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

Centurion Accommodation / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/centurion-accomodation-reit" target="_blank" data-smartkarma-citation="entities:45779:1" rel="noopener">Centurion Accomodation REIT (CAREIT SP)</a> (CAREIT) plans to raise around US$600m in its Singapore listing.</li>
<li>CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).</li>
<li>In this note, we look at the REIT's portfolio and performance.</li>
</ul>



Centurion Accomodation REIT (CAREIT SP) (CAREIT) plans to raise around US$600m in its Singapore listing.
CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).
In this note, we look at the REIT's portfolio and performance.


Centurion Accomodation REIT IPO - New Asset Class

The New Standard in Wealth Management, Wealth Management Alliance

Wealth Management Alliance

The New Standard in Wealth Management

WMA is a Singapore-based multi-family office with a Capital Markets Services license and provide fund management and investment advisory services to a small number of global UHNW clients. We also act as incubator for single-family offices, allowing them to plug into our broader ecosystem and infrastructure, and tap on our investment professionals for advice. WMA is designed around providing truly bespoke advice to each client, rather than taking a one-size-fits-all approach that may not fit each client's investment objectives and risk tolerances. On top of that, we are designed so that we avoid any semblance of conflicts of interests by being compensated only by the client (which may include profit sharing), as opposed to the model that many of our peers adopt, which include compensation from a variety of third parties such as funds managers, distributors or banks. That, to us, is the easiest way to be firmly on the side of the client in every decision we make.

Equity Bottom-Up

<ul><li>We maintain a modestly positive view on Elite UK REIT (SGX: MXNU),  which released their preliminary FY2025 financial results on 9 February.</li><li>Most of the key financial metrics have improved. The company achieved  higher revenue and distributable income, a lower cost of debt, a higher  occupancy rate, and a higher distribution per unit (DPU) of 3.03 pence  vs 2.87 pence in FY2024.</li><li>Particularly notable is an early renewal of lease agreements worth  GBP24.3mn with its largest tenant Department for Work and Pensions  (DWP). This has helped lift the Weighted Average Lease Expiry (WALE) of the portfolio to 7.2 years from 2.4 years previously. </li></ul>

We maintain a modestly positive view on Elite UK REIT (SGX: MXNU),  which released their preliminary FY2025 financial results on 9 February.Most of the key financial metrics have improved. The company achieved  higher revenue and distributable income, a lower cost of debt, a higher  occupancy rate, and a higher distribution per unit (DPU) of 3.03 pence  vs 2.87 pence in FY2024.Particularly notable is an early renewal of lease agreements worth  GBP24.3mn with its largest tenant Department for Work and Pensions  (DWP). This has helped lift the Weighted Average Lease Expiry (WALE) of the portfolio to 7.2 years from 2.4 years previously. 

<ul><li>This report provides an update of Elite UK REIT (SGX: MXNU), after our initiation report dated 18 March 25.</li><li>Then, we had a price target of GBP0.30. We have increased the target price now to GBP0.39 in view of the REIT’s pivot and diversification and factoring in the market’s willingness to accept a smaller traded discount on the REIT’s share to its NAV.</li><li>Since our initiation report, several positive developments have emerged.</li></ul>

This report provides an update of Elite UK REIT (SGX: MXNU), after our initiation report dated 18 March 25.Then, we had a price target of GBP0.30. We have increased the target price now to GBP0.39 in view of the REIT’s pivot and diversification and factoring in the market’s willingness to accept a smaller traded discount on the REIT’s share to its NAV.Since our initiation report, several positive developments have emerged.

Invest, Trade and Save in Singapore, Syfe

Syfe

Invest, Trade and Save in Singapore

Syfe is an investment platform offering Managed Portfolios, Brokerage services, and Cash Management solutions to help people build wealth for a better future.

Thematic (Sector/Industry)

<ul><li>Singapore’s real estate investment trusts (S-REITs) extended their strong rally into the fourth quarter of 2025, delivering superior returns amid an improving macro backdrop. After a robust Q3, S-REITs entered Q4 with positive momentum supported by healthy fundamentals and easing interest rate pressures.</li><li>By mid-December, S-REITs were on track for their best annual performance since 2019, with full-year total returns of 15.3% (including dividends).</li><li>This marked a significant rebound from the sluggish performance of 2023, and notably outpaced many global REIT markets, and far surpassed USA REITs (FTSE Nareit All REITs Index) which saw a 1.7% total return.</li></ul>

Singapore’s real estate investment trusts (S-REITs) extended their strong rally into the fourth quarter of 2025, delivering superior returns amid an improving macro backdrop. After a robust Q3, S-REITs entered Q4 with positive momentum supported by healthy fundamentals and easing interest rate pressures.By mid-December, S-REITs were on track for their best annual performance since 2019, with full-year total returns of 15.3% (including dividends).This marked a significant rebound from the sluggish performance of 2023, and notably outpaced many global REIT markets, and far surpassed USA REITs (FTSE Nareit All REITs Index) which saw a 1.7% total return.

Syfe S-REITs Tracker: Q4 2025 - Singapore’s 2025 REIT Reset

<ul><li>The interest rate cycle in Singapore typically correlates with the Fed.  According to June’s FOMC Summary of Economic Projections, based on median estimates, the Fed is expected to cut interest rates by 50bps (in two rate cuts) for the rest of 2025, with 25bps more (in one rate cut) in 2026.  </li><li>Based on latest futures from CME Group, the market is pricing in a 89% probability of rate cut during the Fed's next meeting in September.</li><li>The current easing cycle is a clear sector tailwind. The steep decline in 3M Singapore’s SORA from 3.03% in January to 1.85% in August, will benefit the sector in multiple perspectives: reduced funding cost, more stable cap rates to support asset valuations, as well as more attractive REIT valuation on the back of yield spreads.</li></ul>

The interest rate cycle in Singapore typically correlates with the Fed.  According to June’s FOMC Summary of Economic Projections, based on median estimates, the Fed is expected to cut interest rates by 50bps (in two rate cuts) for the rest of 2025, with 25bps more (in one rate cut) in 2026.  Based on latest futures from CME Group, the market is pricing in a 89% probability of rate cut during the Fed's next meeting in September.The current easing cycle is a clear sector tailwind. The steep decline in 3M Singapore’s SORA from 3.03% in January to 1.85% in August, will benefit the sector in multiple perspectives: reduced funding cost, more stable cap rates to support asset valuations, as well as more attractive REIT valuation on the back of yield spreads.

Singapore Office REITs: Interest Rate Easing Cycle Provides Earnings and DPU Upside

Singapore

Elite UK REIT is a Singapore real estate investment trust that primarily invests in real estate and real estate-related assets in the United Kingdom. Its portfolio includes predominantly freehold commercial buildings, many leased to the UK Government, and it is expanding into the living sector. The company was founded in 2020 and is headquartered in Singapore.

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Elite UK REIT (ELITE SP)

Centurion Accomodation REIT IPO - New Asset Class

Centurion Accomodation REIT (CAREIT SP) (CAREIT) plans to raise around US$600m in its Singapore listing. In this note, we talk about the REIT's...

Sumeet Singh

Elite UK REIT: February 2026

We maintain a modestly positive view on Elite UK REIT (SGX: MXNU), which released their preliminary FY2025 financial results on 9 February. Most...

Wealth Management Alliance

Elite UK REIT: October 2025 Update

This report provides an update of Elite UK REIT (SGX: MXNU), after our initiation report dated 18 March 25. Then, we had a price target of GBP0.30....

Wealth Management Alliance

Syfe S-REITs Tracker: Q4 2025 - Singapore’s 2025 REIT Reset

Singapore’s real estate investment trusts (S-REITs) extended their strong rally into the fourth quarter of 2025, delivering superior returns amid...

Syfe

Singapore Office REITs: Interest Rate Easing Cycle Provides Earnings and DPU Upside

The interest rate cycle in Singapore typically correlates with the Fed. According to June’s FOMC Summary of Economic Projections, based on median...

Syfe

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