In today’s briefing:
- NTT DC REIT IPO: Trading Debut
- Mandatory Cancellation of Existing Treasury Shares: A Historic Stock Market Event in the Making
- Abacus Storage (ASK AU): Kirsh/Public Storage Bump And Afforded Due Diligence
- NTT DC REIT IPO Trading – Decent Demand, High Yield and Discount Should Help
- NSDL IPO: The Bear Case
- Global Markets Tactical Outlook: Week of July 14 – July 19
- National Storage REIT – The Monday Report – 14 July 2025
- Coinbase 2025 High Conviction Call Update: Limited Near-Term Upside from Current Valuation
NTT DC REIT IPO: Trading Debut
- NTT DC REIT (NTTDCR SP) is the exclusive S-REIT vehicle sponsored by NTT Group. It has raised US$773 million at the offer price of US$1.00 per unit.
- I discussed the listing in NTT DC REIT IPO: The Investment Case and NTT DC REIT IPO: Valuation Insights.
- NTT DC REIT has the third-highest international oversubscription rates among REIT SGX listings since 2020. The IPO price is attractive in comparison to peers’ multiples and yields.
Mandatory Cancellation of Existing Treasury Shares: A Historic Stock Market Event in the Making
- The bill’s side notes clearly state that the mandatory cancellation rule applies retroactively to existing treasury shares without any exemptions.
- If this passes the Assembly as-is, it’ll trigger a historic forced cancellation of treasury stock across ~1,660 companies—about three-quarters of the K-equities market.
- Watch if this punchy bill clears committee and floor without cuts. Dems plan to fast-track it Sept 1, holding the majority to push it solo, aiming for year-end rollout.
Abacus Storage (ASK AU): Kirsh/Public Storage Bump And Afforded Due Diligence
- Two months ago, Abacus Storage King (ASK AU) announced, and subsequently rejected, a A$1.47/share NBIO, by way of a Scheme, from Nathan Kirsh’s Ki Corporation and Public Storage (PSA US)
- The Kirsh-led consortium has now bumped non-binding terms 14.7% to A$1.65/share, and has been granted six weeks of due diligence.
- Nathan Kirsh directly/indirectly holds a 59.47% stake in ASK. Abacus has never closed above A$1.60/share.
NTT DC REIT IPO Trading – Decent Demand, High Yield and Discount Should Help
- NTT DC REIT (NTTDCR SP), a data center REIT, raised around US$772m in its Singapore IPO.
- The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn
- We have looked at the past performance in our earlier notes. In this note, we will talk about the trading dynamics.
NSDL IPO: The Bear Case
- National Securities Depository Limited/NSDL (NSDL IN) is the largest depository in India. It is seeking to raise US$400 million.
- In NSDL IPO: The Bull Case, I highlighted the key elements of the bull case. In this note, I outline the bear case.
- The bear case rests on the core business’s lower growth and margins compared to its key peer and the banking services’ weak performance.
Global Markets Tactical Outlook: Week of July 14 – July 19
- A quick synoptic look at the tactical models for some key indices, stocks, commodities and bonds we cover, for the week July 14 – July 19.
- The most noticeable highlights are: all US markets and stocks we cover sold off last week, apart from Amazon.com (AMZN US) , Alphabet (GOOG US) and NVIDIA Corp (NVDA US)
- In Asia, BYD (1211 HK) is very oversold, and Fast Retailing (9983 JP) is also oversold. Gold (GOLD COMDTY) and Crude Oil (CL1 COM COMDTY) start to be overbought.
National Storage REIT – The Monday Report – 14 July 2025
- Wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead
Coinbase 2025 High Conviction Call Update: Limited Near-Term Upside from Current Valuation
- Using SOTP is likely the best way to value COIN going forward as its subscription and services revenue is now more substantial and Circle has just gone public.
- Non-Transaction revenue is being valued at a much higher multiple than transaction revenue. SOTP valuation indicates limited near-term upside from COIN’s current market capitalization.
- Circle’s impact on Coinbase is now twofold: 1) driving its revenue mix shift toward non-transaction revenue; 2) acting as a key benchmark for its non-transaction revenue valuation.
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