In today’s briefing:
- Sammaan Capital: Can Capital Boost from Abu Dhabi Turnaround Its Fortunes?
- SHORT ESR Kendall Square REIT: Korea Logistics Oversupply & K-REIT Funding
- Last Week In Event SPACE: Hang Seng, Welcia/Tsuruha, HKT, Genting, Daiichi, Aussie Rare Earths
- S&P Acquires With Intelligence For $1.8 Billion—What It Means For Wall Street’s Data Wars!
Sammaan Capital: Can Capital Boost from Abu Dhabi Turnaround Its Fortunes?
- Sammaan Capital approved a 3-part preferential issue to Avenir, part of Abu Dhabi’s sovereign-controlled IHC, aggregating INR 8,850 crore (USD 1.06 billion) in equity and warrants (convertible in 18 months)
- Sammaan has been looking out for an equity partner for few quarters now. Avenir’s backing not just improves capital positioning but also helps restructure overall liability side of the business
- Upon consummation (80% probability), we anticipate material re-rating potential. However, there are multiple risks in the near term, including accelerated write-offs. Further, an ongoing litigation may jeopardize the deal itself.
SHORT ESR Kendall Square REIT: Korea Logistics Oversupply & K-REIT Funding
- Despite having strong operational performances, we think ESR KS REIT is currently facing 2 headwinds, 1 structural issue and 1 cyclical issue
- Korea listed companies are generally suffering from under-valuation and excessive equity raise. The equity raises, which are done at discount to NAV, is value destructive
- In the physical market, we think the logistics market is facing oversupply issue, slow absorption and protected recovery.
Last Week In Event SPACE: Hang Seng, Welcia/Tsuruha, HKT, Genting, Daiichi, Aussie Rare Earths
- Hang Seng Bank (11 HK) is trading tight – perhaps too tight – to terms, as every punter views the deal as a term deposit.
- Be long Welcia Holdings (3141 JP). Be long Tsuruha Holdings (3391 JP). Buy dips. Buy big dips post-tender. Future guidance will include synergy effects.
- Richard Li’s HKT Ltd (6823 HK) is in the crosshairs as FCC moves to expel the telco from U.S. networks.
S&P Acquires With Intelligence For $1.8 Billion—What It Means For Wall Street’s Data Wars!
- S&P Global is making strategic waves again with its recent agreement to acquire alternative assets data provider With Intelligence for $1.8 billion.
- The transaction, announced in October 2025, marks another major step by S&P to extend its footprint beyond public markets and deepen its capabilities across private markets.
- Expected to close either later in 2025 or early 2026, the deal is subject to regulatory approvals and customary closing conditions.
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