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

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<li>
<a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934:1" rel="noopener">ESR-LOGOS REIT (EREIT SP)</a> is looking to raise US$114m (S$150m) in a private placement. The proceeds will be used to fund potential acquisitions and finance the redevelopment of its properties. </li>
<li>Post offering, there will also be a US$114m (S$150m) non-renounceable preferential offering, which will bring the total gross proceeds of the equity fund raising to US$228m (S$300m).</li>
<li>The deal is a relatively large one to digest at 46 days of ADV and 6.4% of current mcap. We'll talk about the deal dynamics.</li>
</ul>



ESR-LOGOS REIT (EREIT SP) is looking to raise US$114m (S$150m) in a private placement. The proceeds will be used to fund potential acquisitions and finance the redevelopment of its properties. 
Post offering, there will also be a US$114m (S$150m) non-renounceable preferential offering, which will bring the total gross proceeds of the equity fund raising to US$228m (S$300m).
The deal is a relatively large one to digest at 46 days of ADV and 6.4% of current mcap. We'll talk about the deal dynamics.


ESR-Logos REIT Placement - Implied Yield Attractive Enough to Take the Deal

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

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<li>
<a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a>’s EGM and trust scheme meeting will take place on 12 September. The effective date is 12 October with a payment date of 19 October.</li>
<li>The offer comprises S$0.70 cash per share + permitted distributions (estimated 1.356 cents). The IFA considers the scheme consideration to be fair and reasonable.  </li>
<li>This is a done deal. For a 19 October payment, the gross and annualised spread of the offer (inc. permitted DPU) S$0.714 per unit is 1.9% and 12.1%, respectively. </li>
</ul>



Frasers Hospitality Trust (FHT SP)’s EGM and trust scheme meeting will take place on 12 September. The effective date is 12 October with a payment date of 19 October.
The offer comprises S$0.70 cash per share + permitted distributions (estimated 1.356 cents). The IFA considers the scheme consideration to be fair and reasonable.  
This is a done deal. For a 19 October payment, the gross and annualised spread of the offer (inc. permitted DPU) S$0.714 per unit is 1.9% and 12.1%, respectively. 


Fraser Hospitality Trust’s Scheme Meeting on 12 September

<ul>
<li>
<a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a> announced a privatisation proposal from Frasers Property Limited at S$0.70 cash per share + permitted distributions (estimated 1.2961 cents).  </li>
<li>The offer is the culmination of a strategic review announced on 8 April. The offer price is attractive in comparison to historical multiples, precedent transactions and historical unit prices.</li>
<li>At the last close and for the September end effective date, the gross and annualised spread to the total offer price of S$0.713 per unit is 3.3% and 11.1%, respectively. </li>
</ul>



Frasers Hospitality Trust (FHT SP) announced a privatisation proposal from Frasers Property Limited at S$0.70 cash per share + permitted distributions (estimated 1.2961 cents).  
The offer is the culmination of a strategic review announced on 8 April. The offer price is attractive in comparison to historical multiples, precedent transactions and historical unit prices.
At the last close and for the September end effective date, the gross and annualised spread to the total offer price of S$0.713 per unit is 3.3% and 11.1%, respectively. 


Fraser Hospitality Trust’s Privatisation Offer from Frasers Property Limited

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>With a little under a week to the Scheme Meeting, <a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934:1" rel="noopener">ESR-REIT (EREIT SP)</a> revised terms to S$0.097 cash plus 1.7729 new EREIT Units for each <a href="https://www.smartkarma.com/entities/ara-logos-logistics-trust" target="_blank" data-smartkarma-citation="entities:937:1" rel="noopener">ARA LOGOS (ALLT SP)</a> unit.</li>
<li>The revised terms provide an indicative Offer price of S$0.933, a 5.3% increase over the original Scheme consideration. </li>
<li>The Scheme Meeting for ARA Logos  - and ESR's EGM - have been deferred. No definite timetable was provided for its rescheduling although late February is probably a reasonable estimate. </li>
</ul>


With a little under a week to the Scheme Meeting, ESR-REIT (EREIT SP) revised terms to S$0.097 cash plus 1.7729 new EREIT Units for each ARA LOGOS (ALLT SP) unit.
The revised terms provide an indicative Offer price of S$0.933, a 5.3% increase over the original Scheme consideration. 
The Scheme Meeting for ARA Logos  - and ESR's EGM - have been deferred. No definite timetable was provided for its rescheduling although late February is probably a reasonable estimate. 


ARA Logos (ALLT SP): ESR Bumps. Scheme Meeting Delayed

<ul>
<li>The Scheme Document for the S$1.4bn <a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934:1" rel="noopener">ESR-REIT (EREIT SP)</a>/ <a href="https://www.smartkarma.com/entities/ara-logos-logistics-trust" target="_blank" data-smartkarma-citation="entities:937:1" rel="noopener">ARA LOGOS (ALLT SP)</a> merger has now been <a href="https://links.sgx.com/FileOpen/ALOG%20-%20Scheme%20Document.ashx?App=Announcement&amp;FileID=696721" target="_blank" rel="noopener">dispatched</a>.</li>
<li>The Scheme Meeting will take place on the 27 January with the expected date for the payment of the Cash Consideration and issuance of Consideration Units on the 28 February. </li>
<li>The IFA (ING Bank) considered the terms of the Scheme to be fair and reasonable.</li>
</ul>


The Scheme Document for the S$1.4bn ESR-REIT (EREIT SP)/ ARA LOGOS (ALLT SP) merger has now been dispatched.
The Scheme Meeting will take place on the 27 January with the expected date for the payment of the Cash Consideration and issuance of Consideration Units on the 28 February. 
The IFA (ING Bank) considered the terms of the Scheme to be fair and reasonable.


ARA Logos (ALLT SP): Scheme Doc Out. Meeting On 27 Jan

Singapore

Soilbuild Business Space REIT is a Singapore and Australia-focused real estate investment trust that invests in a portfolio of income-producing business parks and industrial properties. These properties are utilized by industries such as manufacturing, engineering, logistics, warehousing, and research and development. The company is headquartered in Singapore and was founded in 2012.

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Soilbuild Business Space (SBREIT SP)

ESR-Logos REIT Placement - Implied Yield Attractive Enough to Take the Deal

ESR-LOGOS REIT (EREIT SP) is looking to raise US$114m (S$150m) in a private placement. The proceeds will be used to fund potential acquisitions and...

Ethan Aw

Fraser Hospitality Trust’s Scheme Meeting on 12 September

This is a done deal. For a 19 October payment, the annualised spread of the offer (inc. permitted DPU) S$0.714 per unit is 12.1%.

Arun George

Fraser Hospitality Trust’s Privatisation Offer from Frasers Property Limited

The offer price is attractive. At the last close and for the September end effective date, the annualised spread to the total offer price of...

Arun George

ARA Logos (ALLT SP): ESR Bumps. Scheme Meeting Delayed

I don't see the revised terms swaying the proxy advisors. The recent voting for Soilbuild Business Space REIT's Scheme was very close. 89.32% voted...

David Blennerhassett

ARA Logos (ALLT SP): Scheme Doc Out. Meeting On 27 Jan

There's a strong enough argument here for the deal to get up. It is, however, worth pointing out the recent voting for Soilbuild. Trading almost at...

David Blennerhassett

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