Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Capital Markets

Strategic Hospitality Freehold and Leasehold REIT / Equity Capital Markets

Strategic Hospitality Freehold and Leasehold REIT

Thailand's  second richest tycoon Charoen's next big IPO could be SHREIT, a new REIT for hotels that are based not only in Thailand but also across ASEAN (Vietnam, Cambodia, Indonesia) and managed by Fraser, which already runs a very successful property business in Singapore. His first REIT, GVREIT, was focused on office space and appreciated over 40% over the last year. In this review, we also explain some of the legal and structural differences between REITs, property funds, and property developer stocks in Thailand.The IPO will be done at Bt10/sh. MCorp Review believes it is greatly undervalued and could be worth Bt19/sh due to the potential new projects it could invest in from its Bt8bn investment capital. The markets SHREIT operates in also have undeveloped tourism industry and a domestic economy with more growth potential than Thailand, where most of the investors are based. We will definitely try to invest in this one if we can get the allocations, which is the tough part, as past instance with GVREIT has shown.

Thailand's  second richest tycoon Charoen's next big IPO could be SHREIT, a new REIT for hotels that are based not only in Thailand but also across ASEAN (Vietnam, Cambodia, Indonesia) and managed by Fraser, which already runs a very successful property business in Singapore. His first REIT, GVREIT, was focused on office space and appreciated over 40% over the last year. In this review, we also explain some of the legal and structural differences between REITs, property funds, and property developer stocks in Thailand.The IPO will be done at Bt10/sh. MCorp Review believes it is greatly undervalued and could be worth Bt19/sh due to the potential new projects it could invest in from its Bt8bn investment capital. The markets SHREIT operates in also have undeveloped tourism industry and a domestic economy with more growth potential than Thailand, where most of the investors are based. We will definitely try to invest in this one if we can get the allocations, which is the tough part, as past instance with GVREIT has shown.

IPO Radar: SHREIT, Charoen's Next Hotel REIT

Thailand

Strategic Hospitality Freehold and Leasehold REIT operates as a real estate investment trust.

Strategic Hospitality Freehold and Leasehold REIT (SHREIT TB)

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IPO Radar: SHREIT, Charoen's Next Hotel REIT

Thailand's second richest tycoon Charoen's next big IPO could be SHREIT, a new REIT for hotels that are based not only in Thailand but also across...

Athaporn Arayasantiparb, CFA