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

Precinct Properties New Zealand / Equity Capital Markets

<ul>
<li>ADIA, via Haumi Co, is looking to raise NZ$262m (US$160m) from selling its entire stake in <a href="https://www.smartkarma.com/entities/precinct-properties-new-zealand-ltd" target="_blank" data-smartkarma-citation="entities:13997:1" rel="noopener">Precinct Properties New Zealand (PCT NZ)</a>.</li>
<li>While the deal will be a clean-up share sale, the deal is a large one for the firm to digest at 344 days of its three month ADV.</li>
<li>Momentum on the stock hasn’t been great, with the shares continuing to correct since the onset of the pandemic.</li>
</ul>


ADIA, via Haumi Co, is looking to raise NZ$262m (US$160m) from selling its entire stake in Precinct Properties New Zealand (PCT NZ).
While the deal will be a clean-up share sale, the deal is a large one for the firm to digest at 344 days of its three month ADV.
Momentum on the stock hasn’t been great, with the shares continuing to correct since the onset of the pandemic.


Precinct Properties NZ Placement - While the Deal Will Be a Clean-Up, Momentum Hasn't Been Strong

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

Precinct Properties New Zealand / Equity Bottom-Up

<ul><li>Precinct's (PCT) 1H24 result was uneventful. The slight decline in earnings was expected given recent asset sales into managed partnerships and higher interest costs.</li><li>FY24 DPS guidance of 6.75cps was unchanged and management expressed confidence in achieving the c.+7% half-on-half growth required, supported by completion of the 1 Queen Street hotel and office development.</li><li>PCT has started to increase activity in its residential JV and is progressing Downtown Carpark redevelopment plans. </li></ul>

Precinct's (PCT) 1H24 result was uneventful. The slight decline in earnings was expected given recent asset sales into managed partnerships and higher interest costs.FY24 DPS guidance of 6.75cps was unchanged and management expressed confidence in achieving the c.+7% half-on-half growth required, supported by completion of the 1 Queen Street hotel and office development.PCT has started to increase activity in its residential JV and is progressing Downtown Carpark redevelopment plans. 

Precinct Properties NZ - 1H24 — On Track

<ul><li>We reinstate our rating on PCT at OUTPERFORM with a NZ$1.30/share 12 month target price.</li><li>Following the issuance of its convertible notes, PCT has one of the lowest geared balance sheets in the sector and has capital to invest in opportunities within its growing capital partnerships.</li><li>PCT has c.NZ$1.8bn (built value) of assets under management and believes it has a pathway to &gt;NZ$4.0bn, with the Auckland Downtown Carpark redevelopment a significant driver.</li></ul>

We reinstate our rating on PCT at OUTPERFORM with a NZ$1.30/share 12 month target price.Following the issuance of its convertible notes, PCT has one of the lowest geared balance sheets in the sector and has capital to invest in opportunities within its growing capital partnerships.PCT has c.NZ$1.8bn (built value) of assets under management and believes it has a pathway to &gt;NZ$4.0bn, with the Auckland Downtown Carpark redevelopment a significant driver.

Precinct Properties NZ - Growing the Partnerships

<ul>
<li>Precinct Properties (PCT) is making an offer of up to NZ$150m of subordinated convertible notes (Notes) (plus the ability for PCT to issue an additional NZ$50m at PCT's discretion across the two series of Notes).</li>
<li>The Notes can be converted into ordinary PCT shares after fixed terms of three and four years (subject to a cash election).</li>
<li>The notes will pay a fixed rate of interest above the three and four year swap rates and, if the PCT share price is above the individual Notes strike price at the end of their term, convert (or be cash settled) at a premium to their face value. </li>
</ul>


Precinct Properties (PCT) is making an offer of up to NZ$150m of subordinated convertible notes (Notes) (plus the ability for PCT to issue an additional NZ$50m at PCT's discretion across the two series of Notes).
The Notes can be converted into ordinary PCT shares after fixed terms of three and four years (subject to a cash election).
The notes will pay a fixed rate of interest above the three and four year swap rates and, if the PCT share price is above the individual Notes strike price at the end of their term, convert (or be cash settled) at a premium to their face value. 


Precinct Properties NZ - Offer for up to NZ200m of Convertible Notes

<ul><li>Precinct Properties (PCT) FY23 result was in line with guidance and Visible Alpha consensus expectations.</li><li>Higher rental and management fee income was partly offset by a lift in operating costs and increased interest rates.</li><li>Prime office market rents continue to increase and PCT believes its portfolio is now c.11% under-rented. </li></ul>

Precinct Properties (PCT) FY23 result was in line with guidance and Visible Alpha consensus expectations.Higher rental and management fee income was partly offset by a lift in operating costs and increased interest rates.Prime office market rents continue to increase and PCT believes its portfolio is now c.11% under-rented. 

New Zealand

Precinct Properties New Zealand Ltd. invests in manages and leases commercial office properties. The Company invests in properties in Auckland and Wellington.

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Precinct Properties New Zealand (PCT NZ)

Precinct Properties NZ Placement - While the Deal Will Be a Clean-Up, Momentum Hasn't Been Strong

ADIA, via Haumi Co, is looking to raise NZ$262m (US$160m) from selling its entire stake in Precinct Properties New Zealand (PCT NZ).

Clarence Chu

Precinct Properties NZ - 1H24 — On Track

Precinct's (PCT) 1H24 result was uneventful. The slight decline in earnings was expected given recent asset sales into managed partnerships and...

Forsyth Barr

Precinct Properties NZ - Growing the Partnerships

PCT has c.NZ$1.8bn (built value) of assets under management and believes it has a pathway to >NZ$4.0bn, with the Auckland Downtown Carpark...

Forsyth Barr

Precinct Properties NZ - Offer for up to NZ200m of Convertible Notes

The Notes can be converted into ordinary PCT shares after fixed terms of three and four years (subject to a cash election).

Forsyth Barr

Precinct Properties NZ - FY23 Result

Precinct Properties (PCT) FY23 result was in line with guidance and Visible Alpha consensus expectations. Higher rental and management fee income...

Forsyth Barr

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