Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

Global Multi-Asset Investment Strategist

Build Well-Diversified Multi-Asset Portfolios

True Insights

Our research helps investors build well-diversified multi-asset portfolios and profit from market developments. In addition, our unique and proven Macro – Sentiment – Valuation (MSV) investment framework ensures a consistent flow of new investment opportunities. Together with our market views, these opportunities will be reflected in our live ETF-based Global Multi-Asset Portfolios.

Cross Asset Strategy

<ul>
<li>This week, the approval of a spot Bitcoin ETF took another leap forward. And a poll among investors reveals that this will be a game-changer. </li>
<li>Equities tumbled again, and earnings are to blame. Google is down hard as the ‘Magnificent 7’ delivered mixed earnings, nowhere near good enough, given they are priced for perfection! </li>
<li>And that’s not all. The spike in real yields suggests a whopping decline of 25%(!) of the P/E ratio of the S&amp;P 500 Index.</li>
</ul>


This week, the approval of a spot Bitcoin ETF took another leap forward. And a poll among investors reveals that this will be a game-changer. 
Equities tumbled again, and earnings are to blame. Google is down hard as the ‘Magnificent 7’ delivered mixed earnings, nowhere near good enough, given they are priced for perfection! 
And that’s not all. The spike in real yields suggests a whopping decline of 25%(!) of the P/E ratio of the S&amp;P 500 Index.


The Weekly Market Monitor – Reality Check!

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

Kokusai Electric  / Equity Capital Markets

<ul>
<li>KKR raised around US$730m via selling a stake in <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric's (6525 JP)</a> (KE) Japan IPO.</li>
<li>KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.</li>
<li>In our previous notes we have looked at the company’s past performance, undertaken a peer comparison and looked at valuations. In this note, we talk about the trading dynamics.</li>
</ul>


KKR raised around US$730m via selling a stake in Kokusai Electric's (6525 JP) (KE) Japan IPO.
KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.
In our previous notes we have looked at the company’s past performance, undertaken a peer comparison and looked at valuations. In this note, we talk about the trading dynamics.


Kokusai Electric IPO Trading - Decent Demand, Now for the Real Test

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Since our downgrade report on 14 Aug, we have seen a continuous decline on Innolight’s share price by more than 23%.</li><li>Our current view on the stock is becoming increasingly favourable, driven by: 1) continuous strong momentum observed in building up AI infrastructure globally; and 2) quick uptake seen in downstream application market (e.g., AI-powered Ads adopted by Meta, Google and Amazon, GitHub copilot by Microsoft).</li><li>In addition, companies within the AI hardware value chain start to report strong earnings. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Since our downgrade report on 14 Aug, we have seen a continuous decline on Innolight’s share price by more than 23%.Our current view on the stock is becoming increasingly favourable, driven by: 1) continuous strong momentum observed in building up AI infrastructure globally; and 2) quick uptake seen in downstream application market (e.g., AI-powered Ads adopted by Meta, Google and Amazon, GitHub copilot by Microsoft).In addition, companies within the AI hardware value chain start to report strong earnings. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Innolight (300308 CH) – Expect Higher Contribution from AI Revenue in 3Q

Cainiao Smart Logistics Network / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cainiao-smart-logistics-network-ltd" target="_blank" data-smartkarma-citation="entities:36859:1" rel="noopener">Cainiao Smart Logistics</a>, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding</a>’s logistics linked arm, is planning to raise at least US$1bn in its Hong Kong IPO.</li>
<li>Cainiao is the largest provider of cross-border e-commerce logistics services globally and a leader in China logistics services, according to CIC.</li>
<li>In our previous note we looked at the company’s past performance and undertook a peer comparison. In this note, we will talk about valuations.</li>
</ul>



Cainiao Smart Logistics, Alibaba Group Holding’s logistics linked arm, is planning to raise at least US$1bn in its Hong Kong IPO.
Cainiao is the largest provider of cross-border e-commerce logistics services globally and a leader in China logistics services, according to CIC.
In our previous note we looked at the company’s past performance and undertook a peer comparison. In this note, we will talk about valuations.


Cainiao Pre-IPO - Initial Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cainiao-smart-logistics-network-ltd" target="_blank" data-smartkarma-citation="entities:36859:1" rel="noopener">Cainiao Smart Logistics</a>, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a>’s logistics linked arm, is planning to raise at least US$1bn in its Hong Kong IPO.</li>
<li>Cainiao is the largest provider of cross-border e-commerce logistics services globally and a leader in China logistics services, according to CIC.</li>
<li>In our previous note we looked at the company’s past performance, in this note we will undertake a peer comparison.</li>
</ul>



Cainiao Smart Logistics, Alibaba (9988 HK)’s logistics linked arm, is planning to raise at least US$1bn in its Hong Kong IPO.
Cainiao is the largest provider of cross-border e-commerce logistics services globally and a leader in China logistics services, according to CIC.
In our previous note we looked at the company’s past performance, in this note we will undertake a peer comparison.


United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon.com Inc (AMZN US)

The Weekly Market Monitor – Reality Check!

When something is 'priced for perfection,' disappointment is inevitable. Just ask Google. By the way, a spot Bitcoin ETF is inevitable, too. This...

Jeroen Blokland

Kokusai Electric IPO Trading - Decent Demand, Now for the Real Test

KKR raised around US$730m via selling a stake in Kokusai Electric's (6525 JP) (KE) Japan IPO. In this note we talk about the trading dynamics.

Sumeet Singh

Innolight (300308 CH) – Expect Higher Contribution from AI Revenue in 3Q

Our current view on the stock is becoming increasingly favourable, driven by: 1) continuous strong momentum observed in building up AI...

CMB International

Cainiao Pre-IPO - Initial Thoughts on Valuation

Cainiao Smart Logistics, Alibaba Group Holding’s logistics linked arm, is planning to raise at least US$1bn in its Hong Kong IPO.

Sumeet Singh

Cainiao Pre-IPO - Peer Comparison

Cainiao Smart Logistics, Alibaba (9988 HK)’s logistics linked arm, is planning to raise at least US$1bn in its Hong Kong IPO.

Sumeet Singh

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