Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, China Tourism managed to price its IPO above the mid-point.</li>
<li>There were a host of placements and blocks this week across the region.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, China Tourism managed to price its IPO above the mid-point.
There were a host of placements and blocks this week across the region.


ECM Weekly (21st Aug 2022) - China Tourism, SoCar, Beauty Farm, ANZ, Max, Judo, Steadfast, Cleanaway

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

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>A little long in the tooth but the Scheme Doc for <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> was released this morning. </li>
<li>It is the standard multi-hundred page document (in this case 502 pages). And it does little other than tell the same weak story as the announcement did.</li>
<li>But the price is unchanged and the Scheme Meeting is 10 September 2022. This looks like it will be a done deal. </li>
</ul>


A little long in the tooth but the Scheme Doc for Frasers Hospitality Trust (FHT SP) was released this morning. 
It is the standard multi-hundred page document (in this case 502 pages). And it does little other than tell the same weak story as the announcement did.
But the price is unchanged and the Scheme Meeting is 10 September 2022. This looks like it will be a done deal. 


Frasers Hospitality Trust - Scheme Doc Out

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

CapitaLand Ascott Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ascott-residence-trust" target="_blank" data-smartkarma-citation="entities:6560:1" rel="noopener">Ascott Residence Trust (ART SP)</a> is looking to raise US$110m (S$150m) in its primary offering to partially fund the acquisition of nine properties in France, Vietnam, Australia, US and Japan.</li>
<li>The deal is a relatively large one to digest at 23.6 days of three month ADV, although it would represent just 3.9% of current mcap. </li>
<li>The proposed acquisitions are expected to be accretive, increasing DPU by 2.8% and would increase the REIT’s proportion of stable income to 71%, up from 69% in end proforma-FY21.</li>
</ul>



Ascott Residence Trust (ART SP) is looking to raise US$110m (S$150m) in its primary offering to partially fund the acquisition of nine properties in France, Vietnam, Australia, US and Japan.
The deal is a relatively large one to digest at 23.6 days of three month ADV, although it would represent just 3.9% of current mcap. 
The proposed acquisitions are expected to be accretive, increasing DPU by 2.8% and would increase the REIT’s proportion of stable income to 71%, up from 69% in end proforma-FY21.


Ascott Residence Trust Placement - Accretive Acquisition to Bolster Stable Income

<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> announced a privatisation proposal from Frasers Property Limited at S$0.70 cash per share + permitted distributions (estimated 1.2961 cents).  </li>
<li>The offer is the culmination of a strategic review announced on 8 April. The offer price is attractive in comparison to historical multiples, precedent transactions and historical unit prices.</li>
<li>At the last close and for the September end effective date, the gross and annualised spread to the total offer price of S$0.713 per unit is 3.3% and 11.1%, respectively. </li>
</ul>



Frasers Hospitality Trust (FHT SP) announced a privatisation proposal from Frasers Property Limited at S$0.70 cash per share + permitted distributions (estimated 1.2961 cents).  
The offer is the culmination of a strategic review announced on 8 April. The offer price is attractive in comparison to historical multiples, precedent transactions and historical unit prices.
At the last close and for the September end effective date, the gross and annualised spread to the total offer price of S$0.713 per unit is 3.3% and 11.1%, respectively. 


Fraser Hospitality Trust’s Privatisation Offer from Frasers Property Limited

Singapore

CapitaLand Ascott Trust operates as a real estate investment trust. The Trust primarily invest in income-producing real estate and real estate-related assets which are as serviced residences, hotels, rental housing properties, and other hospitality assets. CapitaLand Ascott Trust serves customers worldwide.

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CapitaLand Ascott Trust (CLAS SP)

ECM Weekly (21st Aug 2022) - China Tourism, SoCar, Beauty Farm, ANZ, Max, Judo, Steadfast, Cleanaway

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

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

Frasers Hospitality Trust - Scheme Doc Out

The Frasers Hospitality Trust Scheme document is out. Scheme Meeting is 12 September. Payment is in two months. Still opportunistic, and light. At...

Travis Lundy

Ascott Residence Trust Placement - Accretive Acquisition to Bolster Stable Income

Ascott Residence Trust (ART SP) is looking to raise US$110m (S$150m) in its primary offering to partially fund the acquisition of nine properties...

Clarence Chu

Fraser Hospitality Trust’s Privatisation Offer from Frasers Property Limited

The offer price is attractive. At the last close and for the September end effective date, the annualised spread to the total offer price of...

Arun George

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