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

Mitsubishi Estate Logistics / Equity Capital Markets

<ul>
<li>
<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> (MEL) is looking to raise US$203m to acquire two new properties. </li>
<li>The properties are expected to be more accretive to DPU than its last year's placement, the deal has also been well-flagged and MEL has made capital raise an annual routine.</li>
<li>In this note, we will look at the assets to be acquired, impact on forecast and portfolio, and run the deal through our framework.</li>
</ul>



Mitsubishi Estate Logistics (3481 JP) (MEL) is looking to raise US$203m to acquire two new properties. 
The properties are expected to be more accretive to DPU than its last year's placement, the deal has also been well-flagged and MEL has made capital raise an annual routine.
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 Logistics Placement - Annual Routine

Mitsui Fudosan Logistics Park Inc / Equity Capital Markets

Mitsui Fudosan Logistics Park Inc (3471 JP)

<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

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

Mitsui Fudosan Logistics Park Inc / Event-Driven

<ul>
<li>Yesterday after the close, Logistics JREIT <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> (<strong>"MFLP"</strong>) announced a follow-on equity offering to fund part of their recently announced property acquisition. </li>
<li>The primary offer quantity is 32,380 units. In addition, there will also be an over-allotment quantity of 1,620 units. The total size of this offering could be roughly ¥20bn (~US$175mn). </li>
<li>Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.</li>
</ul>


Yesterday after the close, Logistics JREIT Mitsui Fudosan Logistics Park Inc (3471 JP) ("MFLP") announced a follow-on equity offering to fund part of their recently announced property acquisition. 
The primary offer quantity is 32,380 units. In addition, there will also be an over-allotment quantity of 1,620 units. The total size of this offering could be roughly ¥20bn (~US$175mn). 
Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.


Mitsui Fudosan Logistics Park (3471 JP): Strong DPU Accretion Could Trigger Outperformance Vs Peers

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

<ul>
<li>
<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> announced a smallish primary offering to assist in funding a portion of its Asset Replacement Campaign involving sales and purchases and an uplift in DPU.</li>
<li>That is an occasion to look at how much of float is held by passive trackers. </li>
<li>A test was done on the top 10 J-REITs on a holder-by-holder basis to see what one could expect at a minimum. The result may surprise some.</li>
</ul>



Nippon Building Fund (8951 JP) announced a smallish primary offering to assist in funding a portion of its Asset Replacement Campaign involving sales and purchases and an uplift in DPU.
That is an occasion to look at how much of float is held by passive trackers. 
A test was done on the top 10 J-REITs on a holder-by-holder basis to see what one could expect at a minimum. The result may surprise some.


Nippon Building Fund (8951) - Calculating Passive Tracking of J-REITs and Index Events Around Offers

<ul>
<li>Yesterday after the close, 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 US$270mn follow-on equity offering to fund their recent acquisition of three logistics facilities.</li>
<li>The primary offer quantity will be 84,290 units out of which 48,890 units and 35,400 units are expected to be allocated for domestic and international investors, respectively. </li>
<li>Below, we take a look at the attractiveness of NPR's latest offering with greater emphasis on the potential for strong post-offering secondary market performance.</li>
</ul>


Yesterday after the close, Japan's largest logistics REIT Nippon Prologis Reit (3283 JP)("NPR") announced a US$270mn follow-on equity offering to fund their recent acquisition of three logistics facilities.
The primary offer quantity will be 84,290 units out of which 48,890 units and 35,400 units are expected to be allocated for domestic and international investors, respectively. 
Below, we take a look at the attractiveness of NPR's latest offering with greater emphasis on the potential for strong post-offering secondary market performance.


Nippon Prologis REIT (3283 JP): Offering Could Trigger Outperformance Vs Peers

Japan

NIPPON PROLOGIS REIT INC. is a real estate investment trust (REIT) that directly invests in real estate properties used for logistics businesses.

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Nippon Prologis Reit (3283 JP)

Mitsubishi Estate Logistics Placement - Annual Routine

Mitsubishi Estate Logistics (3481 JP) is looking to raise US$203m to acquire two new properties. In this note, we discuss the assets to be...

Clarence Chu

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

Mitsui Fudosan Logistics Park (3471 JP): Strong DPU Accretion Could Trigger Outperformance Vs Peers

Large Cap logistics JREIT Mitsui Fudosan Logistics Park announced a ~US$175mn follow-on equity offering to fund recent acquisitions. This might...

Janaghan Jeyakumar, CFA

Nippon Building Fund (8951) - Calculating Passive Tracking of J-REITs and Index Events Around Offers

Nippon Building Fund (8951) - Japan's oldest and largest REIT - announced a small secondary offering. That provides an occasion to look at J-REIT...

Travis Lundy

Nippon Prologis REIT (3283 JP): Offering Could Trigger Outperformance Vs Peers

Japan's largest logistics REIT Nippon Prologis REIT announced a US$270mn follow-on equity offering to fund their recent acquisition of logistics...

Janaghan Jeyakumar, CFA

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