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.

Equity Capital Markets

Daiwa House Logistics Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/daiwa-house-logistics-trust" target="_blank" data-smartkarma-citation="entities:35020:1" rel="noopener">Daiwa House Logistics Trust (DHLT SP)</a> has launched an SGX IPO to raise gross proceeds of S$464 million ($343 million) at an IPO price of S$0.80 per unit. </li>
<li>DHLT offers an attractive value proposition consisting of a blue-chip tenant base, a staggered lease expiry profile, manageable tenant concentration risk, a growth pipeline and low capex.</li>
<li>DHLT offers exposure to the only Japan pure-play REIT listed in Singapore.</li>
</ul>



Daiwa House Logistics Trust (DHLT SP) has launched an SGX IPO to raise gross proceeds of S$464 million ($343 million) at an IPO price of S$0.80 per unit. 
DHLT offers an attractive value proposition consisting of a blue-chip tenant base, a staggered lease expiry profile, manageable tenant concentration risk, a growth pipeline and low capex.
DHLT offers exposure to the only Japan pure-play REIT listed in Singapore.


Daiwa House Logistics Trust IPO: The Flow of Things

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Thematic (Sector/Industry)

<p style="text-align: center;"><strong>• RESULTS - 15th APRIL •</strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/200/900/original/image_79635701821618518159643.png?1618518161" class="editor-image img-responsive" data-smartkarma-image-id="200900"></figure><div class="content-caption">Source for all charts &amp; tables: Japan Analytics</div><p style="text-align: center;"><strong>• FORECASTS/REVISIONS - 15th APRIL •</strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/200/901/original/image_41828619831618518259175.png?1618518259" class="editor-image img-responsive" data-smartkarma-image-id="200901"></figure><p style="text-align: left;"><strong>REVISIONS/FORECASTS </strong>- All 18 forecasts/revisions scored positively, with small-cap semiconductor material specialist <a href="https://www.smartkarma.com/entities/furuya-metal-co-ltd" target="_blank" data-smartkarma-citation="entities:5196:1" rel="noopener">Furuya Metal (7826 JP)</a> leading the pack. Our focus will be on large caps <a href="https://www.smartkarma.com/entities/daiwa-house-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:237:1" rel="noopener">Daiwa House (1925 JP)</a> and <a href="https://www.smartkarma.com/entities/nihon-kohden-corp" target="_blank" data-smartkarma-citation="entities:7668:1" rel="noopener">Nihon Kohden (6849 JP)</a>. </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/200/904/original/image_98823158241618520568301.png?1618520570" class="editor-image img-responsive" data-smartkarma-image-id="200904"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/200/905/original/image_36126897251618520600152.png?1618520601" class="editor-image img-responsive" data-smartkarma-image-id="200905"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/200/906/original/image_17001945261618520623051.png?1618520623" class="editor-image img-responsive" data-smartkarma-image-id="200906"></figure>

• RESULTS - 15th APRIL •Source for all charts &amp; tables: Japan Analytics• FORECASTS/REVISIONS - 15th APRIL •REVISIONS/FORECASTS - All 18 forecasts/revisions scored positively, with small-cap semiconductor material specialist Furuya Metal (7826 JP) leading the pack. Our focus will be on large caps Daiwa House (1925 JP) and Nihon Kohden (6849 JP). 

🇯🇵 JAPAN • Results & Revisions 04/​​​​​​​​15 - Daiwa House & Nihon Kohden

<div><p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p></div><div>
<p>With only two large-cap announcements yesterday, our best and worst pairing is self-selecting - <a href="https://www.smartkarma.com/entities/sekisui-house-ltd" target="_blank" data-smartkarma-citation="entities:4508:1" rel="noopener">Sekisui House (1928 JP)</a> and <a href="https://www.smartkarma.com/entities/dentsu-inc" target="_blank" data-smartkarma-citation="entities:12434:1" rel="noopener">Dentsu (4324 JP)</a>. </p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/177/063/original/2020-12-08_06-32-00.png?1607376736" class="editor-image img-responsive" data-smartkarma-image-id="177063"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/177/064/original/2020-12-08_06-33-14.png?1607376824" class="editor-image img-responsive" data-smartkarma-image-id="177064"></figure></section>
</div><div class="content-caption">Source for all charts &amp; tables: Japan Analytics</div>

• BEST &amp; WORST •
With only two large-cap announcements yesterday, our best and worst pairing is self-selecting - Sekisui House (1928 JP) and Dentsu (4324 JP). 

Source for all charts &amp; tables: Japan Analytics

🇯🇵 JAPAN • Results & Revisions 12/​​​​​​​​​​​​​​​​​​​​​​​​​​​​​07 Sekisui House & Oh Dear! Dentsu

Daiwa House Reit Investment / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/daiwa-house-reit-investment-cb077099-8006-45e4-83cf-6ac7f19cd384" target="_blank" data-smartkarma-citation="entities:11283:1" rel="noopener">Daiwa House Reit Investment (8984 JP)</a> (DHR) unveiled plans to raise up to JPY34.3 billion ($313 million) through a primary offering (121,000 units), a secondary offering (9,000 units) and third-party allotment (9,000 units). The pricing date is between 19 February and 26 February 2020. </p><div class="content-highlight"><p>The proceeds from the placement will be used to will partly fund the JPY70.8 billion ($645 million) acquisitions of three properties. Overall, we would be tempted to participate in the placement as DHR’s valuation more than compensates for the modest DPU accretion.</p></div>

Daiwa House Reit Investment (8984 JP) (DHR) unveiled plans to raise up to JPY34.3 billion ($313 million) through a primary offering (121,000 units), a secondary offering (9,000 units) and third-party allotment (9,000 units). The pricing date is between 19 February and 26 February 2020. The proceeds from the placement will be used to will partly fund the JPY70.8 billion ($645 million) acquisitions of three properties. Overall, we would be tempted to participate in the placement as DHR’s valuation more than compensates for the modest DPU accretion.

Daiwa House REIT Placement: Valuation Rather Accretion Is the Key Positive

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

TSE Tokyo Price Index TOPIX / Technical Analysis

<p>Despite EAFE’s YTD outperformance relative to EM, EAFE and EM returns have generally been equal since August, shown by the stalemate in the EAFE vs. EM ratio. The U.S. dollar (DXY) is currently trading near support within the 16-17 month uptrend channel. Technicals suggest the most likely scenario is for the DXY uptrend to continue and for support to hold -- which would likely result in EAFE reasserting as leadership.  In this publication we highlight attractive investment themes and individual ideas across developed markets, with special attention given to Japan, Germany, Sweden, Italy, Spain, and Switzerland.</p>

Despite EAFE’s YTD outperformance relative to EM, EAFE and EM returns have generally been equal since August, shown by the stalemate in the EAFE vs. EM ratio. The U.S. dollar (DXY) is currently trading near support within the 16-17 month uptrend channel. Technicals suggest the most likely scenario is for the DXY uptrend to continue and for support to hold -- which would likely result in EAFE reasserting as leadership.  In this publication we highlight attractive investment themes and individual ideas across developed markets, with special attention given to Japan, Germany, Sweden, Italy, Spain, and Switzerland.

Developed Markets Strategy: Stick with Japan

Japan

DAIWA HOUSE INDUSTRY CO., LTD. designs and builds residential, commercial, and institutional buildings.  The Company constructs single-family houses, collective housings, condominiums, stores, office buildings, factories, and hospitals. DAIWA HOUSE INDUSTRY also operates real estate businesses. The Company, through its subsidiaries, manages hotels and golf country clubs.

Price Gauge
52-week Range	0.00 - 0.00
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Daiwa House Industry (1925 JP)

Daiwa House Logistics Trust IPO: The Flow of Things

DHLT has launched an SGX IPO to raise gross proceeds of S$464 million ($343 million). Overall, we believe that DHLT offers an attractive value...

Arun George

🇯🇵 JAPAN • Results & Revisions 04/15 - Daiwa House & Nihon Kohden

REVISIONS/FORECASTS - All 18 forecasts/revisions scored positively, with small-cap semiconductor material specialist Furuya Metal (7826 JP) leading...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 12/07 Sekisui House & Oh Dear! Dentsu

With only two large-cap announcements yesterday, our best and worst pairing is self-selecting - Sekisui House (1928 JP) and Dentsu (4324 JP).

Campbell Gunn

Daiwa House REIT Placement: Valuation Rather Accretion Is the Key Positive

Daiwa House Reit Investment (8984 JP) (DHR) unveiled plans to raise up to JPY34.3 billion ($313 million) through a primary offering (121,000...

Arun George

Developed Markets Strategy: Stick with Japan

Despite EAFE’s YTD outperformance relative to EM, EAFE and EM returns have generally been equal since August, shown by the stalemate in the EAFE...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Daiwa House Logistics Trust IPO: The Flow of Things

DHLT has launched an SGX IPO to raise gross proceeds of S$464 million ($343 million). Overall, we believe that DHLT offers an attractive value...

Arun George

🇯🇵 JAPAN • Results & Revisions 04/​​​​​​​​15 - Daiwa House & Nihon Kohden

REVISIONS/FORECASTS - All 18 forecasts/revisions scored positively, with small-cap semiconductor material specialist Furuya Metal (7826 JP) leading...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 12/​​​​​​​​​​​​​​​​​​​​​​​​​​​​​07 Sekisui House & Oh Dear! Dentsu

With only two large-cap announcements yesterday, our best and worst pairing is self-selecting - Sekisui House (1928 JP) and Dentsu (4324 JP).

Campbell Gunn

Daiwa House REIT Placement: Valuation Rather Accretion Is the Key Positive

Daiwa House Reit Investment (8984 JP) (DHR) unveiled plans to raise up to JPY34.3 billion ($313 million) through a primary offering (121,000...

Arun George

Developed Markets Strategy: Stick with Japan

Despite EAFE’s YTD outperformance relative to EM, EAFE and EM returns have generally been equal since August, shown by the stalemate in the EAFE...

Vermilion Research

🇯🇵 JAPAN • Results & Revisions 04/15 - Daiwa House & Nihon Kohden

🇯🇵 JAPAN • Results & Revisions 12/07 Sekisui House & Oh Dear! Dentsu