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

Mapletree North Asia Commercial Trust / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106:1" rel="noopener">Mapletree Commercial Trust (MCT SP)</a>’s EGM, <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a>/MNACT’s EGM and trust scheme meeting will take place on 23 May. The effective date is 8 August.</li>
<li>The IFA considers the scheme consideration to be fair. We think that IFA’s valuation approach is broadly sound with some areas for improvement. </li>
<li>For a 17 August payment, the gross and annualised spread of the cash-only consideration (including permitted clean-up DPU) is 1.6% and 5.6%, respectively. </li>
</ul>



Mapletree Commercial Trust (MCT SP)’s EGM, Mapletree North Asia Commercial Trust (MAGIC SP)/MNACT’s EGM and trust scheme meeting will take place on 23 May. The effective date is 8 August.
The IFA considers the scheme consideration to be fair. We think that IFA’s valuation approach is broadly sound with some areas for improvement. 
For a 17 August payment, the gross and annualised spread of the cash-only consideration (including permitted clean-up DPU) is 1.6% and 5.6%, respectively. 


MNACT's Scheme Meeting on 23 May, IFA Opinion

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP)</a> 58% to 42% to take cash instead of cash + SPH REIT units. </li>
<li>That was to be expected, but it means Cuscaden owns 47+% of SPH REIT and needs to conduct a Conditional Chain Offer on SPH REIT at S$0.9372/unit. </li>
<li>That provides a put option under SPH REIT for holders/buyers as Singapore opens up.</li>
</ul>



Singapore Press Holdings (SPH SP) 58% to 42% to take cash instead of cash + SPH REIT units. 
That was to be expected, but it means Cuscaden owns 47+% of SPH REIT and needs to conduct a Conditional Chain Offer on SPH REIT at S$0.9372/unit. 
That provides a put option under SPH REIT for holders/buyers as Singapore opens up.


SPH Scheme Elections In - SPH REIT Chain Offer Announced

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Thematic (Sector/Industry)

<ul>
<li>There has been a lot of positive talk about Singapore's reopening but also an equal number of skeptics. </li>
<li>Companies covered are <a href="https://www.smartkarma.com/entities/sats-ltd" target="_blank" data-smartkarma-citation="entities:19962:1" rel="noopener">SATS (SATS SP)</a> , <a href="https://www.smartkarma.com/entities/singapore-airlines-ltd" target="_blank" data-smartkarma-citation="entities:74:1" rel="noopener">Singapore Airlines (SIA SP)</a> , <a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">Comfortdelgro Corp (CD SP)</a>, and retail REITs in Singapore. </li>
<li>There is some removal of regulations that support the reopening theme such as testing removal upon landing in SG, PET efficiency for the nightlife scene,  and reduction of safe-distancing ambassadors. </li>
</ul>


There has been a lot of positive talk about Singapore's reopening but also an equal number of skeptics. 
Companies covered are SATS (SATS SP) , Singapore Airlines (SIA SP) , Comfortdelgro Corp (CD SP), and retail REITs in Singapore. 
There is some removal of regulations that support the reopening theme such as testing removal upon landing in SG, PET efficiency for the nightlife scene,  and reduction of safe-distancing ambassadors. 


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

Mapletree North Asia Commercial Trust / Equity Bottom-Up

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 <img src='https://api2.sgx.com/sites/default/files/2022-04/Capture_11.PNG' alt='Schedule of SREIT earnings' />
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 <div class='content-caption'>Schedule of SREIT earnings</div>
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SPH Reit kicked off the current financial reporting season for S-Reits on Apr 1, 2022 with the release of its H1 FY2022 (ended Feb 28, 2022) financial results.

This was followed by 7 other S-Reits, including Keppel DC Reit (Q1 business update), Keppel Pacific Oak US Reit (Q1 business update), Mapletree North Asia Commercial Trust (full-year results), Keppel Reit (Q1 business update), Mapletree Commercial Trust (full-year results), Digital Core Reit (Q1 business update) and Sabana Industrial Reit (Q1 business update), over a 3-day period from Apr 19 to 21, 2022.

Another 22 S-Reits have also confirmed that they will unveil financial results or business updates between Apr 22, 2022 and May 12, 2022 for their respective periods ended Mar 31, 2022. 
Among them, 3 would be reporting full-year financial results, 4 would be reporting first-half or first-quarter financial results, and another 15 would be providing quarterly business updates.

Mapletree North Asia Commercial Trust (MNACT) and Mapletree Commercial Trust (MCT) have both released financial results for the full year from Apr 1, 2021 to Mar 31, 2022 (FY21/22) while Mapletree Industrial Trust and Mapletree Logistics Trust will be unveiling full-year results on Apr 26 and 28, respectively.

Both MNACT and MCT managers reiterated their confidence and commitment to the proposed merger of the 2 trusts, citing long-term value and scale of the merged entity. 
On Mar 21, 2022, the trusts announced an alternative option for MNACT unitholders to receive the scheme consideration wholly in cash, providing additional optionality and enhanced flexibility to MNACT unitholders who wish to fully realise their investment, given higher uncertainty amid prevailing market conditions.

Both trusts are expected to hold extraordinary general meetings (EGMs) to obtain approvals from unitholders by end May 2022. REIT Watch is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/singapore-office-s-reits-poised-to-benefit-from-positive-rental-momentum-0"> </a><a href="https://www.businesstimes.com.sg/companies-markets/upcoming-s-reits-earnings-releases-schedule-0">read </a>the original version.
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    Schedule of SREIT earnings


SPH Reit kicked off the current financial reporting season for S-Reits on Apr 1, 2022 with the release of its H1 FY2022 (ended Feb 28, 2022) financial results.

This was followed by 7 other S-Reits, including Keppel DC Reit (Q1 business update), Keppel Pacific Oak US Reit (Q1 business update), Mapletree North Asia Commercial Trust (full-year results), Keppel Reit (Q1 business update), Mapletree Commercial Trust (full-year results), Digital Core Reit (Q1 business update) and Sabana Industrial Reit (Q1 business update), over a 3-day period from Apr 19 to 21, 2022.

Another 22 S-Reits have also confirmed that they will unveil financial results or business updates between Apr 22, 2022 and May 12, 2022 for their respective periods ended Mar 31, 2022.  
Among them, 3 would be reporting full-year financial results, 4 would be reporting first-half or first-quarter financial results, and another 15 would be providing quarterly business updates.

Mapletree North Asia Commercial Trust (MNACT) and Mapletree Commercial Trust (MCT) have both released financial results for the full year from Apr 1, 2021 to Mar 31, 2022 (FY21/22) while Mapletree Industrial Trust and Mapletree Logistics Trust will be unveiling full-year results on Apr 26 and 28, respectively.

Both MNACT and MCT managers reiterated their confidence and commitment to the proposed merger of the 2 trusts, citing long-term value and scale of the merged entity.  
On Mar 21, 2022, the trusts announced an alternative option for MNACT unitholders to receive the scheme consideration wholly in cash, providing additional optionality and enhanced flexibility to MNACT unitholders who wish to fully realise their investment, given higher uncertainty amid prevailing market conditions.

Both trusts are expected to hold extraordinary general meetings (EGMs) to obtain approvals from unitholders by end May 2022.  REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - Upcoming S-Reits' earnings releases schedule

<ul>
<li>Shares in <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP)</a> stopped trading a week ago. The election period to choose cash or cash and SPH REIT shares started yesterday.</li>
<li>The OBVIOUS choice is to take the cash. But you have ten days to see SPH REIT gain 2% to change your mind. </li>
<li>I note Keppel wanted SPH back when SPHREIT was worth a fair bit less, but at that time they didn't want SPHREIT when an MGO would have been cheaper.</li>
</ul>


Shares in Singapore Press Holdings (SPH SP) stopped trading a week ago. The election period to choose cash or cash and SPH REIT shares started yesterday.
The OBVIOUS choice is to take the cash. But you have ten days to see SPH REIT gain 2% to change your mind. 
I note Keppel wanted SPH back when SPHREIT was worth a fair bit less, but at that time they didn't want SPHREIT when an MGO would have been cheaper.


SPH Shareholders - SPH REIT Options Decay in Value

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)

MNACT's Scheme Meeting on 23 May, IFA Opinion

The IFA considers the scheme consideration to be fair. For a 17 August payment, the annualised spread of the cash-only consideration (including...

Arun George

SPH Scheme Elections In - SPH REIT Chain Offer Announced

SPH holders have generally gone with the cash, which means Cuscaden owns 47% of SPH REIT and has to conduct a chain offer. That means a put option...

Travis Lundy

Singapore Travel: Back to Live!

The reopening in Singapore is real and nearer to the pre-COVID-19 condition or back to normalcy. Tourism-related names such as SATS, SIA,...

Henry Soediarko

REIT Watch - Upcoming S-Reits' earnings releases schedule

SPH Reit kicked off the current financial reporting season for S-Reits on Apr 1, 2022 with the release of its H1 FY2022 (ended...

Singapore Exchange Ltd (SGX)

SPH Shareholders - SPH REIT Options Decay in Value

SPH holders have another 11 days to choose whether to take S$2.36 cash or S$1.602 cash + 0.782 units of SPH REIT. Right now, cash wins. SPH REIT...

Travis Lundy

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