In today’s briefing:
- ESR: A Diversified Fund Manager and Good Alternative Stock to Own in This Chaotic Time
- Last Week in Event SPACE: Mitsui Fudosan, Melco, Aozora Bank, CGN New Energy
ESR: A Diversified Fund Manager and Good Alternative Stock to Own in This Chaotic Time
- While most HK/China stocks continue to be traded at depressed valuation, we view ESR as an interesting play among most real estate stocks
- The investment highlights of ESR are: 1) as a leading fund manager with growing AUM and fee income 2) leader in new economy sector, and 3) APAC focused
- ESR’s EBIT mainly comes from 3 segments: investment, fund management and new economy development. ESR is now trading at deep discount to NAV
Last Week in Event SPACE: Mitsui Fudosan, Melco, Aozora Bank, CGN New Energy
- 9 weeks ago, the FT reported Elliott Management had a stake in Mitsui Fudosan (8801 JP) and had asked them to sell cross-holdings and do a ¥1trln buyback. Mitsui responds.
- Lawrence Ho is buying Melco(200 HK). While it often pays to follows where the family invests, Melco is trading too tight for what is a simple holding company structure.
- Avoid being long Aozora Bank Ltd (8304 JP) vs the Banks Index, a portfolio of other cheaper banks, etc. Minimal/negligible upside in following Murakami-san here. And Activism on Banks is difficult.
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