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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/link-reit" target="_blank" data-smartkarma-citation="entities:872:1" rel="noopener">Link REIT (823 HK)</a> (LREIT) aims to undertake a 1 for 5 rights issue at a subscription price of HK$44.20/unit, to raise around US$2.4bn.</li>
<li>After announcing a S$2.2bn acquisition in late Dec 2022, the company explicitly mentioned that it didn’t need to raise any new capital. Thus, the rights issue marks an abrupt turnaround.</li>
<li>In this note, we talk about the right issue, its previous acquisition and the overall implications.</li>
</ul>



Link REIT (823 HK) (LREIT) aims to undertake a 1 for 5 rights issue at a subscription price of HK$44.20/unit, to raise around US$2.4bn.
After announcing a S$2.2bn acquisition in late Dec 2022, the company explicitly mentioned that it didn’t need to raise any new capital. Thus, the rights issue marks an abrupt turnaround.
In this note, we talk about the right issue, its previous acquisition and the overall implications.


Link REIT US$2.4bn Rights Issue - Mistimed but Yield at the Rights Price Might Be the Saving Grace

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/sabana-industrial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:911:1" rel="noopener">Sabana Industrial REIT (SSREIT SP)</a>’s partial offer from Volare to acquire a maximum of 109.6 million units at S$0.4504 per unit (S$0.465 in cash – S$0.0146 2H2022 distribution) is open.</li>
<li>The offer is conditional on 10% minimum acceptances. Minorities appear willing sellers as both Volare and Quarz increased their unitholding over the last 12 months.  </li>
<li>Quarz is supportive but its intentions are unclear. Based on a proration of 16.70% and at the last close of S$0.420 per unit, the breakeven price is S$0.415 per unit.</li>
</ul>



Sabana Industrial REIT (SSREIT SP)’s partial offer from Volare to acquire a maximum of 109.6 million units at S$0.4504 per unit (S$0.465 in cash – S$0.0146 2H2022 distribution) is open.
The offer is conditional on 10% minimum acceptances. Minorities appear willing sellers as both Volare and Quarz increased their unitholding over the last 12 months.  
Quarz is supportive but its intentions are unclear. Based on a proration of 16.70% and at the last close of S$0.420 per unit, the breakeven price is S$0.415 per unit.


Sabana REIT (SSREIT SP): Volare’s Partial Offer Is Open

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sabana-industrial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:911:1" rel="noopener">Sabana Industrial REIT (SSREIT SP)</a> disclosed a partial offer from Volare to acquire a maximum of 109.6 million units at $0.465 per unit, a 9.4% premium to the undisturbed price.</li>
<li>The partial offer is conditional on minimum acceptances representing 10.00% of outstanding units. Quarz Capital, the activist fund, says the offer is attractive.</li>
<li>
<a href="https://www.smartkarma.com/entities/esr-group-limited" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>, the sponsor, is unlikely to tender. Based on a proration of 13.54% and at the last close price of S$0.425, the breakeven price is S$0.420.</li>
</ul>



Sabana Industrial REIT (SSREIT SP) disclosed a partial offer from Volare to acquire a maximum of 109.6 million units at $0.465 per unit, a 9.4% premium to the undisturbed price.
The partial offer is conditional on minimum acceptances representing 10.00% of outstanding units. Quarz Capital, the activist fund, says the offer is attractive.

ESR Group (1821 HK), the sponsor, is unlikely to tender. Based on a proration of 13.54% and at the last close price of S$0.425, the breakeven price is S$0.420.


Sabana REIT (SSREIT SP): Partial Offer from Volare

Equity Capital Markets

Global Digital Niaga Tbk PT / Equity Capital Markets

<ul>
<li>PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO.</li>
<li>BliBli provides e-commerce services across Indonesia to both retail consumers and institutions.</li>
<li>In our previous notes, we have spoken about the company’s past performance. In this note, we talk about valuations and run the deal through our ECM framework.</li>
</ul>


PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO.
BliBli provides e-commerce services across Indonesia to both retail consumers and institutions.
In our previous notes, we have spoken about the company’s past performance. In this note, we talk about valuations and run the deal through our ECM framework.


PT Global Digital Trade (BliBli) IPO - Thoughts on Valuation

<ul>
<li>PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO.</li>
<li>BliBli provides e-commerce services across Indonesia to both retail consumers and institutions</li>
<li>In this note, we'll talk about the not-so-positive aspects of the deal.</li>
</ul>


PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO.
BliBli provides e-commerce services across Indonesia to both retail consumers and institutions
In this note, we'll talk about the not-so-positive aspects of the deal.


PT Global Digital Trade (BliBli) Pre-IPO - The Negatives - Online, Offline or Travelling to Nowhere?

Singapore

CapitaLand Ascendas REIT is an industrial real estate investment trust. The Trust invests in business and science park properties, integrated development, amenities, and retail (IDAR) properties, high-specifications industrial properties and data centers, light industrial and flatted factories, and logistics and distribution centers.

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CapitaLand Ascendas REIT (CLAR SP)

Link REIT US$2.4bn Rights Issue - Mistimed but Yield at the Rights Price Might Be the Saving Grace

Link REIT (823 HK) (LREIT) aims to undertake a 1 for 5 rights issue at a subscription price of HK$44.20/unit, to raise around US$2.4bn. In this...

Sumeet Singh

Sabana REIT (SSREIT SP): Volare’s Partial Offer Is Open

The offer is conditional on 10% minimum acceptances. The premium is skinny but minorities appear willing sellers as both Volare and Quarz increased...

Arun George

Sabana REIT (SSREIT SP): Partial Offer from Volare

The offer is conditional on a 10% min. acceptances. Quarz Capital is supportive. Based on a proration of 13.54% and at the last close price of...

Arun George

PT Global Digital Trade (BliBli) IPO - Thoughts on Valuation

PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO. In this note, we talk about valuations.

Sumeet Singh

PT Global Digital Trade (BliBli) Pre-IPO - The Negatives - Online, Offline or Travelling to Nowhere?

PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO. In this note, we talk about the not so positive aspects of the...

Sumeet Singh

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