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.

Event-Driven

NTT UD REIT Investment Corporation / Event-Driven

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/lg-cns-co-ltd" target="_blank" data-smartkarma-citation="entities:35945:1" rel="noopener">LG CNS (LGCNSZ KS)</a> seeks to raise up to US$837 million, and <a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (GUM HK)</a> seeks to raise US$300 million.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/ntt-ud-reit-investment-corporation" target="_blank" data-smartkarma-citation="entities:19428:1" rel="noopener">NTT UD REIT Investment Corporation (8956 JP)</a>, <a href="https://www.smartkarma.com/entities/ascot-corp" target="_blank" data-smartkarma-citation="entities:9576:1" rel="noopener">Ascot Corp (3264 JP)</a>, <a href="https://www.smartkarma.com/entities/giga-prize-co-ltd" target="_blank" data-smartkarma-citation="entities:6115:1" rel="noopener">Giga Prize (3830 JP)</a>, <a href="https://www.smartkarma.com/entities/sanyo-special-steel-co-ltd" target="_blank" data-smartkarma-citation="entities:15900:1" rel="noopener">Sanyo Special Steel (5481 JP)</a>, <a href="https://www.smartkarma.com/entities/lifestyle-china-group-ltd" target="_blank" data-smartkarma-citation="entities:26090:1" rel="noopener">Lifestyle China (2136 HK)</a>, <a href="https://www.smartkarma.com/entities/dada-nexus-ltd" target="_blank" data-smartkarma-citation="entities:28961:1" rel="noopener">Dada Nexus (DADA US)</a>. 
</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: LG CNS (LGCNSZ KS) seeks to raise up to US$837 million, and Guming Holdings (GUM HK) seeks to raise US$300 million.
Event-Driven developments: NTT UD REIT Investment Corporation (8956 JP), Ascot Corp (3264 JP), Giga Prize (3830 JP), Sanyo Special Steel (5481 JP), Lifestyle China (2136 HK), Dada Nexus (DADA US). 



Weekly Deals Digest (02 Feb) - NTT UD REIT, Sanyo, Ascot, Giga Prize, Lifestyle China, Dada, LG CNS

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Seemingly out of the blue, Singapore-based activist investment fund 3D Investment Partners has launched a partial tender offer at a small premium on <a href="https://www.smartkarma.com/entities/ntt-ud-reit-investment-corporation" target="_blank" data-smartkarma-citation="entities:19428:1" rel="noopener">NTT UD REIT Investment Corporation (8956 JP)</a>. </li>
<li>3DIP currently owns 2.2% and at maximum, will own 15.00% of the REIT units outstanding less treasury units. It intends to own the units for "pure investment purposes."</li>
<li>"Shareholder" structure is different for J-REITs vs companies. And this J-REIT has an interesting future possibility. But...</li>
</ul>


Seemingly out of the blue, Singapore-based activist investment fund 3D Investment Partners has launched a partial tender offer at a small premium on NTT UD REIT Investment Corporation (8956 JP). 
3DIP currently owns 2.2% and at maximum, will own 15.00% of the REIT units outstanding less treasury units. It intends to own the units for "pure investment purposes."
"Shareholder" structure is different for J-REITs vs companies. And this J-REIT has an interesting future possibility. But...


3D Launches Partial Tender Offer on NTT UD REIT (8956)

<ul>
<li>3D has announced an unsolicited partial tender offer for <a href="https://www.smartkarma.com/entities/ntt-ud-reit-investment-corporation" target="_blank" data-smartkarma-citation="entities:19428:1" rel="noopener">NTT UD REIT Investment Corporation (8956 JP)</a> at JPY131,890 per unit, a 10.0% premium to the undisturbed price.  </li>
<li>The minimum number of units to be purchased is 115,279 (7.80% ownership ratio), and the maximum number of units to be purchased is 189,128 (12.80% ownership ratio).</li>
<li>The modest premium and an implied P/NAV &lt;1x suggest a lightish offer. 3D will have to rethink terms as shares are trading through terms. </li>
</ul>


3D has announced an unsolicited partial tender offer for NTT UD REIT Investment Corporation (8956 JP) at JPY131,890 per unit, a 10.0% premium to the undisturbed price.  
The minimum number of units to be purchased is 115,279 (7.80% ownership ratio), and the maximum number of units to be purchased is 189,128 (12.80% ownership ratio).
The modest premium and an implied P/NAV &lt;1x suggest a lightish offer. 3D will have to rethink terms as shares are trading through terms. 


NTT UD REIT (8956 JP): 3D’s Unsolicited Partial Tender Offer

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

<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>In this note, we look at the company's portfolio and its performance.</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.
In this note, we look at the company's portfolio and its performance.


NTT DC REIT IPO - Decent Yield, Strong Local Backing, a Few Issues

<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.


Japan

NTT UD REIT Investment Corporation is a real estate investment trust with income producing properties primarily in the Tokyo area.  The Trust's properties include office buildings and apartment projects.

NTT UD REIT Investment Corporation (8956 JP)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

NTT UD REIT Investment Corporation (8956 JP)

Weekly Deals Digest (02 Feb) - NTT UD REIT, Sanyo, Ascot, Giga Prize, Lifestyle China, Dada, LG CNS

Last week, notable developments occurred in Event-Driven (NTT UD REIT, Sanyo Special, Ascot, Giga Prize, Lifestyle China, SDHS New Energy, Vesync,...

Arun George

3D Launches Partial Tender Offer on NTT UD REIT (8956)

Today, Singapore-based Japan activist 3D Investment Partners announced a partial tender offer for pure investment purposes. They will get to 10-15%...

Travis Lundy

NTT UD REIT (8956 JP): 3D’s Unsolicited Partial Tender Offer

The modest premium and an implied P/NAV <1x suggest a lightish offer. 3D will have to rethink terms as shares are trading through terms.

Arun George

NTT DC REIT IPO - Decent Yield, Strong Local Backing, a Few Issues

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 look at its portfolio and...

Sumeet Singh

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)