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.

Equity Bottom-Up

<p>Chindata is a data centre operator. It is the largest carrier-neutral hyperscale data centre operator in Asia-Pacific emerging markets as measured by capacity in service, according to Frost &amp; Sullivan. The MSCI May 2021 review period has just wrapped up, and Chindata is among the stocks with the highest probability of inclusion in the MSCI Standard index and the largest buying impact from passive funds - <a href="https://www.smartkarma.com/insights/msci-may-2021-index-rebalance-preview-let-the-games-begin" target="_blank" data-smartkarma-citation="insights:50473" rel="noopener">MSCI May 2021 Index Rebalance Preview: Let The Games Begin</a>.  </p><div class="content-highlight"><p>After touching $23.65 per ADS on 26 Feb 2021, Chindata has derated and is down 45% YTD. The last close price of $13.19 per ADS is 2% below the IPO price of $13.50 per ADS. The Asia-Pacific hyperscale data centre market remains a structural growth market in part due to the increasing prevalence of outsourcing data centre services, rising client demand for higher power density, and increasing regulatory requirements on data security. Overall, we think that Chindata remains an attractive play on these favourable market dynamics and the shares are worth a closer look. </p></div>

Chindata is a data centre operator. It is the largest carrier-neutral hyperscale data centre operator in Asia-Pacific emerging markets as measured by capacity in service, according to Frost &amp; Sullivan. The MSCI May 2021 review period has just wrapped up, and Chindata is among the stocks with the highest probability of inclusion in the MSCI Standard index and the largest buying impact from passive funds - MSCI May 2021 Index Rebalance Preview: Let The Games Begin.  After touching $23.65 per ADS on 26 Feb 2021, Chindata has derated and is down 45% YTD. The last close price of $13.19 per ADS is 2% below the IPO price of $13.50 per ADS. The Asia-Pacific hyperscale data centre market remains a structural growth market in part due to the increasing prevalence of outsourcing data centre services, rising client demand for higher power density, and increasing regulatory requirements on data security. Overall, we think that Chindata remains an attractive play on these favourable market dynamics and the shares are worth a closer look. 

Event-Driven

Soilbuild Business Space REIT / Event-Driven

<p><a href="https://www.smartkarma.com/entities/soilbuild-business-space-reit" target="_blank" data-smartkarma-citation="entities:13446:1" rel="noopener">Soilbuild Business Space REIT (SBREIT SP)</a> has announced a privatisation offer from Mr Lim Chap Huat (executive Chairman) and <a href="https://www.smartkarma.com/entities/blackstone-group-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone Group LP (BX US)</a> at S$0.55 cash per unit. The privatisation price is a premium of 8% to the last close price of S$0.51 per unit (8 December prior to the trading halt) and a 27.9% to the unaffected price of S$0.430 per unit (31 August 2020 prior to the announcement of a possible transaction involving Mr Lim Chap Huat’s stake). The effective date for the trust scheme meeting is targeted for the end of March 2021 with delisting in early April 2021. </p><div class="content-highlight"><p>SB REIT faces challenging market conditions due to the fallout from the COVID-19 pandemic. A combination of high DPU yield and limited debt headroom is a constraint to driving growth through DPU accretive acquisitions. Over the past few years, SB REIT’s sponsor has received several privatisation proposals and the current offer is the highest offer price received to date. Overall, while the bid is not a knockout bid particularly for long-term unitholders, we think that a reasonable offer (offer values SB REIT broadly in line with its latest adjusted NAV) makes it likely that the offer succeeds. </p></div>

Soilbuild Business Space REIT (SBREIT SP) has announced a privatisation offer from Mr Lim Chap Huat (executive Chairman) and Blackstone Group LP (BX US) at S$0.55 cash per unit. The privatisation price is a premium of 8% to the last close price of S$0.51 per unit (8 December prior to the trading halt) and a 27.9% to the unaffected price of S$0.430 per unit (31 August 2020 prior to the announcement of a possible transaction involving Mr Lim Chap Huat’s stake). The effective date for the trust scheme meeting is targeted for the end of March 2021 with delisting in early April 2021. SB REIT faces challenging market conditions due to the fallout from the COVID-19 pandemic. A combination of high DPU yield and limited debt headroom is a constraint to driving growth through DPU accretive acquisitions. Over the past few years, SB REIT’s sponsor has received several privatisation proposals and the current offer is the highest offer price received to date. Overall, while the bid is not a knockout bid particularly for long-term unitholders, we think that a reasonable offer (offer values SB REIT broadly in line with its latest adjusted NAV) makes it likely that the offer succeeds. 

Soilbuild Business Space REIT’s Privatisation Bid

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

GDS Holdings (ADR) / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/gds-holdings-adr" target="_blank" data-smartkarma-citation="entities:23649:1" rel="noopener">Gds Holdings (Adr) (GDS US)</a> raised over US$1.6bn in its secondary listing in Hong Kong.</p></div><div>
<p>I had covered the background of the deal in my previous notes, <a href="https://www.smartkarma.com/insights/gds-holdings-hong-kong-secondary-hot-sector-needs-the-money" target="_blank" rel="noopener">GDS Holdings Hong Kong Secondary - Hot Sector, Needs the Money</a> and <a href="https://www.smartkarma.com/insights/gds-holdings-hong-kong-secondary-going-big-will-almost-become-net-cash-for-a-while" target="_blank" rel="noopener">GDS Holdings Hong Kong Secondary - Going Big. Will Almost Become Net Cash, for a While</a>.</p>
<p>In this note, I'll talk about the deal dynamics and updates over the past week.</p>
</div><div></div><div><p>We have also covered the stock since its IPO in 2016. Links to our previous coverage of the IPO and prior placements are below:</p></div><div>
<ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/gds-holdings-ipo-high-market-share-mirage" target="_blank" rel="noopener">GDS Holdings IPO: High Market Share Mirage?</a>, IPO note in Oct 2016</li>
<li>
<a href="https://www.smartkarma.com/insights/nasdaq-gds-placement-visible-growth-additional-ping-an-investment" target="_blank" rel="noopener">NASDAQ:GDS Placement - Visible Growth, Additional Ping An Investment</a>, US$400m placement in Mar 2019</li>
<li>
<a href="https://www.smartkarma.com/insights/gds-placement-accretion-will-take-awhile-to-be-realized-but-deal-dynamics-are-favorable" target="_blank" rel="noopener">GDS Placement - Accretion Will Take Awhile to Be Realized but Deal Dynamics Are Favorable</a>, US$230m placement in Dec 2019</li>
<li>
<a href="https://www.smartkarma.com/insights/gds-placement-momentum-is-still-strong-but-don-t-expect-the-same-kind-of-returns" target="_blank" rel="noopener">GDS Placement - Momentum Is Still Strong but Don’t Expect the Same Kind of Returns</a>, US$400m selldown in Jan 2020</li>
</ul>
<p></p>
</div>

Gds Holdings (Adr) (GDS US) raised over US$1.6bn in its secondary listing in Hong Kong.
I had covered the background of the deal in my previous notes, GDS Holdings Hong Kong Secondary - Hot Sector, Needs the Money and GDS Holdings Hong Kong Secondary - Going Big. Will Almost Become Net Cash, for a While.
In this note, I'll talk about the deal dynamics and updates over the past week.
We have also covered the stock since its IPO in 2016. Links to our previous coverage of the IPO and prior placements are below:


GDS Holdings IPO: High Market Share Mirage?, IPO note in Oct 2016

NASDAQ:GDS Placement - Visible Growth, Additional Ping An Investment, US$400m placement in Mar 2019

GDS Placement - Accretion Will Take Awhile to Be Realized but Deal Dynamics Are Favorable, US$230m placement in Dec 2019

GDS Placement - Momentum Is Still Strong but Don’t Expect the Same Kind of Returns, US$400m selldown in Jan 2020




GDS Holdings HK Secondary Trading- Strong Coverage but No Discount and Volatile Markets Won't Help

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<div class="content-highlight">
<p>The week that was in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a> is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.</p>
<p>We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets.  </p>
</div>
<h3>Equity Bottom-Up Insights</h3>
<p>In Indonesia<a href="https://www.smartkarma.com/insights/bank-mandiri-persero-bmri-ij-a-plethora-of-good-news" target="_blank" rel="noopener"> Bank Mandiri Persero (BMRI IJ) - A Plethora of Good News</a>,  Cross-ASEAN insight provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> reports back a call with<a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" rel="noopener"> Bank Mandiri Persero (BMRI IJ)</a> revealed a relatively positive message on a number of fronts, which came as a rare positive surprise. </p>
<p>In<a href="https://www.smartkarma.com/insights/bank-mandiri-persero-bmri-ij-the-unsung-hero-of-syariah" target="_blank" rel="noopener"> Bank Mandiri Persero (BMRI IJ) - The Unsung Hero of Syariah?</a> , Cross-ASEAN Insight provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> sees potential positive catalysts in the merger of three State-owned Syariah banks. He believes that Mandiri Syariah,  given it has the largest Syariah business and generating an ROE in excess of 15%, will take the lead in the merged entity. </p>
<p>In<a href="https://www.smartkarma.com/insights/metrodata-electronic-mtdl-ij-a-rare-value-play-on-indonesia-s-digitalization" target="_blank" rel="noopener"> Metrodata Electronic (MTDL IJ) - A Rare Value Play on Indonesia's Digitalization</a>,<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> highlights why<a href="https://www.smartkarma.com/entities/metrodata-electronic-pt" target="_blank" rel="noopener"> Metrodata Electronic (MTDL IJ)</a> looks undervalued, as it benefits not only from offline companies continuing to digitalize processes and infrastructure but also from the rise in e-commerce, digital payments, fintech, and gaming. </p>
<p>In<a href="https://www.smartkarma.com/insights/xl-axiata-excl-ij-enabling-and-converging-in-indonesia" target="_blank" rel="noopener"> XL Axiata (EXCL IJ) - Enabling and Converging in Indonesia</a>,<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> revisits<a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" rel="noopener"> XL Axiata (EXCL IJ),</a> one of the key enablers of the Indonesian digital economy, with around 90% of revenues coming from data and 75% of its subscriber base on 4G. Smartkarma hosted a Webinar with <a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a> last week, which revealed a positive long-term picture, despite some near term competitive headwinds. </p>
<p>In <a href="https://www.smartkarma.com/insights/sunpower-read-across-from-buyout-of-zheneng-jinjiang-fair-value-remains-at-1-sgd-63-upside" target="_blank" data-smartkarma-citation="insights:44133" rel="noopener">Sunpower: Read Across from Buyout of Zheneng JinJiang; Fair Value Remains at 1 SGD (63% Upside),</a> CrossASEAN Insight Provider provider <a href="https://www.smartkarma.com/profiles/nicolas-van-broekhoven-24a66c2d-bca4-4f5b-adda-c4e2bcc509f4" target="_blank" data-smartkarma-citation="accounts:1208" rel="noopener">Nicolas Van Broekhoven</a> revisits <a href="https://www.smartkarma.com/entities/sunpower-group-ltd" target="_blank" data-smartkarma-citation="entities:18395:1" rel="noopener">Sunpower Group (SPWG SP)</a> post a Smartakarma webinar with the company. </p>
<p>In Thailand<a href="https://www.smartkarma.com/insights/ipo-radar-nforce-secure-new-player-in-thai-cyber-security" target="_blank" rel="noopener"> IPO Radar: NForce Secure, New Player in Thai Cyber Security</a>, Thai Specialist<a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" rel="noopener"> Athaporn Arayasantiparb, CFA</a> takes a look at NForce Secure, New Player in Thai Cyber Security.  </p>
<p>In <a href="https://www.smartkarma.com/insights/wilmar-is-a-buy-after-yka-s-listing" target="_blank" data-smartkarma-citation="insights:44228" rel="noopener">Wilmar Is A Buy After YKA’s Listing,</a><a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a> revisits <a href="https://www.smartkarma.com/entities/wilmar-international-ltd" target="_blank" data-smartkarma-citation="entities:172:1" rel="noopener">Wilmar International (WIL SP)</a> following the successful listing of <a href="https://www.smartkarma.com/entities/yihai-kerry-arawana-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:29184:1" rel="noopener">Yihai Kerry Arawana Holdings Co Ltd (YKA CH).</a></p>
<p>In Singapore<a href="https://www.smartkarma.com/insights/sgx-sgx-sp-market-under-rates-its-growth-potential" target="_blank" rel="noopener"> SGX (SGX SP): Market Under-Rates Its Growth Potential</a>,<a href="https://www.smartkarma.com/profiles/victor-galliano" target="_blank" rel="noopener"> Victor Galliano</a> discusses why he feels<a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" rel="noopener"> SGX (SGX SP)</a> is undervalued. </p>
<p>In <a href="https://www.smartkarma.com/insights/business-dna-suksan-yasasin-of-chayo-group" target="_blank" data-smartkarma-citation="insights:44242" rel="noopener">Business DNA: Suksan Yasasin of Chayo Group,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr. Andrew Stotz, CFA</a> conducts an interview with Suksan Yasasin, the CEO of Chayo Group. Business DNA is a chance to dig into the essential makeup of business leaders and their organizations. The focus is not on the short term but rather on understanding the driving forces of a business. </p>
<p>In <a href="https://www.smartkarma.com/insights/ori-expect-flat-3q20-earnings-but-strong-recovery-in-4q20" target="_blank" data-smartkarma-citation="insights:44163" rel="noopener">ORI: Expect Flat 3Q20 Earnings but Strong Recovery in 4Q20,</a> our friends at <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisit <a href="https://www.smartkarma.com/entities/origin-property-pcl" target="_blank" data-smartkarma-citation="entities:26762:1" rel="noopener">Origin Property (ORI TB)</a> ahead of the company's earnings. </p>
<p>In <a href="https://www.smartkarma.com/insights/com7-upgrade-super-cycle-for-iphone-users" target="_blank" data-smartkarma-citation="insights:44208" rel="noopener">COM7: Upgrade Super Cycle for iPhone Users,</a> <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisits this electronics distributor in light of the announcement of the launch of the new iPhone 12. </p>
<h3>Sector and Thematic Insights</h3>
<p>In <a href="https://www.smartkarma.com/insights/snippets-45-lobster-alliance-cp-all-goes-to-laos" target="_blank" data-smartkarma-citation="insights:42866" rel="noopener">Snippets #45: Lobster Alliance, CP All Goes to Laos,</a> our Thai guru <a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> highlights five developments over the past week that may impact Thai equities.</p>
<p>In <a href="https://www.smartkarma.com/insights/sti-index-rebalance-kdcreit-included-flt-misses-out" target="_blank" data-smartkarma-citation="insights:44178" rel="noopener">STI Index Rebalance: KDCREIT Included, FLT Misses Out,</a> <a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a> comments on the recent FTSE STI Index rebalance.  </p>
<p>In<a href="https://www.smartkarma.com/insights/msci-nov20-index-rebalance-preview-asean-em-edition" target="_blank" rel="noopener"> MSCI Nov20 Index Rebalance Preview - ASEAN EM Edition</a>,<a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" rel="noopener"> Brian Freitas</a> looks at the upcoming MSCI ASEAN EM scheduled rebalancing. </p>
<h3>Credit Insights</h3>
<p>In <a href="https://www.smartkarma.com/insights/kasikornbank-s-inaugural-at1-underweight-on-franchise-challenges-and-valuation" target="_blank" data-smartkarma-citation="insights:44176" rel="noopener">Kasikornbank’s Inaugural AT1 – Underweight on Franchise Challenges and Valuation,</a> credit specialist <a href="https://www.smartkarma.com/profiles/hank-calenti-cfa" target="_blank" data-smartkarma-citation="accounts:5194" rel="noopener">Hank Calenti, CFA</a> comments on <a href="https://www.smartkarma.com/entities/kasikornbank-pcl" target="_blank" data-smartkarma-citation="entities:293:1" rel="noopener">Kasikornbank PCL (KBANK TB)</a>'s inaugural AT1 bond. He suggests to Underweight <a href="https://www.smartkarma.com/entities/kasikornbank-pcl" target="_blank" data-smartkarma-citation="entities:293:1" rel="noopener">Kasikornbank's (KBANK)</a> inaugural Additional Tier 1 (AT1) bond on franchise challenges and valuation. </p>


The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.
We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets.  

Equity Bottom-Up Insights
In Indonesia Bank Mandiri Persero (BMRI IJ) - A Plethora of Good News,  Cross-ASEAN insight provider Angus Mackintosh reports back a call with Bank Mandiri Persero (BMRI IJ) revealed a relatively positive message on a number of fronts, which came as a rare positive surprise. 
In Bank Mandiri Persero (BMRI IJ) - The Unsung Hero of Syariah? , Cross-ASEAN Insight provider Angus Mackintosh sees potential positive catalysts in the merger of three State-owned Syariah banks. He believes that Mandiri Syariah,  given it has the largest Syariah business and generating an ROE in excess of 15%, will take the lead in the merged entity. 
In Metrodata Electronic (MTDL IJ) - A Rare Value Play on Indonesia's Digitalization, Angus Mackintosh highlights why Metrodata Electronic (MTDL IJ) looks undervalued, as it benefits not only from offline companies continuing to digitalize processes and infrastructure but also from the rise in e-commerce, digital payments, fintech, and gaming. 
In XL Axiata (EXCL IJ) - Enabling and Converging in Indonesia, Angus Mackintosh revisits XL Axiata (EXCL IJ), one of the key enablers of the Indonesian digital economy, with around 90% of revenues coming from data and 75% of its subscriber base on 4G. Smartkarma hosted a Webinar with XL Axiata (EXCL IJ) last week, which revealed a positive long-term picture, despite some near term competitive headwinds. 
In Sunpower: Read Across from Buyout of Zheneng JinJiang; Fair Value Remains at 1 SGD (63% Upside), CrossASEAN Insight Provider provider Nicolas Van Broekhoven revisits Sunpower Group (SPWG SP) post a Smartakarma webinar with the company. 
In Thailand IPO Radar: NForce Secure, New Player in Thai Cyber Security, Thai Specialist Athaporn Arayasantiparb, CFA takes a look at NForce Secure, New Player in Thai Cyber Security.  
In Wilmar Is A Buy After YKA’s Listing,David Blennerhassett revisits Wilmar International (WIL SP) following the successful listing of Yihai Kerry Arawana Holdings Co Ltd (YKA CH).
In Singapore SGX (SGX SP): Market Under-Rates Its Growth Potential, Victor Galliano discusses why he feels SGX (SGX SP) is undervalued. 
In Business DNA: Suksan Yasasin of Chayo Group,Dr. Andrew Stotz, CFA conducts an interview with Suksan Yasasin, the CEO of Chayo Group. Business DNA is a chance to dig into the essential makeup of business leaders and their organizations. The focus is not on the short term but rather on understanding the driving forces of a business. 
In ORI: Expect Flat 3Q20 Earnings but Strong Recovery in 4Q20, our friends at Country Group revisit Origin Property (ORI TB) ahead of the company's earnings. 
In COM7: Upgrade Super Cycle for iPhone Users, Country Group revisits this electronics distributor in light of the announcement of the launch of the new iPhone 12. 
Sector and Thematic Insights
In Snippets #45: Lobster Alliance, CP All Goes to Laos, our Thai guru Athaporn Arayasantiparb, CFA highlights five developments over the past week that may impact Thai equities.
In STI Index Rebalance: KDCREIT Included, FLT Misses Out, Brian Freitas comments on the recent FTSE STI Index rebalance.  
In MSCI Nov20 Index Rebalance Preview - ASEAN EM Edition, Brian Freitas looks at the upcoming MSCI ASEAN EM scheduled rebalancing. 
Credit Insights
In Kasikornbank’s Inaugural AT1 – Underweight on Franchise Challenges and Valuation, credit specialist Hank Calenti, CFA comments on Kasikornbank PCL (KBANK TB)'s inaugural AT1 bond. He suggests to Underweight Kasikornbank's (KBANK) inaugural Additional Tier 1 (AT1) bond on franchise challenges and valuation. 

The NEW Week that Was in ASEAN@Smartkarma - Syariah Banking, XL Axiata, and Telkom's Tower Spinoff

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Last Week in Event SPACE: Evergrande, Link Admin, NTT Docomo, Melifecare, Wipro, Wilmar, Huya/DouYu

Singapore

Keppel DC REIT is Asia's first pure-play data centre REIT listed on the Singapore Exchange. Keppel DC REIT's investment strategy is to principally invest, directly or indirectly, in a diversified portfolio of income-producing real estate assets which are used primarily for data centre purposes, as well as real estate related assets.

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Keppel DC REIT (KDCREIT SP)

Chindata Group: Data Centre Value

Chindata is among the stocks with the highest probability of inclusion in the MSCI Standard index but the shares are down 45% YTD. The valuation is...

Arun George

Soilbuild Business Space REIT’s Privatisation Bid

SB REIT announced a privatisation offer from Mr Lim Chap Huat and Blackstone at S$0.55 cash per unit, a 27.9% to the unaffected price of S$0.430...

Arun George

GDS Holdings HK Secondary Trading- Strong Coverage but No Discount and Volatile Markets Won't Help

Gds Holdings (Adr) (GDS US) raised around US$1.6bn in its secondary listing in Hong Kong. In this note, I'll talk about the deal dynamics and...

Sumeet Singh

The NEW Week that Was in ASEAN@Smartkarma - Syariah Banking, XL Axiata, and Telkom's Tower Spinoff

The Week that Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights from across South East...

Angus Mackintosh

Last Week in Event SPACE: Evergrande, Link Admin, NTT Docomo, Melifecare, Wipro, Wilmar, Huya/DouYu

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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