IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

FLT Merger with FCOT: Bigger, Broader and Better

China Merchants Commercial REIT IPO Initiation: The REIT Idea?

Uncompromised, Independent, Conflict-Free Research

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

China Merchants Commercial REIT / Equity Capital Markets

China Merchants Commercial REIT (1503 HK)

<p><a href="https://www.smartkarma.com/entities/china-merchants-commercial-reit" target="_blank" data-smartkarma-citation="entities:28290:1" rel="noopener">CMC Reit (CMCREIT HK)</a> is a REIT formed to primarily own and invest in high quality income-generating commercial properties in China. CMC has launched its IPO with an indicative price range of HK$3.42-4.00 per unit.</p><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/china-merchants-commercial-reit-ipo-initiation-the-reit-idea" target="_blank" rel="noopener">our initiation note</a>, we noted that CMC offers an attractive value proposition for investors willing to invest in a niche segment of the Asian REIT sector. Our valuation analysis suggests that CMC is fairly valued at the minimum offer price. Consequently, we would participate at most at the minimum offer price of HK$3.42. </p></div>

CMC Reit (CMCREIT HK) is a REIT formed to primarily own and invest in high quality income-generating commercial properties in China. CMC has launched its IPO with an indicative price range of HK$3.42-4.00 per unit.In our initiation note, we noted that CMC offers an attractive value proposition for investors willing to invest in a niche segment of the Asian REIT sector. Our valuation analysis suggests that CMC is fairly valued at the minimum offer price. Consequently, we would participate at most at the minimum offer price of HK$3.42. 

Mapletree North Asia Commercial Trust (MAGIC SP)

Yuexiu Real Estate Investment Trust (405 HK)

China Merchants Commercial REIT IPO: Valuation AllREIT at the Low-End