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

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 <div class='content-caption'>Share Buybacks</div>
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FOR the 5 trading sessions that spanned Jun 24 to 30, the Straits Times Index (STI) gained 0.3 per cent, with the FTSE China A50 Index gaining 4.0 per cent, the Hang Seng Index rising 2.7 per cent and the FTSE Bursa Malaysia KLCI adding 0.9 per cent.

Overall, institutions were net sellers of Singapore stocks over the 5 sessions with S$194 million of net outflow, following S$116 million of net inflow for the preceding 5 sessions. DBS, UOB, OCBC, Singtel and SATS led the net institutional outflows for the 5 sessions through to Jun 30.

For the first 6 months of 2022, Singapore stocks booked S$154 million of net institutional outflows, with DBS, UOB, Yangzijiang Financial Holding, Mapletree Commercial Trust and Keppel DC Reit recording the most net outflows, while Singtel, City Developments, Keppel Corporation, Mapletree North Asia Commercial Trust and CapitaLand Integrated Commercial Trus booked the most net inflows.

 

Share buybacks

There were 22 primary-listed stocks conducting share buybacks over the 5 sessions ended Jun 30, with a total consideration of S$27.3 million, less than half the previous week’s consideration tally. OCBC and Wilmar International led the consideration tally, buying back shares at average prices of S$11.44, and S$4.03 respectively. There were as many as 35 primary-listed stocks that conducted buybacks for the month of June with a total consideration of S$284 million, down from the S$328 million consideration in May.

 Director and substantial shareholder transactions

The 5 trading sessions saw 70 changes to director interests and substantial shareholdings filed for close to 40 primary-listed stocks. This included 19 company director acquisitions with 1 disposal filed, while substantial shareholders filed 8 acquisitions and 5 disposals.

 United Hampshire US Reit

On Jun 28, United Hampshire US Reit Management non-independent non-executive director David Goss acquired 250,000 units of United Hampshire US Reit (UHReit) at an average price of 60.9 US cents per unit. With a consideration of US$152,125, this increased his direct interest from 0.09 per cent per cent to 0.13 per cent. This closely followed his acquisition of 500,000 units, also at 60.9 US cents per unit, between Jun 20 and 22. With a career spanning 50 years, Goss has been the managing director of UOB Global Capital since 1998. 

Recently, United Hampshire US Reit Management CEO Robert Schmitt, and CFO Gerard Yuen, provided Singapore investors with a comprehensive overview of the UHReit portfolio as part of the ongoing SIAS-SGX Corporate Connect Webinar series. UHReit is the first US grocery-anchored shopping centre and self-storage Reit to list in Singapore with a total property value of US$688.5 million as at Dec 31. This includes 20 grocery and necessity properties and four self-storage properties, located across 8 states, across the US east coast. UHReit maintains a conservative gearing ratio of 38.9 per cent, with 79.6 per cent of its borrowings on a fixed rate with no refinancing requirements until 2023. For the industry outlook, Schmitt cited a Green Street Strip Center Sector Update that found brick-and-mortar retail sales growth was 17 per cent higher in 2021 compared to pre-pandemic levels in 2019, as retailer interest for space remains strong. He also added that Q1 2022 was a record breaking first quarter for the self-storage industry and that self-storage occupancy remains at all-time highs driven by subdued vacates and sticky incremental demand in a Covid situation.

 

Yangzijiang Financial Holding

On Jun 24, Yangzijiang Financial Holding lead independent director Chew Sutat acquired 200,000 shares of the company for a consideration of S$86,000 at 43.0 cents per share. His preceding acquisitions were between Apr 29 and May 5, with 312,000 shares acquired at 52.8 cents per share. Chew previously served as senior managing director and a member of Singapore Exchange’s executive management team for 14 years.

 

Challenger Technologies

On Jun 27, Digileap Capital acquired 104,400 shares of Challenger Technologies at 56.0 cents per share. With a consideration of S$58,464, this increased the deemed interest of non-executive non-independent director Keith Tan Keng Soon in Challenger Technologies from 15.05 per cent to 15.08 per cent. Appointed to the board on Nov 29, 2021, he also serves as the chairman of the Dymon Asia Private Equity Investment Committee and is a founding partner of Dymon Asia Capital. Prior to Dymon, he was a director at Abax Global Capital, a special situations hedge fund based in Hong Kong, where he originated, structured, and executed investment transactions across Asia.

As a retailer of IT products at its retail outlets and online marketplace, Challenger Technologies offers its customers more than 50,000 products sourced from IT product distributors and suppliers, original brand manufacturers and original equipment manufacturers.

 

Uni-Asia Group

Between Jun 24 and 30, Uni-Asia Group executive chair Michio Tanamoto acquired 50,000 shares of the company at an average price of S$1.05 per share. This took his direct interest from 3.50 per cent to 3.56 per cent. Tanamoto was appointed the executive chair of Uni-Asia Group in April 2020.

On Jun 28, Uni-Asia Group executive director and CEO Kenji Fukuyado also acquired 30,000 shares of the company for a consideration of S$31,264. At an average price of S$1.04 per share, this took his direct interest from 1.87 per cent to 1.91 per cent. His preceding acquisition was on Jun 1, with 70,000 shares acquired at S$1.07 per share. Fukuyado was also appointed Uni-Asia Group CEO in April 2020.

 

Centurion Corporation

On Jun 28, Centurion Corporation executive director and joint chair David Loh Kim Kang acquired 100,000 shares of the purpose-built accommodation developer and manager at 35.0 cents per share. This took his total interest in company from 55.43 per cent to 55.44 per cent. His preceding acquisitions were between Jun 17 and 23 with 200,000 shares also acquired at 35.0 cents per share, as were the 1,860,400 shares acquired between May 20 and 26.

As reported on May 10, Centurion Corporation’s group revenue rose to S$45.1 million for Q1 2022, from S$30.7 million for Q1 2021. This was attributed to enlarged portfolio capacity and new business streams in its purpose-built workers accommodation segment across Singapore and Malaysia, as well as a healthy recovery in financial occupancy of its purpose-built student accommodation assets in the UK and Australia. The group owns and manages a strong portfolio of 36 operational accommodation assets totalling approximately 64,389 beds as at Mar 31.

 

Enviro-Hub Holdings

On Jun 24, Enviro-Hub Holdings executive chairman Raymond Ng acquired 400,000 shares of the company at 5.0 cents per share. This took his total interest in the environmental management solutions group from 28.17 per cent to 28.19 per cent. His preceding acquisition of 922,300 shares at 7.1 cents per share was on Feb 25.

 

Jason Marine Group

Between Jun 24 and 28, Jason Marine Group non independent non-executive director Eugene Wong Hin Sun acquired 100,000 shares of the company at an average price of 17.4 cents per share. This increased his total interest in the leading marine electronics systems integrator and support services provider from 2.52 per cent to 2.62 per cent. Wong is the founder and managing director of Sirius Venture Capital. He is also the non-executive chairman of NTUC Learninghub and non-executive vice-chairman of Japan Foods Holding. In addition, he is also the lead independent director of Alliance Healthcare Group and independent director of APAC Realty, and non-executive director of Singapore Cruise Centre.

 

GSH Corporation

On Jun 28, GSH Corporation executive chair Sam Goi Seng Hui acquired 41,000 shares of the company at an average price of 16.2 cents per share, with a consideration of S$6,642. He maintains a 63.65 per cent total interest in the property developer, hotel and resort operator. He has gradually increased his total interest from 47.97 per cent in July 2015.

 

Inside Insights is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/uhreit-director-adds-to-stake-ocbc-wilmar-lead-buybacks"> read </a>the original version.
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    Share Buybacks


FOR the 5 trading sessions that spanned Jun 24 to 30, the Straits Times Index (STI) gained 0.3 per cent, with the FTSE China A50 Index gaining 4.0 per cent, the Hang Seng Index rising 2.7 per cent and the FTSE Bursa Malaysia KLCI adding 0.9 per cent.

Overall, institutions were net sellers of Singapore stocks over the 5 sessions with S$194 million of net outflow, following S$116 million of net inflow for the preceding 5 sessions. DBS, UOB, OCBC, Singtel and SATS led the net institutional outflows for the 5 sessions through to Jun 30.

For the first 6 months of 2022, Singapore stocks booked S$154 million of net institutional outflows, with DBS, UOB, Yangzijiang Financial Holding, Mapletree Commercial Trust and Keppel DC Reit recording the most net outflows, while Singtel, City Developments, Keppel Corporation, Mapletree North Asia Commercial Trust and CapitaLand Integrated Commercial Trus booked the most net inflows.

 

Share buybacks

There were 22 primary-listed stocks conducting share buybacks over the 5 sessions ended Jun 30, with a total consideration of S$27.3 million, less than half the previous week’s consideration tally. OCBC and Wilmar International led the consideration tally, buying back shares at average prices of S$11.44, and S$4.03 respectively. There were as many as 35 primary-listed stocks that conducted buybacks for the month of June with a total consideration of S$284 million, down from the S$328 million consideration in May.

 Director and substantial shareholder transactions

The 5 trading sessions saw 70 changes to director interests and substantial shareholdings filed for close to 40 primary-listed stocks. This included 19 company director acquisitions with 1 disposal filed, while substantial shareholders filed 8 acquisitions and 5 disposals.

 United Hampshire US Reit

On Jun 28, United Hampshire US Reit Management non-independent non-executive director David Goss acquired 250,000 units of United Hampshire US Reit (UHReit) at an average price of 60.9 US cents per unit. With a consideration of US$152,125, this increased his direct interest from 0.09 per cent per cent to 0.13 per cent. This closely followed his acquisition of 500,000 units, also at 60.9 US cents per unit, between Jun 20 and 22. With a career spanning 50 years, Goss has been the managing director of UOB Global Capital since 1998. 

Recently, United Hampshire US Reit Management CEO Robert Schmitt, and CFO Gerard Yuen, provided Singapore investors with a comprehensive overview of the UHReit portfolio as part of the ongoing SIAS-SGX Corporate Connect Webinar series. UHReit is the first US grocery-anchored shopping centre and self-storage Reit to list in Singapore with a total property value of US$688.5 million as at Dec 31. This includes 20 grocery and necessity properties and four self-storage properties, located across 8 states, across the US east coast. UHReit maintains a conservative gearing ratio of 38.9 per cent, with 79.6 per cent of its borrowings on a fixed rate with no refinancing requirements until 2023. For the industry outlook, Schmitt cited a Green Street Strip Center Sector Update that found brick-and-mortar retail sales growth was 17 per cent higher in 2021 compared to pre-pandemic levels in 2019, as retailer interest for space remains strong. He also added that Q1 2022 was a record breaking first quarter for the self-storage industry and that self-storage occupancy remains at all-time highs driven by subdued vacates and sticky incremental demand in a Covid situation.

 

Yangzijiang Financial Holding

On Jun 24, Yangzijiang Financial Holding lead independent director Chew Sutat acquired 200,000 shares of the company for a consideration of S$86,000 at 43.0 cents per share. His preceding acquisitions were between Apr 29 and May 5, with 312,000 shares acquired at 52.8 cents per share. Chew previously served as senior managing director and a member of Singapore Exchange’s executive management team for 14 years.

 

Challenger Technologies

On Jun 27, Digileap Capital acquired 104,400 shares of Challenger Technologies at 56.0 cents per share. With a consideration of S$58,464, this increased the deemed interest of non-executive non-independent director Keith Tan Keng Soon in Challenger Technologies from 15.05 per cent to 15.08 per cent. Appointed to the board on Nov 29, 2021, he also serves as the chairman of the Dymon Asia Private Equity Investment Committee and is a founding partner of Dymon Asia Capital. Prior to Dymon, he was a director at Abax Global Capital, a special situations hedge fund based in Hong Kong, where he originated, structured, and executed investment transactions across Asia.

As a retailer of IT products at its retail outlets and online marketplace, Challenger Technologies offers its customers more than 50,000 products sourced from IT product distributors and suppliers, original brand manufacturers and original equipment manufacturers.

 

Uni-Asia Group

Between Jun 24 and 30, Uni-Asia Group executive chair Michio Tanamoto acquired 50,000 shares of the company at an average price of S$1.05 per share. This took his direct interest from 3.50 per cent to 3.56 per cent. Tanamoto was appointed the executive chair of Uni-Asia Group in April 2020.

On Jun 28, Uni-Asia Group executive director and CEO Kenji Fukuyado also acquired 30,000 shares of the company for a consideration of S$31,264. At an average price of S$1.04 per share, this took his direct interest from 1.87 per cent to 1.91 per cent. His preceding acquisition was on Jun 1, with 70,000 shares acquired at S$1.07 per share. Fukuyado was also appointed Uni-Asia Group CEO in April 2020.

 

Centurion Corporation

On Jun 28, Centurion Corporation executive director and joint chair David Loh Kim Kang acquired 100,000 shares of the purpose-built accommodation developer and manager at 35.0 cents per share. This took his total interest in company from 55.43 per cent to 55.44 per cent. His preceding acquisitions were between Jun 17 and 23 with 200,000 shares also acquired at 35.0 cents per share, as were the 1,860,400 shares acquired between May 20 and 26.

As reported on May 10, Centurion Corporation’s group revenue rose to S$45.1 million for Q1 2022, from S$30.7 million for Q1 2021. This was attributed to enlarged portfolio capacity and new business streams in its purpose-built workers accommodation segment across Singapore and Malaysia, as well as a healthy recovery in financial occupancy of its purpose-built student accommodation assets in the UK and Australia. The group owns and manages a strong portfolio of 36 operational accommodation assets totalling approximately 64,389 beds as at Mar 31.

 

Enviro-Hub Holdings

On Jun 24, Enviro-Hub Holdings executive chairman Raymond Ng acquired 400,000 shares of the company at 5.0 cents per share. This took his total interest in the environmental management solutions group from 28.17 per cent to 28.19 per cent. His preceding acquisition of 922,300 shares at 7.1 cents per share was on Feb 25.

 

Jason Marine Group

Between Jun 24 and 28, Jason Marine Group non independent non-executive director Eugene Wong Hin Sun acquired 100,000 shares of the company at an average price of 17.4 cents per share. This increased his total interest in the leading marine electronics systems integrator and support services provider from 2.52 per cent to 2.62 per cent. Wong is the founder and managing director of Sirius Venture Capital. He is also the non-executive chairman of NTUC Learninghub and non-executive vice-chairman of Japan Foods Holding. In addition, he is also the lead independent director of Alliance Healthcare Group and independent director of APAC Realty, and non-executive director of Singapore Cruise Centre.

 

GSH Corporation

On Jun 28, GSH Corporation executive chair Sam Goi Seng Hui acquired 41,000 shares of the company at an average price of 16.2 cents per share, with a consideration of S$6,642. He maintains a 63.65 per cent total interest in the property developer, hotel and resort operator. He has gradually increased his total interest from 47.97 per cent in July 2015.

 

Inside Insights is a weekly column on The Business Times, read the original version.



UHReit director adds to stake; OCBC & Wilmar lead buybacks

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 <img src='https://api2.sgx.com/sites/default/files/2022-04/sreit.PNG' alt='SREIT asset' />
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 <div class='content-caption'>SREIT asset</div>
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<html><body>Singapore's Central Business District (CBD) saw Grade A office rents record the fastest quarterly growth since rents turned around in Q2 2021, according to JLL Singapore in a recent report. 
Grade A office rents in the CBD rose 2.3 per cent to S$10.46 per square foot (psf) per month (pm) in the latest quarter, up from Q4 2021's S$10.23. Rental rates have recovered by 6.9 per cent from its recent lows in Q1 2021. 
Office Reits may also be poised to benefit from a growth in demand for office space as up to 75 per cent of office workers are allowed to return to their workplaces, even as hybrid working continues. 
Listed on SGX are 5 S-Reits with Singapore office properties in their portfolios. They are, Keppel Reit which is a pure-play office S-Reit, and diversified S-Reits CapitaLand Integrated Commercial Trust (CICT), Suntec Reit, Mapletree Commercial Trust (MCT), and OUE Commercial Reit (OUE C-Reit). Keppel Reit in FY21 had a tenant retention rate of 62 per cent and noted that a majority of new and expansion leases were in Singapore. 
Its weighted average signing rent for Singapore office leases was approximately S$10.56 psf pm. 
Building valuations for Marina Bay Financial Centre Towers 1 &amp; 2, One Raffles Quay and Keppel Bay Tower increased due to higher rental rates. 
OUE C-Reit which has a portfolio of 3 office properties in Singapore's CBD noted in its FY21 results that average passing rents of Singapore office properties at Dec 2021 were higher year on year, with OUE Bayfront hitting a high of S$12.49 psf due to the successful renewal of an anchor tenant. The Reit expects positive leasing momentum to continue in 2022, supported by the technology sector amid a limited supply pipeline. 
CICT recently announced its proposed acquisition of 70 per cent interest in 79 Robinson Road which has a building occupancy rate of 92.9 per cent. The acquisition is expected to offer pro forma annualised net property income yield of 4 per cent, distribution per unit accretion of 2.9 per cent, and is expected to complete in Q2 2022. 
Across the broader S-Reits sector, S-Reits demonstrated resiliency amid the backdrop of rising inflation and a rate hike cycle with the iEdge S-Reit Index posting 1.3 per cent total returns in Q1 2022, outperforming the average decline of 4.9 per cent across global Reit hubs. 
Despite rising interest rates, S-Reits have an average distribution yield of 6.3 per cent, around 400 bps spread over Singapore's 10-year government bond yields. The sector has an average gearing ratio of about 37 per cent (current regulatory ceiling is 50 per cent) and has an average 75 per cent of their borrowings pegged at fixed rates (entered directly in fixed rates or hedged through floating-to-fixed interest rate swaps). 
The top 5 performing S-Reits and property trusts in Q1 2022 averaged 14.1 per cent total returns, outperforming STI's 9.6 per cent, and are mainly from the hospitality and office sub-segments. They are: Suntec Reit (+17.6 per cent), Frasers Hospitality Trust (+15.1 per cent), Far East Hospitality Trust (+13.1 per cent), CDL Hospitality Trusts (+13.0 per cent), and Ascott Residence Trust (+11.5 per cent). 
Drivers that potentially drove the sub-segments were the continued reopening theme and relaxation of Covid measures across Singapore and the region, as well as the positive momentum in office rental rates.  REIT Watch is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/singapore-office-s-reits-poised-to-benefit-from-positive-rental-momentum-0"> read </a>the original version.</body></html>


      
    
    SREIT asset

Singapore's Central Business District (CBD) saw Grade A office rents record the fastest quarterly growth since rents turned around in Q2 2021, according to JLL Singapore in a recent report.  
Grade A office rents in the CBD rose 2.3 per cent to S$10.46 per square foot (psf) per month (pm) in the latest quarter, up from Q4 2021's S$10.23. Rental rates have recovered by 6.9 per cent from its recent lows in Q1 2021.  
Office Reits may also be poised to benefit from a growth in demand for office space as up to 75 per cent of office workers are allowed to return to their workplaces, even as hybrid working continues.  
Listed on SGX are 5 S-Reits with Singapore office properties in their portfolios. They are, Keppel Reit which is a pure-play office S-Reit, and diversified S-Reits CapitaLand Integrated Commercial Trust (CICT), Suntec Reit, Mapletree Commercial Trust (MCT), and OUE Commercial Reit (OUE C-Reit). Keppel Reit in FY21 had a tenant retention rate of 62 per cent and noted that a majority of new and expansion leases were in Singapore.  
Its weighted average signing rent for Singapore office leases was approximately S$10.56 psf pm.  
Building valuations for Marina Bay Financial Centre Towers 1 &amp; 2, One Raffles Quay and Keppel Bay Tower increased due to higher rental rates.  
OUE C-Reit which has a portfolio of 3 office properties in Singapore's CBD noted in its FY21 results that average passing rents of Singapore office properties at Dec 2021 were higher year on year, with OUE Bayfront hitting a high of S$12.49 psf due to the successful renewal of an anchor tenant. The Reit expects positive leasing momentum to continue in 2022, supported by the technology sector amid a limited supply pipeline.  
CICT recently announced its proposed acquisition of 70 per cent interest in 79 Robinson Road which has a building occupancy rate of 92.9 per cent. The acquisition is expected to offer pro forma annualised net property income yield of 4 per cent, distribution per unit accretion of 2.9 per cent, and is expected to complete in Q2 2022.  
Across the broader S-Reits sector, S-Reits demonstrated resiliency amid the backdrop of rising inflation and a rate hike cycle with the iEdge S-Reit Index posting 1.3 per cent total returns in Q1 2022, outperforming the average decline of 4.9 per cent across global Reit hubs.  
Despite rising interest rates, S-Reits have an average distribution yield of 6.3 per cent, around 400 bps spread over Singapore's 10-year government bond yields. The sector has an average gearing ratio of about 37 per cent (current regulatory ceiling is 50 per cent) and has an average 75 per cent of their borrowings pegged at fixed rates (entered directly in fixed rates or hedged through floating-to-fixed interest rate swaps).  
The top 5 performing S-Reits and property trusts in Q1 2022 averaged 14.1 per cent total returns, outperforming STI's 9.6 per cent, and are mainly from the hospitality and office sub-segments. They are: Suntec Reit (+17.6 per cent), Frasers Hospitality Trust (+15.1 per cent), Far East Hospitality Trust (+13.1 per cent), CDL Hospitality Trusts (+13.0 per cent), and Ascott Residence Trust (+11.5 per cent).  
Drivers that potentially drove the sub-segments were the continued reopening theme and relaxation of Covid measures across Singapore and the region, as well as the positive momentum in office rental rates.   REIT Watch is a weekly column on The Business Times, read the original version.


REIT Watch - Singapore office S-Reits poised to benefit from positive rental momentum

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>As concerns over China persist, Asia Ex-Japan managers are becoming more constructive on the ASEAN Region and appear amenable to increasing allocations.</li>
<li>Indonesia and Singapore are the largest country allocations, Indonesia/Vietnam the key overweights and Malaysia/Thailand the key underweights. Only 20.4% of managers have any Malaysia exposure at all.</li>
<li>Sea Ltd and Bank Central Asia are the key overweights in the region.  Recent activity has favoured Cisarua Mountain Dairy, Central Pattana Pub and Telekomunikasi Indonesia.</li>
</ul>


As concerns over China persist, Asia Ex-Japan managers are becoming more constructive on the ASEAN Region and appear amenable to increasing allocations.
Indonesia and Singapore are the largest country allocations, Indonesia/Vietnam the key overweights and Malaysia/Thailand the key underweights. Only 20.4% of managers have any Malaysia exposure at all.
Sea Ltd and Bank Central Asia are the key overweights in the region.  Recent activity has favoured Cisarua Mountain Dairy, Central Pattana Pub and Telekomunikasi Indonesia.


ASEAN Reversal.  Asia Ex-Japan Managers Raise Allocations

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>Abacus aims to raise around US$146m (A$200m) via issuing new shares worth 7.1% of issued shares.</li>
<li>The company will use the proceeds from the placement to pay down debt that it has accumulated from earlier acquisition/construction.</li>
<li>In this note, we will talk about the recent developments and run the deal through our ECM framework.</li>
</ul>


Abacus aims to raise around US$146m (A$200m) via issuing new shares worth 7.1% of issued shares.
The company will use the proceeds from the placement to pay down debt that it has accumulated from earlier acquisition/construction.
In this note, we will talk about the recent developments and run the deal through our ECM framework.


Abacus Property Group Placement - Previous Deal Did Well, This One Won’t Be Accretive

Event-Driven

<ul>
<li>PropertyGuru and Bridgetown 2 announced, on 23rd Jul 2021, that they have entered into a business combination agreement which will see PropertyGuru go public in the US. </li>
<li>Both the companies will hold their respective EGMs next week and aim to complete the listing by 18th Mar 2022.</li>
<li>We have looked at the company’s prior listing attempt, in Australia in 2019, and the current SPAC merger. In this note, we will talk about the recent updates.</li>
</ul>


PropertyGuru and Bridgetown 2 announced, on 23rd Jul 2021, that they have entered into a business combination agreement which will see PropertyGuru go public in the US. 
Both the companies will hold their respective EGMs next week and aim to complete the listing by 18th Mar 2022.
We have looked at the company’s prior listing attempt, in Australia in 2019, and the current SPAC merger. In this note, we will talk about the recent updates.


PropertyGuru/Bridgetown 2 SPAC Listing/Merger - Peers Are Down a Lot, as the Deal Nears Completion

Singapore

CapitaLand Limited is a real estate company focused on investment holding. The Company and its subsidiaries are principally engaged in investment holding, real estate development, investment in real estate financial products and real estate assets, investment advisory and management services, as well as the management of serviced residences.

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Capitaland (CAPL SP)

UHReit director adds to stake; OCBC & Wilmar lead buybacks

FOR the 5 trading sessions that spanned Jun 24 to 30, the Straits Times Index (STI) gained 0.3 per cent, with the FTSE China...

Singapore Exchange Ltd (SGX)

REIT Watch - Singapore office S-Reits poised to benefit from positive rental momentum

Singapore's Central Business District (CBD) saw Grade A office rents record the fastest quarterly growth since rents turned...

Singapore Exchange Ltd (SGX)

ASEAN Reversal. Asia Ex-Japan Managers Raise Allocations

As concerns over China persist, Asia Ex-Japan managers are becoming more constructive on the ASEAN Region and appear amenable to increasing...

Steven Holden

Abacus Property Group Placement - Previous Deal Did Well, This One Won’t Be Accretive

Abacus aims to raise around US$146m (A$200m) via issuing new shares worth 7.1% of issued shares. In this note, we will run the deal through our ECM...

Sumeet Singh

PropertyGuru/Bridgetown 2 SPAC Listing/Merger - Peers Are Down a Lot, as the Deal Nears Completion

PropertyGuru and Bridgetown 2 announced, on 23rd Jul 2021, that they have entered into a business combination agreement which will see PropertyGuru...

Sumeet Singh

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