In today’s briefing:
- This Needs To Be Sorted: Great Eastern (GE SP)’s Protracted Suspension
- Frasers Centrepoint Trust Placement: Not a Whole Lot of DPU Accretion
- Bank Of China (3988 HK/601988 CH) Earnings on 26/3: Anticipated Price Movements and Options Insights
- 10 in 10 with CapitaLand India Trust – Capitalising India’s Tech Growth
- Asia Real Estate Tracker (25-Mar-2025): Warburg Pincus JV acquires second Korean asset.
- Ategrity Specialty Holdings (ASIC): Peeking at the Prospectus of the Next Specialty Insurer IPO
- SmartStop Self Storage REIT, Inc. (SMA): Long-Awaited REIT to Make April Debut
This Needs To Be Sorted: Great Eastern (GE SP)’s Protracted Suspension
- Back on the 10th May 2024, OCBC (OCBC SP) launched a voluntary unconditional general Offer for the 11.56% in life/non-life insurer Great Eastern Holdings (GE SP) not held.
- The Offer closed on the 12th July with OCBC holding 93.62%. Shares were subsequently. suspended. And have been suspended ever since. Compulsory acquisition was not afforded.
- The SGX has thrice granted OCBC an extension of time to restore the float. UK-based activist Palliser is agitating for better terms. Time for a bump.
Frasers Centrepoint Trust Placement: Not a Whole Lot of DPU Accretion
- Frasers Centrepoint Trust (FCT SP) aims to raise around US$153m in order to partly fund its full acquisition of Northpoint City South Wing.
- This will complement the company’s operations of the Northpoint City North Wing and consolidate the entire Northpoint City under its ownership.
- In this note, we comment on the deal dynamics and run the deal through our ECM framework.
Bank Of China (3988 HK/601988 CH) Earnings on 26/3: Anticipated Price Movements and Options Insights
- Bank Of China Ltd (H) (3988 HK) /Bank of China (601988 CH) is scheduled to report its annual 2024 financial results on 26 March 2025, after market close.
- Expected Price Movement: Option implied movement is above the historically recorded movement.
- Implied Volatility, Options Strategies and Dividends: Discussion of implied volatility term structure and option strategies. Dividends are now semi-annual.
10 in 10 with CapitaLand India Trust – Capitalising India’s Tech Growth
- CLINT anticipates revenue growth in FY2025 from MTB 6 at ITPB and a data centre in Navi Mumbai.
- CLINT’s portfolio occupancy reached 95% in December 2024, driven by asset enhancements and effective leasing activities.
- CLINT achieved a 14% year-on-year growth in NPI for FY 2024 and a 7.2% distribution yield.
Asia Real Estate Tracker (25-Mar-2025): Warburg Pincus JV acquires second Korean asset.
- Warburg Pincus and Wide Creek JV have acquired GreenFort, a Korean logistic asset, marking their second investment in the country.
- Gaw Capital is set to discuss a joint venture with MTD TV for the development of 1,200 homes in an upcoming interview on Wednesday.
- Mitsubishi Estate has sold its stake in a Shinjuku office tower to a J-REIT for $190 million, continuing its strategic real estate transactions.
Ategrity Specialty Holdings (ASIC): Peeking at the Prospectus of the Next Specialty Insurer IPO
- For the year ended December 31, 2024, they wrote $437.0 million in gross written premiums, representing a compound annual growth rate of 28.4% over the last two years.
- We anticipate this company to set terms (share size, price range) and debut in the second half of April.
- Zimmer Financial Services Group LLC (“ZFSG”) will continue to be a majority owner of Ategrity following this offering.
SmartStop Self Storage REIT, Inc. (SMA): Long-Awaited REIT to Make April Debut
- A REIT which had been in the pipeline since March 2022 has finally set terms for a potential April debut.
- Total self storage related revenues for the years ended December 31, 2024 and 2023 were approximately $219.0 million and $215.3 million, respectively.
- The company intends to pay monthly distributions. The IPO is scheduled to debut on April 2nd.
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