Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Thematic (Sector/Industry)

<ul>
<li>Australia’s central bank RBA has recently cut rates in May meeting, with market expecting more rate cuts to come.  We expect this will provide tailwind for real estate</li>
<li>Within real estate sub-sectors, industrial &amp; logistics and retail are well supported by strong fundamentals.  Office and residential are seeing mixed pictures</li>
<li>We like Goodman on its global exposure on industrial and logistics.  We also like Vicinity Centers due to its exposure on quality retail.</li>
</ul>


Australia’s central bank RBA has recently cut rates in May meeting, with market expecting more rate cuts to come.  We expect this will provide tailwind for real estate
Within real estate sub-sectors, industrial &amp; logistics and retail are well supported by strong fundamentals.  Office and residential are seeing mixed pictures
We like Goodman on its global exposure on industrial and logistics.  We also like Vicinity Centers due to its exposure on quality retail.


<ul>
<li>The Fed announced to hold rates unchanged, but the SEP indicates they expect 2 rate cuts in 2025 and 1 more in 2026.  Tariff remains a short-term concern</li>
<li>Under such a macro backdrop, we think key economies in Asia (with the exception of Japan) will continue their monetary easing path</li>
<li>Real estate will benefit from lower interest rates.  We like Goodman Group on the back of its strong global industrial exposure, and CICT SP, on its well-diversified exposure in Singapore</li>
</ul>


The Fed announced to hold rates unchanged, but the SEP indicates they expect 2 rate cuts in 2025 and 1 more in 2026.  Tariff remains a short-term concern
Under such a macro backdrop, we think key economies in Asia (with the exception of Japan) will continue their monetary easing path
Real estate will benefit from lower interest rates.  We like Goodman Group on the back of its strong global industrial exposure, and CICT SP, on its well-diversified exposure in Singapore


Asia Monetary Easing: Tailored for Income-Generating Real Estate

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of May 23rd (reported today). The aggregated short interest was USD26.7bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in National Australia Bank, Goodman, ANZ, Asx.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of May 23rd (reported today). The aggregated short interest was USD26.7bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in National Australia Bank, Goodman, ANZ, Asx.


ASX Short Interest Weekly (May 23rd): National Australia Bank, Goodman, ANZ, Asx

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 4th December 2024, the Starwood/Warburg Pincus Consortium announced a firm pre-conditional Offer for <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a> at HK$13/share (best &amp; final), by way of a Scheme.</li>
<li>There was a raft of pre-cons, however processing went like clockwork, and all were satisfied by the 15th May.  </li>
<li>
The Scheme Doc is now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0521/2025052101197.pdf" target="_blank" rel="noopener">out</a>, with a Court Meeting on the 13th June, and payment on or before the 10th July. The IFA (Anglo Chinese) says "fair &amp; reasonable".</li>
</ul>


On the 4th December 2024, the Starwood/Warburg Pincus Consortium announced a firm pre-conditional Offer for ESR Group (1821 HK) at HK$13/share (best &amp; final), by way of a Scheme.
There was a raft of pre-cons, however processing went like clockwork, and all were satisfied by the 15th May.  

The Scheme Doc is now out, with a Court Meeting on the 13th June, and payment on or before the 10th July. The IFA (Anglo Chinese) says "fair &amp; reasonable".


ESR (1821 HK): 13th June Vote On Starwood/Warburg's Offer

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>’s IFA opines that the consortium’s HK$13.00 offer is fair and reasonable. The vote is on 13 June. </li>
<li>Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection). The offer price is final.</li>
<li>This is a done deal due to the substantial irrevocables. At the last close and for the 10 July payment, the gross/annualised spread is 1.3%/9.12%.</li>
</ul>



ESR Group (1821 HK)’s IFA opines that the consortium’s HK$13.00 offer is fair and reasonable. The vote is on 13 June. 
Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection). The offer price is final.
This is a done deal due to the substantial irrevocables. At the last close and for the 10 July payment, the gross/annualised spread is 1.3%/9.12%.


ESR Group (1821 HK): Done Deal as Scheme Vote on 13 June

Australia

Goodman Group is an integrated industrial property group. The Group has operations in Australia, New Zealand, UK, Asia and Europe. Goodman's activities include property investment, funds management, property development and property services. The Group's property portfolio includes business parks, industrial estates, office parks and warehouse/distribution centers.

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Goodman Group (GMG AU)

Australia Real Estate: Seeking Values

We think RBA will continue monetary easing in future, becoming a tailwind for real estate. We think Industrial & Logistics, and Retail are well...

Jacob Cheng

Asia Monetary Easing: Tailored for Income-Generating Real Estate

The Fed held rates unchanged but SEP indicates 2 rate cuts in 2025 and 1 in 2026. We think Asia key economices will continue monetary easing, thus...

Jacob Cheng

ASX Short Interest Weekly (May 23rd): National Australia Bank, Goodman, ANZ, Asx

We analyzed ASX short interest report for the past week and highlight short interest changes in National Australia Bank, Goodman, ANZ, Asx.

Ke Yan, CFA, FRM

ESR (1821 HK): 13th June Vote On Starwood/Warburg's Offer

This was a done deal from the onset. 56.54% of disinterested shares are supportive. Assuming 10th July payment, at $12.84/share, this is trading...

David Blennerhassett

ESR Group (1821 HK): Done Deal as Scheme Vote on 13 June

This is a done deal due to the substantial irrevocables. At the last close and for the 10 July payment, the gross/annualised spread is 1.3%/9.12%.

Arun George

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