APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Star Asia Investment / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/star-asia-investment-corp" target="_blank" data-smartkarma-citation="entities:24040:1" rel="noopener">Star Asia Investment (3468 JP)</a> is looking to raise around US$118m in its primary follow-on offering to acquire four hotels. The acquisition will amount to a total of JPY34.7bn (US$237.5m). </li>
<li>The deal is a somewhat large one to digest, at 83 days of three month ADV and 13.3% of TSO .</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Star Asia Investment (3468 JP) is looking to raise around US$118m in its primary follow-on offering to acquire four hotels. The acquisition will amount to a total of JPY34.7bn (US$237.5m). 
The deal is a somewhat large one to digest, at 83 days of three month ADV and 13.3% of TSO .
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Star Asia Investment Corp Placement - Needs a Decent Correction Leading up to Pricing

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

Sabana Industrial REIT / Equity Bottom-Up

<ul><li>With almost full certainty that the Federal Reserve will cut interest rates this September (based on CME Fed Watch Tool showing a 100 per cent probability as of Jul 26, 2024), interest rates continue to remain in the spotlight for REITs.</li><li>The Monetary Authority of Singapore (MAS) announced last week a proposal to simplify the leverage requirements for all Singapore REITs (S-REITs) – it proposes for a single aggregate leverage limit of 50 per cent and a minimum interest coverage ratio (ICR) of 5 times to be applied for all S-REITs.</li><li>Five S-REITs that maintain the lowest gearing ratios are Sasseur REIT (25.2 per cent), Paragon REIT (29.9 per cent), Far East Hospitality Trust (31.5 per cent), AIMS APAC REIT (32.6 per cent), and Frasers Logistics & Commercial Trust (32.7 per cent).</li></ul>

With almost full certainty that the Federal Reserve will cut interest rates this September (based on CME Fed Watch Tool showing a 100 per cent probability as of Jul 26, 2024), interest rates continue to remain in the spotlight for REITs.The Monetary Authority of Singapore (MAS) announced last week a proposal to simplify the leverage requirements for all Singapore REITs (S-REITs) – it proposes for a single aggregate leverage limit of 50 per cent and a minimum interest coverage ratio (ICR) of 5 times to be applied for all S-REITs.Five S-REITs that maintain the lowest gearing ratios are Sasseur REIT (25.2 per cent), Paragon REIT (29.9 per cent), Far East Hospitality Trust (31.5 per cent), AIMS APAC REIT (32.6 per cent), and Frasers Logistics & Commercial Trust (32.7 per cent).

REIT Watch - Maintaining balance sheet strengths as S-REITs average 39% gearing

Mapletree Pan Asia Commercial Trust / Equity Bottom-Up

<ul><li>Singapore-based retail S-Reits record growth on higher sales, positive rent reversion The seven are: CapitaLand Integrated Commercial Trust (CICT), Frasers Centrepoint Trust (FCT), Lendlease Global Commercial Reit (Lendlease Reit), Mapletree Pan Asia Commercial Trust : N2IU (MPACT), Paragon Reit, Starhill Global Reit and Suntec Reit.</li><li>Suntec Reit’s retail portfolio reported a 3 per cent yoy growth in gross revenue and 1.3 per cent growth in NPI for Q1 2024.</li></ul>

Singapore-based retail S-Reits record growth on higher sales, positive rent reversion The seven are: CapitaLand Integrated Commercial Trust (CICT), Frasers Centrepoint Trust (FCT), Lendlease Global Commercial Reit (Lendlease Reit), Mapletree Pan Asia Commercial Trust : N2IU (MPACT), Paragon Reit, Starhill Global Reit and Suntec Reit.Suntec Reit’s retail portfolio reported a 3 per cent yoy growth in gross revenue and 1.3 per cent growth in NPI for Q1 2024.

REIT Watch - Singapore-based retail S-Reits record growth on higher sales, positive rent reversion

Alpha-Centric ESG Research

Kyle Rudden

Thematic (Sector/Industry)

<ul><li>New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding <em>mandatory</em> Scope 3 emissions reporting.</li><li>The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.</li><li>Motivated by a strong "business case" for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.</li></ul>

New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding mandatory Scope 3 emissions reporting.The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.Motivated by a strong "business case" for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.

S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

Industrial & Infrastructure Fund Investment / Equity Capital Markets

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

Singapore

PARAGON REIT is a Singapore-based REIT established principally to invest, directly or indirectly, in a portfolio of income-producing real estate which is used primarily for retail purposes in Asia-Pacific, as well as real estate-related assets.

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Paragon REIT (PGNREIT SP)

Star Asia Investment Corp Placement - Needs a Decent Correction Leading up to Pricing

Star Asia Investment (3468 JP) is looking to raise around US$118m in its primary follow-on offering to acquire four hotels. The acquisition will...

Ethan Aw

REIT Watch - Maintaining balance sheet strengths as S-REITs average 39% gearing

With almost full certainty that the Federal Reserve will cut interest rates this September (based on CME Fed Watch Tool showing a 100 per cent...

Singapore Exchange Ltd (SGX)

REIT Watch - Singapore-based retail S-Reits record growth on higher sales, positive rent reversion

Singapore-based retail S-Reits record growth on higher sales, positive rent reversion The seven are: CapitaLand Integrated Commercial Trust...

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Star Asia Investment Corp Placement - Needs a Decent Correction Leading up to Pricing

Star Asia Investment (3468 JP) is looking to raise around US$118m in its primary follow-on offering to acquire four hotels. The acquisition will...

Ethan Aw

REIT Watch - Maintaining balance sheet strengths as S-REITs average 39% gearing

With almost full certainty that the Federal Reserve will cut interest rates this September (based on CME Fed Watch Tool showing a 100 per cent...

Singapore Exchange Ltd (SGX)

REIT Watch - Singapore-based retail S-Reits record growth on higher sales, positive rent reversion

Singapore-based retail S-Reits record growth on higher sales, positive rent reversion The seven are: CapitaLand Integrated Commercial Trust...

Singapore Exchange Ltd (SGX)

S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

​New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding...

Kyle Rudden

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

New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding...