Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 4th December 2024, the Starwood/Warburg Pincus Consortium announced a firm pre-conditional Offer for <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a> at HK$13/share (best &amp; final), by way of a Scheme.</li>
<li>There was a raft of pre-cons, however processing went like clockwork, and all were satisfied by the 15th May.  </li>
<li>
The Scheme Doc is now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0521/2025052101197.pdf" target="_blank" rel="noopener">out</a>, with a Court Meeting on the 13th June, and payment on or before the 10th July. The IFA (Anglo Chinese) says "fair &amp; reasonable".</li>
</ul>


On the 4th December 2024, the Starwood/Warburg Pincus Consortium announced a firm pre-conditional Offer for ESR Group (1821 HK) at HK$13/share (best &amp; final), by way of a Scheme.
There was a raft of pre-cons, however processing went like clockwork, and all were satisfied by the 15th May.  

The Scheme Doc is now out, with a Court Meeting on the 13th June, and payment on or before the 10th July. The IFA (Anglo Chinese) says "fair &amp; reasonable".


ESR (1821 HK): 13th June Vote On Starwood/Warburg's Offer

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/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>’s IFA opines that the consortium’s HK$13.00 offer is fair and reasonable. The vote is on 13 June. </li>
<li>Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection). The offer price is final.</li>
<li>This is a done deal due to the substantial irrevocables. At the last close and for the 10 July payment, the gross/annualised spread is 1.3%/9.12%.</li>
</ul>



ESR Group (1821 HK)’s IFA opines that the consortium’s HK$13.00 offer is fair and reasonable. The vote is on 13 June. 
Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection). The offer price is final.
This is a done deal due to the substantial irrevocables. At the last close and for the 10 July payment, the gross/annualised spread is 1.3%/9.12%.


ESR Group (1821 HK): Done Deal as Scheme Vote on 13 June

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

CapitaLand Integrated Commercial Trust / Equity Bottom-Up

CapitaLand Integrated Commercial Trust (CICT SP)

<ul><li>CapitaLand Integrated Commercial Trust's net property income grew by 3.4% to S$1.2 billion in FY24, with DPU increasing 1.2%.</li><li>Mapletree Pan Asia Commercial Trust's Q3 FY25 revenue was S$223.7 million, down 7.4% year-on-year due to overseas headwinds.</li><li>OUE REIT's FY24 revenue rose 3.7% to S$295.5 million, with a 10.7% positive rental reversion for office assets.</li></ul>

CapitaLand Integrated Commercial Trust's net property income grew by 3.4% to S$1.2 billion in FY24, with DPU increasing 1.2%.Mapletree Pan Asia Commercial Trust's Q3 FY25 revenue was S$223.7 million, down 7.4% year-on-year due to overseas headwinds.OUE REIT's FY24 revenue rose 3.7% to S$295.5 million, with a 10.7% positive rental reversion for office assets.

REIT Watch - Diversified S-Reits offer portfolio resilience with stable 2024 operating performance

<ul><li>Over the five trading sessions from Dec 6 to Dec 12, institutions were net sellers of Singapore stocks, leading to a net institutional outflow of S$104 million, reversing a quarter of the S$418 million net inflow over the preceding five sessions.</li><li>Stocks that led the net institutional outflow over the five sessions through to Dec 12 were DBS Group Holdings, Capitaland Investment, SATS, Singapore Exchange, Mapletree Industrial Trust, Capitaland Integrated Comm Trust, Genting Singapore, Capitaland Ascendas REIT, Singapore Telecommunications and Mapletree Pan Asia Commercial Trust.</li><li>The five trading sessions saw more than 50 director interests and substantial shareholdings filed for close to 25 primary-listed stocks.</li></ul>

Over the five trading sessions from Dec 6 to Dec 12, institutions were net sellers of Singapore stocks, leading to a net institutional outflow of S$104 million, reversing a quarter of the S$418 million net inflow over the preceding five sessions.Stocks that led the net institutional outflow over the five sessions through to Dec 12 were DBS Group Holdings, Capitaland Investment, SATS, Singapore Exchange, Mapletree Industrial Trust, Capitaland Integrated Comm Trust, Genting Singapore, Capitaland Ascendas REIT, Singapore Telecommunications and Mapletree Pan Asia Commercial Trust.The five trading sessions saw more than 50 director interests and substantial shareholdings filed for close to 25 primary-listed stocks.

<ul><li>5 Largest S-REITs’ equity fundraising in 2024-to-date Date Announced Gross Proceeds (S$m unless otherwise) Main use of proceeds CapitaLand Integrated Commercial Trust 3-Sep 1,108 Acquisition 19-Nov 1,086 Acquisition Elsewhere, CapitaLand Integrated Commercial Trust (CICT) also carried out a billion-dollar EFR this year, raising S$1.1 billion in September, comprising a S$350.3 million private placement and S$757.2 million preferential offering.</li></ul>

5 Largest S-REITs’ equity fundraising in 2024-to-date Date Announced Gross Proceeds (S$m unless otherwise) Main use of proceeds CapitaLand Integrated Commercial Trust 3-Sep 1,108 Acquisition 19-Nov 1,086 Acquisition  Elsewhere, CapitaLand Integrated Commercial Trust (CICT) also carried out a billion-dollar EFR this year, raising S$1.1 billion in September, comprising a S$350.3 million private placement and S$757.2 million preferential offering.

REIT Watch - S-Reits’ secondary fundraising rebounds in 2024; more may tap capital markets next year

Singapore

CapitaLand Investment Limited is a leading global real asset manager with a strong Asia foothold. It manages funds across diversified real asset classes including retail, office, lodging, industrial, logistics, business parks, wellness, self-storage, data centers, private credit, and special opportunities. Headquartered in Singapore, the company was listed in 2021.

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CapitaLand Investment (CLI SP)

ESR (1821 HK): 13th June Vote On Starwood/Warburg's Offer

This was a done deal from the onset. 56.54% of disinterested shares are supportive. Assuming 10th July payment, at $12.84/share, this is trading...

David Blennerhassett

ESR Group (1821 HK): Done Deal as Scheme Vote on 13 June

This is a done deal due to the substantial irrevocables. At the last close and for the 10 July payment, the gross/annualised spread is 1.3%/9.12%.

Arun George

REIT Watch - Diversified S-Reits offer portfolio resilience with stable 2024 operating performance

CapitaLand Integrated Commercial Trust's net property income grew by 3.4% to S$1.2 billion in FY24, with DPU increasing 1.2%. Mapletree Pan Asia...

Singapore Exchange Ltd (SGX)

Tuan Sing CEO and director add to stakes

Over the five trading sessions from Dec 6 to Dec 12, institutions were net sellers of Singapore stocks, leading to a net institutional outflow of...

Singapore Exchange Ltd (SGX)

REIT Watch - S-Reits’ secondary fundraising rebounds in 2024; more may tap capital markets next year

5 Largest S-REITs’ equity fundraising in 2024-to-date Date Announced Gross Proceeds (S$m unless otherwise) Main use of proceeds CapitaLand...

Singapore Exchange Ltd (SGX)

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