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

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

<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.

China Logistics Property Holdings (1589 HK)

ESR Group

ESR Cayman IPO Valuation: A Full Price