Report
Aequitas Research
Zhen Zhou Toh
EUR 85.43 For Business Accounts Only

Poly Property Development (保利物业发展) IPO - Good cornerstone with some upside from the low-end

Poly Property Development (6049 HK) (POLY) is looking to raise up to US$598m in its Hong Kong IPO.

We have previously covered the IPO in Poly Property Development (保利物业发展) Pre-IPO - PHIP Updates, Peer Comparison, & Thoughts on Valuation and Poly Property Development (保利物业发展) IPO Early Thoughts - Well-Rounded Company.

Overall sentiment of property management services companies have been favorable. The company also managed to attract GIC and Hillhouse as cornerstone investors and they have a good track record over the past few years.

Based on our assumptions, POLY is offered at 22.1 - 25.3x FY2020E P/E compared to the peer average of 24.9x, implying an upside of 13% from the bottom end but a mere 1.2% downside from the top-end.
09/12/2019 6 EN
Underlying
Poly Property Group Co Ltd
Poly Property Group Co Ltd

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Provider
Aequitas Research
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.

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Analysts
Zhen Zhou Toh

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