Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Nomura Real Estate Master Fund / Event-Driven

<ul>
<li>Today, <a href="https://www.smartkarma.com/entities/nomura-real-estate-master-fu" target="_blank" data-smartkarma-citation="entities:22930:1" rel="noopener">Nomura Real Estate Master Fund, (3462 JP)</a> - the largest REIT in the 'Diversified REIT' JREIT space - announced sponsor <a href="https://www.smartkarma.com/entities/nomura-real-estate-holdings" target="_blank" data-smartkarma-citation="entities:19866:1" rel="noopener">Nomura Real Estate (3231 JP)</a> would up its stake.</li>
<li>They would lift their stake from 4.47% by 2.54% to 7.01%. There is a reason for this, just like there was last time with <a href="https://www.smartkarma.com/entities/japan-excellent-inc" target="_blank" data-smartkarma-citation="entities:12745:1" rel="noopener">Japan Excellent (8987 JP)</a>. </li>
<li>Understanding the reason is how you understand the trade to do. </li>
</ul>


Today, Nomura Real Estate Master Fund, (3462 JP) - the largest REIT in the 'Diversified REIT' JREIT space - announced sponsor Nomura Real Estate (3231 JP) would up its stake.
They would lift their stake from 4.47% by 2.54% to 7.01%. There is a reason for this, just like there was last time with Japan Excellent (8987 JP). 
Understanding the reason is how you understand the trade to do. 


Nomura Real Estate To Buy Nomura RE Master Fund Units

<ul>
<li>4.5 months ago I wrote about a possible "Sustained Flow Event" on <a href="https://www.smartkarma.com/entities/japan-excellent-inc" target="_blank" data-smartkarma-citation="entities:12745:1" rel="noopener">Japan Excellent (8987 JP)</a>. Since then, the stock has outperformed every other Office REIT. It's up since then.</li>
<li>Outperformance within Office REITs has been a minimum of 3.5%, and a maximum of ~20.8% vs the biggest peer, with an average and median outperformance of 11.7% and 13.4% respectively.</li>
<li>This idiosyncratic story has come to an end. It may be a temporary end, but I don't see the next catalyst.</li>
</ul>


4.5 months ago I wrote about a possible "Sustained Flow Event" on Japan Excellent (8987 JP). Since then, the stock has outperformed every other Office REIT. It's up since then.
Outperformance within Office REITs has been a minimum of 3.5%, and a maximum of ~20.8% vs the biggest peer, with an average and median outperformance of 11.7% and 13.4% respectively.
This idiosyncratic story has come to an end. It may be a temporary end, but I don't see the next catalyst.


Japan Excellent (8987). It WAS Most Excellent. That's Now Done.

<ul>
<li>Two months ago I wrote about a possible "Sustained Flow Event" on <a href="https://www.smartkarma.com/entities/japan-excellent-inc" target="_blank" data-smartkarma-citation="entities:12745:1" rel="noopener">Japan Excellent (8987 JP)</a>. Since then, the stock has outperformed every other Office REIT. It's up since then.</li>
<li>Outperformance within Office REITs has been a minimum of 5.9%, and a maximum of ~17% vs the biggest peer, with an average and median outperformance of 10.8% and 9.2% respectively.</li>
<li>There is no reason to think it won't continue, but the Japan Excellent story is idiosyncratic.</li>
</ul>


Two months ago I wrote about a possible "Sustained Flow Event" on Japan Excellent (8987 JP). Since then, the stock has outperformed every other Office REIT. It's up since then.
Outperformance within Office REITs has been a minimum of 5.9%, and a maximum of ~17% vs the biggest peer, with an average and median outperformance of 10.8% and 9.2% respectively.
There is no reason to think it won't continue, but the Japan Excellent story is idiosyncratic.


Japan Excellent (8987) Has Been Most Excellent. It Should Still Be.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-excellent-inc" target="_blank" data-smartkarma-citation="entities:12745:1" rel="noopener">Japan Excellent (8987 JP)</a> has been the worst-performing Office J-REIT amongst the existing crop since the end of 2019.</li>
<li>Today, we got news of a possible flow event - a buyer.</li>
<li>There is room here for Japan Excellent to outperform over the next several months.</li>
</ul>



Japan Excellent (8987 JP) has been the worst-performing Office J-REIT amongst the existing crop since the end of 2019.
Today, we got news of a possible flow event - a buyer.
There is room here for Japan Excellent to outperform over the next several months.


Japan Excellent REIT (8987) - Possible Sustained Flow Event

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.

Mapletree North Asia Commercial Trust / Event-Driven

Mapletree North Asia Commercial Trust (MAGIC SP)

<ul>
<li>
<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>’s EGM, <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>/MNACT’s EGM and trust scheme meeting will take place on 23 May. The effective date is 8 August.</li>
<li>The IFA considers the scheme consideration to be fair. We think that IFA’s valuation approach is broadly sound with some areas for improvement. </li>
<li>For a 17 August payment, the gross and annualised spread of the cash-only consideration (including permitted clean-up DPU) is 1.6% and 5.6%, respectively. </li>
</ul>



Mapletree Commercial Trust (MCT SP)’s EGM, Mapletree North Asia Commercial Trust (MAGIC SP)/MNACT’s EGM and trust scheme meeting will take place on 23 May. The effective date is 8 August.
The IFA considers the scheme consideration to be fair. We think that IFA’s valuation approach is broadly sound with some areas for improvement. 
For a 17 August payment, the gross and annualised spread of the cash-only consideration (including permitted clean-up DPU) is 1.6% and 5.6%, respectively. 


MNACT's Scheme Meeting on 23 May, IFA Opinion

Japan

Japan Excellent, Inc. is a real estate investment trust (REIT), which mainly invests in office buildings in Tokyo area and major cities in Japan.

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Japan Excellent (8987 JP)

Nomura Real Estate To Buy Nomura RE Master Fund Units

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Japan Excellent (8987). It WAS Most Excellent. That's Now Done.

The Japan Excellent (8987) trade has been Most Excellent (air guitar riff). It is now done. The sponsor has purchased the shares they wanted to...

Travis Lundy

Japan Excellent (8987) Has Been Most Excellent. It Should Still Be.

Japan Excellent has outperformed Office J-REIT Peers, big and small, and the TSEREIT Index since I wrote about a particular significant flow 2...

Travis Lundy

Japan Excellent REIT (8987) - Possible Sustained Flow Event

Japan Excellent is a mid-range (but small) office J-REIT. Slightly under-levered. Slightly high dividend. The sponsor wants greater investor...

Travis Lundy

MNACT's Scheme Meeting on 23 May, IFA Opinion

The IFA considers the scheme consideration to be fair. For a 17 August payment, the annualised spread of the cash-only consideration (including...

Arun George

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