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

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<a href="https://www.smartkarma.com/entities/ntt-dc-reit" target="_blank" data-smartkarma-citation="entities:45414:1" rel="noopener">NTT DC REIT (NTTDCR SP)</a> is the exclusive S-REIT vehicle sponsored by NTT Group. It has raised US$773 million at the offer price of US$1.00 per unit.   </li>
<li>I discussed the listing in <strong><em><a href="https://www.smartkarma.com/insights/ntt-dc-reit-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:192362" rel="noopener">NTT DC REIT IPO: The Investment Case</a></em></strong> and <em><strong><a href="https://www.smartkarma.com/insights/ntt-dc-reit-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:192548" rel="noopener">NTT DC REIT IPO: Valuation Insights</a></strong></em>. </li>
<li>NTT DC REIT has the third-highest international oversubscription rates among REIT SGX listings since 2020. The IPO price is attractive in comparison to peers' multiples and yields.</li>
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NTT DC REIT (NTTDCR SP) is the exclusive S-REIT vehicle sponsored by NTT Group. It has raised US$773 million at the offer price of US$1.00 per unit.   
I discussed the listing in NTT DC REIT IPO: The Investment Case and NTT DC REIT IPO: Valuation Insights. 
NTT DC REIT has the third-highest international oversubscription rates among REIT SGX listings since 2020. The IPO price is attractive in comparison to peers' multiples and yields.


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)

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<li>During Q2 2025, the S-REIT sector benefited from declining interest rates and improved sentiment, which enhanced the relative appeal of REIT dividend yields versus safer assets.</li>
<li>The three-month compounded Singapore Overnight Rate Average (SORA) fell from 3.02% in January to about 1.85% by end-July, reflecting easing domestic borrowing costs. While the US Federal Reserve has yet to cut its policy rate in the first half, market expectations of rate relief later in 2025 grew.</li>
<li>This backdrop supported S-REIT valuations, as investors anticipated lower financing costs and improved sentiment for yield-oriented investments.</li>
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During Q2 2025, the S-REIT sector benefited from declining interest rates and improved sentiment, which enhanced the relative appeal of REIT dividend yields versus safer assets.
The three-month compounded Singapore Overnight Rate Average (SORA) fell from 3.02% in January to about 1.85% by end-July, reflecting easing domestic borrowing costs. While the US Federal Reserve has yet to cut its policy rate in the first half, market expectations of rate relief later in 2025 grew.
This backdrop supported S-REIT valuations, as investors anticipated lower financing costs and improved sentiment for yield-oriented investments.


Syfe S-REITs Tracker: Q2 2025 - S-REITs Continue to Deliver Attractive Yields Amid Falling Rates

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

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<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a>, <a href="https://www.smartkarma.com/entities/bfi-finance-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8447:1" rel="noopener">BFI Finance Indonesia (BFIN IJ),</a><a href="https://www.smartkarma.com/entities/elite-commercial-reit" target="_blank" data-smartkarma-citation="entities:28807:1" rel="noopener">Elite Commercial REIT (ELITE SP)</a> and OceanaGold IPO in the Philippines. </li>
<li>There were also macro insights on Indonesia and Singapore plus a sector insight on Thai banks and an index rebalancing from <a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a> on the LQ45 in Indonesia. </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 Southeast Asia</li>
</ul>


The past week saw insights on Bank Central Asia (BBCA IJ), BFI Finance Indonesia (BFIN IJ),Elite Commercial REIT (ELITE SP) and OceanaGold IPO in the Philippines. 
There were also macro insights on Indonesia and Singapore plus a sector insight on Thai banks and an index rebalancing from Brian Freitas on the LQ45 in Indonesia. 
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 Southeast Asia


The Week That Was in ASEAN@Smartkarma - BCA Leads, BFIN Is Back, and Thai Banks

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<p>For our next Corporate Webinar we are glad to welcome Elite Commercial REIT’s CEO, Mr Joshua Liaw.</p>
<p>In the upcoming webinar, Joshua will share a short company presentation after which, he will engage in a fireside chat with Smartkarma Insight Provider, <a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" data-smartkarma-citation="accounts:4" rel="noopener">Sumeet Singh</a>. </p>
<p>Sumeet will also be providing an industry overview, featuring landscape commentary and returns analysis. The Corporate Webinar will include a live Q&amp;A session.</p>
<p><em>In the spirit of giving back to our community, one of the attendees will also be awarded an Amazon Kindle as part of our exclusive lucky draw. </em></p>
<h3>The Corporate Webinar will be hosted on Monday, 15 April 2024, 19:00 SGT.</h3>
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<h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=85323959474" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
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<h3>About Elite Commercial REIT</h3>
<p>Elite Commercial REIT (“Elite REIT”) is a Singapore real estate investment trust established with the investment strategy of principally investing, directly or indirectly, in commercial real-estate related assets in the United Kingdom (“UK”). Elite REIT is the only UK REIT listed in Pound sterling on the Singapore Exchange.</p>
<p>Elite REIT’s portfolio (“Portfolio”) comprises predominantly freehold properties strategically located mainly in town centres, and near amenities and transportation nodes. The Portfolio offers a stable government-backed income stream with over 99% of the gross rental income derived from the UK Government, backed by AA-rated sovereign credit strength. The leases are on triple net basis and Elite REIT is one of the largest providers of critical social infrastructure to the Department for Work and Pensions (“DWP”) and other UK Government departments. The DWP is the UK’s largest public service department that is responsible for welfare, pensions and child maintenance policy, serving over 20 million claimants and customers. The Portfolio is part of the crucial social infrastructure through which the DWP provides services to local communities.</p>

For our next Corporate Webinar we are glad to welcome Elite Commercial REIT’s CEO, Mr Joshua Liaw.
In the upcoming webinar, Joshua will share a short company presentation after which, he will engage in a fireside chat with Smartkarma Insight Provider, Sumeet Singh. 
Sumeet will also be providing an industry overview, featuring landscape commentary and returns analysis. The Corporate Webinar will include a live Q&amp;A session.
In the spirit of giving back to our community, one of the attendees will also be awarded an Amazon Kindle as part of our exclusive lucky draw. 
The Corporate Webinar will be hosted on Monday, 15 April 2024, 19:00 SGT.











Register for the Webinar here











About Elite Commercial REIT
Elite Commercial REIT (“Elite REIT”) is a Singapore real estate investment trust established with the investment strategy of principally investing, directly or indirectly, in commercial real-estate related assets in the United Kingdom (“UK”). Elite REIT is the only UK REIT listed in Pound sterling on the Singapore Exchange.
Elite REIT’s portfolio (“Portfolio”) comprises predominantly freehold properties strategically located mainly in town centres, and near amenities and transportation nodes. The Portfolio offers a stable government-backed income stream with over 99% of the gross rental income derived from the UK Government, backed by AA-rated sovereign credit strength. The leases are on triple net basis and Elite REIT is one of the largest providers of critical social infrastructure to the Department for Work and Pensions (“DWP”) and other UK Government departments. The DWP is the UK’s largest public service department that is responsible for welfare, pensions and child maintenance policy, serving over 20 million claimants and customers. The Portfolio is part of the crucial social infrastructure through which the DWP provides services to local communities.

Smartkarma Corporate Webinar | Elite Commercial REIT: Essential Assets at an Attractive Yield

Event-Driven

Mapletree North Asia Commercial Trust / Event-Driven

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<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>
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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

Singapore

Elite UK REIT (“Elite REIT” (“英利房托”)), is a UK REIT listed in Pound sterling on the Singapore Exchange and managed by Singapore-headquartered Elite UK REIT Management Pte. Ltd. (the “Manager”). Elite REIT’s Sponsors are Elite Partners Holding Pte. Ltd. (“EPH”), the holding firm for Elite Partners Group, an alternative investment and asset manager; and Ho Lee Group Pte. Ltd., a real estate and construction conglomerate. As at 30 June 2025, EPH, via its wholly owned subsidiaries, has managed assets in excess of S$2 billion.

Elite REIT’s portfolio (“Portfolio”) comprises mostly freehold properties strategically located mainly in town centres, and near amenities and transportation nodes. With its portfolio, Elite REIT is one of the largest providers of critical social infrastructure to the Department for Work and Pensions and other UK Government departments. As at 30 June 2025, Elite REIT’s portfolio has a total asset value of £421.5 million.

In addition to stable government-backed income stream, the Manager plans to capitalise on emerging market trends and sectors exhibiting strong growth potential in the UK, such as the Living Sector, which includes purpose-built student accommodation and Built-to-Rent residential assets.

For more information, please visit https://www.eliteukreit.com/.

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Elite UK REIT (ELITE SP)

NTT DC REIT IPO: Trading Debut

NTT DC REIT will list on Monday, July 14. NTT DC REIT has the third-highest international oversubscription rates among REIT SGX listings since...

Arun George

Syfe S-REITs Tracker: Q2 2025 - S-REITs Continue to Deliver Attractive Yields Amid Falling Rates

During Q2 2025, the S-REIT sector benefited from declining interest rates and improved sentiment, which enhanced the relative appeal of REIT...

Syfe

The Week That Was in ASEAN@Smartkarma - BCA Leads, BFIN Is Back, and Thai Banks

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

Smartkarma Corporate Webinar | Elite Commercial REIT: Essential Assets at an Attractive Yield

For our next Corporate Webinar, under the theme of People, Places, and Property, we are glad to welcome Elite Commercial REIT’s Chief Executive...

Smartkarma Research

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

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