Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published in the past two weeks on Smartkarma</li>
<li>In this cut, we compare the top two Chinese ride hailing platforms, the recent momentum in Singapore IPOs and the flurry of pair trade ideas on Smartkarma</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published in the past two weeks on Smartkarma
In this cut, we compare the top two Chinese ride hailing platforms, the recent momentum in Singapore IPOs and the flurry of pair trade ideas on Smartkarma
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next


Curator's Cut: CC Vs DD, Singapore’s IPO Momentum & Pair Trade Ideas Galore

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ntt-dc-reit" target="_blank" data-smartkarma-citation="entities:45414:1" rel="noopener">NTT DC REIT (NTTDCR SP)</a> is the exclusive S-REIT vehicle sponsored by NTT Group. It has launched an SGX IPO to raise proceeds up to US$864 million.</li>
<li>I previously discussed the listing in <strong><em><a href="https://www.smartkarma.com/insights/ntt-dc-reit-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:192362" rel="noopener">NTT DC REIT IPO: The Investment Case</a></em></strong>. </li>
<li>In this note, I discuss valuation. The valuation analysis suggests that the IPO price is attractive in comparison to peers' multiples and yields. </li>
</ul>



NTT DC REIT (NTTDCR SP) is the exclusive S-REIT vehicle sponsored by NTT Group. It has launched an SGX IPO to raise proceeds up to US$864 million.
I previously discussed the listing in NTT DC REIT IPO: The Investment Case. 
In this note, I discuss valuation. The valuation analysis suggests that the IPO price is attractive in comparison to peers' multiples and yields. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/ntt-dc-reit" target="_blank" data-smartkarma-citation="entities:45414:1" rel="noopener">NTT DC REIT (NTTDCR SP)</a> is the exclusive S-REIT vehicle sponsored by NTT Group. It has launched an SGX IPO to raise proceeds up to US$864 million. </li>
<li>The IPO portfolio comprises six data centres – three located in California, one in Virginia, one in Vienna, and one in Singapore.</li>
<li>NTT DC REIT offers an attractive value proposition, comprising a blue-chip tenant base, a staggered lease expiry profile, a robust growth pipeline, and sizable debt headroom.</li>
</ul>



NTT DC REIT (NTTDCR SP) is the exclusive S-REIT vehicle sponsored by NTT Group. It has launched an SGX IPO to raise proceeds up to US$864 million. 
The IPO portfolio comprises six data centres – three located in California, one in Virginia, one in Vienna, and one in Singapore.
NTT DC REIT offers an attractive value proposition, comprising a blue-chip tenant base, a staggered lease expiry profile, a robust growth pipeline, and sizable debt headroom.


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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ntt-dc-reit" target="_blank" data-smartkarma-citation="entities:45414:1" rel="noopener">NTT DC REIT (NTTDCR SP)</a> (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO.</li>
<li>The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn</li>
<li>We have looked at the company's past performance in our previous note. In this note, we will talk about valuations.</li>
</ul>



NTT DC REIT (NTTDCR SP) (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO.
The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn
We have looked at the company's past performance in our previous note. In this note, we will talk about valuations.


The New Standard in Wealth Management, Wealth Management Alliance

Wealth Management Alliance

The New Standard in Wealth Management

WMA is a Singapore-based multi-family office with a Capital Markets Services license and provide fund management and investment advisory services to a small number of global UHNW clients. We also act as incubator for single-family offices, allowing them to plug into our broader ecosystem and infrastructure, and tap on our investment professionals for advice. WMA is designed around providing truly bespoke advice to each client, rather than taking a one-size-fits-all approach that may not fit each client's investment objectives and risk tolerances. On top of that, we are designed so that we avoid any semblance of conflicts of interests by being compensated only by the client (which may include profit sharing), as opposed to the model that many of our peers adopt, which include compensation from a variety of third parties such as funds managers, distributors or banks. That, to us, is the easiest way to be firmly on the side of the client in every decision we make.

Thematic (Sector/Industry)

<ul><li>Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the Artificial Intelligence (AI) sector, both directly and indirectly.</li><li>On direct exposure, we identify companies listed on the SGX – mainly in the upstream (including data centres) and midstream segments - which are, to a large or some extent, involved in AI. Downstream AI companies are predominately end-users and applications.</li><li>As a rough guide, the market capitalization of these companies totals around SGD21.3bn, accounting for a relatively small share of about 2.7% of the aggregated capitalization of SGD773bn of the FTSE Straits Times All Share Index (which comprises the top 98% of companies in the SGX Mainboard universe).</li></ul>

Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the Artificial Intelligence (AI) sector, both directly and indirectly.On direct exposure, we identify companies listed on the SGX – mainly in the upstream (including data centres) and midstream segments - which are, to a large or some extent, involved in AI. Downstream AI companies are predominately end-users and applications.As a rough guide, the market capitalization of these companies totals around SGD21.3bn, accounting for a relatively small share of about 2.7% of the aggregated capitalization of SGD773bn of the FTSE Straits Times All Share Index (which comprises the top 98% of companies in the SGX Mainboard universe).

Singapore

NTT DC REIT is a real estate investment trust. The Company invests in a diversified portfolio of stabilized income-producing real estate assets located globally which are used primarily for data center purposes, as well as assets necessary to support the digital economy. NTT DC REIT serves clients worldwide.

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NTT DC REIT (NTTDCR SP)

Curator's Cut: CC Vs DD, Singapore’s IPO Momentum & Pair Trade Ideas Galore

This Curator’s Cut issue highlights Chinese ride hailing players, Singapore's recent REIT IPO issuance, and the flurry of pair trade ideas on...

Pranav Rao

NTT DC REIT IPO: Valuation Insights

NTT DC REIT has launched an SGX IPO to raise proceeds up to US$864 million. My valuation analysis suggests that the IPO price is attractive.

Arun George

NTT DC REIT IPO: The Investment Case

NTT DC REIT has launched an SGX IPO to raise proceeds up to US$864 million. The units will be listed on 14 July. In this note, I discuss the...

Arun George

NTT DC REIT IPO - Thoughts on Valuation

NTT DC REIT (NTTDCR SP) (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO. In this note, we talk about valuations.

Sumeet Singh

Singapore Equity Strategy: November 2025

Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the...

Wealth Management Alliance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Curator's Cut: CC Vs DD, Singapore’s IPO Momentum & Pair Trade Ideas Galore

​This Curator’s Cut issue highlights Chinese ride hailing players, Singapore's recent REIT IPO issuance, and the flurry of pair trade ideas on...

Pranav Rao

NTT DC REIT IPO: Valuation Insights

NTT DC REIT has launched an SGX IPO to raise proceeds up to US$864 million. My valuation analysis suggests that the IPO price is attractive.

Arun George

NTT DC REIT IPO: The Investment Case

NTT DC REIT has launched an SGX IPO to raise proceeds up to US$864 million. The units will be listed on 14 July. In this note, I discuss the...

Arun George

NTT DC REIT IPO - Thoughts on Valuation

NTT DC REIT (NTTDCR SP) (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO. In this note, we talk about valuations.

Sumeet Singh

Singapore Equity Strategy: November 2025

Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the...

Wealth Management Alliance

This Curator’s Cut issue highlights Chinese ride hailing players, Singapore's recent REIT IPO issuance, and the flurry of pair trade ideas on...