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

Mitsui Fudosan Logistics Park Inc / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitsui-fudosan-logistics-park-inc" target="_blank" data-smartkarma-citation="entities:24027:1" rel="noopener">Mitsui Fudosan Logistics Park Inc (3471 JP)</a> is looking to raise around US$170m in its Primary Offering, to fund its acquisition of three properties and pay down its borrowings.</li>
<li>The anticipated acquisitions, post-completion, will be accretive to both operating income and DPU, even after factoring in the dilution.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Mitsui Fudosan Logistics Park Inc (3471 JP) is looking to raise around US$170m in its Primary Offering, to fund its acquisition of three properties and pay down its borrowings.
The anticipated acquisitions, post-completion, will be accretive to both operating income and DPU, even after factoring in the dilution.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Mitsui Fudosan Logistics Park Placement - Unit Price Has Historically Outperformed Peers

Equity Analyst, Event-driven, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst, Event-driven

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sosila-logistics-reit-inc" target="_blank" data-smartkarma-citation="entities:29730:1" rel="noopener">SOSiLA Logistics REIT Inc (2979 JP)</a> (<strong>"SLR"</strong>) announced a follow-on equity offering after market close on 16th November 2021 to fund part of their recent property acquisition. </li>
<li>The primary offer quantity is 66,600 units. In addition, there will also be an over-allotment quantity of 3,330 units. The total size of this offering could be roughly ¥11bn (~US$100mn). </li>
<li>Below, we take a look at the attractiveness of SLR's latest offering with greater emphasis on the potential for strong post-offering secondary market performance.</li>
</ul>



SOSiLA Logistics REIT Inc (2979 JP) ("SLR") announced a follow-on equity offering after market close on 16th November 2021 to fund part of their recent property acquisition. 
The primary offer quantity is 66,600 units. In addition, there will also be an over-allotment quantity of 3,330 units. The total size of this offering could be roughly ¥11bn (~US$100mn). 
Below, we take a look at the attractiveness of SLR's latest offering with greater emphasis on the potential for strong post-offering secondary market performance.


SOSiLA Logistics REIT (2979 JP): Offering Could Trigger Outperformance Vs Peers

<p>On 4th January 2021, Small-cap logistics JREIT <a href="https://www.smartkarma.com/entities/cre-logistics-reit-inc" target="_blank" data-smartkarma-citation="entities:26745:1" rel="noopener">CRE Logistics REIT (3487 JP)</a> (<strong>"CRE"</strong>) announced a follow-on equity offering to fund their acquisition of three logistics properties. As discussed in <a href="https://www.smartkarma.com/insights/jreit-offering-cre-logistics-reit-3487-jp-take-it-vs-comps" target="_blank" data-smartkarma-citation="insights:46779" rel="noopener">JREIT Offering: CRE Logistics REIT (3487 JP) - Take It (Vs Comps)</a>, I advised being LONG vs comps from the Pricing Date (13th January 2021) and since then CRE logistics has gained +44.6%, outperforming its comps and the overall JREIT market by +9.1% and +18.7% respectively. </p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/227/501/original/Last+Offering+Performance.png?1630569996" class="editor-image img-responsive" data-smartkarma-image-id="227501"></figure><div class="content-caption">Source: Quiddity [Data: Capital IQ]</div></section><p>Today after market close, CRE launched another follow-on equity offering. </p><p>This time, the total offer quantity will be 64,550 units and that means the total offer size would be around ¥13bn (~US$120mn) which is slightly larger than last time (~US$106mn) but still quite small in comparison to some of the other recent JREIT offerings. However, historically such follow-on equity offerings have acted as catalysts for strong secondary market performance in the weeks following the Pricing Date and in this insight, we will take a look at whether CRE has the potential to perform as well as it did last time. </p><p><em>More below the fold.</em> </p><hr><p><em>For a primer on J-REIT Offerings, their history, their patterns, etc, please refer to <a href="https://www.smartkarma.com/insights/j-reit-offering-primer-get-ready-for-offering-season-2021" target="_blank" data-smartkarma-citation="insights:46416" rel="noopener">J-REIT Offering Primer: Get Ready for Offering Season 2021</a>.</em></p>

On 4th January 2021, Small-cap logistics JREIT CRE Logistics REIT (3487 JP) ("CRE") announced a follow-on equity offering to fund their acquisition of three logistics properties. As discussed in JREIT Offering: CRE Logistics REIT (3487 JP) - Take It (Vs Comps), I advised being LONG vs comps from the Pricing Date (13th January 2021) and since then CRE logistics has gained +44.6%, outperforming its comps and the overall JREIT market by +9.1% and +18.7% respectively. Source: Quiddity [Data: Capital IQ]Today after market close, CRE launched another follow-on equity offering. This time, the total offer quantity will be 64,550 units and that means the total offer size would be around ¥13bn (~US$120mn) which is slightly larger than last time (~US$106mn) but still quite small in comparison to some of the other recent JREIT offerings. However, historically such follow-on equity offerings have acted as catalysts for strong secondary market performance in the weeks following the Pricing Date and in this insight, we will take a look at whether CRE has the potential to perform as well as it did last time. More below the fold. For a primer on J-REIT Offerings, their history, their patterns, etc, please refer to J-REIT Offering Primer: Get Ready for Offering Season 2021.

CRE Logistics (3487 JP): Can They Do Better Than Last Time?

Alpha-Centric ESG Research

Kyle Rudden

<p>Announcements keep on coming from <a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" data-smartkarma-citation="entities:1047:1" rel="noopener">Singapore Exchange (SGX SP)</a> and its SGX FIRST sustainable investing platform. Weeks after launching Climate Impact X – SGX's carbon exchange joint venture with DBS, Standard Chartered, and Temasek – the exchange announced (on 14 June) the launch of the <a href="https://www.smartkarma.com/entities/sgx-nikkei-esg-reit-index-futures" target="_blank" data-smartkarma-citation="entities:33480:1" rel="noopener">SGX Nikkei ESG-REIT Index Futures (JRTA INDEX)</a> contract.</p><p>For SGX, the launch further solidifies its position as Asia's leading financial exchange for all things sustainable investing and finance (and of course, REITs). For investors, the ESG-REIT Index futures contract expands the menu of products for REIT-related ESG investing. That is far more significant than it sounds; Real Estate is a sleeping ESG giant of sorts, and investment products are lacking.</p><p>Therein lies the second of two goals for this Insight. The first is, rather obviously, to delve into the SGX Nikkei ESG-REIT product – the underlying index and futures contract. The second is to take it as an opportunity to broach an important, but often underrated, topic – the relationships between ESG and the Real Estate sector, including REITs. Much of it positive, or at least potentially so.</p><p>Think about it. One billion buildings in the world already, and expected to double by 2060.</p>

Announcements keep on coming from Singapore Exchange (SGX SP) and its SGX FIRST sustainable investing platform. Weeks after launching Climate Impact X – SGX's carbon exchange joint venture with DBS, Standard Chartered, and Temasek – the exchange announced (on 14 June) the launch of the SGX Nikkei ESG-REIT Index Futures (JRTA INDEX) contract.For SGX, the launch further solidifies its position as Asia's leading financial exchange for all things sustainable investing and finance (and of course, REITs). For investors, the ESG-REIT Index futures contract expands the menu of products for REIT-related ESG investing. That is far more significant than it sounds; Real Estate is a sleeping ESG giant of sorts, and investment products are lacking.Therein lies the second of two goals for this Insight. The first is, rather obviously, to delve into the SGX Nikkei ESG-REIT product – the underlying index and futures contract. The second is to take it as an opportunity to broach an important, but often underrated, topic – the relationships between ESG and the Real Estate sector, including REITs. Much of it positive, or at least potentially so.Think about it. One billion buildings in the world already, and expected to double by 2060.

SGX Nikkei ESG-REIT Index Futures Launch Is an Ideal Backdrop for an Important Topic: ESG and REITs

Zhen Zhou, Toh

Mitsubishi Estate Logistics / Equity Capital Markets

<div>
<p><a href="https://www.smartkarma.com/entities/mitsubishi-estate-logistics" target="_blank" data-smartkarma-citation="entities:25867:1" rel="noopener">Mitsubishi Estate Logistics (3481 JP)</a> is looking raise US$157m to acquire properties. We have covered previous placements in:</p>
</div>
<div>
<ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/mitsubishi-estate-logistic-reit-placement-becoming-a-regular" target="_blank" data-smartkarma-citation="insights:32576" rel="noopener">Mitsubishi Estate Logistic REIT Placement - Becoming a Regular</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/mitsubishi-estate-logistic-reit-placement-back-for-its-annual-placement" target="_blank" data-smartkarma-citation="insights:42173" rel="noopener">Mitsubishi Estate Logistic REIT Placement - Back for Its Annual Placement</a> </li>
</ul>
</div>
<div>
<p>In this note, we will look at the assets to be acquired, impact on forecast and portfolio, and run the deal through our framework.</p>
</div>


Mitsubishi Estate Logistics (3481 JP) is looking raise US$157m to acquire properties. We have covered previous placements in:




Mitsubishi Estate Logistic REIT Placement - Becoming a Regular 

Mitsubishi Estate Logistic REIT Placement - Back for Its Annual Placement 



In this note, we will look at the assets to be acquired, impact on forecast and portfolio, and run the deal through our framework.


Mitsubishi Estate Logistic REIT Placement - Earlier than Before but Still a Well-Flagged Deal

Japan

Mitsubishi Estate Logistics REIT Investment Corporation operates real estate investment trust businesses. The Company provides logistics facilities investment trusts, business offices investment trusts, and other services. Mitsubishi Estate Logistics REIT Investment offers its services throughout Japan.

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Mitsubishi Estate Logistics (3481 JP)

Mitsui Fudosan Logistics Park Placement - Unit Price Has Historically Outperformed Peers

Mitsui Fudosan Logistics Park Inc (3471 JP) is looking to raise around US$170m in its Primary Offering, to fund its acquisition of three properties...

Clarence Chu

SOSiLA Logistics REIT (2979 JP): Offering Could Trigger Outperformance Vs Peers

SOSiLA Logistics REIT announced a US$100mn follow-on equity offering to fund the acquisition of 3 logistics properties. This could act as a...

Janaghan Jeyakumar, CFA

CRE Logistics (3487 JP): Can They Do Better Than Last Time?

CRE has launched a US$120mn equity offering to fund their recent property acquisition. Although CRE outperformed peers after their last offering,...

Janaghan Jeyakumar, CFA

SGX Nikkei ESG-REIT Index Futures Launch Is an Ideal Backdrop for an Important Topic: ESG and REITs

Singapore Exchange just launched the SGX Nikkei ESG-REIT Index futures contract. A multi-win for SGX, but it also serves as a reminder of how...

Kyle Rudden

Mitsubishi Estate Logistic REIT Placement - Earlier than Before but Still a Well-Flagged Deal

Mitsubishi Estate Logistics (3481 JP) is looking raise US$157m to acquire properties. In this note, we will look at the assets to be acquired and...

Zhen Zhou, Toh

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