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

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

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

Large-cap Diversified JREIT <a href="https://www.smartkarma.com/entities/sekisui-house-reit-inc" target="_blank" data-smartkarma-citation="entities:7497:1" rel="noopener">Sekisui House Reit (3309 JP)</a> ("SHR") announced a follow-on equity offering after market close on 18th October 2021 to fund part of their recent property acquisition.The primary offer quantity is 137,500 units. In addition, there will also be an over-allotment quantity of 6,875 units. The total size of this offering could be roughly ¥12bn (~US$105mn). While JREIT 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 SHR's latest offering with greater emphasis on the potential for strong post-offering secondary market performance. More below the fold.

Large-cap Diversified JREIT Sekisui House Reit (3309 JP) ("SHR") announced a follow-on equity offering after market close on 18th October 2021 to fund part of their recent property acquisition.The primary offer quantity is 137,500 units. In addition, there will also be an over-allotment quantity of 6,875 units. The total size of this offering could be roughly ¥12bn (~US$105mn). While JREIT 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 SHR's latest offering with greater emphasis on the potential for strong post-offering secondary market performance. More below the fold.

Sekisui House REIT (3309 JP): Post-Offering Market Outperformance Possible