Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

Best Ways to Position for the Growth of REITs in Korea

SK REIT IPO - Benchmarking Singapore's Ascendas REIT

Trade Ideas for Singapore REITs - Coming Back to Life

GLP J-REIT Placement - Setting a New Trend for JREITs

Equity Capital Markets

Koramco Energy Plus REIT / Equity Capital Markets

<div class="content-highlight"><p>We have a Bullish view on this IPO mainly because this REIT has a stable structure with solid gas station assets that has a good probability of being able to generate 6% + annual dividends. Plus, the recent big property hikes in Korea is likely to lead to more investors who will be attracted to the stable REIT structure of this deal. We would take this deal. </p></div><p>Koramco Energy Plus REIT IPO is expected to be completed in Korea in the next few weeks. The expected IPO price per share is 5,000 won and there are 21.3 million shares offered in the IPO. The bookbuilding for the institutional investors starts on July 28th. </p><p>This is an interesting IPO where the <strong>187 gas stations acquired from SK Networks</strong> are used as the base assets for this REIT. This is the first major gas station related REIT in Korea. This REIT has established a stable profit structure by signing a long-term lease contract of at least 10 years (which can be extended another five years) with Hyundai Oilbank as the main tenant.</p>

We have a Bullish view on this IPO mainly because this REIT has a stable structure with solid gas station assets that has a good probability of being able to generate 6% + annual dividends. Plus, the recent big property hikes in Korea is likely to lead to more investors who will be attracted to the stable REIT structure of this deal. We would take this deal. Koramco Energy Plus REIT IPO is expected to be completed in Korea in the next few weeks. The expected IPO price per share is 5,000 won and there are 21.3 million shares offered in the IPO. The bookbuilding for the institutional investors starts on July 28th. This is an interesting IPO where the 187 gas stations acquired from SK Networks are used as the base assets for this REIT. This is the first major gas station related REIT in Korea. This REIT has established a stable profit structure by signing a long-term lease contract of at least 10 years (which can be extended another five years) with Hyundai Oilbank as the main tenant.