Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

Unibail-Rodamco-Westfield / Equity Bottom-Up

<ul>
<li>Unibail announced its FY results, which we view as strong across the board.  Rent is growing and vacancy is coming down</li>
<li>Unibail has made progress on deleveraging.  The company has ample cash, low cost of borrow and a strong balance sheet</li>
<li>With de-leveraging on track, investors should focus on growth.  Valuation is attractive</li>
</ul>


Unibail announced its FY results, which we view as strong across the board.  Rent is growing and vacancy is coming down
Unibail has made progress on deleveraging.  The company has ample cash, low cost of borrow and a strong balance sheet
With de-leveraging on track, investors should focus on growth.  Valuation is attractive


Unibail-Rodamco-Westfield: Strong FY Results, De-Leveraging on Track, Back to Growth Trajectory

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Oct 4th (reported today) which has an aggregated short interest worth USD27.1bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Ampol, Domino'S Pizza Enterprises, BHP, Fortescue.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Oct 4th (reported today) which has an aggregated short interest worth USD27.1bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Ampol, Domino'S Pizza Enterprises, BHP, Fortescue.


ASX Short Interest Weekly (Oct 4th): Ampol, Domino'S Pizza Enterprises, BHP, Fortescue

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Sep 27th (reported today) which has an aggregated short interest worth USD27.6bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Rio Tinto, BHP, Fortescue, Goodman, Santos.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Sep 27th (reported today) which has an aggregated short interest worth USD27.6bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Rio Tinto, BHP, Fortescue, Goodman, Santos.


ASX Short Interest Weekly (Sep 27th): Rio Tinto, BHP, Fortescue, Goodman, Santos

<ul>
<li>In this insight, we did a deep dive on Unibail, one of the biggest real estate companies in terms of developing and operating shopping malls in the world</li>
<li>We think URW will continue to show superior operational performance than peers, we also think its leverage, which is one of market’s biggest concern, is manageable</li>
<li>We see valuation upside for Unibail, we also recommend multiple trading strategies, subject to investors’ risk appetite, style and mandate</li>
</ul>


In this insight, we did a deep dive on Unibail, one of the biggest real estate companies in terms of developing and operating shopping malls in the world
We think URW will continue to show superior operational performance than peers, we also think its leverage, which is one of market’s biggest concern, is manageable
We see valuation upside for Unibail, we also recommend multiple trading strategies, subject to investors’ risk appetite, style and mandate


Unibail-Rodamco-Westfield: Superior Operational Performance and Manageable Leverage

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/unibail-rodamco-westfield" target="_blank" data-smartkarma-citation="entities:27181:1" rel="noopener"><strong>Unibail-Rodamco-Westfield (URW AU)</strong></a>, Europe's largest listed commercial property company, recently reported solid 3Q23 financials (through to September 2023). </li>
<li>Covid played havoc on shopping mall players/developers - URW is still down 62% from its Covid cliff versus an average of 24% for a basket of peers.</li>
<li>Investor concerns over URW's strategy and leverage have been a drag on the stock; however its long-term plan is finding the right path. </li>
</ul>



Unibail-Rodamco-Westfield (URW AU), Europe's largest listed commercial property company, recently reported solid 3Q23 financials (through to September 2023). 
Covid played havoc on shopping mall players/developers - URW is still down 62% from its Covid cliff versus an average of 24% for a basket of peers.
Investor concerns over URW's strategy and leverage have been a drag on the stock; however its long-term plan is finding the right path. 


Unibail-Rodamco-Westfield: The Retail Community

France

Unibail-Rodamco-Westfield operates as a real estate investment trust. The Company leases and rents building space, finances real estate investments, and renovates real estates for sale. Unibail-Rodamco-Westfield's properties are shopping centers, office buildings, and convention-exhibition centers.

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Unibail-Rodamco-Westfield (URW AU)

Unibail-Rodamco-Westfield: Strong FY Results, De-Leveraging on Track, Back to Growth Trajectory

Unibail announced its FY results, which we view as strong across the board. Deleveraging is on track with solid balance sheet. We think market...

Jacob Cheng

ASX Short Interest Weekly (Oct 4th): Ampol, Domino'S Pizza Enterprises, BHP, Fortescue

We analyzed ASX short interest report for the past week and highlight short interest changes in Ampol, Domino'S Pizza Enterprises, BHP, Fortescue.

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Sep 27th): Rio Tinto, BHP, Fortescue, Goodman, Santos

We analyzed ASX short interest report for the past week and highlight short interest changes in Rio Tinto, BHP, Fortescue, Goodman, Santos.

Ke Yan, CFA, FRM

Unibail-Rodamco-Westfield: Superior Operational Performance and Manageable Leverage

We did a deep dive on URW, one of the best mall developer/operator world-wide. We think market concern is overdone and we view there are multiple...

Jacob Cheng

Unibail-Rodamco-Westfield: The Retail Community

Concerns over URW's strategy and leverage have been a drag on the stock; however its long-term plan is finding the right path. Not a hard catalyst...

David Blennerhassett

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