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01821 ESR
RTNominal down8.380 -0.010 (-0.119%)
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09/12/2019 15:44

{I-bank focus}Goldman starts ESR Cayman (01821) at HK$20

[ET Net News Agency, 9 December 2019] Goldman Sachs initiated coverage on ESR Cayman
Ltd (01821) with an "overweight" rating and a target price of HK$20.5.
As a leading APAC logistics real estate platform, ESR is poised to benefit from secular
growth in e-commerce, the research house said. Given estimated e-commerce logistics market
revenues growth at 15% p.a. and limited available stock, Morgan sees scope for logistics
cap rates to close the 100-200bp gap with offices.
It believes ESR can continue scaling up its AUM (assets under management) by US$4-5bn
each year by attracting new and repeat capital providers for its managed funds. Morgan
forecast ESR's EBITDA will rise at a 30% CAGR for 2018-21. (KL)

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