Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

Yangzijiang Shipbuilding / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yangzijiang-shipbuilding-holdings-limited" target="_blank" data-smartkarma-citation="entities:660:1" rel="noopener">Yangzijiang Shipbuilding (YZJSGD SP)</a> has <a href="https://links.sgx.com/FileOpen/YZJ_Announcement_final.ashx?App=Announcement&amp;FileID=692475" target="_blank" rel="noopener">proposed</a> a spin-off and listing of the company's investment segment.</li>
<li>Currently, its principal activities under the investment segment consist of microfinancing, debt investments at amortised cost, and other investments. The proposed spin-off and listing may be completed in 6-12 months.</li>
<li>As of 1 November 2021, Yangzijiang 's secured orders are the largest in its history. </li>
</ul>



Yangzijiang Shipbuilding (YZJSGD SP) has proposed a spin-off and listing of the company's investment segment.
Currently, its principal activities under the investment segment consist of microfinancing, debt investments at amortised cost, and other investments. The proposed spin-off and listing may be completed in 6-12 months.
As of 1 November 2021, Yangzijiang 's secured orders are the largest in its history. 


Yangzijiang Shipbuilding (YZJSGD SP): Investment Ops Spin-Off

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

Digital Core REIT / Equity Capital Markets

<ul>
<li>Digital Core REIT (DCREIT), a data center REIT, aims to raise up to US$600m in its Singapore IPO.</li>
<li>The company is sponsored by Digital Realty, one of the largest REITs in the US, and over 60% of the deal is already spoken for by cornerstone investors.</li>
<li>In this note, we will talk about Peer Comp, Valuation and Other Deal Dynamics.</li>
</ul>


Digital Core REIT (DCREIT), a data center REIT, aims to raise up to US$600m in its Singapore IPO.
The company is sponsored by Digital Realty, one of the largest REITs in the US, and over 60% of the deal is already spoken for by cornerstone investors.
In this note, we will talk about Peer Comp, Valuation and Other Deal Dynamics.


Digital Core REIT IPO - Peer Comp, Valuation and Other Deal Dynamics

<ul>
<li>Digital Core REIT (DCREIT), a data center REIT, aims to raise up to US$600m in its Singapore IPO.</li>
<li>The company is sponsored by Digital Realty, one of the largest REITs in the US, and over 60% of the deal is already spoken for by cornerstone investors.</li>
<li>In this note, we will talk about the deal background</li>
</ul>


Digital Core REIT (DCREIT), a data center REIT, aims to raise up to US$600m in its Singapore IPO.
The company is sponsored by Digital Realty, one of the largest REITs in the US, and over 60% of the deal is already spoken for by cornerstone investors.
In this note, we will talk about the deal background


Digital Core REIT IPO - Hot Sector, Strong Backing but Has More than a Few Peculiar Points

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

<ul>
<li>
Better, But Off A Low Base: AIA Group's (1299.HK) [AIA] limited set of 3Q21 results, where VONB declined 3.5% on a linked quarter basis due weaker new sales volume; </li>
<li>
Many Deal Distractions:AIA has gone on a deal-making spree in 2021, announcing six separate transactions to date; and  </li>
<li>
Suffocating Hong Kong Business: AIA’s core Hong Kong business has been an unmitigated disaster during COVID-19, struggling with mainland Chinese visitors. Further, there is limited clarity on AIA’s legacy agents. </li>
</ul>



Better, But Off A Low Base: AIA Group's (1299.HK) [AIA] limited set of 3Q21 results, where VONB declined 3.5% on a linked quarter basis due weaker new sales volume; 

Many Deal Distractions:AIA has gone on a deal-making spree in 2021, announcing six separate transactions to date; and  

Suffocating Hong Kong Business: AIA’s core Hong Kong business has been an unmitigated disaster during COVID-19, struggling with mainland Chinese visitors. Further, there is limited clarity on AIA’s legacy agents. 


AIA Group – No Word On Massive Deal Risk

*Overstated 3Q21 Result: DBS Group Holdings (DBS.SP) [DBS] reported 3Q21 results of SGD 1.7 bn, flat linked quarter. When one accounts for the unnecessary negative loss provision of SGD 70 mn (down 188.6%) while credit was weaker, DBS’ results would appear to be grossly overstated;*Watch Your Credit: We struggle continue to believe that DBS’ due diligence had actually caught all of LVB’s risk (see discussion below), and remain unconvinced that the moratorium exits are anything more than additional reliance on government schemes and relief programs. DBS has disclosed absolutely nothing about Shenzhen Rural Commercial Bank’s (SRCB) fundamentals. We feel that reserves should be shored up in the neighborhood of SGD 1.1 bn – amounting now to about a half quarter of operating results; and *Deal Distractions Mount:  While SRCB dos not appear to be riddled with problems the way LVB is, no doubt there will be issues to contend with.  DBS apparently isn’t done with its shopping spree, being in the running for parts of Citigroup's (C.US) consumer business in Asia. Frankly, DBS needs to focus on improving its own legacy issues before it starts both taking on those of other financial institutions.

*Overstated 3Q21 Result: DBS Group Holdings (DBS.SP) [DBS] reported 3Q21 results of SGD 1.7 bn, flat linked quarter. When one accounts for the unnecessary negative loss provision of SGD 70 mn (down 188.6%) while credit was weaker, DBS’ results would appear to be grossly overstated;*Watch Your Credit: We struggle continue to believe that DBS’ due diligence had actually caught all of LVB’s risk (see discussion below), and remain unconvinced that the moratorium exits are anything more than additional reliance on government schemes and relief programs. DBS has disclosed absolutely nothing about Shenzhen Rural Commercial Bank’s (SRCB) fundamentals. We feel that reserves should be shored up in the neighborhood of SGD 1.1 bn – amounting now to about a half quarter of operating results; and *Deal Distractions Mount:  While SRCB dos not appear to be riddled with problems the way LVB is, no doubt there will be issues to contend with.  DBS apparently isn’t done with its shopping spree, being in the running for parts of Citigroup's (C.US) consumer business in Asia. Frankly, DBS needs to focus on improving its own legacy issues before it starts both taking on those of other financial institutions.

DBS Group Holdings – Pushing The Envelope

Singapore

Oversea-Chinese Banking Corporation Limited offers a comprehensive range of financial services.  The Company's services include deposit-taking, corporate, enterprise and personal lending, international trade financing, investment banking, private banking, treasury, stockbroking, insurance, credit cards, cash management, asset management and other financial and related services.

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OCBC (OCBC SP)

Yangzijiang Shipbuilding (YZJSGD SP): Investment Ops Spin-Off

Pricing does not reflect this latest shipbuilding supercycle: the current order book is ~50% higher than the last supercycle. YSH's major yards are...

David Blennerhassett

Digital Core REIT IPO - Peer Comp, Valuation and Other Deal Dynamics

Digital Core REIT (DCREIT), a data center REIT, aims to raise up to US$600m in its Singapore IPO. In this note, we talk about peer comp, valuation...

Sumeet Singh

Digital Core REIT IPO - Hot Sector, Strong Backing but Has More than a Few Peculiar Points

Digital Core REIT (DCREIT), a data center REIT, aims to raise up to US$600m in its Singapore IPO. In this note, we will talk about the positive and...

Sumeet Singh

AIA Group – No Word On Massive Deal Risk

AIA: AIA reported a limited set of 3Q21 results, where VONB declined 3.5% on a linked quarter basis due weaker new sales volume. No word on AIA's...

Thomas J. Monaco

DBS Group Holdings – Pushing The Envelope

DBS: DBS reported flat 3Q21 QOQ results. Accounting for the unnecessary negative loss provision of SGD 70 mn (down 188.6%) while credit was weaker,...

Thomas J. Monaco

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