Specialising in Fintech - Research and Development, Kiitot

Tatja Karkkainen

Specialising in Fintech - Research and Development

Crypto

<ul>
<li>Solana blockchain is scalable and low cost to transact on which supports high volume decentralised transactions</li>
<li>Used widely in crypto exchange trading transactions</li>
<li>Decentralised finance might be a secondary aim to transaction efficiency</li>
</ul>


Solana blockchain is scalable and low cost to transact on which supports high volume decentralised transactions
Used widely in crypto exchange trading transactions
Decentralised finance might be a secondary aim to transaction efficiency


Solana (SOL), Attracts Banks Rather than the Fellow or Gal on the Street. Does This Matter?

<p>A play on community and less on decentralised finance technology as Shiba Inu coin utilises Ethereum network. But they have performed well. What keeps? Is this about bringing ideas from the community with "experiments"? </p>

A play on community and less on decentralised finance technology as Shiba Inu coin utilises Ethereum network. But they have performed well. What keeps? Is this about bringing ideas from the community with "experiments"? 

Shiba Inu (SHIB), "When Someone Tells You Who They Are, Believe Them"

<ul>
<li>Unifty (NIF) is a fully operational and no-coding needed NFT multi-utility platform for artists and collectors. </li>
<li>The Covid pandemic has pushed for digitalisation in the creative markets.</li>
<li>The proposition targets to solve the living artists’ challenge to exhibit and sell art but will Unifty be easy enough to use for wider adoption?</li>
</ul>


Unifty (NIF) is a fully operational and no-coding needed NFT multi-utility platform for artists and collectors. 
The Covid pandemic has pushed for digitalisation in the creative markets.
The proposition targets to solve the living artists’ challenge to exhibit and sell art but will Unifty be easy enough to use for wider adoption?


Unifty (NIF): Team's Work on Product Delivery and Then Marketing Shows on the Price Performance.

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

<p>ABCDE Sector Weekly provides market-moving insights and news for the rapidly transforming digital asset sector with a primary emphasis on their impact on related equities.  More importantly, we keep equity investors informed on how they can invest on the right side of change.   </p>

ABCDE Sector Weekly provides market-moving insights and news for the rapidly transforming digital asset sector with a primary emphasis on their impact on related equities.  More importantly, we keep equity investors informed on how they can invest on the right side of change.   

<h3>Stock Picks</h3>
<p><strong>Coinbase (COIN US) – Growing by leaps and bounds; Initiate with Buy, TP: US$302.62<br></strong>We initiate coverage of Coinbase Global (Coinbase) with a Buy rating and 12-month SOTP-derived target price of US$302.62. As one of the largest digital asset trading platforms with a broad suite of value-added services, we believe Coinbase will benefit from the expanding TAM of the cryptoeconomy, which will drive revenue and user growth. We see current valuations (17.2x 2022E P/E) as attractive relative to its robust growth profile and leading position in the digital asset industry.</p>
<p><strong>BC Tech Group (863 HK) – Pushing the envelope in institutional digital asset; Initiate with Buy; TP: HK$18.53<br></strong>We believe BCG’s shares offer investors exposure to the structural theme of rising institutional demand for digital assets trading and investment solutions. As one of the few publicly listed and licensed players in the digital asset exchange industry, we expect BCG to benefit from strong revenue growth and earnings breakeven in 2022E. We view current valuations (7.6x 2022E P/S) as attractive relative to its regional and global peers, given its robust revenue growth.</p>
<h3>Where we differ</h3>
<p>Sell-side research has been focused narrowly on margin compression and intensifying competition from other exchanges.  Our view is that focusing any discussion of licensed and regulatory compliant digital asset exchanges on commission and margin pressure is overly limiting. Instead, we urge equity investors to take a broader view. In other words, investing in pick and shovel plays will give investors exposure to the future potential of the digital asset phenomenon.</p>

Stock Picks
Coinbase (COIN US) – Growing by leaps and bounds; Initiate with Buy, TP: US$302.62 We initiate coverage of Coinbase Global (Coinbase) with a Buy rating and 12-month SOTP-derived target price of US$302.62. As one of the largest digital asset trading platforms with a broad suite of value-added services, we believe Coinbase will benefit from the expanding TAM of the cryptoeconomy, which will drive revenue and user growth. We see current valuations (17.2x 2022E P/E) as attractive relative to its robust growth profile and leading position in the digital asset industry.
BC Tech Group (863 HK) – Pushing the envelope in institutional digital asset; Initiate with Buy; TP: HK$18.53 We believe BCG’s shares offer investors exposure to the structural theme of rising institutional demand for digital assets trading and investment solutions. As one of the few publicly listed and licensed players in the digital asset exchange industry, we expect BCG to benefit from strong revenue growth and earnings breakeven in 2022E. We view current valuations (7.6x 2022E P/S) as attractive relative to its regional and global peers, given its robust revenue growth.
Where we differ
Sell-side research has been focused narrowly on margin compression and intensifying competition from other exchanges.  Our view is that focusing any discussion of licensed and regulatory compliant digital asset exchanges on commission and margin pressure is overly limiting. Instead, we urge equity investors to take a broader view. In other words, investing in pick and shovel plays will give investors exposure to the future potential of the digital asset phenomenon.

Corporate Access: BC Tech Group & Coinbase Coverage

United States

Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called "ether", which can be transferred between accounts and used to compensate participant nodes for computations performed. "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.

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Solana (SOL), Attracts Banks Rather than the Fellow or Gal on the Street. Does This Matter?

Solana returns show high correlation to the main crypto markets and are also notably higher. Let's try to explain this with a look at solana...

Tatja Karkkainen

Shiba Inu (SHIB), "When Someone Tells You Who They Are, Believe Them"

Not an exactly decentralised finance play, but more a decentralised decision making play. How much would you be happy to pay for a new economic...

Tatja Karkkainen

Unifty (NIF): Team's Work on Product Delivery and Then Marketing Shows on the Price Performance.

When crypto asset technology is delivered, it exhibits price performance behaviour as in this Unifty multi-chain platform example.

Tatja Karkkainen

CTS Research: Digital Asset Thematic

Initiate COIN and BC Tech Group (863 HK) with Buy | Sign up for BC Tech Group NDR 20/8 | US infra bill passage; Poly Hack; Tencent NFT

Quam Securities

Corporate Access: BC Tech Group & Coinbase Coverage

We published a thematic sector report on Digital Asset Exchanges and initiated coverage on the Global Digital Exchange Sector with Buy ratings on...

Quam Securities

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