Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<p>In 2020, we have so far witnessed 15 follow-on JREIT offerings cumulatively raising JPY463bn (~US$4.5bn). This has been something of a weak year, understandable because of the covid-19 crisis which hit equity market and JREIT prices in March, and keeping them soft for months afterwards.</p>
<p>Historically, January and February are the busiest months, for a variety of reasons.</p>
<p>From 2015-2020, on average, there have been ~7 offerings from the top 40 JREITs announced within the first two months of the calendar year accounting for roughly a third of the total number of offerings in each year during that period. </p>
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Source: Quiddity, Capital IQ (Data)</div>
In this insight, we take a look at the prospective candidates who are most likely to launch follow-on equity offerings near-term, and we look at the performance characteristics of J-REIT follow-on offerings and the likelihood of profit from participating in the event.</section>

In 2020, we have so far witnessed 15 follow-on JREIT offerings cumulatively raising JPY463bn (~US$4.5bn). This has been something of a weak year, understandable because of the covid-19 crisis which hit equity market and JREIT prices in March, and keeping them soft for months afterwards.
Historically, January and February are the busiest months, for a variety of reasons.
From 2015-2020, on average, there have been ~7 offerings from the top 40 JREITs announced within the first two months of the calendar year accounting for roughly a third of the total number of offerings in each year during that period. 









Source: Quiddity, Capital IQ (Data)
In this insight, we take a look at the prospective candidates who are most likely to launch follow-on equity offerings near-term, and we look at the performance characteristics of J-REIT follow-on offerings and the likelihood of profit from participating in the event.

J-REIT Offering Primer: Get Ready for Offering Season 2021

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

<p>Japan Excellent plans to raise US$54m to pay down borrowings used for the acquisition of a new asset.</p><p>The deal scores marginally positive on our framework given that the acquisition is accretive to DPU and the share price has mostly priced in the effects of the deal; leaving the placement discount of from offer price to be profited.</p><h2>Placement Specifics</h2><ul>
<li>Company Name: Japan Excellent Inc</li>
<li>Ticker: 8987 JP Equity</li>
<li>Primary placement -Global Offering</li>
<li>Settlement is longer than normal, with stock settling on 12…</li>
</ul>

Japan Excellent plans to raise US$54m to pay down borrowings used for the acquisition of a new asset.The deal scores marginally positive on our framework given that the acquisition is accretive to DPU and the share price has mostly priced in the effects of the deal; leaving the placement discount of from offer price to be profited.Placement Specifics
Company Name: Japan Excellent Inc
Ticker: 8987 JP Equity
Primary placement -Global Offering
Settlement is longer than normal, with stock settling on 12…


Japan Excellent - DPU Accretive with Good Track Record

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)

J-REIT Offering Primer: Get Ready for Offering Season 2021

JREIT Follow-On Offerings - A Primer: January and February are the busiest times of the year for a variety of reasons and there are multiple...

Janaghan Jeyakumar, CFA

Japan Excellent - DPU Accretive with Good Track Record

Japan Excellent plans to raise US$54m to pay down borrowings used for the acquisition of a new asset.The deal scores marginally positive on our...

Zhen Zhou, Toh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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