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 Hotel Reit Investment / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-hotel-reit-investment" target="_blank" data-smartkarma-citation="entities:144:1" rel="noopener">Japan Hotel Reit Investment (8985 JP)</a> aims to raise around US$214m to partly fund the acquisition of four hotel assets.</li>
<li>The company has undertaken a number of deals in the past, most of which have managed to perform well.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Japan Hotel Reit Investment (8985 JP) aims to raise around US$214m to partly fund the acquisition of four hotel assets.
The company has undertaken a number of deals in the past, most of which have managed to perform well.
In this note, we will talk about the placement and run the deal through our ECM framework.


Japan Hotel REIT Placement - Relatively Large Deal but It Is Accretive

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

Lion-Phillip S-REIT ETF / Equity Bottom-Up

<ul><li>Source: SGX, Bloomberg (data as of 31 March 2024).</li><li>This is probably why the ETF industry exceeded US$11 trillion in global assets under management (AUM) in 2023, after growing 24 per cent year on year since the end of 2022, according to data from ETFGI.</li><li>The Phillip SGX APAC Dividend Leaders REIT ETF tracks the iEdge APAC ex-Japan Dividend Leaders REIT Index, which consists of 33 REITs across Australia (52 per cent by geographical breakdown), Singapore (36 per cent), and Hong Kong (12 per cent).</li></ul>

Source: SGX, Bloomberg (data as of 31 March 2024).This is probably why the ETF industry exceeded US$11 trillion in global assets under management (AUM) in 2023, after growing 24 per cent year on year since the end of 2022, according to data from ETFGI.The Phillip SGX APAC Dividend Leaders REIT ETF tracks the iEdge APAC ex-Japan Dividend Leaders REIT Index, which consists of 33 REITs across Australia (52 per cent by geographical breakdown), Singapore (36 per cent), and Hong Kong (12 per cent).

REIT Watch - Inflows into both S-Reit ETFs reach 19-month high in April

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Industrial & Infrastructure Fund Investment / Equity Capital Markets

Industrial & Infrastructure Fund Investment (3249 JP)

Industrial & Infrastructure Fund Investment

<ul>
<li>
<a href="https://www.smartkarma.com/entities/industrial-infrastructure" target="_blank" data-smartkarma-citation="entities:3822:1" rel="noopener">Industrial &amp; Infrastructure Fund Investment (3249 JP)</a> is looking to raise around US$341m in its primary follow-on offering to acquire 28 properties and an equity interest in a silent partnership. </li>
<li>The deal is a somewhat large one to digest, at 83 days of three month ADV and 16.2% dilution.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Industrial &amp; Infrastructure Fund Investment (3249 JP) is looking to raise around US$341m in its primary follow-on offering to acquire 28 properties and an equity interest in a silent partnership. 
The deal is a somewhat large one to digest, at 83 days of three month ADV and 16.2% dilution.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Industrial & Infrastructure Investment Corp Placement - Back to the Markets for the 12th Time

CapitaLand Integrated Commercial Trust / Equity Bottom-Up

CapitaLand Integrated Commercial Trust (CICT SP)

<ul><li>10 largest weights of the iEdge S-Reit Index THE FTSE EPRA Nareit Developed Index is designed to track the performance of listed real estate companies and real estate investment trusts (Reits) worldwide.</li><li>The 10 largest weights of the iEdge S-Reit Index make up close to 70 per cent of the index weights.</li></ul>

10 largest weights of the iEdge S-Reit Index THE FTSE EPRA Nareit Developed Index is designed to track the performance of listed real estate companies and real estate investment trusts (Reits) worldwide.The 10 largest weights of the iEdge S-Reit Index make up close to 70 per cent of the index weights.

REIT Watch - iEdge S-Reit Index vies for portfolio positioning

NikkoAM-StraitsTrading Asia Ex Japan REIT ETF / Equity Bottom-Up

NikkoAM-StraitsTrading Asia Ex Japan REIT ETF (AXJREIT SP)

NikkoAM-StraitsTrading Asia Ex Japan REIT ETF

<ul><li>Dollar Cost Averaging (DCA) is an alternative method to lump-sum investing, providing a means to build gradual ETF and stock exposure in the local stock and securities markets.</li><li>From 31 Dec 2019 to 31 Jul 2023, the indicative Compound Annual Growth Rate (CAGR) of month-end dollar cost averaging on an STI ETF amounted to 5.0%.</li><li>However over the full 43 month tenure spanning 31 December 2019 to 31 July 2023, DCA investing kept pace with the returns of a lump-sum investment in a STI ETF.</li></ul>

Dollar Cost Averaging (DCA) is an alternative method to lump-sum investing, providing a means to build gradual ETF and stock exposure in the local stock and securities markets.From 31 Dec 2019 to 31 Jul 2023, the indicative Compound Annual Growth Rate (CAGR) of month-end dollar cost averaging on an STI ETF amounted to 5.0%.However over the full 43 month tenure spanning 31 December 2019 to 31 July 2023, DCA investing kept pace with the returns of a lump-sum investment in a STI ETF.

STI ETF Dollar Cost Averaging Generated 5% CAGR from Dec 2019 to Jul 2023 

Singapore

NikkoAM-StraitsTrading Asia ex Japan REIT ETF is an exchange-traded fund established in Singapore. The Fund's investment objective is to replicate as closely as possible, before expenses, the performance of the FTSE EPRA/NAREIT Asia ex Japan Net TR REIT Index. The Fund will invest all, or substantially all, of its assets in Index Shares in same weightings. 

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NikkoAM-StraitsTrading Asia Ex Japan REIT ETF (AXJREIT SP)

Japan Hotel REIT Placement - Relatively Large Deal but It Is Accretive

Japan Hotel Reit Investment (8985 JP) aims to raise around US$214m to partly fund the acquisition of four hotel assets. In this note, we will run...

Sumeet Singh

REIT Watch - Inflows into both S-Reit ETFs reach 19-month high in April

Source: SGX, Bloomberg (data as of 31 March 2024). This is probably why the ETF industry exceeded US$11 trillion in global assets under management...

Singapore Exchange Ltd (SGX)

Industrial & Infrastructure Investment Corp Placement - Back to the Markets for the 12th Time

Industrial & Infrastructure Fund Investment (3249 JP) is looking to raise around US$341m in its primary follow-on offering to acquire 28 properties...

Ethan Aw

REIT Watch - iEdge S-Reit Index vies for portfolio positioning

10 largest weights of the iEdge S-Reit Index THE FTSE EPRA Nareit Developed Index is designed to track the performance of listed real estate...

Singapore Exchange Ltd (SGX)

STI ETF Dollar Cost Averaging Generated 5% CAGR from Dec 2019 to Jul 2023

Dollar Cost Averaging (DCA) is an alternative method to lump-sum investing, providing a means to build gradual ETF and stock exposure in the local...

Singapore Exchange Ltd (SGX)

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