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Powerlong Commercial Management Holdings (PCMH) is a commercial operational service provider in China. As of Dec 31, 2018 it had 45 retail commercial properties under management, with an aggregate GFA of approximately 4.5m sqm. In addition, it had another 1.9m sqm of commercial property under management and another 10.2m sqm of residential property under management.
PCMH has reported rapid revenue growth, however, a large part of it has been driven by an increase in fees rather than winning new projects. The fee increase in turn has been owing to its parent reverting to market rates, a trend that seems to be ending.
Powerlong Commercial Management Holdings IPO
Powerlong Commercial Management Holdings (PCMH) plans to raise up to US$193m in its Hong Kong listing. The company was established in 1993 and as a subsidiary of Powerlong Holdings, a Hong Kong listed commercial real estate developer.Powerlong Commercial Management Holdings (PCMH) is a commercial operational service provider in China. As of Dec 31, 2018 it had 45 retail commercial properties under management, with an aggregate GFA of approximately 4.5m sqm. In addition, it had another 1.9m sqm of commercial property under management and another 10.2m sqm of residential property under management.
PCMH has reported rapid revenue growth, however, a large part of it has been driven by an increase in fees rather than winning new projects. The fee increase in turn has been owing to its parent reverting to market rates, a trend that seems to be ending.
Underlying
Powerlong Real Estate Holdings Ltd
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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