Daily Brief Financials: ESR Group , Korea Stock Exchange KOSPI 200, Powerlong Real Estate Holdings, SDCL EDGE Acquisition Corp and more

• On 21 February, Bloomberg reported that due to the steep share price declines, major ESR Group (1821 HK) shareholders are considering options for their stakes, including ESR’s privatisation.
• The reports also noted buyer interest in ESR’s significant assets. Past share dealings suggest that Warburg Pincus and the co-founders are the likely consortium to lead a potential privatisation. 
• The offer probability is low as a scheme would likely require a HK$16.00 offer, posing a funding challenge. Nevertheless, the upside remains as ESR trades at an undemanding valuation. 

• The rollout of the Korea Value-Up Index has encountered a minor delay. Completion of the index is slated for 3Q, with ETFs scheduled for release in 4Q.
• The government will encourage the National Pension Service to utilize it as a benchmark.
• Dividend payout ratio, dividend yield, PER, and cash flow will be included as screening factors for this index, in addition to the already known factors of PBR and ROE.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• Powerlong Commercial Management Holdings

• SPAC dealmaking surged in the last week with several new deals being announced, including an Italian copper company, a consumer electronics firm, and an oncology-focused business.
• Also, a space exploration company saw its shares skyrocket after successfully landing its spacecraft on the moon, and a struggling truck maker sells part of its assets.
• Read on to find out the latest about all things SPACs.