Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Keisei Electric Railway Co / Event-Driven

<ul>
<li>Activist investor influence in distributing <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a>'s ¥1,980bn Oriental Land (4661 JP) stake to existing shareholders could unleash over 150% potential upside</li>
<li>
<a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> is coming up cheap versus <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a>. Yet the longer-term view suggests otherwise. </li>
<li>
<a href="https://www.smartkarma.com/entities/abacus-property-group" target="_blank" data-smartkarma-citation="entities:10566:1" rel="noopener">Abacus Property (ABP AU)</a> confirmed the spin-off of an ASX-listed self-storage REIT with A$3bn in total assets. There's a trade here. </li>
</ul>


Activist investor influence in distributing Keisei Electric Railway Co (9009 JP)'s ¥1,980bn Oriental Land (4661 JP) stake to existing shareholders could unleash over 150% potential upside

Intouch Holdings (INTUCH TB) is coming up cheap versus Advanced Info Service (ADVANC TB). Yet the longer-term view suggests otherwise. 

Abacus Property (ABP AU) confirmed the spin-off of an ASX-listed self-storage REIT with A$3bn in total assets. There's a trade here. 


Last Week in Event SPACE: Kesei/Oriental Land, Intouch, Abacus Property, Great Eagle, JS Global

Travis Lundy

<ul>
<li>This morning, <a href="https://www.smartkarma.com/entities/abacus-property-group" target="_blank" data-smartkarma-citation="entities:10566:1" rel="noopener">Abacus Property (ABP AU)</a> units were halted for trading and the Institutional Offer for Abacus Storage King (future ASK AU) units were launched. </li>
<li>The Offer is underwritten by Barrenjoey and Morgan Stanley. The Institutional Offer will be completed by Friday, and results announced Monday 19 June, with trading halt lifted. </li>
<li>Then the Retail portion of the Offer will be conducted til 27 July. EGM the same day. Delayed settlement trading of ASK and New ABP (ABG AU) will start 1Aug.</li>
</ul>


This morning, Abacus Property (ABP AU) units were halted for trading and the Institutional Offer for Abacus Storage King (future ASK AU) units were launched. 
The Offer is underwritten by Barrenjoey and Morgan Stanley. The Institutional Offer will be completed by Friday, and results announced Monday 19 June, with trading halt lifted. 
Then the Retail portion of the Offer will be conducted til 27 July. EGM the same day. Delayed settlement trading of ASK and New ABP (ABG AU) will start 1Aug.


Abacus Offers ASK - The Back End Trade Is Still Better

APAC IPOs & Placements, Aequitas Research

Clarence Chu

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/abacus-property-group" target="_blank" data-smartkarma-citation="entities:10566:1" rel="noopener">Abacus Property (ABP AU)</a> is looking to de-staple <a href="https://www.smartkarma.com/entities/abacus-storage-king" target="_blank" data-smartkarma-citation="entities:39857:1" rel="noopener">Abacus Storage King (ASK AU)</a> , its self-storage business. The offer will be underwritten by Morgan Stanley and Barrenjoey.</li>
<li>Offering 1 ASK share for every 5.6 ABP share, the REIT is looking to raise A$225m (US$153m) via offering 159.6m shares at a A$1.41-1.47/share price band.</li>
<li>The deal is effectively an IPO, and after having been in the making for some time now, it is well flagged as well.</li>
</ul>



Abacus Property (ABP AU) is looking to de-staple Abacus Storage King (ASK AU) , its self-storage business. The offer will be underwritten by Morgan Stanley and Barrenjoey.
Offering 1 ASK share for every 5.6 ABP share, the REIT is looking to raise A$225m (US$153m) via offering 159.6m shares at a A$1.41-1.47/share price band.
The deal is effectively an IPO, and after having been in the making for some time now, it is well flagged as well.


ASK Listing - Asset Quality Seems to Trump It's Peer, However Settlement Period Is Long

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/abacus-property-group" target="_blank" data-smartkarma-citation="entities:10566:1" rel="noopener">Abacus Property (ABP AU)</a> has proposed the de-stapling of Abacus Storage King (ASK), the self-storage assets, along with the proposed A$225.0 million equity raising in ASK.</li>
<li>A key logic of the de-stapling is the potential unlocking of the large, implied discount to NTA in the commercial portfolio. The EGM on the de-stapling proposal is in July.</li>
<li>The equity raise is a key headwind to the rerating. Our SoTP valuation is A$3.10 per unit, which is a 20% upside to the last close price.</li>
</ul>



Abacus Property (ABP AU) has proposed the de-stapling of Abacus Storage King (ASK), the self-storage assets, along with the proposed A$225.0 million equity raising in ASK.
A key logic of the de-stapling is the potential unlocking of the large, implied discount to NTA in the commercial portfolio. The EGM on the de-stapling proposal is in July.
The equity raise is a key headwind to the rerating. Our SoTP valuation is A$3.10 per unit, which is a 20% upside to the last close price.


Abacus Property (ABP AU): Abacus Storage King De-Stapling to Unlock Value

<ul>
<li>Back in February with the H1 results announcement, <a href="https://www.smartkarma.com/entities/abacus-property-group" target="_blank" data-smartkarma-citation="entities:10566:1" rel="noopener">Abacus Property (ABP AU)</a> announced <a href="https://announcements.asx.com.au/asxpdf/20230216/pdf/45lns0hn3gdwmp.pdf" target="_blank" rel="noopener">an intention to spin off</a> an ASX-Listed Self Storage REIT with A$3bn in total assets.</li>
<li>The stock popped 7.4% to A$3.06 but is -16% since. In April they dropped their equity holding in <a href="https://www.smartkarma.com/entities/national-storage-reit" target="_blank" data-smartkarma-citation="entities:13762:1" rel="noopener">National Storage REIT (NSR AU)</a>, in May they <a href="https://announcements.asx.com.au/asxpdf/20230518/pdf/05ptw7r9scdhy2.pdf" target="_blank" rel="noopener">updated</a> again.  </li>
<li>Last week they had a big new <a href="https://announcements.asx.com.au/asxpdf/20230607/pdf/05qfhbm08qs51z.pdf" target="_blank" rel="noopener">Investor Presentation</a> saying they would go ahead. There's a trade in here. </li>
</ul>


Back in February with the H1 results announcement, Abacus Property (ABP AU) announced an intention to spin off an ASX-Listed Self Storage REIT with A$3bn in total assets.
The stock popped 7.4% to A$3.06 but is -16% since. In April they dropped their equity holding in National Storage REIT (NSR AU), in May they updated again.  
Last week they had a big new Investor Presentation saying they would go ahead. There's a trade in here. 


Conscious De-Stapling With Uplift - The Abacus Property (ABP) Storage Spinoff

Australia

Abacus Group is a diversified property investment and management company. The Company provides exposure to a portfolio of commercial office, retail, and self storage real estates. Abacus Group serves customers in Australia.

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Abacus Group (ABG AU)

Last Week in Event SPACE: Kesei/Oriental Land, Intouch, Abacus Property, Great Eagle, JS Global

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Abacus Offers ASK - The Back End Trade Is Still Better

Abacus launches its Offering for Abacus Storage King for ABP securityholders and a likely clean-up offer at 0.9x NTA - lower than NSR, but not by a...

Travis Lundy

ASK Listing - Asset Quality Seems to Trump It's Peer, However Settlement Period Is Long

Abacus Property (ABP AU) is looking to de-staple Abacus Storage King (ASK AU) , its self-storage business. The offer will be underwritten by Morgan...

Clarence Chu

Abacus Property (ABP AU): Abacus Storage King De-Stapling to Unlock Value

A key logic of the de-stapling is the potential unlocking of the large, implied discount to NTA in the commercial portfolio. Our SoTP valuation is...

Arun George

Conscious De-Stapling With Uplift - The Abacus Property (ABP) Storage Spinoff

ABP will spin off its self storage business. Self storage businesses trade at higher multiples|lower yields than commercial/diversified REITs. It's...

Travis Lundy

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