Private Wealth Management and Asset Management., FPA Financial

FPA Financial

Private Wealth Management and Asset Management.

FPA Financial is an independent and boutique financial firm specializing in private wealth management and asset management.

Equity Bottom-Up

<ul>
<li>Digital Core REIT (“DCREIT”) is a Singapore real estate investment trust that invests in a diversified portfolio of stabilised income-producing real estate assets located globally which are primarily used for data centre purposes, as well as assets necessary to support the digital economy.</li>
<li>DCREIT owns a portfolio of freehold facilities that support the underlying businesses of leading technology service providers. As at 31 December 2024, DCREIT’s portfolio was valued at US$1.6 billion (at share) and comprised 10 data centres located in the United States, Canada, Germany and Japan.</li>
<li>DCREIT also acquired a 20.0% interest in an Osaka data centre (located on the same campus but separate from the one held by Digital Osaka 2) in March 2025.</li>
</ul>


Digital Core REIT (“DCREIT”) is a Singapore real estate investment trust that invests in a diversified portfolio of stabilised income-producing real estate assets located globally which are primarily used for data centre purposes, as well as assets necessary to support the digital economy.
DCREIT owns a portfolio of freehold facilities that support the underlying businesses of leading technology service providers. As at 31 December 2024, DCREIT’s portfolio was valued at US$1.6 billion (at share) and comprised 10 data centres located in the United States, Canada, Germany and Japan.
DCREIT also acquired a 20.0% interest in an Osaka data centre (located on the same campus but separate from the one held by Digital Osaka 2) in March 2025.


<ul><li>Digital Core REIT (“DCREIT”) is a Singapore real estate investment trust that invests in a diversified portfolio of stabilised income-producing real estate assets located globally which are primarily used for data center purposes, as well as assets necessary to support the digital economy.</li><li>DCREIT owns a portfolio of freehold facilities that support the underlying businesses of leading technology service providers. As at 22 April 2024, DCREIT’s portfolio was valued at US$1.4 billion and comprised 10 data centers located in the United States, Canada, Germany, and Japan.</li><li>For the year ended 31 December 2023 (FY2023), gross revenue fell by 4.8% from US$107.7 million in FY2022 to US$102.6 million in FY2023.</li></ul>

Digital Core REIT (“DCREIT”) is a Singapore real estate investment trust that invests in a diversified portfolio of stabilised income-producing real estate assets located globally which are primarily used for data center purposes, as well as assets necessary to support the digital economy.DCREIT owns a portfolio of freehold facilities that support the underlying businesses of leading technology service providers. As at 22 April 2024, DCREIT’s portfolio was valued at US$1.4 billion and comprised 10 data centers located in the United States, Canada, Germany, and Japan.For the year ended 31 December 2023 (FY2023), gross revenue fell by 4.8% from US$107.7 million in FY2022 to US$102.6 million in FY2023.

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

<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, <a href="https://www.smartkarma.com/entities/thai-credit-bank-pcl" target="_blank" data-smartkarma-citation="entities:40192:1" rel="noopener">Thai Credit Bank</a> finally ended Thailand's long dry spell, although it wasn't a happy ending.</li>
<li>For placements, REITs appear to be coming back to life with rates now having peaked.</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, Thai Credit Bank finally ended Thailand's long dry spell, although it wasn't a happy ending.
For placements, REITs appear to be coming back to life with rates now having peaked.


ECM Weekly (12th Feb 2024) - Nissan/Renault, Metcash, Digital Core, SBFC, Thai Credit, Park Hotel

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

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 looking to raise at least US$100m in its primary placement. The proceeds will be used to fund potential acquisitions and debt repayment. </li>
<li>The deal will be a large one to digest at 72.7 days of three month ADV and 12.8% dilution.</li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Digital Core REIT (DCREIT SP) is looking to raise at least US$100m in its primary placement. The proceeds will be used to fund potential acquisitions and debt repayment. 
The deal will be a large one to digest at 72.7 days of three month ADV and 12.8% dilution.
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


Digital Core REIT Placement - Taking a Turn for the Better After All the Negative News

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>After underperforming since listing, <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> has outperformed <a href="https://www.smartkarma.com/entities/keppel-dc-reit" target="_blank" data-smartkarma-citation="entities:85:1" rel="noopener">Keppel DC REIT (KDCREIT SP)</a> over the last few months.</li>
<li>However, <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> still trades at cheaper valuations as compared to <a href="https://www.smartkarma.com/entities/keppel-dc-reit" target="_blank" data-smartkarma-citation="entities:85:1" rel="noopener">Keppel DC REIT (KDCREIT SP)</a>. </li>
<li>There could be relative outperformance over the next few weeks and any underperformance can be used to enter positions in the pair. There is an important catalyst.</li>
</ul>


After underperforming since listing, Digital Core REIT (DCREIT SP) has outperformed Keppel DC REIT (KDCREIT SP) over the last few months.
However, Digital Core REIT (DCREIT SP) still trades at cheaper valuations as compared to Keppel DC REIT (KDCREIT SP). 
There could be relative outperformance over the next few weeks and any underperformance can be used to enter positions in the pair. There is an important catalyst.


REIT Pair Trade: Long DCREIT SP/ Short KDCREIT SP

Singapore

Digital Core REIT is a Singapore-based real estate investment trust (S-REIT) that invests in a diversified portfolio of income-producing data center assets globally. It provides critical digital infrastructure, including buildings, power, cooling, and physical security, to cloud, internet, and enterprise customers. The company is headquartered in Singapore and was founded in 2021.

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Digital Core REIT (DCREIT SP)

Company Update: Digital Core REIT

Digital Core REIT (“DCREIT”) is a Singapore real estate investment trust that invests in a diversified portfolio of stabilised income-producing...

FPA Financial

Initiating Coverage: Digital Core REIT

Digital Core REIT (“DCREIT”) is a Singapore real estate investment trust that invests in a diversified portfolio of stabilised income-producing...

FPA Financial

ECM Weekly (12th Feb 2024) - Nissan/Renault, Metcash, Digital Core, SBFC, Thai Credit, Park Hotel

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

Digital Core REIT Placement - Taking a Turn for the Better After All the Negative News

Digital Core REIT (DCREIT SP) is looking to raise at least US$100m in its primary placement. The proceeds will be used to fund potential...

Ethan Aw

REIT Pair Trade: Long DCREIT SP/ Short KDCREIT SP

DCREIT underperformed KDCREIT since listing but has bounced back recently. Still trades at cheaper valuations though. A big catalyst could lead to...

Brian Freitas

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