Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst with experience in fundamental and event-driven research in Frontier and Emerging markets. 

On Smartkarma, I mainly publish insights on index flow events in the Asia-Pacific region. This includes predicting regular and intra-review index changes and estimating upcoming passive flows. I also cover special situations such as mergers & acquisitions, equity offerings, buybacks, and other corporate restructuring events.

Pan-Asia Index Flows & Special Situations

CRE Logistics (3487 JP): Can They Do Better Than Last Time?

Daiwa Securities Living (8986 JP): Offering Could Trigger Outperformance Vs TSEREIT Index

Daiwa Securities Living (8986 JP): Historical Post-Offering Performance Does Not Look Good At All

JREIT Offering: Aeon REIT (3292 JP) - Take It Vs Comps

J-REIT Offering Primer: Get Ready for Offering Season 2021

Daiwa House REIT Investment (8984 JP): Expect A Correction Before Pricing Date

Aeon REIT Placement - Back in the Market After Two Years

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<div><p>On average, J-REITs have historically outperformed the TSEREIT Index in the wake of follow-on equity offerings, with win rates exceeding 80%.</p></div><div><p>While the offerings are mostly of interest to primary market investors, we also see such offerings as catalysts for strong secondary market performance making these events worth tracking for secondary market investors too. We have previously discussed the historical pre- and post-offering performance of JREITs in <a href="https://www.smartkarma.com/insights/j-reit-offering-primer-get-ready-for-offering-season-2021" target="_blank" data-smartkarma-citation="insights:46416" rel="noopener">J-REIT Offering Primer: Get Ready for Offering Season 2021</a>. In this insight, we evaluate the attractiveness of the latest candidate to launch such a follow-on equity offering - <a href="https://www.smartkarma.com/entities/activia-properties-inc" target="_blank" data-smartkarma-citation="entities:9498:1" rel="noopener">Activia Properties (3279 JP)</a> ("API")- with greater emphasis on the potential for strong post-offering secondary market performance. </p></div><p><a href="https://www.smartkarma.com/entities/activia-properties-inc" target="_blank" data-smartkarma-citation="entities:9498:1" rel="noopener">Activia Properties (3279 JP)</a> announced a follow-on equity offering today after market-close to fund part of their recent property acquisition. The primary offer quantity is 49,030 units. In addition, there will also be an over-allotment quantity of 2,500 units. The total size of this offering could be roughly ¥23bn (~US$210mn). </p><p><em>More below the fold. </em></p>

On average, J-REITs have historically outperformed the TSEREIT Index in the wake of follow-on equity offerings, with win rates exceeding 80%.While the offerings are mostly of interest to primary market investors, we also see such offerings as catalysts for strong secondary market performance making these events worth tracking for secondary market investors too. We have previously discussed the historical pre- and post-offering performance of JREITs in J-REIT Offering Primer: Get Ready for Offering Season 2021. In this insight, we evaluate the attractiveness of the latest candidate to launch such a follow-on equity offering - Activia Properties (3279 JP) ("API")- with greater emphasis on the potential for strong post-offering secondary market performance. Activia Properties (3279 JP) announced a follow-on equity offering today after market-close to fund part of their recent property acquisition. The primary offer quantity is 49,030 units. In addition, there will also be an over-allotment quantity of 2,500 units. The total size of this offering could be roughly ¥23bn (~US$210mn). More below the fold. 

Activia Properties (3279 JP): Offering Could Trigger Outperformance Vs TSEREIT Index