In today’s briefing:
- 3D Launches Partial Tender Offer on NTT UD REIT (8956)
- NTT UD REIT (8956 JP): 3D’s Unsolicited Partial Tender Offer
- SLB Dev (SLB SP): Ong Family Offer By Way Of A Scheme.
- Bund Center Investment (BTE SP): A Dominant Real Estate Play on the Bund
- EQD | Tactically Overbought HSI May Start Pulling Back After Lunar New Year
- Asia Real Estate Tracker (28-Jan-2025): SC Capital buys Fukuoka Hilton from Mizuho for $420M
- Seoul Guarantee Insurance Pre-IPO Updated Thoughts on Valuation – Weaker Performance than Expected
- SES AI Corp: Secures Commercial Deal for Li-Metal and Li- Ion Batteries for Drones with Data Blanket
3D Launches Partial Tender Offer on NTT UD REIT (8956)
- Seemingly out of the blue, Singapore-based activist investment fund 3D Investment Partners has launched a partial tender offer at a small premium on NTT UD REIT Investment Corporation (8956 JP).
- 3DIP currently owns 2.2% and at maximum, will own 15.00% of the REIT units outstanding less treasury units. It intends to own the units for “pure investment purposes.”
- “Shareholder” structure is different for J-REITs vs companies. And this J-REIT has an interesting future possibility. But…
NTT UD REIT (8956 JP): 3D’s Unsolicited Partial Tender Offer
- 3D has announced an unsolicited partial tender offer for NTT UD REIT Investment Corporation (8956 JP) at JPY131,890 per unit, a 10.0% premium to the undisturbed price.
- The minimum number of units to be purchased is 115,279 (7.80% ownership ratio), and the maximum number of units to be purchased is 189,128 (12.80% ownership ratio).
- The modest premium and an implied P/NAV <1x suggest a lightish offer. 3D will have to rethink terms as shares are trading through terms.
SLB Dev (SLB SP): Ong Family Offer By Way Of A Scheme.
- Singaporean property play SLB Development (SLB SP) has announced an Offer, by way of a Scheme, from Lian Beng (LBG SP)‘s Ong family, at S$0.23/share, a 36.1% premium to undisturbed.
- Lian Beng, which was privatised by the Ong family in 2023 – see Lian Beng: Circ Out. IFA (Rightfully) Says Not Fair – holds 77.6% in SLB.
- This is done. No competing offer will emerge. I don’t think this needs a bump.
Bund Center Investment (BTE SP): A Dominant Real Estate Play on the Bund
- Bund Center Investment (BCI) is a diversified investment vehicle with two commercial real estate assets: the landmark Westin Bund Center Hotel, and its premium office space, Bund Center Office Tower in Shanghai.
- BCI operates under two business segments: Hotel Operations and Property Leasing.
- Despite short-term hurdles, long-term economic growth in China provides a supportive backdrop.
EQD | Tactically Overbought HSI May Start Pulling Back After Lunar New Year
- In our previous, Jan 11th. insight, we said the HSI INDEX could find support between 18.8K and 17.5K, and rally, and so it did (the bottom was at 18671).
- Since there the index has been rallying for 3 weeks, >8% returns so far.
- This insight is focused on tactical strategy: the Hang Seng Index may be readying for a new pullback, starting next week, so we are going to look at resistance levels.
Asia Real Estate Tracker (28-Jan-2025): SC Capital buys Fukuoka Hilton from Mizuho for $420M
- SC Capital purchased the Fukuoka Hilton in Japan from Mizuho Leasing for $420M in a significant Hotel REIT transaction.
- GIC has divested its stake in a London office project to Modon, a move that indicates strategic restructuring for the company.
- Despite a rise in revenue, CapitaLand Ascott Trust’s 2H 2024 payout decreased by 7%, reflecting potential challenges in the market.
Seoul Guarantee Insurance Pre-IPO Updated Thoughts on Valuation – Weaker Performance than Expected
- Seoul Guarantee Insurance (031210 KS) is looking to raise around US$155m in its Korean IPO.
- Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.
- In this note, we discuss its recent financials, and share our updated thoughts on valuation.
SES AI Corp: Secures Commercial Deal for Li-Metal and Li- Ion Batteries for Drones with Data Blanket
- SES AI inks its first commercial deal for its next- generation Li-Metal and Li-ion batteries with AI drone startup Data Blanket.
- This is a significant event in SES AI’s history. With this deal, the company has demonstrated that its next-generation batteries, designed using its AI for Science battery materials discovery capabilities, can win commercial deals (and not just pilot projects or development projects) in the drone space.
- Deal specifics are sparse, but we know that revenue recognition began in December and that the current deal should continue to generate revenue through mid-2025.
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