Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<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

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

Nippon Building Fund / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-building-fund-inc" target="_blank" data-smartkarma-citation="entities:1900:1" rel="noopener">Nippon Building Fund (8951 JP)</a> is looking to raise around US$260m in its Primary Offering, to fund the acquisition of two properties.</li>
<li>Target acquisitions are expected to be accretive however, the deal comes amidst weaker sector sentiment and analysts have grown more pessimistic on the REIT’s unit price. </li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Nippon Building Fund (8951 JP) is looking to raise around US$260m in its Primary Offering, to fund the acquisition of two properties.
Target acquisitions are expected to be accretive however, the deal comes amidst weaker sector sentiment and analysts have grown more pessimistic on the REIT’s unit price. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Nippon Building Fund Placement - Weak Sentiment, However, Past Deals Have Performed Well

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-building-fund-inc" target="_blank" data-smartkarma-citation="entities:1900:1" rel="noopener">Nippon Building Fund (8951 JP)</a> announced a smallish primary offering to assist in funding a portion of its Asset Replacement Campaign involving sales and purchases and an uplift in DPU.</li>
<li>That is an occasion to look at how much of float is held by passive trackers. </li>
<li>A test was done on the top 10 J-REITs on a holder-by-holder basis to see what one could expect at a minimum. The result may surprise some.</li>
</ul>



Nippon Building Fund (8951 JP) announced a smallish primary offering to assist in funding a portion of its Asset Replacement Campaign involving sales and purchases and an uplift in DPU.
That is an occasion to look at how much of float is held by passive trackers. 
A test was done on the top 10 J-REITs on a holder-by-holder basis to see what one could expect at a minimum. The result may surprise some.


Nippon Building Fund (8951) - Calculating Passive Tracking of J-REITs and Index Events Around Offers

Equity Analyst, Event-driven, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst, Event-driven

<ul>
<li>Today after the close, <a href="https://www.smartkarma.com/entities/nippon-building-fund-inc" target="_blank" data-smartkarma-citation="entities:1900:1" rel="noopener">Nippon Building Fund (8951 JP)</a><strong>("NBF")</strong> announced a follow-on equity offering to fund part of their recently announced property acquisition. </li>
<li>The primary offer quantity is 47,500 units. In addition, there will also be an over-allotment quantity of 2,500 units. The total size of this offering could be roughly ¥33bn (~US$285mn). </li>
<li>Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.</li>
</ul>


Today after the close, Nippon Building Fund (8951 JP)("NBF") announced a follow-on equity offering to fund part of their recently announced property acquisition. 
The primary offer quantity is 47,500 units. In addition, there will also be an over-allotment quantity of 2,500 units. The total size of this offering could be roughly ¥33bn (~US$285mn). 
Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.


Nippon Building Fund (8951): Offering Could Trigger Outperformance Vs TSEREIT Index

Japan Prime Realty Investmen / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-prime-realty-investmen" target="_blank" data-smartkarma-citation="entities:495:1" rel="noopener">Japan Prime Realty Investment (8955 JP)</a> aims to raise around US$130m in its Primary Offering, to fund its acquisition of  the Tokyo Tatemono Higashi Shibuya Building and repay borrowings.</li>
<li>The deal is somewhat anticipated, given that the REIT’s asset replacement strategy has been in the works for a couple of months now. </li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Japan Prime Realty Investment (8955 JP) aims to raise around US$130m in its Primary Offering, to fund its acquisition of  the Tokyo Tatemono Higashi Shibuya Building and repay borrowings.
The deal is somewhat anticipated, given that the REIT’s asset replacement strategy has been in the works for a couple of months now. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Japan Prime Realty Placement - Expected Deal, Has Corrected in the past Month

Japan

Japan Real Estate Investment Corporation is a real estate investment trust (REIT) which invests in real estate and securitized real estate products. The Company directly invests in office properties with a focus on 3 wards(Chiyoda, Chuo, and Minato) in Tokyo.

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Japan Real Estate Investment (8952 JP)

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

Nippon Building Fund Placement - Weak Sentiment, However, Past Deals Have Performed Well

Nippon Building Fund (8951 JP) is looking to raise around US$260m in its Primary Offering, to fund the acquisition of two properties.

Clarence Chu

Nippon Building Fund (8951) - Calculating Passive Tracking of J-REITs and Index Events Around Offers

Nippon Building Fund (8951) - Japan's oldest and largest REIT - announced a small secondary offering. That provides an occasion to look at J-REIT...

Travis Lundy

Nippon Building Fund (8951): Offering Could Trigger Outperformance Vs TSEREIT Index

One of Japan's largest JREITs Nippon building Fund launched a ~US$285mn follow-on equity offering to fund their recent acquisitions. This might...

Janaghan Jeyakumar, CFA

Japan Prime Realty Placement - Expected Deal, Has Corrected in the past Month

Japan Prime Realty Investment (8955 JP) aims to raise around US$130m in its Primary Offering, to fund its acquisition of the Tokyo Tatemono...

Clarence Chu

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