The Zhitong Finance App learned that Goldman Sachs released a research report stating that it maintained the ESR (01821) “buy” rating, but removed it from the list of convinced buyers due to the lack of a clear short-term catalyst. Based on last year's performance, management views and industry data, the earnings forecast per share for 2023-25 was lowered by 16%/13%/10%, the compound annual growth rate was 8%, the compound annual growth rate of dividends per share was 6%, and the target price was lowered from HK$29.3 to HK$21.5.

The bank said that during exchanges with ESR, management revealed that the current financing and operating environment has not changed much, and capital partners' demand for new economic assets is still improving. Considering ESR's business development in the Asia-Pacific region and its leading position in new economy assets, it is expected that the portfolio value can continue to be maintained; in addition, management believes that the stock price is seriously undervalued, and there is a hint that it will continue to be repurchased to boost the stock price. Furthermore, the e-commerce industry in regions where ESR assets are located has recently slowed, but rent growth in some markets has accelerated or maintained growth.