IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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.

<p><a href="https://www.smartkarma.com/entities/esr-cayman-ltd" target="_blank" data-smartkarma-citation="entities:27983:1">ESR Cayman (ESR HK)</a> is the largest APAC focused logistics real estate platform by GFA and value of assets, according to JLL. ESR has delayed the Monday launch due to trade tensions driven market volatility, according to press reports. </p><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/esr-cayman-ipo-preview-a-moving-story" target="_blank">our IPO initiation note</a>, we noted that ESR has robust fundamentals and growth prospects. In this note, we outline our pre-money IPO valuation range based on a sum-of-the-parts and relative valuation approach.</p></div>

ESR Cayman (ESR HK) is the largest APAC focused logistics real estate platform by GFA and value of assets, according to JLL. ESR has delayed the Monday launch due to trade tensions driven market volatility, according to press reports. In our IPO initiation note, we noted that ESR has robust fundamentals and growth prospects. In this note, we outline our pre-money IPO valuation range based on a sum-of-the-parts and relative valuation approach.

United States

Cohen & Steers, Inc. is a global investment manager. The Firm manages portfolios focused on real assets, including real estate, infrastructure and commodities, along with preferred securities and other income solutions. Cohen & Steers serves individual and institutional investors around the world through a broad range of investment vehicles.

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Cohen & Steers (CNS US)

ESR Cayman IPO Valuation: A Full Price

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...

Arun George

ESR Cayman IPO: Valuation Insights

ESR Cayman (ESR HK) is the largest APAC focused logistics real estate platform by GFA and value of assets, according to JLL. ESR has delayed the...

Arun George

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