ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>The past week saw in insights published on Bank Rakyat Indonesia, PT Avia Avian, Ultrajaya Milk, Telekomunikasi Indonesia, Vinagame IPO, and a <a href="https://www.smartkarma.com/entities/digital-core-reit" target="_blank" data-smartkarma-citation="entities:35145:1" rel="noopener">Digital Core REIT</a>/<a href="https://www.smartkarma.com/entities/keppel-dc-reit" target="_blank" data-smartkarma-citation="entities:85:1" rel="noopener">Keppel DC REIT</a> pair trade.</li>
<li>There were also macro insights looking at Thai political situation, and an insight looking at a more positive outlook for the Philippines, which investors remain dramatically underweight.</li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.</li>
</ul>


The past week saw in insights published on Bank Rakyat Indonesia, PT Avia Avian, Ultrajaya Milk, Telekomunikasi Indonesia, Vinagame IPO, and a Digital Core REIT/Keppel DC REIT pair trade.
There were also macro insights looking at Thai political situation, and an insight looking at a more positive outlook for the Philippines, which investors remain dramatically underweight.
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.


The Week That Was in ASEAN@Smartkarma - Bank Rakyat Executing, Avia Avian, and Thai Politics

APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Nippon Prologis Reit / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-prologis-reit-inc" target="_blank" data-smartkarma-citation="entities:15683:1" rel="noopener">Nippon Prologis Reit (3283 JP)</a> is looking to raise US$184m in its primary follow-on offering to acquire one property, namely Prologis Park Soka. </li>
<li>The deal is a somewhat large one to digest, at 14 days of three month ADV but only 3% dilution. </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$184m in its primary follow-on offering to acquire one property, namely Prologis Park Soka. 
The deal is a somewhat large one to digest, at 14 days of three month ADV but only 3% dilution. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Nippon Prologis REIT Placement - Well-Flagged and past Deals Have Performed Decently

<ul>
<li>
<a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934:1" rel="noopener">ESR-LOGOS REIT (EREIT SP)</a> is looking to raise US$114m (S$150m) in a private placement. The proceeds will be used to fund potential acquisitions and finance the redevelopment of its properties. </li>
<li>Post offering, there will also be a US$114m (S$150m) non-renounceable preferential offering, which will bring the total gross proceeds of the equity fund raising to US$228m (S$300m).</li>
<li>The deal is a relatively large one to digest at 46 days of ADV and 6.4% of current mcap. We'll talk about the deal dynamics.</li>
</ul>



ESR-LOGOS REIT (EREIT SP) is looking to raise US$114m (S$150m) in a private placement. The proceeds will be used to fund potential acquisitions and finance the redevelopment of its properties. 
Post offering, there will also be a US$114m (S$150m) non-renounceable preferential offering, which will bring the total gross proceeds of the equity fund raising to US$228m (S$300m).
The deal is a relatively large one to digest at 46 days of ADV and 6.4% of current mcap. We'll talk about the deal dynamics.


ESR-Logos REIT Placement - Implied Yield Attractive Enough to Take the Deal

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.

Event-Driven

Mapletree North Asia Commercial Trust / Event-Driven

<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

Singapore

Digital Core REIT MANAGEMENT Pte Ltd operates as a real estate investment trust, It is sponsored by a global listed data centre owner, Digital Realty. It is an S-REIT established with the principal strategy of investing in a portfolio of stabilised income-producing real estate assets globally.

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Digital Core REIT (DCREIT SP)

The Week That Was in ASEAN@Smartkarma - Bank Rakyat Executing, Avia Avian, and Thai Politics

The past week saw insights published on Bank Rakyat Indonesia, PT Avia Avian, Ultrajaya Milk, Telekomunikasi Indonesia, Vinagame IPO, and a Digital...

Angus Mackintosh

Nippon Prologis REIT Placement - Well-Flagged and past Deals Have Performed Decently

Nippon Prologis Reit (3283 JP) is looking to raise US$184m in its primary follow-on offering to acquire one property, namely Prologis Park Soka.

Ethan Aw

ESR-Logos REIT Placement - Implied Yield Attractive Enough to Take the Deal

ESR-LOGOS REIT (EREIT SP) is looking to raise US$114m (S$150m) in a private placement. The proceeds will be used to fund potential acquisitions and...

Ethan Aw

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

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