Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of IPO & Placements for Aequitas Research. At Aequitas we cover all IPOs and placements across Asia-Pac with a deal size of at least US$100m. 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%. 
Prior to Aequitas. I was heading Content Strategy for Smartkarma, along with covering IPOs & Placement. In an earlier life I have covered ASEAN property and the banking space in India.

Head of Research, IPOs & Placements

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Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Equity Capital Markets

We would take the deal.However, we don’t expect a significant jump on listing (&gt;15-20%) given: 1) the lacklustre record of previous REITs listing in Singapore (on average being flat on open and down 4% since listing); 2) The offered yield of 6.8-7.1% is already a premium to the average asset NPI yield of 7.7%, and thus unlikely to re-price much higher; 3) The REIT has limited lease expiry over 2014-15 (11% of NLA), thus near-term growth is likely to be limited.On a positive front: 1) the REIT has a strong cornerstone book; 2) is the first to offer exposure to data centers in Singapore; and 3) the underlying segment is experiencing high growth, which should ensure good long-term growth if management undertakes sensible acquisitions.

We would take the deal.However, we don’t expect a significant jump on listing (&gt;15-20%) given: 1) the lacklustre record of previous REITs listing in Singapore (on average being flat on open and down 4% since listing); 2) The offered yield of 6.8-7.1% is already a premium to the average asset NPI yield of 7.7%, and thus unlikely to re-price much higher; 3) The REIT has limited lease expiry over 2014-15 (11% of NLA), thus near-term growth is likely to be limited.On a positive front: 1) the REIT has a strong cornerstone book; 2) is the first to offer exposure to data centers in Singapore; and 3) the underlying segment is experiencing high growth, which should ensure good long-term growth if management undertakes sensible acquisitions.

First of its kind exposure to rapidly growing data centers

Keppel DC REIT

First of its kind exposure to rapidly growing data centers