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.

Equity Capital Markets

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> a Japan pure-play logistics REIT, is looking to raise 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>No compelling reason to buy as other SG-listed industrial/logistics REITs offer similar yields while having a much larger and diversified portfolio.</li>
</ul>



Daiwa House Logistics Trust (DHLT SP), a Japan pure-play logistics REIT, is looking to raise 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).
No compelling reason to buy as other SG-listed industrial/logistics REITs offer similar yields while having a much larger and diversified portfolio.


Daiwa House Logistics Trust IPO - Valuation Appears Ok, but There Is No Compelling Reason to Buy

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 Bottom-Up

<p>Chindata is a data centre operator. It is the largest carrier-neutral hyperscale data centre operator in Asia-Pacific emerging markets as measured by capacity in service, according to Frost &amp; Sullivan. The MSCI May 2021 review period has just wrapped up, and Chindata is among the stocks with the highest probability of inclusion in the MSCI Standard index and the largest buying impact from passive funds - <a href="https://www.smartkarma.com/insights/msci-may-2021-index-rebalance-preview-let-the-games-begin" target="_blank" data-smartkarma-citation="insights:50473" rel="noopener">MSCI May 2021 Index Rebalance Preview: Let The Games Begin</a>.  </p><div class="content-highlight"><p>After touching $23.65 per ADS on 26 Feb 2021, Chindata has derated and is down 45% YTD. The last close price of $13.19 per ADS is 2% below the IPO price of $13.50 per ADS. The Asia-Pacific hyperscale data centre market remains a structural growth market in part due to the increasing prevalence of outsourcing data centre services, rising client demand for higher power density, and increasing regulatory requirements on data security. Overall, we think that Chindata remains an attractive play on these favourable market dynamics and the shares are worth a closer look. </p></div>

Chindata is a data centre operator. It is the largest carrier-neutral hyperscale data centre operator in Asia-Pacific emerging markets as measured by capacity in service, according to Frost &amp; Sullivan. The MSCI May 2021 review period has just wrapped up, and Chindata is among the stocks with the highest probability of inclusion in the MSCI Standard index and the largest buying impact from passive funds - MSCI May 2021 Index Rebalance Preview: Let The Games Begin.  After touching $23.65 per ADS on 26 Feb 2021, Chindata has derated and is down 45% YTD. The last close price of $13.19 per ADS is 2% below the IPO price of $13.50 per ADS. The Asia-Pacific hyperscale data centre market remains a structural growth market in part due to the increasing prevalence of outsourcing data centre services, rising client demand for higher power density, and increasing regulatory requirements on data security. Overall, we think that Chindata remains an attractive play on these favourable market dynamics and the shares are worth a closer look. 

Mapletree Industrial Trust / Equity Capital Markets

<p>On Tuesday, <a href="https://www.smartkarma.com/entities/mapletree-industrial-trust" target="_blank" data-smartkarma-citation="entities:40:1" rel="noopener">Mapletree Industrial Trust (MINT SP)</a> unveiled plans to raise around S$350.0 million through a private placement of new units. The private placement price range is set at S$2.211-2.265 per new unit. </p><div class="content-highlight"><p>The proceeds from the placement will be used to partially fund the proposed acquisitions through a 50:50 JV with Mapletree Investments. Overall, we believe that proposed acquisitions are attractive and bolster MINT’s credentials as an emerging datacentre play. While the valuation is full compared to Industrial S-REITs, we think that it looks attractive for investors seeking datacentre exposure.</p></div>

On Tuesday, Mapletree Industrial Trust (MINT SP) unveiled plans to raise around S$350.0 million through a private placement of new units. The private placement price range is set at S$2.211-2.265 per new unit. The proceeds from the placement will be used to partially fund the proposed acquisitions through a 50:50 JV with Mapletree Investments. Overall, we believe that proposed acquisitions are attractive and bolster MINT’s credentials as an emerging datacentre play. While the valuation is full compared to Industrial S-REITs, we think that it looks attractive for investors seeking datacentre exposure.

Mapletree Industrial Trust Placement: Reasonable for an Emerging Datacentre Play

GDS Holdings (ADR) / Equity Capital Markets

<p>Last Friday, <a href="https://www.smartkarma.com/entities/23649" target="_blank" data-smartkarma-citation="entities:23649:1">Gds Holdings (Adr) (GDS US)</a>, the largest third-party data centre operator in China, announced the placing price of its public offering of 11.9 million ADS. At the placing price of $33.50 per share, GDS will raise net proceeds of $385.5 million which will be used for the development and acquisition of new data centres.</p><div class="content-highlight"><p>We are positive on GDS as the business remains in rude health due to strong revenue growth, rising margins and high revenue visibility. Overall, we would participate in the public offering at the placing price.</p></div>

Last Friday, Gds Holdings (Adr) (GDS US), the largest third-party data centre operator in China, announced the placing price of its public offering of 11.9 million ADS. At the placing price of $33.50 per share, GDS will raise net proceeds of $385.5 million which will be used for the development and acquisition of new data centres.We are positive on GDS as the business remains in rude health due to strong revenue growth, rising margins and high revenue visibility. Overall, we would participate in the public offering at the placing price.

GDS Holdings (GDS US): Placing a Good Opportunity to Gain Exposure to a High Growth Story

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>In today’s report we take a look at the S&amp;P 500 and long-term breadth. We also provide commentary on the USD, interest rates, growth vs. value, and large- vs. small-caps. We also spotlight attractive Groups and stocks within Technology, Financials, and Utilities.</p>

In today’s report we take a look at the S&amp;P 500 and long-term breadth. We also provide commentary on the USD, interest rates, growth vs. value, and large- vs. small-caps. We also spotlight attractive Groups and stocks within Technology, Financials, and Utilities.

U.S. Equity Strategy: Upgrading Staples, Downgrading Energy

United States

Digital Realty Trust, Inc. owns, acquires, repositions, and manages technology-related real estate.  The Company's properties contain applications and operations critical to the day-to-day operations of technology industry tenants and corporate enterprise data center tenants.  Digital's property portfolio is located throughout the United States and in England.

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Digital Realty Trust (DLR US)

Daiwa House Logistics Trust IPO - Valuation Appears Ok, but There Is No Compelling Reason to Buy

Daiwa House Logistics Trust (DHLT SP), a Japan pure-play logistics REIT, is looking to raise US$343m in its Singapore IPO.

Clarence Chu

Chindata Group: Data Centre Value

Chindata is among the stocks with the highest probability of inclusion in the MSCI Standard index but the shares are down 45% YTD. The valuation is...

Arun George

Mapletree Industrial Trust Placement: Reasonable for an Emerging Datacentre Play

On Tuesday, Mapletree Industrial Trust (MINT SP) unveiled plans to raise around S$350.0 million through a private placement of new units. The...

Arun George

GDS Holdings (GDS US): Placing a Good Opportunity to Gain Exposure to a High Growth Story

Last Friday, Gds Holdings (Adr) (GDS US), the largest third-party data centre operator in China, announced the placing price of its public offering...

Arun George

U.S. Equity Strategy: Upgrading Staples, Downgrading Energy

In today’s report we take a look at the S&P 500 and long-term breadth. We also provide commentary on the USD, interest rates, growth vs. value,...

Vermilion Research

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