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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vista-reit" target="_blank" data-smartkarma-citation="entities:35951:1" rel="noopener">Vista REIT (VR PM)</a> is looking to raise about US$158m in its Philippines IPO. This would be a 100% secondary selldown by the Sponsors.</li>
<li>VREIT is a Philippine REIT which owns commercial properties, comprising both retail and office properties. The initial portfolio consists of 12 Properties with an aggregate GLA of 256,403.95 sqm.</li>
<li>VREIT had weathered the effects of COVID relatively well, given its exposure towards essential providers and BPO tenants. However, its larger assets have seen their occupancies dwindle since FY19.</li>
</ul>



Vista REIT (VR PM) is looking to raise about US$158m in its Philippines IPO. This would be a 100% secondary selldown by the Sponsors.
VREIT is a Philippine REIT which owns commercial properties, comprising both retail and office properties. The initial portfolio consists of 12 Properties with an aggregate GLA of 256,403.95 sqm.
VREIT had weathered the effects of COVID relatively well, given its exposure towards essential providers and BPO tenants. However, its larger assets have seen their occupancies dwindle since FY19.


VistaREIT IPO - Bulk Expiries in the near Term and Larger Assets Saw Dwindling Performance

Citicore Energy REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/citicore-energy-reit" target="_blank" data-smartkarma-citation="entities:35451:1" rel="noopener">Citicore Energy REIT (CREIT PM)</a> raised around US$124m in its Philippines IPO.</li>
<li>At the IPO price, the REIT is offered at 7% FY22 dividend yield. As of listing, the REIT would be the smallest amongst its peer set, in terms of mcap.</li>
<li>In this note, we will talk about the trading dynamics.</li>
</ul>



Citicore Energy REIT (CREIT PM) raised around US$124m in its Philippines IPO.
At the IPO price, the REIT is offered at 7% FY22 dividend yield. As of listing, the REIT would be the smallest amongst its peer set, in terms of mcap.
In this note, we will talk about the trading dynamics.


Citicore Energy REIT IPO Trading - Most Phil REITs Had Corrected Since Our Last Note

<ul>
<li>
<a href="https://www.smartkarma.com/entities/citicore-energy-reit" target="_blank" data-smartkarma-citation="entities:35451:1" rel="noopener">Citicore Energy REIT (CREIT PM)</a> is looking to raise around US$170m in its Philippines IPO. </li>
<li>The initial portfolio will consist of the Clark Solar Power Plant, Armenia Property, Toledo Property, Silay Property, and the Dalayap Property, which had a total appraised valuation of PHP10.9bn (US$214.3m).</li>
<li>In this note, we will look at peer comparison and share our thoughts on valuation.</li>
</ul>



Citicore Energy REIT (CREIT PM) is looking to raise around US$170m in its Philippines IPO. 
The initial portfolio will consist of the Clark Solar Power Plant, Armenia Property, Toledo Property, Silay Property, and the Dalayap Property, which had a total appraised valuation of PHP10.9bn (US$214.3m).
In this note, we will look at peer comparison and share our thoughts on valuation.


Citicore Energy REIT IPO - Stable Dividend Generation but Needs to Come at a Wider Discount to Peers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/citicore-energy-reit" target="_blank" data-smartkarma-citation="entities:35451:1" rel="noopener">Citicore Energy REIT (CREIT PM)</a> is looking to raise around US$170m in its Philippines IPO.</li>
<li>The initial portfolio will consist of the Clark Solar Power Plant, Armenia Property, Toledo Property, Silay Property, and the Dalayap Property, which had a total appraised valuation of PHP10.9bn (US$214.3m)</li>
<li>In this note, we discuss the REIT’s assets and lease structures.</li>
</ul>



Citicore Energy REIT (CREIT PM) is looking to raise around US$170m in its Philippines IPO.
The initial portfolio will consist of the Clark Solar Power Plant, Armenia Property, Toledo Property, Silay Property, and the Dalayap Property, which had a total appraised valuation of PHP10.9bn (US$214.3m)
In this note, we discuss the REIT’s assets and lease structures.


Citicore Energy REIT IPO - First of Its Kind Listing in Phils with Stable Income Generation

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Synergy Grid & Development Philippines / Equity Capital Markets

Synergy Grid & Development Philippines (SGP PM)

<div>
<p>Synergy Grid &amp; Development Phils (SGP) raised around US$250m in its Philippines re-IPO. </p>
</div>
<div>
<p>We covered most aspects of the deal in our earlier notes, <a href="https://www.smartkarma.com/insights/synergy-grid-development-re-ipo-deal-background-and-positives" target="_blank" rel="noopener">Synergy Grid &amp; Development Re-IPO - Deal Background and Positives</a> and <a href="https://www.smartkarma.com/insights/synergy-grid-development-re-ipo-negatives-and-a-look-at-valuation" target="_blank" rel="noopener">Synergy Grid &amp; Development Re-IPO - Negatives and a Look at Valuation</a>.</p>
</div>
<p> In this note, we will talk about the updates since our IPO note.</p>


Synergy Grid &amp; Development Phils (SGP) raised around US$250m in its Philippines re-IPO. 


We covered most aspects of the deal in our earlier notes, Synergy Grid &amp; Development Re-IPO - Deal Background and Positives and Synergy Grid &amp; Development Re-IPO - Negatives and a Look at Valuation.

 In this note, we will talk about the updates since our IPO note.

Synergy Grid Re-IPO Trading - Pricing Is OK, Watch Out for the Large Drop on Trading Resumption

Philippines

Filinvest REIT Corp. is a real estate investment trust (REIT) that owns and operates a portfolio of Grade A office buildings, primarily catering to multinational Business Process Outsourcing (BPO) firms. Its portfolio includes 17 office buildings located mainly in Northgate Cyberzone, Alabang, and Filinvest Cyberzone Cebu, as well as land leased for a resort in Boracay. The company was incorporated in 2000 and is headquartered in Muntinlupa City, Philippines.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Filinvest REIT (FILRT PM)

VistaREIT IPO - Bulk Expiries in the near Term and Larger Assets Saw Dwindling Performance

Vista REIT (VR PM) is looking to raise about US$158m in its Philippines IPO. This would be a 100% secondary selldown by the Sponsors. The larger...

Clarence Chu

Citicore Energy REIT IPO Trading - Most Phil REITs Had Corrected Since Our Last Note

Citicore Energy REIT (CREIT PM) raised around US$124m in its Philippines IPO. In this note, we will talk about the trading dynamics.

Clarence Chu

Citicore Energy REIT IPO - Stable Dividend Generation but Needs to Come at a Wider Discount to Peers

Citicore Energy REIT (CREIT PM) is looking to raise around US$170m in its Philippines IPO. In this note, we will look at peer comparison and share...

Clarence Chu

Citicore Energy REIT IPO - First of Its Kind Listing in Phils with Stable Income Generation

Citicore Energy REIT (CREIT PM) is looking to raise around US$170m in its Philippines IPO. Citicore Energy REIT is a Philippine REIT with a focus...

Clarence Chu

Synergy Grid Re-IPO Trading - Pricing Is OK, Watch Out for the Large Drop on Trading Resumption

Synergy Grid & Development Phils raised around US$250m in its Philippines re-IPO. We covered most aspects of the deal in our earlier notes. In...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)