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ESR Cayman IPO Trading - Riding (Higher) On Momentum - Some Book Colour, Privatisation Comparison

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APAC IPOs & Placements

Zhen Zhou, Toh

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/sk-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:393:1" rel="noopener">SK Holdings (034730 KS)</a> is looking to raise around US$326m via selling 3.6% of <a href="https://www.smartkarma.com/entities/esr-cayman-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Cayman (1821 HK)</a>. Post-selldown, SK Holdings will still have about 7.4% stake in the company.</p></div><div><p>We covered the company's first and second listing attempt extensively, you can find links to our coverage below. </p></div><div><p>In this insight, we will briefly look at the 1H 2020 results, discuss deal dynamics and run the deal through our ECM framework.</p></div><p>June placement:</p><ul><li>
<a href="https://www.smartkarma.com/insights/esr-cayman-placement-hasn-t-done-much-since-listing-liquidity-remains-tight" target="_blank" data-smartkarma-citation="insights:40084" rel="noopener">ESR Cayman Placement - Hasn't Done Much Since Listing, Liquidity Remains Tight</a> </li></ul><div><p>Links to our earlier insights:</p></div><div><ul>
<li>Company's business model and provided an overview of its operations, <a href="https://www.smartkarma.com/insights/esr-cayman-pre-ipo-a-giant-in-the-making" target="_blank" rel="noopener">ESR Cayman Pre-IPO - A Giant in the Making</a>; </li>
<li>Talked about the financials and the drivers for each of the three segments, <a href="https://www.smartkarma.com/insights/esr-cayman-pre-ipo-earnings-and-segment-analysis" target="_blank" rel="noopener">ESR Cayman Pre-IPO - Earnings and Segment Analysis</a>.</li>
<li>Derived valuation for each of the segments: <a href="https://www.smartkarma.com/insights/esr-cayman-pre-ipo-first-stab-at-valuation" target="_blank" rel="noopener">ESR Cayman Pre-IPO- First Stab at Valuation</a>
</li>
<li>Provided updates from the PHIP: <a href="https://www.smartkarma.com/insights/esr-cayman-pre-ipo-updates-from-phip-growth-remains-on-track" target="_blank" rel="noopener">ESR Cayman Pre-IPO - Updates from PHIP - Growth Remains on Track</a>
</li>
<li>Provided an update on valuations and key risks: <a href="https://www.smartkarma.com/insights/esr-cayman-pre-ipo-updated-valuation-and-key-risks" target="_blank" rel="noopener">ESR Cayman Pre-IPO - Updated Valuation and Key Risks</a>
</li>
<li>Did a quick comparison with peers: <a href="https://www.smartkarma.com/insights/esr-cayman-pre-ipo-peer-comparison-quick-take-bigger-than-some-much-smaller-than-others" target="_blank" rel="noopener">ESR Cayman Pre-IPO - Peer Comparison Quick Take - Bigger than Some, Much Smaller than Others</a>
</li>
<li>Details of the previous listing attempt and comments on final valuations: <a href="https://www.smartkarma.com/insights/esr-cayman-ipo-richly-valued" target="_blank" rel="noopener">ESR Cayman IPO - Richly Valued</a>
</li>
<li>Updates from the re-filed application proof: <a href="https://www.smartkarma.com/insights/esr-cayman-re-pre-ipo-the-more-things-change-the-more-they-remain-the-same" target="_blank" rel="noopener">ESR Cayman Re-Pre-IPO - The More Things Change, the More They Remain the Same</a>
</li>
<li>Re-look at valuations: <a href="https://www.smartkarma.com/insights/esr-cayman-re-pre-ipo-another-stab-at-valuation" target="_blank" rel="noopener">ESR Cayman Re-Pre-IPO - Another Stab at Valuation</a>
</li>
<li>Final comment on valuations post deal launch: <a href="https://www.smartkarma.com/insights/esr-cayman-re-ipo-trying-to-hitch-a-ride-on-momentum-other-cheaper-ways-to-play-on-e-commerce" target="_blank" rel="noopener">ESR Cayman Re-IPO - Trying to Hitch a Ride on Momentum. Other Cheaper Ways to Play on E-Commerce</a>
</li>
<li>Trading update at the time of listing: <a href="https://www.smartkarma.com/insights/esr-cayman-ipo-trading-riding-higher-on-momentum-some-book-colour-privatisation-comparison" target="_blank" rel="noopener">ESR Cayman IPO Trading - Riding (Higher) On Momentum - Some Book Colour, Privatisation Comparison</a>
</li>
</ul></div>

SK Holdings (034730 KS) is looking to raise around US$326m via selling 3.6% of ESR Cayman (1821 HK). Post-selldown, SK Holdings will still have about 7.4% stake in the company.We covered the company's first and second listing attempt extensively, you can find links to our coverage below. In this insight, we will briefly look at the 1H 2020 results, discuss deal dynamics and run the deal through our ECM framework.June placement:
ESR Cayman Placement - Hasn't Done Much Since Listing, Liquidity Remains Tight Links to our earlier insights:
Company's business model and provided an overview of its operations, ESR Cayman Pre-IPO - A Giant in the Making; 
Talked about the financials and the drivers for each of the three segments, ESR Cayman Pre-IPO - Earnings and Segment Analysis.
Derived valuation for each of the segments: ESR Cayman Pre-IPO- First Stab at Valuation

Provided updates from the PHIP: ESR Cayman Pre-IPO - Updates from PHIP - Growth Remains on Track

Provided an update on valuations and key risks: ESR Cayman Pre-IPO - Updated Valuation and Key Risks

Did a quick comparison with peers: ESR Cayman Pre-IPO - Peer Comparison Quick Take - Bigger than Some, Much Smaller than Others

Details of the previous listing attempt and comments on final valuations: ESR Cayman IPO - Richly Valued

Updates from the re-filed application proof: ESR Cayman Re-Pre-IPO - The More Things Change, the More They Remain the Same

Re-look at valuations: ESR Cayman Re-Pre-IPO - Another Stab at Valuation

Final comment on valuations post deal launch: ESR Cayman Re-IPO - Trying to Hitch a Ride on Momentum. Other Cheaper Ways to Play on E-Commerce

Trading update at the time of listing: ESR Cayman IPO Trading - Riding (Higher) On Momentum - Some Book Colour, Privatisation Comparison



ESR Cayman Placement - Even More to Come Soon

ESR Group

ESR Cayman Placement - Even More to Come Soon