In today’s briefing:
- Rakuten US$2.4bn Placement – Larger than Rumored, Some Indications of Finality
- Capitaland Ascendas REIT Placement – Good Track Record and Most Deals Have Performed Well
- Rakuten: ¥333bn Offering Confirmed, Cheap Valuation and Mobile Turnaround on the Horizon
- JD Industrials Pre-IPO: Pure Platform for Third Parties and Strong Support from Related Parties
- Pavilion REIT Placement – Very Well Flagged, Has Been Expected for Some Time
- ImmuneOnco (宜明昂科) Pre-IPO: Clinical Numbers Are yet to Be Convincing
Rakuten US$2.4bn Placement – Larger than Rumored, Some Indications of Finality
- Rakuten (4755 JP) aims to raise up to US$2.4bn (JPY323bn) via a global offering.
- The deal was undoubtedly accelerated by Reuters breaking the news of a possible equity raising on 15th May 2023.
- We have covered most aspects of the deal in our previous note, in this note we talk about the deal dynamics and run the deal through our ECM framework.
Capitaland Ascendas REIT Placement – Good Track Record and Most Deals Have Performed Well
- CapitaLand Ascendas REIT (CLAR SP) is looking to raise up to S$459m (US$344m) in its primary placement. The proceeds will be used for acquisition, redevelopment and debt repayment purposes.
- The deal will be a large one to digest at 15.8 days of three month ADV and 3.9% dilution.
- In this note, we’ll run the deal through our ECM framework and comment on deal dynamics.
Rakuten: ¥333bn Offering Confirmed, Cheap Valuation and Mobile Turnaround on the Horizon
- Rakuten (4755 JP) announced a public offering of 468.1m new shares and third-party allotment of 78.8m shares to secure ¥333bn.
- Enhanced network coverage via KDDI network sharing to attract new users and overcome previous barriers for Rakuten Mobile.
- Mobile breakeven could drive Rakuten’s operating profit to ¥150-200bn, potentially boosting the share price to around ¥2,000.
JD Industrials Pre-IPO: Pure Platform for Third Parties and Strong Support from Related Parties
- JD Industrials is a pure trading platform for third party wholesalers.
- The company avoids the competition with its clients and the risk of overdue account receivable.
- JD Industrials has brand support from JD.com and logistics support form JD Logistics.
Pavilion REIT Placement – Very Well Flagged, Has Been Expected for Some Time
- Pavilion Real Estate Investment Trust (PREIT MK) is looking to raise up to MYR$517m (US$115m) in its primary placement.
- The proceeds will be used to partially finance its acquisition of Pavilion Bukit Jalil (PBJ) mall.
- In this note, we’ll run the deal through our ECM framework and comment on deal dynamics.
ImmuneOnco (宜明昂科) Pre-IPO: Clinical Numbers Are yet to Be Convincing
- ImmuneOnco, a China-based clinical-stage biotechnology company, plans to raise up to US$ 100m via a Hong Kong listing.
- In this note, we examine the company’s core product, namelyIMM01, a CD47 target fusion protein. We also look at the company’s management and pre-IPO investors.
- We think its clinical data is not yet convincing and we are not so keen on the company.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
