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

Nexus Select Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nexus-select-trust" target="_blank" data-smartkarma-citation="entities:36566:1" rel="noopener">Nexus Select Trust (NST IN)</a> is looking to raise up to US$500m in its upcoming India IPO. </li>
<li>The bookrunners on the deal are Axis, BofA, Citi, HSBC, IIFL, JM Fin, JPM, Kotak, MS and SBI Cap.</li>
<li>Nexus Select Trust (NST) is a REIT with a portfolio of 17 Grade A urban consumption centers.</li>
</ul>



Nexus Select Trust (NST IN) is looking to raise up to US$500m in its upcoming India IPO. 
The bookrunners on the deal are Axis, BofA, Citi, HSBC, IIFL, JM Fin, JPM, Kotak, MS and SBI Cap.
Nexus Select Trust (NST) is a REIT with a portfolio of 17 Grade A urban consumption centers.


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

<ul><li>REIT Watch - S-REIT earnings and updates schedule for this reporting season Some 33 S-Reits and property trusts have confirmed dates of their upcoming financial results or business updates for this reporting season, with SPH Reit 0% kicking off the release of its full year FY22 financial results, along with Sabana Industrial Reit’s +1.28% Q3 FY22 business update.</li><li>Sabana Industrial Reit updated that it reached portfolio occupancy levels of 89.1 per cent, a new high since Q3FY17.</li></ul>

REIT Watch - S-REIT earnings and updates schedule for this reporting season Some 33 S-Reits and property trusts have confirmed dates of their upcoming financial results or business updates for this reporting season, with SPH Reit 0% kicking off the release of its full year FY22 financial results, along with Sabana Industrial Reit’s +1.28% Q3 FY22 business update.Sabana Industrial Reit updated that it reached portfolio occupancy levels of 89.1 per cent, a new high since Q3FY17.

REIT Watch - S-Reits confirm schedule for latest results and updates

Capitaland Integrated Commercial Trust / Equity Bottom-Up

<ul><li>REIT Watch - Retail S-Reits see double-digit pickup; downtown malls shine Retail sales in Singapore went up by 13 per cent year on year (yoy) in August, marking its fifth consecutive month of double-digit yoy growth.</li><li>CapitaLand Integrated Commercial Trust reported 15.9 per cent yoy growth in retail tenant sales and 12.5 per cent yoy growth in shopper traffic for H1 2022.</li></ul>

REIT Watch - Retail S-Reits see double-digit pickup; downtown malls shine Retail sales in Singapore went up by 13 per cent year on year (yoy) in August, marking its fifth consecutive month of double-digit yoy growth.CapitaLand Integrated Commercial Trust reported 15.9 per cent yoy growth in retail tenant sales and 12.5 per cent yoy growth in shopper traffic for H1 2022.

REIT Watch - Retail S-Reits see double-digit pickup; downtown malls shine

<ul><li>On average, S-Reits have maintained an average gearing ratio of 36.8 per cent, based on latest company filings which were extracted in mid-August 2022.</li><li>The 5 S-Reits with the lowest gearing ratios reported are Digital Core Reit, Sasseur Reit, Frasers Logistics & Commercial Trust, SPH Reit, and IReit Global.</li><li>Gearing ratio, also known as aggregated leverage, is the ratio of a Reit’s total debt to its total assets.</li></ul>

On average, S-Reits have maintained an average gearing ratio of 36.8 per cent, based on latest company filings which were extracted in mid-August 2022.The 5 S-Reits with the lowest gearing ratios reported are Digital Core Reit, Sasseur Reit, Frasers Logistics & Commercial Trust, SPH Reit, and IReit Global.Gearing ratio, also known as aggregated leverage, is the ratio of a Reit’s total debt to its total assets.

REIT Watch - Five S-Reits with the lowest gearing ratios

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In June-July I warned of a reinvestment trade into S-REITs due to the S$2.0-3.0bn cash-out by investors in Mapletree North Asia Commercial Trust and sellers into the SPHREIT Chain Offer.</li>
<li>Many investors who would need to re-allocate. The trade was to buy major S-REITs. From my last insight, a basket is up 5.3%. MCT has already topped out vs peers.</li>
<li>The question is.... is there still a trade left to run?</li>
</ul>


In June-July I warned of a reinvestment trade into S-REITs due to the S$2.0-3.0bn cash-out by investors in Mapletree North Asia Commercial Trust and sellers into the SPHREIT Chain Offer.
Many investors who would need to re-allocate. The trade was to buy major S-REITs. From my last insight, a basket is up 5.3%. MCT has already topped out vs peers.
The question is.... is there still a trade left to run?


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)

Nexus Select Trust Pre-IPO Tearsheet

Nexus Select Trust (NST IN) is looking to raise up to US$500m in its upcoming India IPO. The bookrunners on the deal are Axis, BofA, Citi, HSBC,...

Clarence Chu

REIT Watch - S-Reits confirm schedule for latest results and updates

REIT Watch - S-REIT earnings and updates schedule for this reporting season Some 33 S-Reits and property trusts have confirmed dates of their...

Singapore Exchange Ltd (SGX)

REIT Watch - Retail S-Reits see double-digit pickup; downtown malls shine

REIT Watch - Retail S-Reits see double-digit pickup; downtown malls shine Retail sales in Singapore went up by 13 per cent year on year (yoy) in...

Singapore Exchange Ltd (SGX)

REIT Watch - Five S-Reits with the lowest gearing ratios

On average, S-Reits have maintained an average gearing ratio of 36.8 per cent, based on latest company filings which were extracted in mid-August...

Singapore Exchange Ltd (SGX)

Update on the S-REIT Re-Allocation Trade

The S-REIT Re-Allocation Basket is +5.3%(TR) from close after I wrote (25 July) to yesterday. Not enough excess value has traded. Should it run?...

Travis Lundy

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