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

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

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

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

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

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

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

Japan Rental Housing Investment / Event-Driven

Japan Rental Housing Investment (8986 JP)

<p>On Friday after market-close, midsize residential JREIT <a href="https://www.smartkarma.com/entities/japan-rental-housing-investment" target="_blank" data-smartkarma-citation="entities:20653:1" rel="noopener">Daiwa Securities Living (8986 JP)</a> (formerly known as "Japan Rental Housing Investment") launched a follow-on equity offerings to partially fund their recent acquisitions. </p><div>
<p>The primary offer quantity is 70,476 units. In addition, there will also be an over-allotment quantity of 3,524 units. The total size of this offering could be roughly ¥8.5bn (~US$77mn). </p>
<p>While such 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>. On average, J-REITs have historically outperformed the TSEREIT Index in the wake of follow-on equity offerings, with win rates exceeding 80%.</p>
<p>Below is a look at the details of Daiwa Securities Living (DSLIC)'s latest offering and an evaluation of its potential to trigger outperformance against the TSEREIT Index.  </p>
</div>

On Friday after market-close, midsize residential JREIT Daiwa Securities Living (8986 JP) (formerly known as "Japan Rental Housing Investment") launched a follow-on equity offerings to partially fund their recent acquisitions. 
The primary offer quantity is 70,476 units. In addition, there will also be an over-allotment quantity of 3,524 units. The total size of this offering could be roughly ¥8.5bn (~US$77mn). 
While such 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. On average, J-REITs have historically outperformed the TSEREIT Index in the wake of follow-on equity offerings, with win rates exceeding 80%.
Below is a look at the details of Daiwa Securities Living (DSLIC)'s latest offering and an evaluation of its potential to trigger outperformance against the TSEREIT Index.  


Starts Proceed Investment Corporation (8979 JP)

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