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

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> FY22 DPU +0.4% YoY; Losing growth momentum as reversions flatten</li><li><a href="https://www.smartkarma.com/entities/keppel-reit" target="_blank" data-smartkarma-citation="entities:192" rel="noopener">Keppel REIT (KREIT SP)</a> 1Q22 Business Updates – Riding on higher signing rents</li><li><a href="https://www.smartkarma.com/entities/sabana-industrial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:911" rel="noopener">Sabana Industrial REIT (SSREIT SP)</a> 1Q22 Business Updates – Steady as she goes; Second major AEI plan underway  </li></ul>

Mapletree Commercial Trust (MCT SP) FY22 DPU +0.4% YoY; Losing growth momentum as reversions flattenKeppel REIT (KREIT SP) 1Q22 Business Updates – Riding on higher signing rentsSabana Industrial REIT (SSREIT SP) 1Q22 Business Updates – Steady as she goes; Second major AEI plan underway  

ASEAN Builder's Scoop (21Apr22) - MCT Losing Growth Momentum

<ul><li><a href="https://www.smartkarma.com/entities/capitaland-integrated-commercial-trust" target="_blank" data-smartkarma-citation="entities:105" rel="noopener">Capitaland Integrated Commercial Trust (CICT SP)</a> proposes to acquire 70% interest in 79 Robinson Road; +2.9% accretion to DPU</li><li><a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670" rel="noopener">Frasers Property Ltd (FPL SP)</a> proposes JV participation and bridging loans for China land investments</li><li>Courts Nojima The Hereen sees Japanese furniture brand Nitori Retail opening first Singapore outlet</li></ul>

Capitaland Integrated Commercial Trust (CICT SP) proposes to acquire 70% interest in 79 Robinson Road; +2.9% accretion to DPUFrasers Property Ltd (FPL SP) proposes JV participation and bridging loans for China land investmentsCourts Nojima The Hereen sees Japanese furniture brand Nitori Retail opening first Singapore outlet

ASEAN Builder's Scoop (28Mar22) - CICT Buys 70% of 79 Robinson Rd

<ul><li><a href="https://www.smartkarma.com/entities/dasin-retail-trust" target="_blank" data-smartkarma-citation="entities:23743" rel="noopener">Dasin Retail Trust (DASIN SP)</a> enters into MOU for potential divestment of 2 retail properties</li><li><a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> offers Cash-Only Alternative to <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> unitholders</li><li>Quarz requests for MAS intervention; claims <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> has responsibility to seek better price</li></ul>

Dasin Retail Trust (DASIN SP) enters into MOU for potential divestment of 2 retail propertiesMapletree Commercial Trust (MCT SP) offers Cash-Only Alternative to Mapletree North Asia Commercial Trust (MAGIC SP) unitholdersQuarz requests for MAS intervention; claims Mapletree North Asia Commercial Trust (MAGIC SP) has responsibility to seek better price

ASEAN Builder's Scoop (21Mar22) - DASIN Enters MOU to Divest 2 Properties

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

Philippines

Filinvest REIT will own primarily office assets in the Philippines

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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

ASEAN Builder's Scoop (21Apr22) - MCT Losing Growth Momentum

KREIT riding on higher signing rents; SSREIT second major AEI plan underway; LHN seeks clear indentity with logistics spinoff; FILRT occupancy to...

SCCM Asia Research

ASEAN Builder's Scoop (28Mar22) - CICT Buys 70% of 79 Robinson Rd

CICT Buys 70% of 79 Robinson Rd; FPL China land investments; VLL files for VREIT IPO; FILTRT inline FY21 earnings; Phils resi prices rose further...

SCCM Asia Research

ASEAN Builder's Scoop (21Mar22) - DASIN Enters MOU to Divest 2 Properties

MCT offers Cash-Only option to MAGIC; Metro diversification strategy; ECW robust sales YTD; S TB earmarks THB11bn capex in 2022; FILRT boost from...

SCCM Asia Research

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

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52-week Range

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