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/ke-holdings-inc" target="_blank" data-smartkarma-citation="entities:29213:1" rel="noopener">KE Holdings Inc (BEKE US)</a> is a combination of <em>Lianjia</em>, China's leading real estate brokerage brand, and <em>Beike</em>, China's leading integrated online and offline platform for housing transactions. KE has launched its IPO at a price range of $17-19 per ADS. At the mid-point of the IPO price range, KE will raise net proceeds of $1,841 million.</p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/ke-holdings-beike-ipo-initiation-home-truths" target="_blank" rel="noopener">our initiation note</a>, we stated that our analysis suggests that if you consider the 1Q20 performance as a one-off (supported by the strong recovery in 2Q20), KE's financial performance is heading in the right direction with strong revenue growth and rising margins. In our <a href="https://www.smartkarma.com/insights/ke-holdings-beike-ipo-updated-filings-point-to-a-v-shaped-recovery" target="_blank" rel="noopener">follow-on note</a> which examined the 1H20 results, we stated that the 1H20 results showed a strong recovery across all financial metrics. We concluded that KE has attractive fundamentals. Overall, we think that a reasonable valuation and solid indication of interest from investors makes KE tempting at the proposed pricing range. </p></div></div></div>

KE Holdings Inc (BEKE US) is a combination of Lianjia, China's leading real estate brokerage brand, and Beike, China's leading integrated online and offline platform for housing transactions. KE has launched its IPO at a price range of $17-19 per ADS. At the mid-point of the IPO price range, KE will raise net proceeds of $1,841 million.In our initiation note, we stated that our analysis suggests that if you consider the 1Q20 performance as a one-off (supported by the strong recovery in 2Q20), KE's financial performance is heading in the right direction with strong revenue growth and rising margins. In our follow-on note which examined the 1H20 results, we stated that the 1H20 results showed a strong recovery across all financial metrics. We concluded that KE has attractive fundamentals. Overall, we think that a reasonable valuation and solid indication of interest from investors makes KE tempting at the proposed pricing range. 

KE Holdings (Beike) IPO: Valuation Insights

United Kingdom

Purplebricks Group plc provides online estate agency and lettings services in the United Kingdom. The company was formerly known as New Broom Limited and changed its name to Purplebricks Group plc in December 10, 2015. Purplebricks Group plc was incorporated in 2012 and is headquartered in Solihull, the United Kingdom.

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Purplebricks (PURP LN)

KE Holdings (Beike) IPO: Valuation Insights

KE Holdings Inc (BEKE US) is a combination of Lianjia, China's leading real estate brokerage brand, and Beike, China's leading integrated online...

Arun George

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