Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

Baillie Gifford China Growth Trust PLC / Equity Bottom-Up

Baillie Gifford China Growth Trust PLC is a closed-end fund incorporated in the United Kingdom. The aim of the Fund is to maximise returns for shareholders primarily through growth in capital by investing in the Asia Pacific region.

Baillie Gifford China Growth Trust PLC (BGCG LN)

<p>Baillie Gifford China Growth Trust (BGCG) focuses on innovative, growing Chinese companies with exposure to the massive opportunities generated by China’s vast market, its positive long-term economic outlook and its transition to a more diversified, innovation-led growth model. BGCG’s performance has lagged the declining market over recent years, despite the strong operational performance of most of its portfolio holdings. But the Chinese New Year heralded an improvement in market sentiment and, in recent months, BGCG has made outright gains and outperformed the market. In the three months to end-June 2024, the trust returned 3.3% in NAV terms, compared to a benchmark return of 0.4%. Its managers are cautiously optimistic about the prospects for the economy and the trust, and they have been taking advantage of still low valuations to enhance exposure to China’s best high-growth companies across a range of industries.</p>

Baillie Gifford China Growth Trust (BGCG) focuses on innovative, growing Chinese companies with exposure to the massive opportunities generated by China’s vast market, its positive long-term economic outlook and its transition to a more diversified, innovation-led growth model. BGCG’s performance has lagged the declining market over recent years, despite the strong operational performance of most of its portfolio holdings. But the Chinese New Year heralded an improvement in market sentiment and, in recent months, BGCG has made outright gains and outperformed the market. In the three months to end-June 2024, the trust returned 3.3% in NAV terms, compared to a benchmark return of 0.4%. Its managers are cautiously optimistic about the prospects for the economy and the trust, and they have been taking advantage of still low valuations to enhance exposure to China’s best high-growth companies across a range of industries.

Baillie Gifford China Growth Trust  - Economic transition driving growth opportunities

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Rentokil Initial plc provides fully integrated facilities management and essential support services to government and commercial sector organisations of all sizes across all business sectors. The Company provides services in pest control, hygiene, workwear, facilities and plants.

<ul>
<li>According to The Sunday Times, Philip Jansen is reportedly planning a takeover bid for <a href="https://www.smartkarma.com/entities/rentokil-initial-plc" target="_blank" data-smartkarma-citation="entities:22125:1" rel="noopener">Rentokil Initial (RTO LN)</a>, a FTSE 100 pest control company, with private equity backing.</li>
<li>Jansen plans to boost Rentokil’s US performance and enhance its integration with Terminix, with the potential to market consolidation. Closest comparable Rollins trades at 33.7x EV/NTM EBIT vs. Rentokil's 15.7x.</li>
<li>As a global leader in pest control and hygiene services, Rentokil boasts a strong market position and brand recognition. Rentokil will report its H1 results on 25 July. Long.</li>
</ul>


According to The Sunday Times, Philip Jansen is reportedly planning a takeover bid for Rentokil Initial (RTO LN), a FTSE 100 pest control company, with private equity backing.
Jansen plans to boost Rentokil’s US performance and enhance its integration with Terminix, with the potential to market consolidation. Closest comparable Rollins trades at 33.7x EV/NTM EBIT vs. Rentokil's 15.7x.
As a global leader in pest control and hygiene services, Rentokil boasts a strong market position and brand recognition. Rentokil will report its H1 results on 25 July. Long.


India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>FM Nirmala Sitharaman prepares to unveil the Union Budget for the fiscal year 2024-25 on July 23rd.</li>
<li>Movement of Sensex and Nifty around the Budget day and post that.</li>
<li>What sectors performed best and worst during the last 10 budget days?</li>
</ul>


FM Nirmala Sitharaman prepares to unveil the Union Budget for the fiscal year 2024-25 on July 23rd.
Movement of Sensex and Nifty around the Budget day and post that.
What sectors performed best and worst during the last 10 budget days?


Mapping Indian Market Performance Around Past 10 Budgets

Founder & Managing Director, AIR Control Tower, AIR Control Tower

Neil Glynn

Founder & Managing Director, AIR Control Tower

AIR Control Tower

AIR Control Tower is an independent research and analysis platform. Its mission is to provide impactful insight and analysis across the global airline industry at a company and market level via detailed financial models to aid decision making for key stake holders at a time when risks have seldom, if ever, been higher and the global sector grapples with the imperative of funding de-carbonisation. Unique analysis forecasting global carrier-level earnings/cash flows, and restructuring/de-leveraging prospects, is designed to dynamically assess the health of the industry, predict surprises and identify potential requirements for third party support.

Insights on the global airline industry

Ryanair Holdings plc provides low fare passenger airline services to destinations in Europe.

<ul>
<li>Ryanair issued a stark warning on summer pricing today with 1Q25 results and we cut our FY25 net income 31% accordingly.</li>
<li>Our forecasts represent a re-set of unitary economics to pre-pandemic levels and it is difficult to plot improvement unless consolidation benefits or winter surgery help FY26.</li>
<li>Ryanair's cost advantage has widened markedly against peers, justifying a strategy of continued market share focus as competitors face greater challenges.</li>
</ul>


Ryanair issued a stark warning on summer pricing today with 1Q25 results and we cut our FY25 net income 31% accordingly.
Our forecasts represent a re-set of unitary economics to pre-pandemic levels and it is difficult to plot improvement unless consolidation benefits or winter surgery help FY26.
Ryanair's cost advantage has widened markedly against peers, justifying a strategy of continued market share focus as competitors face greater challenges.


Ryanair – FY25 Weakness Suggests a “normalization” and Prompts Structural Industry Questions

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>Welcome to the “Week at a Glance,” where we examine the key releases and themes for the week ahead through the lens of macro trading.</li><li>China has reduced the 7-day repo rate by 10 basis points, following up with a cut in the loan prime rate.</li><li>This move mirrors the strategy from June 13, 2023.</li></ul>

Welcome to the “Week at a Glance,” where we examine the key releases and themes for the week ahead through the lens of macro trading.China has reduced the 7-day repo rate by 10 basis points, following up with a cut in the loan prime rate.This move mirrors the strategy from June 13, 2023.

The Week At Glance: A look at US Cycle indicators. You sure consensus is right?