European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Since mid-December, spreads have shown a mixed performance across our liquid universe (9 have widened, 9 tightened, 1 at same level).</li>
<li>Trade recommendations long ords / short prefs: Fuchs Petrolub, Henkel, Handelsbanken, SSAB Svenska Stal.</li>
<li>Trade recommendations long prefs / short ords: Sixt, VW, Danieli, MFE-Media for Europe, Grifols, Atlas Copco, Ericsson.</li>
</ul>


Since mid-December, spreads have shown a mixed performance across our liquid universe (9 have widened, 9 tightened, 1 at same level).
Trade recommendations long ords / short prefs: Fuchs Petrolub, Henkel, Handelsbanken, SSAB Svenska Stal.
Trade recommendations long prefs / short ords: Sixt, VW, Danieli, MFE-Media for Europe, Grifols, Atlas Copco, Ericsson.


Liquid Universe of European Ordinary and Preferred Shares: January ‘23 Report

<ul>
<li>Since mid-November, spreads have shown a mixed performance across our liquid universe with a slight bias towards widening (10 have widened, 9 tightened).</li>
<li>Trade recommendations long ords / short prefs: Fuchs Petrolub, Henkel, Ericsson, Handelsbanken, SSAB Svenska Stal.</li>
<li>Trade recommendations long prefs / short ords: Sixt, VW, MFE-Media for Europe, Grifols, Atlas Copco.</li>
</ul>


Since mid-November, spreads have shown a mixed performance across our liquid universe with a slight bias towards widening (10 have widened, 9 tightened).
Trade recommendations long ords / short prefs: Fuchs Petrolub, Henkel, Ericsson, Handelsbanken, SSAB Svenska Stal.
Trade recommendations long prefs / short ords: Sixt, VW, MFE-Media for Europe, Grifols, Atlas Copco.


Liquid Universe of European Ordinary and Preferred Shares: December ‘22 Report

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vinfast" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">VinFast (1905332D VN)</a>  is looking to raise up to US$1bn in its upcoming US IPO.</li>
<li>VinFast is a full-scale mobility platform focused primarily on designing and manufacturing premium EVs, electric scooters and electric buses.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



VinFast (1905332D VN)  is looking to raise up to US$1bn in its upcoming US IPO.
VinFast is a full-scale mobility platform focused primarily on designing and manufacturing premium EVs, electric scooters and electric buses.
In this note, we talk about the not-so-positive aspects of the deal.


VinFast Auto Pre-IPO - The Negatives - ... But Starting Low

<ul>
<li>Since mid-September, spreads have shown a mixed performance across our liquid universe with a slight bias towards widening (10 have widened, 8 tightened, 1 at same level).</li>
<li>Trade recommendations long ords / short prefs: Fuchs Petrolub, Ericsson, Handelsbanken, SSAB Svenska Stal.</li>
<li>Trade recommendations long prefs / short ords: Sixt, VW, MFE-Media for Europe, Grifols, Atlas Copco.</li>
</ul>


Since mid-September, spreads have shown a mixed performance across our liquid universe with a slight bias towards widening (10 have widened, 8 tightened, 1 at same level).
Trade recommendations long ords / short prefs: Fuchs Petrolub, Ericsson, Handelsbanken, SSAB Svenska Stal.
Trade recommendations long prefs / short ords: Sixt, VW, MFE-Media for Europe, Grifols, Atlas Copco.


Liquid Universe of European Ordinary and Preferred Shares: November ‘22 Report

China Specialist, Auto and Industrial Specialist

Victoria Li

Equity Bottom-Up

Brilliance China Automotive / Equity Bottom-Up

<ul>
<li>No substantive progress is achieved on Brilliance Group’s bankruptcy restructuring so far.</li>
<li>Besides estimated max Rmb6 per share, or HKD6.5 per share special dividend 2022E, shareholders may get more cash dividends in the next few years</li>
<li>Our enterprise value analysis shows Brilliance China’s fair value could be as high as HHD21.9 per share, including estimated HKD6.5 per share special dividend 2022E.</li>
</ul>


No substantive progress is achieved on Brilliance Group’s bankruptcy restructuring so far.
Besides estimated max Rmb6 per share, or HKD6.5 per share special dividend 2022E, shareholders may get more cash dividends in the next few years
Our enterprise value analysis shows Brilliance China’s fair value could be as high as HHD21.9 per share, including estimated HKD6.5 per share special dividend 2022E.


Brilliance China: Parent Restructuring Overhang May Continue, but Dividends Itself Provide Upside

Germany

Bayerische Motoren Werke Aktiengesellschaft (BMW) manufactures and sells cars and motorcycles. The Company offers convertible sports cars, sedans, and touring motorcycles with large displacement engines. BMW serves customers worldwide.

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Bayerische Motoren Werke (BMW) (BMW GR)

Liquid Universe of European Ordinary and Preferred Shares: January ‘23 Report

Since mid-December, spreads have shown a mixed performance across our liquid universe (9 have widened, 9 tightened, 1 at same level).

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: December ‘22 Report

Since mid-November, spreads have shown a mixed performance across our liquid universe with a slight bias towards widening (10 have widened, 9...

Jesus Rodriguez Aguilar

VinFast Auto Pre-IPO - The Negatives - ... But Starting Low

VinFast is looking to raise up to US$1bn in its upcoming US IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Liquid Universe of European Ordinary and Preferred Shares: November ‘22 Report

Since mid-September, spreads have shown a mixed performance across our liquid universe with a slight bias towards widening (10 have widened, 8...

Jesus Rodriguez Aguilar

Brilliance China: Parent Restructuring Overhang May Continue, but Dividends Itself Provide Upside

No substantive progress is achieved on Brilliance Group’s bankruptcy restructuring so far. Besides estimated max HKD6.5 per share special dividend...

Victoria Li

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