Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Well-established digital payment platforms, such as Visa, are enjoying renewed interest from long-term investors.</li>
<li>In spite of certain narratives, rotation to value stocks has little to do with Visa's recent outperformance.</li>
<li>The impact of short-term headwinds will likely remain muted due to Visa's increased penetration in certain markets and new flow channels.</li>
</ul>


Well-established digital payment platforms, such as Visa, are enjoying renewed interest from long-term investors.
In spite of certain narratives, rotation to value stocks has little to do with Visa's recent outperformance.
The impact of short-term headwinds will likely remain muted due to Visa's increased penetration in certain markets and new flow channels.


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>ZIP announced that it would acquire Sezzle in an all-stock deal. It also announced its earnings and that it would raise A$149m (A$107m) from a placement.</li>
<li>We have also covered the Oct 2020 placements in our earlier note, <a href="https://www.smartkarma.com/insights/zip-placement-sorry-it-s-not-you-it-s-me" target="_blank" data-smartkarma-citation="insights:44380" rel="noopener">Zip Placement - Sorry, It's Not You. It's Me</a>. </li>
<li>In this note we will talk about the recent developments and run the deal through our ECM framework.</li>
</ul>


ZIP announced that it would acquire Sezzle in an all-stock deal. It also announced its earnings and that it would raise A$149m (A$107m) from a placement.
We have also covered the Oct 2020 placements in our earlier note, Zip Placement - Sorry, It's Not You. It's Me. 
In this note we will talk about the recent developments and run the deal through our ECM framework.


ZIP Acquisition and Unlinked Placement - Too Many Things at Once

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Despite the reduction in global travel on account of the spread of the Omicron variant creating uncertainty in the last quarter, Visa's financial performance was good.</li><li>Its net revenues increased by 24% year-over-year with increased volumes, transactions, and credentials driving the company's financial performance.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Despite the reduction in global travel on account of the spread of the Omicron variant creating uncertainty in the last quarter, Visa's financial performance was good.Its net revenues increased by 24% year-over-year with increased volumes, transactions, and credentials driving the company's financial performance.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Visa Inc.: Financial & Price Forecasts, DCF Valuation, ESG & Other Risks 02/22

<ul><li>Despite economic uncertainties and the lingering effects of the pandemic, Visa delivered strong results in the recent quarter and throughout fiscal 2021.</li><li>Apparently, BIM's 400,000+ business customers will be able to make B2B payments via Visa Direct and Visa virtual cards starting this quarter.</li><li>The company was an early mover in crypto and has around 60 crypto platform partners with the capability to issue Visa credentials.</li></ul>

Despite economic uncertainties and the lingering effects of the pandemic, Visa delivered strong results in the recent quarter and throughout fiscal 2021.Apparently, BIM's 400,000+ business customers will be able to make B2B payments via Visa Direct and Visa virtual cards starting this quarter.The company was an early mover in crypto and has around 60 crypto platform partners with the capability to issue Visa credentials.

Visa Inc: Benefitting From Being An Early Mover In Crypto (12/2021)

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<ul>
<li>As US Technology weights reach record highs in Global Equity portfolios, we analyse 5 stocks that are in focus for active Global managers.</li>
<li>
<a href="https://www.smartkarma.com/entities/microsoft-corp" target="_blank" data-smartkarma-citation="entities:15273:1" rel="noopener">Microsoft Corp (MSFT US)</a> is the most widely held stock though ownership increases have stalled. <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple Inc (AAPL US)</a> is the key underweight and consistently under-owned by managers.</li>
<li>
<a href="https://www.smartkarma.com/entities/visa-inc-class-a-shares" target="_blank" data-smartkarma-citation="entities:8707:1" rel="noopener">Visa (V US)</a> positive momentum has reversed while <a href="https://www.smartkarma.com/entities/adobe-systems-inc" target="_blank" data-smartkarma-citation="entities:8357:1" rel="noopener">Adobe Systems (ADBE US)</a> is the new darling of US Tech. <a href="https://www.smartkarma.com/entities/oracle-corp" target="_blank" data-smartkarma-citation="entities:1065:1" rel="noopener">Oracle Corp (ORCL US)</a> is losing investors at a consistent rate.</li>
</ul>


As US Technology weights reach record highs in Global Equity portfolios, we analyse 5 stocks that are in focus for active Global managers.

Microsoft Corp (MSFT US) is the most widely held stock though ownership increases have stalled. Apple Inc (AAPL US) is the key underweight and consistently under-owned by managers.

Visa (V US) positive momentum has reversed while Adobe Systems (ADBE US) is the new darling of US Tech. Oracle Corp (ORCL US) is losing investors at a consistent rate.


5 US Tech Stocks that Matter to Global Investors

United States

Visa Inc. operates a retail electronic payments network and manages global financial services.  The Company also offers global commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses and government entities.

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Visa (V US)

Visa: Don't Mind The Disruptors

Well-established digital payment platforms, such as Visa, are enjoying renewed interest from long-term investors. In spite of certain narratives,...

Vladimir Dimitrov, CFA

ZIP Acquisition and Unlinked Placement - Too Many Things at Once

ZIP announced that it would acquire Sezzle in an all-stock deal. It also announced its earnings and that it would raise A$149m (A$107m) from a...

Sumeet Singh

Visa Inc.: Financial & Price Forecasts, DCF Valuation, ESG & Other Risks 02/22

Despite the reduction in global travel on account of the spread of the Omicron variant creating uncertainty in the last quarter, Visa's financial...

Baptista Research

Visa Inc: Benefitting From Being An Early Mover In Crypto (12/2021)

Despite economic uncertainties and the lingering effects of the pandemic, Visa delivered strong results in the recent quarter and throughout...

Baptista Research

5 US Tech Stocks that Matter to Global Investors

As US Technology weights reach record highs in Global Equity portfolios, we analyse 5 stocks that are in focus for active Global managers.

Steven Holden

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