Deciphering real estate markets globally., Rems Advisors

TAN Kok Keong

Deciphering real estate markets globally.

Rems Advisors

Thematic (Sector/Industry)

<div><h2>Private Residential Primary Sales Status (Excluding Executive Condominiums)</h2></div><p>For the month of September, primary home sales in Singapore increased by 8% increase month-on-month, continuing the build up of postive momentum in the market (see Figure 1). Developers sold a total of 509 units of new homes (ex-ECs). The improving sentiment is visible as this is a 49% increase over the sales figure last year. </p><p>Figure 1: September 2016 Primary Sales (Excluding Executive Condominium)</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/014/886/original/Sept%202016%20Primary%20sale%20%28ex%20Ec%29.png?1476758876" class="editor-image img-responsive" data-smartkarma-image-id="14886"></figure><p>Source: URA, REMS…</p>

Private Residential Primary Sales Status (Excluding Executive Condominiums)For the month of September, primary home sales in Singapore increased by 8% increase month-on-month, continuing the build up of postive momentum in the market (see Figure 1). Developers sold a total of 509 units of new homes (ex-ECs). The improving sentiment is visible as this is a 49% increase over the sales figure last year. Figure 1: September 2016 Primary Sales (Excluding Executive Condominium)Source: URA, REMS…

Singapore's Primary Home Sales Pick Up in September

<p>A key issue facing many Government across the globe is how to keep home affordable while maintaining an environment attractive for foreign investments.  This issue runs deep whether you are in developed countries like United Kingdom, Australia, Singapore or emerging markets like Myanmar, Cambodia, Vietnam, etc.</p><p>The huge disparity in prices of luxury homes vs what middle to lower income groups can afford has been largely caused by the relative strong purchasing powers of foreign participants in…</p>

A key issue facing many Government across the globe is how to keep home affordable while maintaining an environment attractive for foreign investments.  This issue runs deep whether you are in developed countries like United Kingdom, Australia, Singapore or emerging markets like Myanmar, Cambodia, Vietnam, etc.The huge disparity in prices of luxury homes vs what middle to lower income groups can afford has been largely caused by the relative strong purchasing powers of foreign participants in…

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>A new market consultation could increase the number of <a href="https://www.smartkarma.com/entities/kuala-lumpur-composite-index" target="_blank" data-smartkarma-citation="entities:22913:1" rel="noopener">Kuala Lumpur Composite Index (KLCI) (FBMKLCI INDEX)</a> constituent stocks from 30 to 50 and introduce capping for the largest stocks.</li>
<li>The change could take place in December 2026 or June 2027 and changing liquidity patterns will affect the final list of additions to the index.</li>
<li>There will be 20 inclusions to the index and there will be a big reduction in the weight of the Financials sector with Real Estate being the biggest winner.</li>
</ul>


A new market consultation could increase the number of Kuala Lumpur Composite Index (KLCI) (FBMKLCI INDEX) constituent stocks from 30 to 50 and introduce capping for the largest stocks.
The change could take place in December 2026 or June 2027 and changing liquidity patterns will affect the final list of additions to the index.
There will be 20 inclusions to the index and there will be a big reduction in the weight of the Financials sector with Real Estate being the biggest winner.


KLCI Index: Impact of Move from 30 to 50 Stocks

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ijm-corp-bhd" target="_blank" data-smartkarma-citation="entities:16784:1" rel="noopener">Ijm Corp Bhd (IJM MK)</a> disclosed a cash/scrip conditional voluntary offer from <a href="https://www.smartkarma.com/entities/sunway-bhd" target="_blank" data-smartkarma-citation="entities:11025:1" rel="noopener">Sunway Bhd (SWB MK)</a> valued at RM3.15, a 14.5% premium to the last close price. </li>
<li>The offer is unattractive as the terms favour Sunway rather than IJM shareholders. The timing is opportunistic, given Sunway’s relative share-price strength vs. IJM. </li>
<li>The key conditions are Sunway shareholder approval and a 50% minimum acceptance condition. Despite an unattractive offer, both these conditions are low risk. </li>
</ul>



Ijm Corp Bhd (IJM MK) disclosed a cash/scrip conditional voluntary offer from Sunway Bhd (SWB MK) valued at RM3.15, a 14.5% premium to the last close price. 
The offer is unattractive as the terms favour Sunway rather than IJM shareholders. The timing is opportunistic, given Sunway’s relative share-price strength vs. IJM. 
The key conditions are Sunway shareholder approval and a 50% minimum acceptance condition. Despite an unattractive offer, both these conditions are low risk. 


IJM Corp (IJM MK): Sunway’s Cash/Scrip Conditional Voluntary Offer

APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Pavilion Real Estate Investment Trust / Equity Capital Markets

Pavilion Real Estate Investment Trust (PREIT MK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pavilion-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:17395:1" rel="noopener">Pavilion Real Estate Investment Trust (PREIT MK)</a> is looking to raise up to MYR$517m (US$115m) in its primary placement. </li>
<li>The proceeds will be used to partially finance its acquisition of Pavilion Bukit Jalil (PBJ) mall.</li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Pavilion Real Estate Investment Trust (PREIT MK) is looking to raise up to MYR$517m (US$115m) in its primary placement. 
The proceeds will be used to partially finance its acquisition of Pavilion Bukit Jalil (PBJ) mall.
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


Pavilion REIT Placement - Very Well Flagged, Has Been Expected for Some Time

Malaysia

KLCC Property Holdings Bhd comprises of units in a Real Estate Investment Trust (KLCC REIT) stapled together with the ordinary shares of KLCC Property Holdings Berhad. The Stapled Security, through the subsidiaries of KLCC Property Holdings Berhad, is engaged in providing facility management services and car parking management services.

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KLCCP Stapled (KLCCSS MK)

Singapore's Primary Home Sales Pick Up in September

Private Residential Primary Sales Status (Excluding Executive Condominiums)For the month of September, primary home sales in Singapore increased by...

TAN Kok Keong

Helping People Own a Home

A key issue facing many Government across the globe is how to keep home affordable while maintaining an environment attractive for foreign...

TAN Kok Keong

KLCI Index: Impact of Move from 30 to 50 Stocks

The number of index constituents could increase to 50 and 10% capping could be introduced. Liquidity will play a big role in determining which 20...

Brian Freitas

IJM Corp (IJM MK): Sunway’s Cash/Scrip Conditional Voluntary Offer

The offer is unattractive as the terms favour Sunway rather than IJM shareholders. However, the offer's key conditions are low-risk.

Arun George

Pavilion REIT Placement - Very Well Flagged, Has Been Expected for Some Time

Pavilion Real Estate Investment Trust (PREIT MK) is looking to raise up to MYR$517m (US$115m) in its primary placement. The proceeds will be used...

Ethan Aw

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