APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. 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%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Nippon Prologis Reit / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/nippon-prologis-reit-inc" target="_blank" data-smartkarma-citation="entities:15683:1" rel="noopener">Nippon Prologis Reit (3283 JP)</a> is looking to raise US$184m in its primary follow-on offering to acquire one property, namely Prologis Park Soka. </li>
<li>The deal is a somewhat large one to digest, at 14 days of three month ADV but only 3% dilution. </li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Nippon Prologis Reit (3283 JP) is looking to raise US$184m in its primary follow-on offering to acquire one property, namely Prologis Park Soka. 
The deal is a somewhat large one to digest, at 14 days of three month ADV but only 3% dilution. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Nippon Prologis REIT Placement - Well-Flagged and past Deals Have Performed Decently

Pavilion Real Estate Investment Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pavilion-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:17395:1" rel="noopener">Pavilion Real Estate Investment Trust (PREIT MK)</a> is looking to raise up to MYR$517m (US$115m) in its primary placement. </li>
<li>The proceeds will be used to partially finance its acquisition of Pavilion Bukit Jalil (PBJ) mall.</li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Pavilion Real Estate Investment Trust (PREIT MK) is looking to raise up to MYR$517m (US$115m) in its primary placement. 
The proceeds will be used to partially finance its acquisition of Pavilion Bukit Jalil (PBJ) mall.
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


Pavilion REIT Placement - Very Well Flagged, Has Been Expected for Some Time

CapitaLand Ascendas REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/capitaland-ascendas-reit" target="_blank" data-smartkarma-citation="entities:39:1" rel="noopener">CapitaLand Ascendas REIT (CLAR SP)</a> is looking to raise up to S$459m (US$344m) in its primary placement. The proceeds will be used for acquisition, redevelopment and debt repayment purposes. </li>
<li>The deal will be a large one to digest at 15.8 days of three month ADV and 3.9% dilution.  </li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



CapitaLand Ascendas REIT (CLAR SP) is looking to raise up to S$459m (US$344m) in its primary placement. The proceeds will be used for acquisition, redevelopment and debt repayment purposes. 
The deal will be a large one to digest at 15.8 days of three month ADV and 3.9% dilution.  
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


Capitaland Ascendas REIT Placement - Good Track Record and Most Deals Have Performed Well

<ul>
<li>
<a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934:1" rel="noopener">ESR-LOGOS REIT (EREIT SP)</a> is looking to raise US$114m (S$150m) in a private placement. The proceeds will be used to fund potential acquisitions and finance the redevelopment of its properties. </li>
<li>Post offering, there will also be a US$114m (S$150m) non-renounceable preferential offering, which will bring the total gross proceeds of the equity fund raising to US$228m (S$300m).</li>
<li>The deal is a relatively large one to digest at 46 days of ADV and 6.4% of current mcap. We'll talk about the deal dynamics.</li>
</ul>



ESR-LOGOS REIT (EREIT SP) is looking to raise US$114m (S$150m) in a private placement. The proceeds will be used to fund potential acquisitions and finance the redevelopment of its properties. 
Post offering, there will also be a US$114m (S$150m) non-renounceable preferential offering, which will bring the total gross proceeds of the equity fund raising to US$228m (S$300m).
The deal is a relatively large one to digest at 46 days of ADV and 6.4% of current mcap. We'll talk about the deal dynamics.


ESR-Logos REIT Placement - Implied Yield Attractive Enough to Take the Deal

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a>’s EGM and trust scheme meeting will take place on 12 September. The effective date is 12 October with a payment date of 19 October.</li>
<li>The offer comprises S$0.70 cash per share + permitted distributions (estimated 1.356 cents). The IFA considers the scheme consideration to be fair and reasonable.  </li>
<li>This is a done deal. For a 19 October payment, the gross and annualised spread of the offer (inc. permitted DPU) S$0.714 per unit is 1.9% and 12.1%, respectively. </li>
</ul>



Frasers Hospitality Trust (FHT SP)’s EGM and trust scheme meeting will take place on 12 September. The effective date is 12 October with a payment date of 19 October.
The offer comprises S$0.70 cash per share + permitted distributions (estimated 1.356 cents). The IFA considers the scheme consideration to be fair and reasonable.  
This is a done deal. For a 19 October payment, the gross and annualised spread of the offer (inc. permitted DPU) S$0.714 per unit is 1.9% and 12.1%, respectively. 


Fraser Hospitality Trust’s Scheme Meeting on 12 September

Singapore

Soilbuild Business Space REIT is a real estate investment trust. The Trust makes investmets in a portfolio of income-producing real estate used primarily for business space purposes in Singapore as well as real estate-related assets.

Soilbuild Business Space REIT (SBREIT SP)

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Soilbuild Business Space REIT (SBREIT SP)

Nippon Prologis REIT Placement - Well-Flagged and past Deals Have Performed Decently

Nippon Prologis Reit (3283 JP) is looking to raise US$184m in its primary follow-on offering to acquire one property, namely Prologis Park Soka.

Ethan Aw

Pavilion REIT Placement - Very Well Flagged, Has Been Expected for Some Time

Pavilion Real Estate Investment Trust (PREIT MK) is looking to raise up to MYR$517m (US$115m) in its primary placement. The proceeds will be used...

Ethan Aw

Capitaland Ascendas REIT Placement - Good Track Record and Most Deals Have Performed Well

CapitaLand Ascendas REIT (CLAR SP) is looking to raise up to S$459m (US$344m) in its primary placement. In this note, we'll run the deal through...

Ethan Aw

ESR-Logos REIT Placement - Implied Yield Attractive Enough to Take the Deal

ESR-LOGOS REIT (EREIT SP) is looking to raise US$114m (S$150m) in a private placement. The proceeds will be used to fund potential acquisitions and...

Ethan Aw

Fraser Hospitality Trust’s Scheme Meeting on 12 September

This is a done deal. For a 19 October payment, the annualised spread of the offer (inc. permitted DPU) S$0.714 per unit is 12.1%.

Arun George

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52-week Range

Market Cap (USDm)

P/E

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