Excellence Commercial (卓越商企服务) IPO Trading - Peers Corrected but Still Has Decent Upside

Excellence Commercial Property (卓越商企服务) Pre-IPO - Diversifying Away from Excellence Group

E-Star Commercial Management Pre-IPO - Better Disclosure in New Prospectus

E-Star Commercial Management Pre-IPO - Still Largely Reliant on Galaxy, Poor Disclosure Doesn’t Help

APAC IPOs & Placements

Zhen Zhou, Toh

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Excellence Commercial Property & Facilities Management / Equity Capital Markets

Excellence Commercial Property & Facilities Management (6989 HK)

Excellence Commercial Property & Facilities Management

<a href="https://www.smartkarma.com/entities/excellence-commercial-property-facilities-management" target="_blank" data-smartkarma-citation="entities:29249:1" rel="noopener">Excellence Commercial Property (1611267D CH)</a> (ECP) is looking to raise up to US$413m in its Hong Kong IPO.ECP is a commercial property management service provider focused on the Greater Bay Area, although it does have a national presence. As of December 2019, ECP had 308 projects under management in 27 cities with a total GFA of 23.5m sqm. Out of the 308, 101 projects with GFA of 11.4m sqm are located in the Greater Bay Area.In this note, we will look at peer comparison, updated financials, assumptions, and share our thoughts on valuation.Our previous coverage of the IPO<ul><li dir="ltr"><a href="https://www.smartkarma.com/insights/excellence-commercial-property-pre-ipo-diversifying-away-from-excellence-group" target="_blank" data-smartkarma-citation="insights:42595" rel="noopener">Excellence Commercial Property (卓越商企服务) Pre-IPO - Diversifying Away from Excellence Group</a> </li></ul>

Excellence Commercial Property (1611267D CH) (ECP) is looking to raise up to US$413m in its Hong Kong IPO.ECP is a commercial property management service provider focused on the Greater Bay Area, although it does have a national presence. As of December 2019, ECP had 308 projects under management in 27 cities with a total GFA of 23.5m sqm. Out of the 308, 101 projects with GFA of 11.4m sqm are located in the Greater Bay Area.In this note, we will look at peer comparison, updated financials, assumptions, and share our thoughts on valuation.Our previous coverage of the IPOExcellence Commercial Property (卓越商企服务) Pre-IPO - Diversifying Away from Excellence Group 

Excellence Commercial Property (卓越商企服务) IPO - Updated Financials, Peer Comparison, and Valuation