ESR Group Ltd

01821: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$42.00	Wcprlqk	Xcwpqxg

ESR Group’s 2022 Earnings Hit by Foreign Currency Headwinds; FVE Reduced to HKD 24.50 per Share

Xinfu Lee

Mar 23, 2023

ESR Group’s 2022 profit of USD 574 million disappointed with currency headwinds shaving 14% off earnings. Our main concern for ESR is that the value of its assets under management, or AUM, have declined and growth is likely slower for the next year with our base-case view now looking for interest rates to remain high through much of 2023.

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