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EUR 91.05
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Jinmao Property Services is a property management and city operation service provider in China.
Jinmao Property Services is the smallest amongst peers in terms of revenue, and will be amongst the smallest in terms of mcap as well. At listing, it is asking for a steep premium and 82% of the total deal size has already been taken up by cornerstones, not leaving a whole lot for other investors. Were it to trade towards its peer average’s P/E multiples, it implies a 56.3-59.7% downside potential on the FY22E front, and a 64.6-67.3% downside potential on the FY23E front.
In this note, we will look at deal dynamics, assumptions, and share our thoughts on valuation.
Our previous coverage of the IPO:
Jinmao Property Development Pre-IPO Tearsheet
Jinmao Property Services Pre-IPO - Stronger operating metrics aided growth
Jinmao Property Services IPO
Jinmao Property Services is looking to raise around US$105m in its Hong Kong IPO.Jinmao Property Services is a property management and city operation service provider in China.
Jinmao Property Services is the smallest amongst peers in terms of revenue, and will be amongst the smallest in terms of mcap as well. At listing, it is asking for a steep premium and 82% of the total deal size has already been taken up by cornerstones, not leaving a whole lot for other investors. Were it to trade towards its peer average’s P/E multiples, it implies a 56.3-59.7% downside potential on the FY22E front, and a 64.6-67.3% downside potential on the FY23E front.
In this note, we will look at deal dynamics, assumptions, and share our thoughts on valuation.
Our previous coverage of the IPO:
Jinmao Property Development Pre-IPO Tearsheet
Jinmao Property Services Pre-IPO - Stronger operating metrics aided growth
Underlying
Jinmao Property Services
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.
Clarence Chu
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