Report
EUR 85.33
For Business Accounts Only
As of Oct 2021, portfolio occupancy stood at 96.3% and its assets had a weighted average lease expiry (WALE) of 7.2 years.
The portfolio has done well between FY18-20 and the REIT has secured a large Sponsor right of first refusal (ROFR) that could aid in significantly growing the REIT’s asset base post-listing. However, forecasted financials for 4Q21 and FY22 are far from ideal and the discounted purchase price could be warranted. Gearing ratio post-listing could limit its growth potential as well.
Daiwa House Logistics Trust IPO
DHLT is a Japan pure-play logistics REIT with an initial portfolio of 14 logistics assets spread across the Greater Tokyo, Hokkaido and Tohoku, Chugoku and Kyushu, and Greater Nagoya regions. As of Jun 2021, its assets had an aggregate net lettable area (NLA) of 423,920 sqm and had an appraised valuation of approximately JPY80,570m (S$952.9m).As of Oct 2021, portfolio occupancy stood at 96.3% and its assets had a weighted average lease expiry (WALE) of 7.2 years.
The portfolio has done well between FY18-20 and the REIT has secured a large Sponsor right of first refusal (ROFR) that could aid in significantly growing the REIT’s asset base post-listing. However, forecasted financials for 4Q21 and FY22 are far from ideal and the discounted purchase price could be warranted. Gearing ratio post-listing could limit its growth potential as well.
Underlying
Daiwa House Logistics Trust
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Clarence Chu
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