar 31, 2022.  
Among them, 3 would be reporting full-year financial results, 4 would be reporting first-half or first-quarter financial results, and another 15 would be providing quarterly business updates.

Mapletree North Asia Commercial Trust (MNACT) and Mapletree Commercial Trust (MCT) have both released financial results for the full year from Apr 1, 2021 to Mar 31, 2022 (FY21/22) while Mapletree Industrial Trust and Mapletree Logistics Trust will be unveiling full-year results on Apr 26 and 28, respectively.

Both MNACT and MCT managers reiterated their confidence and commitment to the proposed merger of the 2 trusts, citing long-term value and scale of the merged entity.  
On Mar 21, 2022, the trusts announced an alternative option for MNACT unitholders to receive the scheme consideration wholly in cash, providing additional optionality and enhanced flexibility to MNACT unitholders who wish to fully realise their investment, given higher uncertainty amid prevailing market conditions.

Both trusts are expected to hold extraordinary general meetings (EGMs) to obtain approvals from unitholders by end May 2022.  REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - Upcoming S-Reits' earnings releases schedule

Singapore

Mapletree North Asia Commercial Trust operates as a real estate investment trust. The Company manages and invests in commercial properties, including logistics, industrial spaces, and office buildings. Mapletree North Asia Commercial Trust serves customers in Asia.

Mapletree North Asia Commercial Trust (MAGIC SP)

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Mapletree North Asia Commercial Trust (MAGIC SP)

Last Minute MNACT Arb and Index Selling

Today is the last trading day for MNACT. There will be index selling and probably some non-index selling into the close. The index selling may be...

Travis Lundy

ASEAN Builder's Scoop (24May22) - CICT Renews Leases with Temasek Subs

MCT-MAGIC merger gets nod from unitholders; Suburban condos outperforming prime; APAC driving global RE flows; House inquiry of BIG, MEG closure...

SCCM Asia Research

MNACT's Scheme Meeting on 23 May, IFA Opinion

The IFA considers the scheme consideration to be fair. For a 17 August payment, the annualised spread of the cash-only consideration (including...

Arun George

Merger Arb Mondays (25 Apr) - VNET, Yashili, Dongzheng AFC, Sezzle, Link, Razer, Ramsay Health

This week, the highest gross spreads are VNET (45.5%), Yashili (44.6%), Dongzheng AFC (39.1%), Sezzle (12.3%), Link (9.3%), Razer (7.6%), Ramsay...

Arun George

REIT Watch - Upcoming S-Reits' earnings releases schedule

SPH Reit kicked off the current financial reporting season for S-Reits on Apr 1, 2022 with the release of its H1 FY2022 (ended...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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