Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Equity Capital Markets

Nippon Prologis Reit / Equity Capital Markets

<p>After market-close on 20th January 2021, Japan's largest logistics REIT <a href="https://www.smartkarma.com/entities/nippon-prologis-reit-inc" target="_blank" data-smartkarma-citation="entities:15683:1" rel="noopener">Nippon Prologis Reit (3283 JP)</a><strong>("NPR")</strong> announced a <a href="https://www.prologis-reit.co.jp/file/en-news-b0d810c85e41af5a300408f36b3443f0d4da157a.pdf" target="_blank" rel="noopener">follow-on equity offering</a> to fund part of their<a href="https://www.prologis-reit.co.jp/file/en-news-ff89da88651b734300e60c8d18e6c0bc05cd7770.pdf" target="_blank" rel="noopener"> recent acquisition of three logistics facilities</a>.</p><p>The size of this offering could be around ¥34bn (~US$330mn). </p><p>The primary offer quantity will be 110,480 units out of which 64,080 units and 46,400 units are expected to be allocated for domestic and international investors respectively. In addition, there is also an over-allotment quantity of 5,520 units. </p><p>The Offer Price will be determined between 27th January and 01st February (typically it has been the first day of this window for most JREIT offerings) and the day following the offer price determination day (pricing date) will be the application date. </p>

After market-close on 20th January 2021, Japan's largest logistics REIT Nippon Prologis Reit (3283 JP)("NPR") announced a follow-on equity offering to fund part of their recent acquisition of three logistics facilities.The size of this offering could be around ¥34bn (~US$330mn). The primary offer quantity will be 110,480 units out of which 64,080 units and 46,400 units are expected to be allocated for domestic and international investors respectively. In addition, there is also an over-allotment quantity of 5,520 units. The Offer Price will be determined between 27th January and 01st February (typically it has been the first day of this window for most JREIT offerings) and the day following the offer price determination day (pricing date) will be the application date. 

JREIT Offering: Nippon Prologis REIT (3283 JP) - Take It (Vs Comps)

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.

Nippon Building Fund / Equity Capital Markets

<p><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> aims to raise around US$1.2bn (JPY127bn) in order to part fund its purchase of two assets.</p><p>This will be one of the largest JREIT placement that we have seen over the past few years. In addition, the stock hasn't been doing too well this year.</p><p>In this insight, I'll talk about the deal dynamics and run the deal through our ECM framework.</p>

Nippon Building Fund (8951 JP) aims to raise around US$1.2bn (JPY127bn) in order to part fund its purchase of two assets.This will be one of the largest JREIT placement that we have seen over the past few years. In addition, the stock hasn't been doing too well this year.In this insight, I'll talk about the deal dynamics and run the deal through our ECM framework.

Nippon Building Fund Placement - Needs to Correct Some More Given the Weak Sentiment

Mitsui Fudosan Logistics Park Inc / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/24027" target="_blank" data-smartkarma-citation="entities:24027:1" rel="noopener">Mitsui Fudosan Logistics Park Inc (3471 JP)</a> (MFLP) is looking to raise about US$450m to partially fund the acquisition of two new assets. </p></div><div><p>This will be the second fund raising by the company this year. We covered the earlier deal in Jan 2020 in <a href="https://www.smartkarma.com/insights/mitsui-fudosan-logistics-park-placement-less-dilutive-and-more-accretive-than-the-previous-deal" target="_blank" rel="noopener">Mitsui Fudosan Logistics Park Placement - Less Dilutive and More Accretive than the Previous Deal</a>. We also covered the prior Jan 2019 raising in, <a href="https://www.smartkarma.com/insights/mitsui-fudosan-logistics-park-placement-accretive-and-well-flagged" target="_blank" rel="noopener">Mitsui Fudosan Logistics Park Placement - Accretive and Well-Flagged</a>.</p></div>

Mitsui Fudosan Logistics Park Inc (3471 JP) (MFLP) is looking to raise about US$450m to partially fund the acquisition of two new assets. This will be the second fund raising by the company this year. We covered the earlier deal in Jan 2020 in Mitsui Fudosan Logistics Park Placement - Less Dilutive and More Accretive than the Previous Deal. We also covered the prior Jan 2019 raising in, Mitsui Fudosan Logistics Park Placement - Accretive and Well-Flagged.

Mitsui Fudosan Logistics Park Placement - Large Deal but Minimal Accretion

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

<p>We continue to believe the path of least resistance is higher for global equities. As a result, our outlook remains bullish and we suggest buying any dips. This week we are focusing on Consumer Staples and Health Care, two Sectors that have been less-loved over the past several months. We also highlight additional ideas in the following Sectors: Services, Technology, Financials, Real Estate, Communications, and Utilities.</p>

We continue to believe the path of least resistance is higher for global equities. As a result, our outlook remains bullish and we suggest buying any dips. This week we are focusing on Consumer Staples and Health Care, two Sectors that have been less-loved over the past several months. We also highlight additional ideas in the following Sectors: Services, Technology, Financials, Real Estate, Communications, and Utilities.

EM Equities At New Highs Despite Some Caution Signs

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.

<p><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> (MFLP) unveiled plans to raise up to JPY27.0 billion ($247 million) through a primary offering (95% of the offering) and third-party allotment. The pricing date is between 22 January and 28 January 2020.</p><div class="content-highlight"><p>The proceeds from the placement will be used to will partly fund the JPY48.4 billion ($442 million) acquisitions of interests in three properties. Overall, we would be tempted to participate in the placement at around a 5% discount to the last close price.</p></div>

Mitsui Fudosan Logistics Park Inc (3471 JP) (MFLP) unveiled plans to raise up to JPY27.0 billion ($247 million) through a primary offering (95% of the offering) and third-party allotment. The pricing date is between 22 January and 28 January 2020.The proceeds from the placement will be used to will partly fund the JPY48.4 billion ($442 million) acquisitions of interests in three properties. Overall, we would be tempted to participate in the placement at around a 5% discount to the last close price.

Mitsui Fudosan Logistics Park Placement: Reasonable at a Discount

Japan

Mitsui Fudosan Logistics Park Inc. is a real estate investment trust (REIT) that invests in real estate and securitized real estate products. The Company primarily invests in logistics facilities.

Mitsui Fudosan Logistics Park Inc (3471 JP)

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Mitsui Fudosan Logistics Park Inc (3471 JP)

JREIT Offering: Nippon Prologis REIT (3283 JP) - Take It (Vs Comps)

This fits the model in the J-REIT Offering Primer (published late 2020). All 9 previous offerings by N-Prologis have come at a 2.0% discount. And...

Janaghan Jeyakumar, CFA

Nippon Building Fund Placement - Needs to Correct Some More Given the Weak Sentiment

Nippon Building Fund (8951 JP) aims to raise over US$1.2bn in order to part fund its purchase of two office assets in Tokyo

Sumeet Singh

Mitsui Fudosan Logistics Park Placement - Large Deal but Minimal Accretion

Mitsui Fudosan Logistics Park Inc (3471 JP) (MFLP) is looking to raise about US$250m to partially fund the acquisition of two new assets and...

Sumeet Singh

EM Equities At New Highs Despite Some Caution Signs

We continue to believe the path of least resistance is higher for global equities. As a result, our outlook remains bullish and we suggest buying...

Vermilion Research

Mitsui Fudosan Logistics Park Placement: Reasonable at a Discount

Mitsui Fudosan Logistics Park Inc (3471 JP) (MFLP) unveiled plans to raise up to JPY27.0 billion ($247 million) through a primary offering (95% of...

Arun George

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