Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/contemporary-amperex-techn-a" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">CATL (A) (300750 CH)</a> , <a href="https://www.smartkarma.com/entities/kimberly-clark-corp" target="_blank" data-smartkarma-citation="entities:2292:1" rel="noopener">Kimberly Clark (KMB US)</a> and <a href="https://www.smartkarma.com/entities/blackberry-ltd" target="_blank" data-smartkarma-citation="entities:25472:1" rel="noopener">BlackBerry Ltd (BB CN)</a> </li>
<li>For the twenty-one weeks since inception ended 14 April the combined innovation portfolio was +3.6%, versus DJIA +0.4%, S&amp;P500 +4.3%, Nasdaq +8.8%, Russell2000 -3.7%, MSCI-ACWI-ETF +6.2%, all in US$ terms</li>
<li>For the same period the small cap innovation portfolio was up +5.9%, the mid cap portfolio was up +4.4% and the large cap portfolio was up +3.4%</li>
</ul>


The three companies we write about this week are CATL (A) (300750 CH) , Kimberly Clark (KMB US) and BlackBerry Ltd (BB CN) 
For the twenty-one weeks since inception ended 14 April the combined innovation portfolio was +3.6%, versus DJIA +0.4%, S&amp;P500 +4.3%, Nasdaq +8.8%, Russell2000 -3.7%, MSCI-ACWI-ETF +6.2%, all in US$ terms
For the same period the small cap innovation portfolio was up +5.9%, the mid cap portfolio was up +4.4% and the large cap portfolio was up +3.4%


The Innovations Portfolios - Week Twenty One

SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

Equity Bottom-Up

<ul><li>In the ever-changing landscape of SPACs, a new trend has emerged that has got investors talking: Re-SPACs.</li><li>Last week, electric vehicle startup Arrival announced its intention to Re-SPAC with Kensington Capital Acquisition Corp. V, signifying a growing interest among De-SPAC companies in exploring alternative capital-raising strategies.</li><li>Traditionally, SPACs have been a popular vehicle for ushering businesses into the public markets.</li></ul>

In the ever-changing landscape of SPACs, a new trend has emerged that has got investors talking: Re-SPACs.Last week, electric vehicle startup Arrival announced its intention to Re-SPAC with Kensington Capital Acquisition Corp. V, signifying a growing interest among De-SPAC companies in exploring alternative capital-raising strategies.Traditionally, SPACs have been a popular vehicle for ushering businesses into the public markets.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Last week, <a href="https://www.smartkarma.com/entities/mincor-resources-nl" target="_blank" data-smartkarma-citation="entities:6731:1" rel="noopener">Mincor Resources NL (MCR AU)</a> said <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a> would <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02649202-6A1143054?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">not agree to amend off-take agreement specifications</a>, and therefore would no longer accept lower-quality ore.</li>
<li>Mincor subsequently withdrew its earnings guidance, and Wyloo Metals shortly followed by declaring its A$1.40/share unconditional on-market Offer <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02650576-6A1143658?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">best and final</a>.</li>
<li>This morning (4 April), Mincor released its <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02651163-6A1143881?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">Target Statement</a>, and recommends shareholders accept the Offer from Wyloo.</li>
</ul>


Last week, Mincor Resources NL (MCR AU) said BHP Group Ltd (BHP AU) would not agree to amend off-take agreement specifications, and therefore would no longer accept lower-quality ore.
Mincor subsequently withdrew its earnings guidance, and Wyloo Metals shortly followed by declaring its A$1.40/share unconditional on-market Offer best and final.
This morning (4 April), Mincor released its Target Statement, and recommends shareholders accept the Offer from Wyloo.


Mincor Backs Wyloo's Offer After BHP Offtake Uncertainties

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Svcs (TCS IN)</a> , <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a> and <a href="https://www.smartkarma.com/entities/cj-cheiljedang-corp" target="_blank" data-smartkarma-citation="entities:1970:1" rel="noopener">CJ Cheiljedang (097950 KS)</a>   </li>
<li>For the nineteen weeks since inception ended 31 March the combined innovation portfolio was +2.4%, versus DJIA -1.4%, S&amp;P500 +3.6%, Nasdaq +9.7%, Russell2000 -2.6%, MSCI-ACWI-ETF +4.9%, all in US$ terms</li>
<li>For the nineteen since inception ended 31 March the small cap portfolio was up 8.0%, the mid cap portfolio was up 3.2% and the large cap portfolio was up 2.1%</li>
</ul>


The three companies we write about this week are Tata Consultancy Svcs (TCS IN) , LG Chem Ltd (051910 KS) and CJ Cheiljedang (097950 KS)   
For the nineteen weeks since inception ended 31 March the combined innovation portfolio was +2.4%, versus DJIA -1.4%, S&amp;P500 +3.6%, Nasdaq +9.7%, Russell2000 -2.6%, MSCI-ACWI-ETF +4.9%, all in US$ terms
For the nineteen since inception ended 31 March the small cap portfolio was up 8.0%, the mid cap portfolio was up 3.2% and the large cap portfolio was up 2.1%


The Innovations Portfolios - Week Nineteen

Research Firm with a Qualitative Overlay, Pearl Gray Equity and Research

Pearl Gray Equity and Research

Research Firm with a Qualitative Overlay

Quantitative fund & research firm with a qualitative overlay. 

Our coverage: General U.S. with a skew towards the primary sector. 

Methods: Smart Beta/Factor Pricing, Neural Networks, Street Gossip, and Common Sense.

<ul>
<li>The company's financial statements reveal a few critical concerns relating to a receivables build-up, increasing credit allowances, and high short-term borrowing.</li>
<li>The firm's misfortunes were due to non-core events such as impairments, marketable security losses, and abnormal inflation.</li>
<li>The economy is on a knife's edge, and cyclical stocks such as Ford Motor Company (NYSE:F) look like 50:50 bets.</li>
</ul>


The company's financial statements reveal a few critical concerns relating to a receivables build-up, increasing credit allowances, and high short-term borrowing.
The firm's misfortunes were due to non-core events such as impairments, marketable security losses, and abnormal inflation.
The economy is on a knife's edge, and cyclical stocks such as Ford Motor Company (NYSE:F) look like 50:50 bets.


United States

Stellantis NV manufactures and markets automobiles and commercial vehicles. The Company also produces metallurgical products and production systems for the automobile industry, as well as owns publishing and insurance companies. Stellantis serves customers worldwide.

General Motors Co. manufactures and markets new cars and trucks. The Company offers features for special needs drivers, OnStar vehicle protection, service, parts, accessories, maintenance, XM satellite radio, features for commercial owners, and more. General Motors offers its vehicles and services worldwide.

Harley-Davidson, Inc. designs, manufactures, and sells motorcycles.  The Company's products include heavyweight touring, custom, and performance motorcycles, as well as a line of motorcycle parts, accessories, and general merchandise.  Harley-Davidson also provides motorcycle floor planning and parts and accessories financing to its North American and European dealers.

Thor Industries, Inc. produces and sells a wide range of recreation vehicles.  The Company markets its products through independent dealers located throughout the United States and Canada.  Thor's products are sold under the Airstream Classic, Dutchmen, Skamper, Infinity, Four Winds, Citation, Signature, and other names.

Winnebago Industries, Inc. manufactures motor homes that are self-contained recreation vehicles used primarily in leisure travel and outdoor recreation activities.  The Company's motor homes are sold through dealer organizations under the Winnebago, Itasca, Rialta, and Ultimate brand names. Winnebago also manufactures extruded aluminum, commercial vehicles, and components.

Johnson Controls, Inc. markets automotive systems and building controls.  The Company supplies seating systems, interior systems, and batteries.  Johnson Controls also provides building control systems and services, energy management, and integrated facility management, as well as provides batteries for automobiles and hybrid electric vehicles.

Aptiv PLC manufactures vehicle components. The Company produces electronic safety for automobile and commercial vehicle manufacturers. Aptiv supplies original equipment manufacturers throughout the world.

Modine Manufacturing Company manufactures heat-transfer and heat-storage technology products.  The Company develops, manufactures, and markets heat exchangers and systems for use in various original equipment manufacturer applications and for sale to the automotive aftermarket and to a wide array of building markets.

Gentex Corporation designs, manufactures, and markets products that use electro-optic technology.  The Company's product lines include automatic-dimming rearview mirrors and fire protection products.  Gentex's Night Vision Safety Mirror automatically darkens to the degree required to eliminate rearview headlight glare.  The Company sells its products around the world.

Lear Corporation manufactures automobile parts.  The Company produces seating systems; wiring harnesses; terminals; connectors; junction boxes; body control electronics; wireless products; and audio systems.

PT Astra International Tbk assembles and distributes automobiles, motorcycles, and their related spare parts.  Through its subsidiaries, the Company also operates in the mining, development of plantations, financial and information technology.

NISSAN MOTOR CO., LTD. manufactures and distributes automobiles and related parts. It also provides financing services. Nissan delivers a comprehensive range of products under various brands. The Company manufactures in Japan, the United States, Mexico, the United Kingdom and many other countries.

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

Honda Motor Co., Ltd. develops, manufactures, and distributes motorcycles, automobiles, and power products such as generators and farm machinery. The Company also operates a financial credit business. Honda Motor has manufacturing facilities in the US, Canada, the UK, France, Italy, Spain, Brazil, Mexico, India, and Thailand.

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

Kia Corporation manufactures, sells, and exports passenger cars, mini-buses, trucks and commercial vehicles. The Company also manufactures auto-parts and tools using hybrid electric and fuel cell technology. Kia markets its products worldwide.

Tata Motors Limited manufactures cars and commercial automotive vehicles in India. The Company designs, manufactures and sells heavy commercial, medium commercial and small commercial vehicles including trucks, tankers, vans, buses, ambulances and minibuses. Tata also manufactures small cars and sports utility vehicles.

Suzuki Motor Corporation manufactures automobiles, motorcycles, and their related parts. The Company has production facilities in USA, Japan, Taiwan, India, Pakistan, Indonesia, Thailand, and Hungary.

Maruti Suzuki India Limited manufactures and exports automobiles. Maruti collaborated with Suzuki of Japan to produce affordable cars for the average Indian.

Ford Motor Company designs, manufactures, and services cars and trucks.  The Company also provides vehicle-related financing, leasing, and insurance through its subsidiary.

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Ford Motor Co (F US)

The Innovations Portfolios - Week Twenty One

For the twenty-one weeks since inception ended 14 April the innovation small cap portfolio was up 5.9%, mid cap portfolio was up 4.4% and the large...

Pyari Menon

Riding the Re-SPAC Wave

Last week, electric vehicle startup Arrival announced its intention to Re-SPAC with Kensington Capital Acquisition Corp. V, signifying a growing...

subSPAC

Mincor Backs Wyloo's Offer After BHP Offtake Uncertainties

Wyloo's broker will be standing in the market at $1.40. Only buy above terms on the expectation of a competing Offer. Yet with Wyoloo holding 23%+,...

David Blennerhassett

The Innovations Portfolios - Week Nineteen

For the nineteen since inception ended 31 March the innovation small cap portfolio was up 8.0%, the innovation mid cap portfolio was up 3.2% and...

Pyari Menon

Ford Stock - Risk Factors To Consider

The company's financial statements reveal a few critical concerns relating to a receivables build-up, increasing credit allowances, and high short...

Pearl Gray Equity and Research

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