In an Aug 22 note, Lee has a four-star rating on the Hong Kong-listed stock against a five-tier scale, which represents that “appreciation beyond a fair risk-adjusted return is likely”. He has trimmed his fair value estimate to HK$13 ($2.18) from HK$15.80 previously.
Morningstar Equity Research analyst Xavier Lee has cut his fair value estimate for ESR Group by 18% following a “disappointing” 1HFY2024 ended June 30 with softer fee income growth.
The real asset manager posted on Aug 21 a loss of US$58 million ($75.84 million) for 1HFY2024, reversing from earnings of US$304 million in 1HFY2023.
