Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Mapletree Pan Asia Commercial Trust / Event-Driven

Mapletree Pan Asia Commercial Trust (MPACT SP)

<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

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.

Mapletree North Asia Commercial Trust / Event-Driven

Mapletree North Asia Commercial Trust (MAGIC SP)

<ul>
<li>Quarz Capital’s <a href="https://www.bettermnact.com/_files/ugd/517105_02ef42e240d344b9a13b20fce5b8c5d1.pdf" target="_blank" rel="noopener">open letter</a> urges <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a>’s (MNACT) board to protect unitholders’ interest and negotiate for a higher offer from <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>.</li>
<li>MCT has three options – keep the terms unchanged, improve the terms or support MNACT's board benchmarking the merger vs alternative transactions.   </li>
<li>MCT’s likely move is to keep terms unchanged and seek shareholder approval. MNACT's board can appease unitholders by exploring alternative transactions.   </li>
</ul>


Quarz Capital’s open letter urges Mapletree North Asia Commercial Trust (MAGIC SP)’s (MNACT) board to protect unitholders’ interest and negotiate for a higher offer from Mapletree Commercial Trust (MCT SP).
MCT has three options – keep the terms unchanged, improve the terms or support MNACT's board benchmarking the merger vs alternative transactions.   
MCT’s likely move is to keep terms unchanged and seek shareholder approval. MNACT's board can appease unitholders by exploring alternative transactions.   


MCT and MNACT’s Options for Dealing with Quarz’s Campaign

<ul>
<li>Each <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a>/MNACT unitholder will receive either a scrip-only or the cash-and-scrip offer worth S$1.1949 per MNACT unit, a 7.6% premium to the last close price.</li>
<li>The proposed merger provides <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> unitholders with meaningful geographic diversification through a DPU and NAV accretive transaction.   </li>
<li>MNACT unitholders will receive an attractive consideration in terms of P/NAV and gross exchange ratio. Both unitholders will benefit from the enlarged REIT’s higher free float and growth potential. </li>
</ul>


Each Mapletree North Asia Commercial Trust (MAGIC SP)/MNACT unitholder will receive either a scrip-only or the cash-and-scrip offer worth S$1.1949 per MNACT unit, a 7.6% premium to the last close price.
The proposed merger provides Mapletree Commercial Trust (MCT SP) unitholders with meaningful geographic diversification through a DPU and NAV accretive transaction.   
MNACT unitholders will receive an attractive consideration in terms of P/NAV and gross exchange ratio. Both unitholders will benefit from the enlarged REIT’s higher free float and growth potential. 


Mapletree Commercial Trust’s Proposed Merger with Mapletree North Asia Commercial Trust

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

Nippon Prologis Reit / Equity Capital Markets

<ul>
<li>Nippon Prologis Reit (3283 JP) is looking to raise US$265m in its global follow-on offering to acquire three logistics properties</li>
<li>We have covered a number of past placement for the stock, most of which have done well.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Nippon Prologis Reit (3283 JP) is looking to raise US$265m in its global follow-on offering to acquire three logistics properties
We have covered a number of past placement for the stock, most of which have done well.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Nippon Prologis REIT Placement - Small Deal, Marginal Accretion. Past Deals Have Done Well

Digital Core REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/digital-core-reit" target="_blank" data-smartkarma-citation="entities:35145:1" rel="noopener">Digital Core REIT (DCREIT SP)</a> is the exclusive S-REIT sponsored by <a href="https://www.smartkarma.com/entities/digital-realty-trust-inc" target="_blank" data-smartkarma-citation="entities:13149:1" rel="noopener">Digital Realty Trust (DLR US)</a>. It is seeking to raise US$600 million at US$0.88 per unit. </li>
<li>In <a href="https://www.smartkarma.com/insights/digital-core-reit-ipo-reaching-for-the-clouds" target="_blank" data-smartkarma-citation="insights:61737" rel="noopener">Digital Core REIT IPO: Reaching for the Clouds</a>, we outlined its attractive value proposition.    </li>
<li>Cornerstones such as Blackrock, Fidelity, JP Morgan AM account for 61% of the offer. Our valuation analysis suggests that the IPO price of $0.88 per unit is reasonable.</li>
</ul>



Digital Core REIT (DCREIT SP) is the exclusive S-REIT sponsored by Digital Realty Trust (DLR US). It is seeking to raise US$600 million at US$0.88 per unit. 
In Digital Core REIT IPO: Reaching for the Clouds, we outlined its attractive value proposition.    
Cornerstones such as Blackrock, Fidelity, JP Morgan AM account for 61% of the offer. Our valuation analysis suggests that the IPO price of $0.88 per unit is reasonable.


Digital Core REIT IPO: Valuation Insights

Singapore

Daiwa House Logistics Trust is a Singapore real estate investment trust (REIT) that invests in a diversified portfolio of income-producing logistics and industrial real estate assets across Asia, primarily in Japan and the ASEAN region. Its portfolio includes modern logistics facilities. The trust was listed on the Singapore Exchange on November 26, 2021, and is headquartered in Singapore.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Daiwa House Logistics (DHLT SP)

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

MCT and MNACT’s Options for Dealing with Quarz’s Campaign

MCT has three options – keep the terms unchanged, improve the terms or support MNACT's board benchmarking the merger vs alternative transactions.

Arun George

Mapletree Commercial Trust’s Proposed Merger with Mapletree North Asia Commercial Trust

The deal terms are attractive for MNACT unitholders. The deal is DPU/NAV accretive for MCT unitholders. The merger is likely to get approval from...

Arun George

Nippon Prologis REIT Placement - Small Deal, Marginal Accretion. Past Deals Have Done Well

Nippon Prologis Reit (3283 JP) is looking to raise US$265m in its global follow-on offering to acquire three logistics properties.

Sumeet Singh

Digital Core REIT IPO: Valuation Insights

Digital Core REIT is seeking to raise US$600 million at US$0.88 per unit. Our valuation analysis suggests that the IPO price of $0.88 per unit is...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)