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

<p>DDMP REIT (DDMPR), a subsidiary of DoubleDragon Properties Corp (DDP), aims to raise up to US$275m in its Philippines listing.</p><div><p>DDMPR will be the second REIT listing in the Philippines. DDMPR’s investment strategy is to invest in income-generating real estate located in either Metro Manila or key provinces in the Philippines. It aims to acquire primarily Grade A commercial properties, but may acquire other related real estate as well.</p></div><div><p>It will have an initial portfolio of three commercial buildings, with six office towers, located in DD Meridian Park. It also owns the land for two other under construction assets, which have been leased to DDP. Together the assets will have a gross leasable area (GLA) of 172,252sqm. As of Sep 2020, the portfolio had an occupancy of 99.5% and weighted average lease expiry for the office leases of 4.2years.</p></div><div><p>Its assets are relatively new, with all having been completed over 2017-19. The assets have long term leases and step-up rental escalation, which should provide rental stability. However, the assets aren’t located in prime CBD and the particular area appears to have a fair amount of incoming office supply over the next few years. </p></div><div>
<p>We looked at the background of the REIT in our earlier note, <a href="https://www.smartkarma.com/insights/ddpm-reit-pre-ipo-brand-new-assets-but-not-with-the-best-of-outlooks" target="_blank" rel="noopener">DDMP REIT Pre-IPO - Brand new assets but not with the best of outlooks</a> and <a href="https://www.smartkarma.com/insights/ddmp-reit-pre-ipo-peer-review" target="_blank" rel="noopener">DDMP REIT Pre-IPO - Peer Review.</a></p>
<p>In this note, we will comment on valuation and run the deal through our ECM framework.</p>
</div>

DDMP REIT (DDMPR), a subsidiary of DoubleDragon Properties Corp (DDP), aims to raise up to US$275m in its Philippines listing.DDMPR will be the second REIT listing in the Philippines. DDMPR’s investment strategy is to invest in income-generating real estate located in either Metro Manila or key provinces in the Philippines. It aims to acquire primarily Grade A commercial properties, but may acquire other related real estate as well.It will have an initial portfolio of three commercial buildings, with six office towers, located in DD Meridian Park. It also owns the land for two other under construction assets, which have been leased to DDP. Together the assets will have a gross leasable area (GLA) of 172,252sqm. As of Sep 2020, the portfolio had an occupancy of 99.5% and weighted average lease expiry for the office leases of 4.2years.Its assets are relatively new, with all having been completed over 2017-19. The assets have long term leases and step-up rental escalation, which should provide rental stability. However, the assets aren’t located in prime CBD and the particular area appears to have a fair amount of incoming office supply over the next few years. 
We looked at the background of the REIT in our earlier note, DDMP REIT Pre-IPO - Brand new assets but not with the best of outlooks and DDMP REIT Pre-IPO - Peer Review.
In this note, we will comment on valuation and run the deal through our ECM framework.


DDMP REIT IPO - Would Go in Towards the Low-End

Embassy Office Parks REIT / Equity Capital Markets

<div>
<p><a href="https://www.smartkarma.com/entities/embassy-office-parks-reit" target="_blank" data-smartkarma-citation="entities:27925:1" rel="noopener">Embassy Office Parks REIT (EOP IN) </a> plans to acquire assets worth US$1.3bn, and aims to fund part of the purchase via a US$500m institutional placement, which was launched yesterday.</p>
<p>I have covered most aspects of the deal in my earlier note, <a href="https://www.smartkarma.com/insights/embassy-office-parks-reit-placement-early-look-big-deal-but-will-come-with-ample-warning" target="_blank" rel="noopener">Embassy Office Parks REIT Placement - Early Look - Big Deal but Will Come with Ample Warning</a>. In this note, I'll run the deal through our ECM framework and talk about updates since my last note. </p>
</div><div><p>The stock was listed in Apr 2019 and we have covered the listing and previous placement as well, links for which are below: </p></div><div><ul style="list-style-type: disc;">
<li><a href="https://www.smartkarma.com/insights/embassy-office-parks-reit-good-assets-but-projections-might-be-a-tad-too-bullish" target="_blank" rel="noopener">Embassy Office Parks REIT - Good Assets but Projections Might Be a Tad Too Bullish</a></li>
<li>
<a href="https://www.smartkarma.com/insights/embassy-office-parks-reit-comparison-with-ait-and-a-look-at-the-required-yield" target="_blank" rel="noopener">Embassy Office Parks REIT - Comparison with AIT and a Look at the Required Yield</a>, and</li>
<li><a href="https://www.smartkarma.com/insights/embassy-office-parks-reit-ipo-fy19-revised-down-yield-propped-up-by-zero-coupon-bond" target="_blank" rel="noopener">Embassy Office Parks REIT IPO - FY19 Revised Down, Yield Propped up by Zero Coupon Bond</a></li>
<li><a href="https://www.smartkarma.com/insights/embassy-office-parks-reit-trading-update-lowest-volume-traded-for-any-indian-listing-since-2018" target="_blank" rel="noopener">Embassy Office Parks REIT Trading Update - Lowest Volume Traded for Any Indian Listing Since 2018</a></li>
<li><a href="https://www.smartkarma.com/insights/embassy-office-parks-reit-placement-to-big-to-swallow-if-its-not-a-reverse-enquiry" target="_blank" rel="noopener">Embassy Office Parks REIT Placement - To Big to Swallow if Its Not a Reverse Enquiry</a></li>
</ul></div>


Embassy Office Parks REIT (EOP IN)  plans to acquire assets worth US$1.3bn, and aims to fund part of the purchase via a US$500m institutional placement, which was launched yesterday.
I have covered most aspects of the deal in my earlier note, Embassy Office Parks REIT Placement - Early Look - Big Deal but Will Come with Ample Warning. In this note, I'll run the deal through our ECM framework and talk about updates since my last note. 
The stock was listed in Apr 2019 and we have covered the listing and previous placement as well, links for which are below: 
Embassy Office Parks REIT - Good Assets but Projections Might Be a Tad Too Bullish

Embassy Office Parks REIT - Comparison with AIT and a Look at the Required Yield, and
Embassy Office Parks REIT IPO - FY19 Revised Down, Yield Propped up by Zero Coupon Bond
Embassy Office Parks REIT Trading Update - Lowest Volume Traded for Any Indian Listing Since 2018
Embassy Office Parks REIT Placement - To Big to Swallow if Its Not a Reverse Enquiry


Embassy Office Parks REIT Placement - Large but Very Well Flagged Deal

India

Mindspace Business Parks REIT operates as a real estate investment trusts. The Company develops and manages commercial and industrial properties. Mindspace Business Parks REIT serves customers in India.

Mindspace Business Parks REIT (MINDSPCE IN)

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DDMP REIT IPO - Would Go in Towards the Low-End

DDMP REIT (DDMPR), a subsidiary of DoubleDragon Properties Corp (DDP), aims to raise up to US$275m in its Philippines listing.

Sumeet Singh

Embassy Office Parks REIT Placement - Large but Very Well Flagged Deal

Embassy Office Parks REIT (EOP IN) plans to acquire assets worth US$1.3bn, and aims to fund part of the purchase via a US$500m institutional...

Sumeet Singh