Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

Frasers Property Thailand Industrial REIT / Equity Bottom-Up

Frasers Property Thailand Industrial REIT

<ul><li>We initiate coverage on FTREIT with a neutral rating.</li><li>We estimate fair value at Bt11.60 using the earnings yield method with a 7.3% required return; at this level, FTREIT trades at P/NAV of 1.0x, in line with the 5-year average.</li><li>Net investment profit is expected to grow at a 3.4% CAGR in 2026–28E, assuming continued asset investments.</li></ul>

We initiate coverage on FTREIT with a neutral rating.We estimate fair value at Bt11.60 using the earnings yield method with a 7.3% required return; at this level, FTREIT trades at P/NAV of 1.0x, in line with the 5-year average.Net investment profit is expected to grow at a 3.4% CAGR in 2026–28E, assuming continued asset investments.

FTREIT TB: Investment-Driven Growth; Attractive Dividend – Neutral (12M FWD Fair Value Bt11.60)

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

Frasers Centrepoint Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/frasers-centrepoint-trust" target="_blank" data-smartkarma-citation="entities:2870:1" rel="noopener">Frasers Centrepoint Trust (FCT SP)</a> aims to raise around US$152m in order to partly fund its purchase of an additional stake in NEX mall.</li>
<li>The company had purchased its initial stake in the property nearly a year ago.</li>
<li>In this note, we comment on the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Frasers Centrepoint Trust (FCT SP) aims to raise around US$152m in order to partly fund its purchase of an additional stake in NEX mall.
The company had purchased its initial stake in the property nearly a year ago.
In this note, we comment on the deal dynamics and run the deal through our ECM framework.


Frasers Centrepoint Trust Placement - Relative Large Dilution for Smallish Accretion

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

BA Airport Leasehold REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ba-airport-leasehold-reit" target="_blank" data-smartkarma-citation="entities:36255:1" rel="noopener">BA Airport Leasehold REIT (BAREIT TB)</a> is looking to raise up to US$173m in its Thailand IPO.</li>
<li>BA Airport Leasehold REIT (BAREIT), sponsored by Bangkok Airways, is Thailand’s first airport REIT.</li>
<li>We selected an amalgamation of Thai-listed REITs to get a sense of where they trade, in their respective yield offered.</li>
</ul>



BA Airport Leasehold REIT (BAREIT TB) is looking to raise up to US$173m in its Thailand IPO.
BA Airport Leasehold REIT (BAREIT), sponsored by Bangkok Airways, is Thailand’s first airport REIT.
We selected an amalgamation of Thai-listed REITs to get a sense of where they trade, in their respective yield offered.


BAREIT IPO - Maiden Airport-REIT Listing Should Garner Interest. Yield Is Better as Well.

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>URA proposes changes to residential developer rules to enhance transparency and simplify purchase process</li><li>Nov21 retail sales up 1.9% YoY driven by year-end online shopping events; F&amp;B saw a revival</li><li><a href="https://www.smartkarma.com/entities/frasers-property-thailand-pcl" target="_blank" data-smartkarma-citation="entities:16117" rel="noopener">Frasers Property (Thailand) Pcl (FPT TB)</a> Silom Edge to launch in Sep22</li></ul>

URA proposes changes to residential developer rules to enhance transparency and simplify purchase processNov21 retail sales up 1.9% YoY driven by year-end online shopping events; F&amp;B saw a revivalFrasers Property (Thailand) Pcl (FPT TB) Silom Edge to launch in Sep22

ASEAN Builder's Scoop (6Jan22) - URA Proposed Changes to Developers Rules

<h2>Singapore</h2><h3><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> terminates partnership with ARA Group; Enters into MoU with Sino-Ocean Capital Holding</h3><ul><li>The board of directors of Dasin Retail Trust Management has been informed by Mr. Zhang Zhencheng, Chairman and controlling shareholder of Dasin Retail Trust Management, as well as Aqua Wealth, a controlling unitholder of DASIN, that all relevant parties have agreed to terminate the SPA and will not be proceeding with the proposed transaction under the sales and purchase agreement</li><li>On the other hand, Mr Zhang Zhencheng had entered into a non-binding MOU with Sino-Ocean Capital Holding Limited on 5Jul21 in pursuance of a strategic partnership. Sino-Ocean Capital is a domestic real estate fund management company, and an alternative asset management company in China. Sino-Ocean Capital currently holds ~6.36% of the total issued units in DASIN via its affiliate Glory Class Ventures Limited</li><li>The Sino-Ocean Capital Partnership will involve an acquisition by Sino-Ocean Capital, Glory Class or any affiliate designated by Sino-Ocean Capital of 70.0% of the total issued share capital in Dasin Retail Trust Management from Mr. Zhang Zhencheng. In conjunction with this acquisition, Sino-Ocean Capital may also acquire such number of units in DASIN from Aqua Wealth which, when added to the units in DASIN currently held by Glory Class, will be no less than 25% of the total issued units in DASIN. The terms of the Sino-Ocean Capital Partnership will be subject to the execution of legally binding definitive documents between the parties which is expected to take place in Jul21</li><li>DASIN is also currently seeking to secure the refinancing of the offshore facilities and to that end is working to obtain the approvals for the refinancing from all the banks within the syndicate of lenders, while contemplating other possible solutions, including applying for a further extension.</li></ul>

SingaporeDasin Retail Trust (DASIN SP) terminates partnership with ARA Group; Enters into MoU with Sino-Ocean Capital HoldingThe board of directors of Dasin Retail Trust Management has been informed by Mr. Zhang Zhencheng, Chairman and controlling shareholder of Dasin Retail Trust Management, as well as Aqua Wealth, a controlling unitholder of DASIN, that all relevant parties have agreed to terminate the SPA and will not be proceeding with the proposed transaction under the sales and purchase agreementOn the other hand, Mr Zhang Zhencheng had entered into a non-binding MOU with Sino-Ocean Capital Holding Limited on 5Jul21 in pursuance of a strategic partnership. Sino-Ocean Capital is a domestic real estate fund management company, and an alternative asset management company in China. Sino-Ocean Capital currently holds ~6.36% of the total issued units in DASIN via its affiliate Glory Class Ventures LimitedThe Sino-Ocean Capital Partnership will involve an acquisition by Sino-Ocean Capital, Glory Class or any affiliate designated by Sino-Ocean Capital of 70.0% of the total issued share capital in Dasin Retail Trust Management from Mr. Zhang Zhencheng. In conjunction with this acquisition, Sino-Ocean Capital may also acquire such number of units in DASIN from Aqua Wealth which, when added to the units in DASIN currently held by Glory Class, will be no less than 25% of the total issued units in DASIN. The terms of the Sino-Ocean Capital Partnership will be subject to the execution of legally binding definitive documents between the parties which is expected to take place in Jul21DASIN is also currently seeking to secure the refinancing of the offshore facilities and to that end is working to obtain the approvals for the refinancing from all the banks within the syndicate of lenders, while contemplating other possible solutions, including applying for a further extension.

ASEAN Builder's Scoop (6Jul21) - DASIN Terminates ARA Partnership

Thailand

Frasers Property Thailand Industrial Freehold & Leasehold REIT operates as a real estate investment trust. The Company develops, invests in, and manages industrial properties. Frasers Property Thailand Industrial Freehold & Leasehold REIT serves clients worldwide.

Frasers Property Thailand Industrial REIT (FTREIT TB)

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Frasers Property Thailand Industrial REIT (FTREIT TB)

FTREIT TB: Investment-Driven Growth; Attractive Dividend – Neutral (12M FWD Fair Value Bt11.60)

We estimate fair value at Bt11.60 using the earnings yield method with a 7.3% required return; at this level, FTREIT trades at P/NAV of 1.0x, in...

Krungthai XSpring

Frasers Centrepoint Trust Placement - Relative Large Dilution for Smallish Accretion

Frasers Centrepoint Trust (FCT SP) aims to raise around US$152m in order to partly fund its purchase of an additional stake in NEX mall.

Sumeet Singh

BAREIT IPO - Maiden Airport-REIT Listing Should Garner Interest. Yield Is Better as Well.

BA Airport Leasehold REIT (BAREIT TB) is looking to raise up to US$173m in its Thailand IPO. BA Airport Leasehold REIT (BAREIT), sponsored by...

Clarence Chu

ASEAN Builder's Scoop (6Jan22) - URA Proposed Changes to Developers Rules

URA proposed changes to developers rules; Nov21 retail sales up 1.9% YoY; FPT Silom Edge to launch in Sep22; Thai Industrial prop in demand; Haus...

SCCM Asia Research

ASEAN Builder's Scoop (6Jul21) - DASIN Terminates ARA Partnership

DASIN terminates ARA partnership; SE expands to Rochester Commons; CBD office 1H21 demand turns net positive; CLI books +13% YoY 2Q21 sales; Indo's...

SCCM Asia Research

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