Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a>'s IPO is, arguably, priced reasonably. Yet, no matter how you slice it, <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:6358:1" rel="noopener">Zijin Mining Group Co Ltd H (2899 HK)</a> has overshot the mark.</li>
<li>KKR's lock up in <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> expires in less than three weeks. It's not ideal stepping in front of fast-moving trains, so challenging to recommend a full-throated short.</li>
<li>Abu Dhabis' ADNOC walks away from <a href="https://www.smartkarma.com/entities/santos-ltd" target="_blank" data-smartkarma-citation="entities:711:1" rel="noopener">Santos Ltd (STO AU)</a>. That was, realistically, the most likely outcome.</li>
</ul>



Zijin Gold (2259 HK)'s IPO is, arguably, priced reasonably. Yet, no matter how you slice it, Zijin Mining Group Co Ltd H (2899 HK) has overshot the mark.
KKR's lock up in Kokusai Electric (6525 JP) expires in less than three weeks. It's not ideal stepping in front of fast-moving trains, so challenging to recommend a full-throated short.
Abu Dhabis' ADNOC walks away from Santos Ltd (STO AU). That was, realistically, the most likely outcome.


Last Week In Event SPACE: Zijin Mining/Gold, Kokusai Electric, Santos, Krungthai Card

Travis Lundy

Mori Hills REIT Investment Corporation / Event-Driven

Mori Hills REIT Investment Corporation (3234 JP)

<ul>
<li>In the past 24 months, J-REIT sponsors have bought units in their REITs at sharp discounts to PNAV to raise PNAV and reduce overhang pressure. </li>
<li>The goal is, basically transparently, to get PNAV to a level at which the REIT can buy more properties from the sponsor, who carries them at a much higher WACC.</li>
<li>Mori Building has announced a 4.99% buy on <a href="https://www.smartkarma.com/entities/mori-hills-reit-investment-corporation" target="_blank" data-smartkarma-citation="entities:56:1" rel="noopener">Mori Hills REIT Investment Corporation (3234 JP)</a> which is a Very Big portion of Max Real World Float. This should influence price.</li>
</ul>


In the past 24 months, J-REIT sponsors have bought units in their REITs at sharp discounts to PNAV to raise PNAV and reduce overhang pressure. 
The goal is, basically transparently, to get PNAV to a level at which the REIT can buy more properties from the sponsor, who carries them at a much higher WACC.
Mori Building has announced a 4.99% buy on Mori Hills REIT Investment Corporation (3234 JP) which is a Very Big portion of Max Real World Float. This should influence price.


Mori Hills REIT (3234) - Large Sponsor Buy in Market as % of Max Real World Float

NTT UD REIT Investment Corporation / Event-Driven

NTT UD REIT Investment Corporation (8956 JP)

<ul>
<li>Seemingly out of the blue, Singapore-based activist investment fund 3D Investment Partners has launched a partial tender offer at a small premium on <a href="https://www.smartkarma.com/entities/ntt-ud-reit-investment-corporation" target="_blank" data-smartkarma-citation="entities:19428:1" rel="noopener">NTT UD REIT Investment Corporation (8956 JP)</a>. </li>
<li>3DIP currently owns 2.2% and at maximum, will own 15.00% of the REIT units outstanding less treasury units. It intends to own the units for "pure investment purposes."</li>
<li>"Shareholder" structure is different for J-REITs vs companies. And this J-REIT has an interesting future possibility. But...</li>
</ul>


Seemingly out of the blue, Singapore-based activist investment fund 3D Investment Partners has launched a partial tender offer at a small premium on NTT UD REIT Investment Corporation (8956 JP). 
3DIP currently owns 2.2% and at maximum, will own 15.00% of the REIT units outstanding less treasury units. It intends to own the units for "pure investment purposes."
"Shareholder" structure is different for J-REITs vs companies. And this J-REIT has an interesting future possibility. But...


3D Launches Partial Tender Offer on NTT UD REIT (8956)

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

Japan Metropolitan Fund Investment Corporation / Equity Capital Markets

Japan Metropolitan Fund Investment Corporation (8953 JP)

Japan Metropolitan Fund Investment Corporation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-metropolitan-fund-investment-corporation" target="_blank" data-smartkarma-citation="entities:735:1" rel="noopener">Japan Metropolitan Fund Investment Corporation (8953 JP)</a> aims to raise around US$140m to partly fund the acquisition of four assets.</li>
<li>The deal will be relatively small, in terms of ADV and dilution.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Japan Metropolitan Fund Investment Corporation (8953 JP) aims to raise around US$140m to partly fund the acquisition of four assets.
The deal will be relatively small, in terms of ADV and dilution.
In this note, we will talk about the placement and run the deal through our ECM framework.


Japan Metropolitan Fund Placement - Relatively Small Deal to Digest

Invincible Investment / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/invincible-investment-corp" target="_blank" data-smartkarma-citation="entities:3617:1" rel="noopener">Invincible Investment (8963 JP)</a> plans to raise around US$230m to fund the acquisition of six hotel assets in Japan.</li>
<li>The stock has done well over the past year and so have most of its deals which we have covered in the past.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Invincible Investment (8963 JP) plans to raise around US$230m to fund the acquisition of six hotel assets in Japan.
The stock has done well over the past year and so have most of its deals which we have covered in the past.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Invincible Investment Corp Placement - Decent Accretion Despite the Large Dilution

Japan

MORI HILLS REIT INVESTMENT CORPORATION is a real estate investment trust (REIT). The Company invests in real estate properties such as commercial and office buildings.

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Mori Hills REIT Investment Corporation (3234 JP)

Last Week In Event SPACE: Zijin Mining/Gold, Kokusai Electric, Santos, Krungthai Card

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

3D Launches Partial Tender Offer on NTT UD REIT (8956)

Today, Singapore-based Japan activist 3D Investment Partners announced a partial tender offer for pure investment purposes. They will get to 10-15%...

Travis Lundy

Japan Metropolitan Fund Placement - Relatively Small Deal to Digest

Japan Metropolitan Fund Investment Corporation (8953 JP) aims to raise around US$140m to partly fund the acquisition of four assets.

Sumeet Singh

Invincible Investment Corp Placement - Decent Accretion Despite the Large Dilution

Invincible Investment plans to raise around US$230m to fund the acquisition of six hotel assets in Japan. In this note, we talk about the deal...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Last Week In Event SPACE: Zijin Mining/Gold, Kokusai Electric, Santos, Krungthai Card

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Mori Hills REIT (3234) - Large Sponsor Buy in Market as % of Max Real World Float

Mori Building has announced a big buy of Mori Hills REIT, the cheapest PNAV J-REIT in the office sector, and an above-average div yield. The goal...

Travis Lundy

3D Launches Partial Tender Offer on NTT UD REIT (8956)

Today, Singapore-based Japan activist 3D Investment Partners announced a partial tender offer for pure investment purposes. They will get to 10-15%...

Travis Lundy

Japan Metropolitan Fund Placement - Relatively Small Deal to Digest

Japan Metropolitan Fund Investment Corporation (8953 JP) aims to raise around US$140m to partly fund the acquisition of four assets.

Sumeet Singh

Invincible Investment Corp Placement - Decent Accretion Despite the Large Dilution

Invincible Investment plans to raise around US$230m to fund the acquisition of six hotel assets in Japan. In this note, we talk about the deal...

Sumeet Singh