Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Mapletree Pan Asia Commercial Trust / Event-Driven

<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> and <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> announced their prospective merger on Friday. </li>
<li>The merger ratio provides an uplift to already strong recent relative performance for MAGIC holders, and strong pro-forma NAV and DPU accretion for MCT holders. </li>
<li>And it means a lot of flow. Lots and lots of flow. </li>
</ul>



Mapletree Commercial Trust (MCT SP) and Mapletree North Asia Commercial Trust (MAGIC SP) announced their prospective merger on Friday. 
The merger ratio provides an uplift to already strong recent relative performance for MAGIC holders, and strong pro-forma NAV and DPU accretion for MCT holders. 
And it means a lot of flow. Lots and lots of flow. 


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 Pan Asia Commercial Trust / Equity Bottom-Up

<ul><li>Singapore-based retail S-Reits record growth on higher sales, positive rent reversion The seven are: CapitaLand Integrated Commercial Trust (CICT), Frasers Centrepoint Trust (FCT), Lendlease Global Commercial Reit (Lendlease Reit), Mapletree Pan Asia Commercial Trust : N2IU (MPACT), Paragon Reit, Starhill Global Reit and Suntec Reit.</li><li>Suntec Reit’s retail portfolio reported a 3 per cent yoy growth in gross revenue and 1.3 per cent growth in NPI for Q1 2024.</li></ul>

Singapore-based retail S-Reits record growth on higher sales, positive rent reversion The seven are: CapitaLand Integrated Commercial Trust (CICT), Frasers Centrepoint Trust (FCT), Lendlease Global Commercial Reit (Lendlease Reit), Mapletree Pan Asia Commercial Trust : N2IU (MPACT), Paragon Reit, Starhill Global Reit and Suntec Reit.Suntec Reit’s retail portfolio reported a 3 per cent yoy growth in gross revenue and 1.3 per cent growth in NPI for Q1 2024.

REIT Watch - Singapore-based retail S-Reits record growth on higher sales, positive rent reversion

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

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> raised around US$391m in its India IPO in May 2023.</li>
<li>NST is a REIT with a portfolio of 17 Grade A urban consumption centers. Its portfolio covers retail malls, office assets, hospitality assets and a renewable power plant. </li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Nexus Select Trust (NST IN) raised around US$391m in its India IPO in May 2023.
NST is a REIT with a portfolio of 17 Grade A urban consumption centers. Its portfolio covers retail malls, office assets, hospitality assets and a renewable power plant. 
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


Nexus Select Trust IPO Lockup Expiry - US$1.5bn Stake Comes Free. Will Likely Be a Coordinated Exit

Alpha-Centric ESG Research

Kyle Rudden

Thematic (Sector/Industry)

<ul><li>New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding <em>mandatory</em> Scope 3 emissions reporting.</li><li>The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.</li><li>Motivated by a strong "business case" for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.</li></ul>

New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding mandatory Scope 3 emissions reporting.The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.Motivated by a strong "business case" for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.

S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

<ul><li>Union Steel co-founder Ang Yew Chye ups stake Digital Core Reit Management also continued to buy back units of Digital Core Reit over three of the four sessions.</li><li>Between Mar 25 and 26, Union Steel Holdings executive director Ang Yew Chye bought 930,000 shares at S$0.47 per share.</li></ul>

Union Steel co-founder Ang Yew Chye ups stake Digital Core Reit Management also continued to buy back units of Digital Core Reit over three of the four sessions.Between Mar 25 and 26, Union Steel Holdings executive director Ang Yew Chye bought 930,000 shares at S$0.47 per share.

Union Steel co-founder Ang Yew Chye ups stake

Singapore

Suntec Real Estate Investment Trust is a commercial real estate investment trust. The Trust invests in income-producing real estate that is primarily used for retail and/or office purposes.

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Suntec REIT (SUN SP)

Mapletree Mega-Merger Means MCT Markup

The proposed Mapletree Commercial Trust and Mapletree North Asian Commercial Trust combination creates a Top 10 Asian REIT and one of Singapore's...

Travis Lundy

REIT Watch - Singapore-based retail S-Reits record growth on higher sales, positive rent reversion

Singapore-based retail S-Reits record growth on higher sales, positive rent reversion The seven are: CapitaLand Integrated Commercial Trust...

Singapore Exchange Ltd (SGX)

Nexus Select Trust IPO Lockup Expiry - US$1.5bn Stake Comes Free. Will Likely Be a Coordinated Exit

Nexus Select Trust (NST IN) raised around US$391m in its India IPO in May 2023. The company's pre-IPO shareholders will be released from their...

Sumeet Singh

Union Steel co-founder Ang Yew Chye ups stake

Union Steel co-founder Ang Yew Chye ups stake Digital Core Reit Management also continued to buy back units of Digital Core Reit over three of the...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mapletree Mega-Merger Means MCT Markup

The proposed Mapletree Commercial Trust and Mapletree North Asian Commercial Trust combination creates a Top 10 Asian REIT and one of Singapore's...

Travis Lundy

REIT Watch - Singapore-based retail S-Reits record growth on higher sales, positive rent reversion

Singapore-based retail S-Reits record growth on higher sales, positive rent reversion The seven are: CapitaLand Integrated Commercial Trust...

Singapore Exchange Ltd (SGX)

Nexus Select Trust IPO Lockup Expiry - US$1.5bn Stake Comes Free. Will Likely Be a Coordinated Exit

Nexus Select Trust (NST IN) raised around US$391m in its India IPO in May 2023. The company's pre-IPO shareholders will be released from their...

Sumeet Singh

S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

​New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding...

Kyle Rudden

Union Steel co-founder Ang Yew Chye ups stake

Union Steel co-founder Ang Yew Chye ups stake Digital Core Reit Management also continued to buy back units of Digital Core Reit over three of the...

Singapore Exchange Ltd (SGX)

New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding...