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

Areit (AyalaLand REIT) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ayala-land-inc" target="_blank" data-smartkarma-citation="entities:131:1" rel="noopener">Ayala Land Inc (ALI PM)</a> aims to raise around US$121m via selling around 11% of <a href="https://www.smartkarma.com/entities/areit-ayalaland-reit" target="_blank" data-smartkarma-citation="entities:28856:1" rel="noopener">Areit (AyalaLand REIT) (AREIT PM)</a>.</li>
<li>Ayala Land and AREIT have been moving towards concluding an asset for shares swap that had been in the works for a while. This placement appears to stem from that.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Ayala Land Inc (ALI PM) aims to raise around US$121m via selling around 11% of Areit (AyalaLand REIT) (AREIT PM).
Ayala Land and AREIT have been moving towards concluding an asset for shares swap that had been in the works for a while. This placement appears to stem from that.
In this note, we will talk about the placement and run the deal through our ECM framework.


AREIT Placement - Parent Is Buying High and Selling Low

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vista-reit" target="_blank" data-smartkarma-citation="entities:35951:1" rel="noopener">Vista REIT (VR PM)</a> is looking to raise about US$158m in its Philippines IPO. This would be a 100% secondary selldown by the Sponsors. </li>
<li>VREIT's larger assets have seen their occupancies dwindle since FY19. A bulk of its office tenants are up for expiry in FY22 and sector momentum hasn’t been the greatest.</li>
<li>VREIT would also hold the smallest portfolio in terms of appraised valuation and would be the smallest REIT, as per mcap.</li>
</ul>



Vista REIT (VR PM) is looking to raise about US$158m in its Philippines IPO. This would be a 100% secondary selldown by the Sponsors. 
VREIT's larger assets have seen their occupancies dwindle since FY19. A bulk of its office tenants are up for expiry in FY22 and sector momentum hasn’t been the greatest.
VREIT would also hold the smallest portfolio in terms of appraised valuation and would be the smallest REIT, as per mcap.


Vista REIT IPO - Smallest of the Lot, Sector Has Been Under Pressure

Citicore Energy REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/citicore-energy-reit" target="_blank" data-smartkarma-citation="entities:35451:1" rel="noopener">Citicore Energy REIT (CREIT PM)</a> raised around US$124m in its Philippines IPO.</li>
<li>At the IPO price, the REIT is offered at 7% FY22 dividend yield. As of listing, the REIT would be the smallest amongst its peer set, in terms of mcap.</li>
<li>In this note, we will talk about the trading dynamics.</li>
</ul>



Citicore Energy REIT (CREIT PM) raised around US$124m in its Philippines IPO.
At the IPO price, the REIT is offered at 7% FY22 dividend yield. As of listing, the REIT would be the smallest amongst its peer set, in terms of mcap.
In this note, we will talk about the trading dynamics.


Citicore Energy REIT IPO Trading - Most Phil REITs Had Corrected Since Our Last Note

<ul>
<li>
<a href="https://www.smartkarma.com/entities/citicore-energy-reit" target="_blank" data-smartkarma-citation="entities:35451:1" rel="noopener">Citicore Energy REIT (CREIT PM)</a> is looking to raise around US$170m in its Philippines IPO. </li>
<li>The initial portfolio will consist of the Clark Solar Power Plant, Armenia Property, Toledo Property, Silay Property, and the Dalayap Property, which had a total appraised valuation of PHP10.9bn (US$214.3m).</li>
<li>In this note, we will look at peer comparison and share our thoughts on valuation.</li>
</ul>



Citicore Energy REIT (CREIT PM) is looking to raise around US$170m in its Philippines IPO. 
The initial portfolio will consist of the Clark Solar Power Plant, Armenia Property, Toledo Property, Silay Property, and the Dalayap Property, which had a total appraised valuation of PHP10.9bn (US$214.3m).
In this note, we will look at peer comparison and share our thoughts on valuation.


Citicore Energy REIT IPO - Stable Dividend Generation but Needs to Come at a Wider Discount to Peers

Synergy Grid & Development Philippines / Equity Capital Markets

<div>
<p>Synergy Grid &amp; Development Phils (SGP) raised around US$250m in its Philippines re-IPO. </p>
</div>
<div>
<p>We covered most aspects of the deal in our earlier notes, <a href="https://www.smartkarma.com/insights/synergy-grid-development-re-ipo-deal-background-and-positives" target="_blank" rel="noopener">Synergy Grid &amp; Development Re-IPO - Deal Background and Positives</a> and <a href="https://www.smartkarma.com/insights/synergy-grid-development-re-ipo-negatives-and-a-look-at-valuation" target="_blank" rel="noopener">Synergy Grid &amp; Development Re-IPO - Negatives and a Look at Valuation</a>.</p>
</div>
<p> In this note, we will talk about the updates since our IPO note.</p>


Synergy Grid &amp; Development Phils (SGP) raised around US$250m in its Philippines re-IPO. 


We covered most aspects of the deal in our earlier notes, Synergy Grid &amp; Development Re-IPO - Deal Background and Positives and Synergy Grid &amp; Development Re-IPO - Negatives and a Look at Valuation.

 In this note, we will talk about the updates since our IPO note.

Synergy Grid Re-IPO Trading - Pricing Is OK, Watch Out for the Large Drop on Trading Resumption

Philippines

DD Meridian Park Real Estate Investment Trust operates in Philippines.

DDMP REIT (DDMPR PM)

AREIT Placement - Parent Is Buying High and Selling Low

Ayala Land Inc (ALI PM) aims to raise around US$121m via selling around 11% of Areit (AyalaLand REIT) (AREIT PM). In this note, we run the deal...

Sumeet Singh

Vista REIT IPO - Smallest of the Lot, Sector Has Been Under Pressure

Vista REIT (VR PM) is looking to raise about US$158m in its Philippines IPO. Sector momentum hasn’t been the greatest and VREIT would be the...

Clarence Chu

Citicore Energy REIT IPO Trading - Most Phil REITs Had Corrected Since Our Last Note

Citicore Energy REIT (CREIT PM) raised around US$124m in its Philippines IPO. In this note, we will talk about the trading dynamics.

Clarence Chu

Citicore Energy REIT IPO - Stable Dividend Generation but Needs to Come at a Wider Discount to Peers

Citicore Energy REIT (CREIT PM) is looking to raise around US$170m in its Philippines IPO. In this note, we will look at peer comparison and share...

Clarence Chu

Synergy Grid Re-IPO Trading - Pricing Is OK, Watch Out for the Large Drop on Trading Resumption

Synergy Grid & Development Phils raised around US$250m in its Philippines re-IPO. We covered most aspects of the deal in our earlier notes. In...

Sumeet Singh