APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

Nexus Select Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nexus-select-trust" target="_blank" data-smartkarma-citation="entities:36566:1" rel="noopener">Nexus Select Trust (NST IN)</a> is looking to raise up to US$500m in its upcoming India IPO. </li>
<li>The bookrunners on the deal are Axis, BofA, Citi, HSBC, IIFL, JM Fin, JPM, Kotak, MS and SBI Cap.</li>
<li>Nexus Select Trust (NST) is a REIT with a portfolio of 17 Grade A urban consumption centers.</li>
</ul>



Nexus Select Trust (NST IN) is looking to raise up to US$500m in its upcoming India IPO. 
The bookrunners on the deal are Axis, BofA, Citi, HSBC, IIFL, JM Fin, JPM, Kotak, MS and SBI Cap.
Nexus Select Trust (NST) is a REIT with a portfolio of 17 Grade A urban consumption centers.


Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/digital-core-reit" target="_blank" data-smartkarma-citation="entities:35145" rel="noopener">Digital Core REIT (DCREIT SP)</a> acquires interests in freehold data centres in Germany and Texas; DPU accretive by 2.0-3.1%</li><li><a href="https://www.smartkarma.com/entities/daiwa-house-logistics-trust" target="_blank" data-smartkarma-citation="entities:35020" rel="noopener">Daiwa House Logistics Trust (DHLT SP)</a> to acquire two freehold logistics facilities and a freehold land in Japan; DPU accretive by 1.3%</li><li>Proposed Dutch tax regime changes will not impact Cromwell European REIT (CERT) distributable income</li></ul>

Digital Core REIT (DCREIT SP) acquires interests in freehold data centres in Germany and Texas; DPU accretive by 2.0-3.1%Daiwa House Logistics Trust (DHLT SP) to acquire two freehold logistics facilities and a freehold land in Japan; DPU accretive by 1.3%Proposed Dutch tax regime changes will not impact Cromwell European REIT (CERT) distributable income

ASEAN Builder's Scoop (23Sep22) - DCREIT Expands into Germany, Texas

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

China Tourism Group Duty Free / 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's listing appears to have set the ball rolling for others to follow.</li>
<li>After a flurry of activity in the prior week, there weren't any major placements this week.</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's listing appears to have set the ball rolling for others to follow.
After a flurry of activity in the prior week, there weren't any major placements this week.


ECM Weekly (28th Aug 2022) - China Tourism, BA REIT, Hongjiu Fruit, YH Ent, Biocyto, WM, APM, Daiwa

<ul><li><a href="https://www.smartkarma.com/entities/ascendas-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:39" rel="noopener">Ascendas Real Estate Investment Trust (AREIT SP)</a> 1H22 DPU +2.8% YoY; Robust reversions and rising occupancies in all markets</li><li><a href="https://www.smartkarma.com/entities/daiwa-house-logistics-trust" target="_blank" data-smartkarma-citation="entities:35020" rel="noopener">Daiwa House Logistics Trust (DHLT SP)</a> 1H22 DPU flat vs IPO forecast; Steady as she goes with no refinancing risk until FY24</li><li>Strata office deals down 21% HoH, while retail up 8.8% in 1H22</li></ul>

Ascendas Real Estate Investment Trust (AREIT SP) 1H22 DPU +2.8% YoY; Robust reversions and rising occupancies in all marketsDaiwa House Logistics Trust (DHLT SP) 1H22 DPU flat vs IPO forecast; Steady as she goes with no refinancing risk until FY24Strata office deals down 21% HoH, while retail up 8.8% in 1H22

ASEAN Builder's Scoop (3Aug22) - AREIT Robust Reversions and Occupancies

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Mapletree Pan Asia Commercial Trust / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106:1" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> has crept higher vs the Peer Baskets, especially in the last 4-6 weeks as Other S-REITs have weakened. </li>
<li>This sets the stage for a potentially large flowback into S-REITs as a class coming in a few weeks.</li>
<li>It may be time to reconsider positioning, looking at where MPACT has been and will be.</li>
</ul>



Mapletree Commercial Trust (MCT SP) has crept higher vs the Peer Baskets, especially in the last 4-6 weeks as Other S-REITs have weakened. 
This sets the stage for a potentially large flowback into S-REITs as a class coming in a few weeks.
It may be time to reconsider positioning, looking at where MPACT has been and will be.


MCT SP as MPACT Creeping Ever Higher Vs Peers

Singapore

Daiwa House Logistics Trust operates as a real estate investment trust. The Company focuses on investments in logistics and industrial real estate assets. Daiwa House Logistics Trust serves clients in Singapore.

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Daiwa House Logistics Trust (DHLT SP)

Nexus Select Trust Pre-IPO Tearsheet

Nexus Select Trust (NST IN) is looking to raise up to US$500m in its upcoming India IPO. The bookrunners on the deal are Axis, BofA, Citi, HSBC,...

Clarence Chu

ASEAN Builder's Scoop (23Sep22) - DCREIT Expands into Germany, Texas

DHLT buys Japan props; CERT no impact from Dutch tax regime changes; LBC rates rising across the board; Phils JLL said more hybrid work by 2025

SCCM Asia Research

ECM Weekly (28th Aug 2022) - China Tourism, BA REIT, Hongjiu Fruit, YH Ent, Biocyto, WM, APM, Daiwa

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

ASEAN Builder's Scoop (3Aug22) - AREIT Robust Reversions and Occupancies

DHLT steady as she goes; Strata office deals -21% HoH, retail +9% HoH; Former AXA Tower set to be SG's tallest building; IVORY may not be a going...

SCCM Asia Research

MCT SP as MPACT Creeping Ever Higher Vs Peers

MCT has outperformed Peers and as Virtual MPACT, has mostly erased its underperformance since deal announcement. This changes the risk balance...

Travis Lundy

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