In today’s briefing:
- Daiwa House REIT Placement – Well-Flagged but Low on DPU Accretion
- Biocytogen (百奥赛图) IPO: Short Term and Long Term Challenges
- BAREIT IPO – Maiden Airport-REIT Listing Should Garner Interest. Yield Is Better as Well.
- WM Motor Holding IPO – The Positives – Fast Growth Driven by Its SUV and Mainstream Focus
Daiwa House REIT Placement – Well-Flagged but Low on DPU Accretion
- Daiwa House Reit Investment (8984 JP) is looking to raise around US$98m to acquire four new properties.
- Overall, the deal is well flagged with Daiwa House REIT (DHR) making capital raises almost an annual routine. The acquisition would be accretive to DPU as well.
- In this note, we will look at the assets to be acquired, impact on forecast and portfolio, and run the deal through our framework.
Biocytogen (百奥赛图) IPO: Short Term and Long Term Challenges
- Biocytogen is a leading animal model player in China expanding into biotech. The company launched a downsized deal to raise up to USD 70m via a Hong Kong listing.
- In our previous note, we looked at the company business lines and compared the company’s operation with leading animal model players.
- In this note, we provide an update for the book building. We provide our quick thoughts on the valuation and deal dynamics.
BAREIT IPO – Maiden Airport-REIT Listing Should Garner Interest. Yield Is Better as Well.
- BA Airport Leasehold REIT (BAREIT TB) is looking to raise up to US$173m in its Thailand IPO.
- BA Airport Leasehold REIT (BAREIT), sponsored by Bangkok Airways, is Thailand’s first airport REIT.
- We selected an amalgamation of Thai-listed REITs to get a sense of where they trade, in their respective yield offered.
WM Motor Holding IPO – The Positives – Fast Growth Driven by Its SUV and Mainstream Focus
- WM Motor Technology Co Ltd (WMT CH) (WMM) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
- WM Motor is a smart EV player in China. As of the latest practicable date, it had a total of four main EV models.
- In this note, we talk about the positive aspects of the deal.
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