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><a href="https://www.smartkarma.com/entities/megaworld-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:33806:1" rel="noopener">Megaworld Real Estate Investment Trust (MREIT PM)</a>, sponsored by Megaworld, aims to raise up to US$540m in its Philippines listing.  It will be a 100% secondary shares offering. </p><p>MREIT’s initial portfolio will consist of 10 PEZA-accredited Grade A commercial assets, located in Metro Manila, primarily in Taguig City and Quezon City, and Iloilo City, outside of Metro Manila. </p><p>The portfolio will have a total GLA of 224,430.8 sqm and was valued at PHP49.3bn as of Mar 21. The Properties had 93.2% portfolio occupancy as at 9M21 (fiscal year ending 30 June 21) and has a WALE of 4.7 years.</p><p>MREIT will continue to benefit from its Sponsor’s pipeline and its own healthy balance sheet. However, the portfolio wasn’t performing well even prior to the pandemic leading to muted rental income growth from its assets. Moreover, its step-up land lease payments will remain an overhang for future distributions.</p>

Megaworld Real Estate Investment Trust (MREIT PM), sponsored by Megaworld, aims to raise up to US$540m in its Philippines listing.  It will be a 100% secondary shares offering. MREIT’s initial portfolio will consist of 10 PEZA-accredited Grade A commercial assets, located in Metro Manila, primarily in Taguig City and Quezon City, and Iloilo City, outside of Metro Manila. The portfolio will have a total GLA of 224,430.8 sqm and was valued at PHP49.3bn as of Mar 21. The Properties had 93.2% portfolio occupancy as at 9M21 (fiscal year ending 30 June 21) and has a WALE of 4.7 years.MREIT will continue to benefit from its Sponsor’s pipeline and its own healthy balance sheet. However, the portfolio wasn’t performing well even prior to the pandemic leading to muted rental income growth from its assets. Moreover, its step-up land lease payments will remain an overhang for future distributions.

MREIT Pre-IPO - Mediocre Performance, Convoluted Lease, Low Asset Yield

RL Commercial REIT / Equity Capital Markets

<p>RL Commercial REIT (RREIT), sponsored by Robinsons Land Corporation (RLC), aims to raise up to US$491m in its Philippines listing.  It will be a 100% secondary shares offering, where the Sponsor will be selling part of its stake. </p><p>RREIT is a commercial REIT and its initial portfolio will consist of 14 PEZA-accredited commercial real estate properties located in CBDs across Metro Manila and key cities outside Metro Manila, namely, Naga, Tarlac, Cebu and Davao. </p><p>The properties will have a total GLA of 425,315 sqm, and are valued at PHP73.9bn as of Jun 21. They are majority Grade A commercial assets, leased primarily for office purposes. The portfolio had an occupancy of 99% and WALE of 4.3 years as of Jun 21.</p><p>RREIT has weathered the COVID-19 pandemic well. Despite some assets posting weaker occupancies in FY20, the overall occupancy has received to near full occupancy. Although, not all assets have been doing well.</p>

RL Commercial REIT (RREIT), sponsored by Robinsons Land Corporation (RLC), aims to raise up to US$491m in its Philippines listing.  It will be a 100% secondary shares offering, where the Sponsor will be selling part of its stake. RREIT is a commercial REIT and its initial portfolio will consist of 14 PEZA-accredited commercial real estate properties located in CBDs across Metro Manila and key cities outside Metro Manila, namely, Naga, Tarlac, Cebu and Davao. The properties will have a total GLA of 425,315 sqm, and are valued at PHP73.9bn as of Jun 21. They are majority Grade A commercial assets, leased primarily for office purposes. The portfolio had an occupancy of 99% and WALE of 4.3 years as of Jun 21.RREIT has weathered the COVID-19 pandemic well. Despite some assets posting weaker occupancies in FY20, the overall occupancy has received to near full occupancy. Although, not all assets have been doing well.

RL Commercial REIT Pre-IPO - Motley Crew of Assets Has Weathered COVID Well

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.

Del Monte Philippines / Equity Capital Markets

<div>
<p><a href="https://www.smartkarma.com/entities/del-monte-philippines-inc" target="_blank" data-smartkarma-citation="entities:26988:1" rel="noopener">Del Monte Philippines (1575316D PM)</a>/DMPI is a leading producer, distributor and marketer of premium quality, healthy food and beverage products. It is a market leader in the packaged pineapple and mixed fruit, ready-to-drink juices (excluding stand-up-pouches), tomato sauce and spaghetti sauce categories in the Philippines. DMPI has the rights to the <em>Del Monte</em> trademark for the Philippines for processed products and also sells products under the brands of <em>S&amp;W, Contadina</em> and <em>Today’s</em>.</p>
<p>The parent company is <a href="https://www.smartkarma.com/entities/del-monte-pacific-ltd-5951cd46-129c-41bb-8eb2-58654da08425" target="_blank" data-smartkarma-citation="entities:22651:1" rel="noopener">Del Monte Pacific (DELM PM)</a> which holds 87.0% of outstanding shares. Del Monte Pacific had previously tried to list DMPI on the PSE in 2018 by selling a 20% stake to raise up to $324 million at the maximum offer price of PHP29.88 per share but deferred the IPO due to market volatility.</p>
</div><div><p>Currently, DMPI is pre-marketing for an IPO to raise up to PHP44 billion ($0.9 billion) at the maximum offer price of PHP54.80. The IPO price range, which is generally lower than the maximum IPO price, will be set during the book building process. The pricing date is 12 August and the offer period runs from 16 to 20 August. </p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/del-monte-philippines-ipo-initiation-tempting-fruit" target="_blank" data-smartkarma-citation="insights:54769" rel="noopener">Del Monte Philippines IPO Initiation: Tempting Fruit</a>, we opined that DMPI is a play on the healthy packaged and convenient packaged food and beverage categories that benefit from long-term secular tailwinds in the Philippines. DMPI’s financial track record shows it has been able to leverage its market-leading position to combine solid top-line growth with improving margins and cash generation. We concluded that DMPI’s fundamentals are attractive. In this note, we present our forecasts and take the first look at DMPI's potential valuation. </p></div></div></div>


Del Monte Philippines (1575316D PM)/DMPI is a leading producer, distributor and marketer of premium quality, healthy food and beverage products. It is a market leader in the packaged pineapple and mixed fruit, ready-to-drink juices (excluding stand-up-pouches), tomato sauce and spaghetti sauce categories in the Philippines. DMPI has the rights to the Del Monte trademark for the Philippines for processed products and also sells products under the brands of S&amp;W, Contadina and Today’s.
The parent company is Del Monte Pacific (DELM PM) which holds 87.0% of outstanding shares. Del Monte Pacific had previously tried to list DMPI on the PSE in 2018 by selling a 20% stake to raise up to $324 million at the maximum offer price of PHP29.88 per share but deferred the IPO due to market volatility.
Currently, DMPI is pre-marketing for an IPO to raise up to PHP44 billion ($0.9 billion) at the maximum offer price of PHP54.80. The IPO price range, which is generally lower than the maximum IPO price, will be set during the book building process. The pricing date is 12 August and the offer period runs from 16 to 20 August. In Del Monte Philippines IPO Initiation: Tempting Fruit, we opined that DMPI is a play on the healthy packaged and convenient packaged food and beverage categories that benefit from long-term secular tailwinds in the Philippines. DMPI’s financial track record shows it has been able to leverage its market-leading position to combine solid top-line growth with improving margins and cash generation. We concluded that DMPI’s fundamentals are attractive. In this note, we present our forecasts and take the first look at DMPI's potential valuation. 

Del Monte Philippines IPO: Valuation First-Look

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<p>We highlight 14 stocks in ASEAN that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the ASEAN markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.</p>

We highlight 14 stocks in ASEAN that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the ASEAN markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.

<div><p>Monde Nissin (MNC), a food manufacturer in the Philippines, raised around US$1.1bn (including over-allocation) in its Philippines IPO. It will start trading tomorrow.</p></div><div><p>We have looked at various aspects of the deal in our previous notes, </p></div><div><ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-positives-high-market-share" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Positives - High Market Share</a>, and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-negatives-high-debt-div-payments-floundering-ma" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA</a> we spoke about the company background and its past performance.</li>
<li>In <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-peer-comparison-for-food-business" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Peer Comparison for Food Business</a> and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-peer-comparison-for-meat-alternative-business" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Peer Comparison for Meat Alternative Business</a> we compared the two business with their regional and global peers.</li>
<li>In <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-thoughts-on-valuation" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Thoughts on Valuation</a> and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-not-cheap-but-sensible" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Not Cheap but Sensible</a> we discussed our thoughts on valuation. </li>
<li>In <a href="https://www.smartkarma.com/insights/monde-nissin-ipo-might-not-be-a-high-flyer-but-worth-the-ride-quorn-tastes-good" target="_blank" rel="noopener">Monde Nissin IPO - Might Not Be a High Flyer but Worth the Ride, Quorn Tastes Good</a> we spoke about the deal pricing and dynamics.</li>
</ul></div><div><p>In this note, we’ll talk about trading updates.</p></div>

Monde Nissin (MNC), a food manufacturer in the Philippines, raised around US$1.1bn (including over-allocation) in its Philippines IPO. It will start trading tomorrow.We have looked at various aspects of the deal in our previous notes, 

Monde Nissin Pre-IPO - The Positives - High Market Share, and Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA we spoke about the company background and its past performance.
In Monde Nissin Pre-IPO - Peer Comparison for Food Business and Monde Nissin Pre-IPO - Peer Comparison for Meat Alternative Business we compared the two business with their regional and global peers.
In Monde Nissin Pre-IPO - Thoughts on Valuation and Monde Nissin Pre-IPO - Not Cheap but Sensible we discussed our thoughts on valuation. 
In Monde Nissin IPO - Might Not Be a High Flyer but Worth the Ride, Quorn Tastes Good we spoke about the deal pricing and dynamics.
In this note, we’ll talk about trading updates.

Monde Nissin IPO Trading - Most Get off to a Slow Start, Peers Trading up Should Help

Philippines

Robinsons Retail Holdings, Inc. operates various retail outlets. The Company owns and operates supermarkets, department, home improvement, convenience, drug, and other specialty stores. Robinsons Retail Holdings serves customers in Philippines.

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Robinsons Retail Holdings (RRHI PM)

MREIT Pre-IPO - Mediocre Performance, Convoluted Lease, Low Asset Yield

Megaworld Real Estate Investment Trust (MREIT PM), sponsored by Megaworld, aims to raise up to US$540m in its Philippines listing. It will be a...

Sumeet Singh

RL Commercial REIT Pre-IPO - Motley Crew of Assets Has Weathered COVID Well

RL Commercial REIT, sponsored by Robinsons Land Corporation, aims to raise up to US$491m in its Philippines listing. It will be a 100% secondary...

Sumeet Singh

Del Monte Philippines IPO: Valuation First-Look

DMPI is pre-marketing for an IPO to raise up to $0.9 billion at the maximum offer price of PHP54.80. In this note, we present our forecasts and...

Arun George

The Stocks to Own in ASEAN – Vol. 35

Since its inception, our FVMR ASEAN Strategy has generated a before-fee total return of 149% versus MSCI ASEAN’s 22%. Since the last rebalancing,...

A. Stotz Investment Research

Monde Nissin IPO Trading - Most Get off to a Slow Start, Peers Trading up Should Help

Monde Nissin (MNC), a food manufacturer in the Philippines, raised around US$1.1bn in its Philippines IPO. It will start trading tomorrow.

Sumeet Singh

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