IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/esr-cayman-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Cayman (ESR HK)</a> has relaunched a larger IPO to raise as much as HK$11.4 billion ($1.45 billion). The indicative price range of HK$16.20-17.40 per share implies a market cap of $6.27-6.74 billion, which is in line with the market cap range of the earlier aborted IPO. </p></div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/esr-cayman-ipo-preview-a-moving-story" target="_blank" rel="noopener">our IPO initiation note</a>, we noted that ESR has robust fundamentals and growth prospects. In <a href="https://www.smartkarma.com/insights/esr-cayman-ipo-moving-pieces" target="_blank" rel="noopener">our PHIP update note</a>, we noted that while the 1H19 numbers have several moving pieces, the interims continue to suggest that ESR has sound fundamentals. Our valuation analysis suggests that we would participate at most at the low-end of the proposed IPO price range.</p></div></div>

ESR Cayman (ESR HK) has relaunched a larger IPO to raise as much as HK$11.4 billion ($1.45 billion). The indicative price range of HK$16.20-17.40 per share implies a market cap of $6.27-6.74 billion, which is in line with the market cap range of the earlier aborted IPO. In our IPO initiation note, we noted that ESR has robust fundamentals and growth prospects. In our PHIP update note, we noted that while the 1H19 numbers have several moving pieces, the interims continue to suggest that ESR has sound fundamentals. Our valuation analysis suggests that we would participate at most at the low-end of the proposed IPO price range.

China Logistics Property Holdings (1589 HK)

ESR Group

ESR Cayman IPO Valuation: A Full Price