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

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

<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>Digital Core REIT offers an attractive value proposition consisting of a blue-chip tenant base, a staggered lease expiry profile, a growth pipeline and sizeable debt headroom.</li>
<li>Digital Core REIT offers exposure to the only 100% freehold data centre S-REIT.</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. 
Digital Core REIT offers an attractive value proposition consisting of a blue-chip tenant base, a staggered lease expiry profile, a growth pipeline and sizeable debt headroom.
Digital Core REIT offers exposure to the only 100% freehold data centre S-REIT.


Digital Core REIT IPO: Reaching for the Clouds

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.

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> raised US$343m in its Singapore IPO.</li>
<li>As of Jun 2021, its assets had an aggregate net lettable area (NLA) of 423,920 sqm and had an appraised valuation of approximately JPY80,570m (S$952.9m).</li>
<li>Historically, overseas-related REITs have had tepid debuts with relatively weak liquidity in their first day/week. </li>
</ul>



Daiwa House Logistics Trust (DHLT SP) raised US$343m in its Singapore IPO.
As of Jun 2021, its assets had an aggregate net lettable area (NLA) of 423,920 sqm and had an appraised valuation of approximately JPY80,570m (S$952.9m).
Historically, overseas-related REITs have had tepid debuts with relatively weak liquidity in their first day/week. 


Daiwa House Logistics Trust IPO Trading - Historical Overseas-Related REIT Debuts Have Been Lukewarm

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Digital Core REIT (DCREIT), a data center REIT, aims to raise up to US$600m in its Singapore IPO.</li>
<li>The company is sponsored by Digital Realty, one of the largest REITs in the US, and over 60% of the deal is already spoken for by cornerstone investors.</li>
<li>In this note, we will talk about Peer Comp, Valuation and Other Deal Dynamics.</li>
</ul>


Digital Core REIT (DCREIT), a data center REIT, aims to raise up to US$600m in its Singapore IPO.
The company is sponsored by Digital Realty, one of the largest REITs in the US, and over 60% of the deal is already spoken for by cornerstone investors.
In this note, we will talk about Peer Comp, Valuation and Other Deal Dynamics.


Digital Core REIT IPO - Peer Comp, Valuation and Other Deal Dynamics

<ul>
<li>Digital Core REIT (DCREIT), a data center REIT, aims to raise up to US$600m in its Singapore IPO.</li>
<li>The company is sponsored by Digital Realty, one of the largest REITs in the US, and over 60% of the deal is already spoken for by cornerstone investors.</li>
<li>In this note, we will talk about the deal background</li>
</ul>


Digital Core REIT (DCREIT), a data center REIT, aims to raise up to US$600m in its Singapore IPO.
The company is sponsored by Digital Realty, one of the largest REITs in the US, and over 60% of the deal is already spoken for by cornerstone investors.
In this note, we will talk about the deal background


Digital Core REIT IPO - Hot Sector, Strong Backing but Has More than a Few Peculiar Points

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)

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

Digital Core REIT IPO: Reaching for the Clouds

Digital Core REIT is seeking to raise US$600 million at US$0.88 per unit in an SGX IPO. It offers an attractive value proposition and is worth a look.

Arun George

Digital Core REIT IPO - Peer Comp, Valuation and Other Deal Dynamics

Digital Core REIT (DCREIT), a data center REIT, aims to raise up to US$600m in its Singapore IPO. In this note, we talk about peer comp, valuation...

Sumeet Singh

Digital Core REIT IPO - Hot Sector, Strong Backing but Has More than a Few Peculiar Points

Digital Core REIT (DCREIT), a data center REIT, aims to raise up to US$600m in its Singapore IPO. In this note, we will talk about the positive and...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Digital Core REIT IPO: Reaching for the Clouds

Digital Core REIT is seeking to raise US$600 million at US$0.88 per unit in an SGX IPO. It offers an attractive value proposition and is worth a look.

Arun George

Daiwa House Logistics Trust IPO Trading - Historical Overseas-Related REIT Debuts Have Been Lukewarm

Daiwa House Logistics Trust (DHLT SP) raised US$343m in its Singapore IPO. Historically, overseas-related REITs have had tepid debuts with...

Clarence Chu

Digital Core REIT IPO - Peer Comp, Valuation and Other Deal Dynamics

Digital Core REIT (DCREIT), a data center REIT, aims to raise up to US$600m in its Singapore IPO. In this note, we talk about peer comp, valuation...

Sumeet Singh

Digital Core REIT IPO - Hot Sector, Strong Backing but Has More than a Few Peculiar Points

Digital Core REIT (DCREIT), a data center REIT, aims to raise up to US$600m in its Singapore IPO. In this note, we will talk about the positive and...

Sumeet Singh