IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

RL Commercial REIT / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/rl-commercial-reit" target="_blank" data-smartkarma-citation="entities:33809:1" rel="noopener">RL Commercial REIT (1888938D PM)</a>/RLC REIT is the REIT platform of <a href="https://www.smartkarma.com/entities/robinsons-land-corp" target="_blank" data-smartkarma-citation="entities:8831:1" rel="noopener">Robinsons Land Co (RLC PM)</a>, one of the leading property developers in the Philippines. RLC REIT has opened its books for an IPO in the Philippines to raise PHP24.4 billion ($483 million) through a secondary offering of 3.3 billion units (33.6% of outstanding units) at a maximum price of PHP7.31 per unit. The bookbuilding period will end on 20 August with pricing is set for 20 August. The official subscription period will run from 25 August to 3 September. </p><p>RLC REIT’s portfolio consists of 14 commercial real estate assets across the Philippines with an aggregate Portfolio GLA of 425,315 sqm and an appraised value of PHP73,884 million ($1,522 million).</p><p>RLC REIT’s IPO will the third REIT listing on the PSE after <a href="https://www.smartkarma.com/entities/areit-ayalaland-reit" target="_blank" data-smartkarma-citation="entities:28856:1" rel="noopener">Areit (AyalaLand REIT) (AREIT PM)</a>, <a href="https://www.smartkarma.com/entities/ddmp-reit" target="_blank" data-smartkarma-citation="entities:32154:1" rel="noopener">DDMP REIT (DDMPR PM)</a> and <a href="https://www.smartkarma.com/entities/filinvest-reit" target="_blank" data-smartkarma-citation="entities:33764:1" rel="noopener">Filinvest REIT (FILRT PM)</a>. RLC REIT’s listing will be quickly followed by the IPO of <a href="https://www.smartkarma.com/entities/megaworld-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:33806:1" rel="noopener">Megaworld Real Estate Investment Trust (MREIT PM)</a> – <a href="https://www.smartkarma.com/insights/megaworld-reit-mreit-ipo-at-the-front-of-the-back-office" target="_blank" data-smartkarma-citation="insights:55851" rel="noopener">Megaworld REIT (MREIT) IPO: At the Front of the Back Office</a>.</p><div class="content-highlight"><p>On balance, we believe that RLC REIT has attractive characteristics and will be the largest REIT as measured by market cap, asset size, and geographical spread to be listed on the PSE. We will discuss valuation in our next note.</p></div>

RL Commercial REIT (1888938D PM)/RLC REIT is the REIT platform of Robinsons Land Co (RLC PM), one of the leading property developers in the Philippines. RLC REIT has opened its books for an IPO in the Philippines to raise PHP24.4 billion ($483 million) through a secondary offering of 3.3 billion units (33.6% of outstanding units) at a maximum price of PHP7.31 per unit. The bookbuilding period will end on 20 August with pricing is set for 20 August. The official subscription period will run from 25 August to 3 September. RLC REIT’s portfolio consists of 14 commercial real estate assets across the Philippines with an aggregate Portfolio GLA of 425,315 sqm and an appraised value of PHP73,884 million ($1,522 million).RLC REIT’s IPO will the third REIT listing on the PSE after Areit (AyalaLand REIT) (AREIT PM), DDMP REIT (DDMPR PM) and Filinvest REIT (FILRT PM). RLC REIT’s listing will be quickly followed by the IPO of Megaworld Real Estate Investment Trust (MREIT PM) – Megaworld REIT (MREIT) IPO: At the Front of the Back Office.On balance, we believe that RLC REIT has attractive characteristics and will be the largest REIT as measured by market cap, asset size, and geographical spread to be listed on the PSE. We will discuss valuation in our next note.

RL Commerical REIT IPO Initiation: A Big One

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Our weight of the evidence approach continues to lead us to our view that the market remains mixed-yet-constructive overall. We explain our outlook below. </p><p>The S&amp;P 500 remains bullish, progressing past our first target of 4350 and now on its way to our next target of 4400-4406. As long as 4257-4275 support holds, we expect to see 4400 followed by 4460. Should 4257 fail to hold, our next support levels to watch would be 4164 followed by 4120; we are constructive as long as 4120 holds.</p>

Our weight of the evidence approach continues to lead us to our view that the market remains mixed-yet-constructive overall. We explain our outlook below. The S&amp;P 500 remains bullish, progressing past our first target of 4350 and now on its way to our next target of 4400-4406. As long as 4257-4275 support holds, we expect to see 4400 followed by 4460. Should 4257 fail to hold, our next support levels to watch would be 4164 followed by 4120; we are constructive as long as 4120 holds.

U.S. Equity Strategy: SPX 4400 Target In Sight

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.

Accenture Plc Cl A / Equity Capital Markets

<ul><li>Accenture had another strong quarter with the revenues and earnings surpassing Wall Street expectations.</li><li>Cost cutting through the use of outsourcing IT operations to Accenture.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Accenture had another strong quarter with the revenues and earnings surpassing Wall Street expectations.Cost cutting through the use of outsourcing IT operations to Accenture.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Mindspace Business Parks REIT / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/mindspace-business-parks-reit" target="_blank" data-smartkarma-citation="entities:28818:1" rel="noopener">Mindspace Business Parks REIT (MBP IN)</a> owns an office portfolio located in four key office markets (Mumbai Region, Hyderabad, Pune and Chennai) of India. The portfolio has a total leasable area of 29.5 msf and is one of the largest Grade-A office portfolios in India, according to C&amp;W. It has filed for an IPO in India to raise Rs45 billion ($603 million) through a primary offer of Rs10 billion ($134 million) and a secondary offer of Rs35 billion ($469 million). Mindspace will be the second REIT listing in India after <a href="https://www.smartkarma.com/entities/embassy-office-parks-reit" target="_blank" data-smartkarma-citation="entities:27925:1" rel="noopener">Embassy Office Parks REIT (EOP IN)</a>. The IPO already received commitments worth Rs11.2 billion ($151 million) from strategic investors including GIC, affiliates of Fidelity Group, Capital Group and Fullerton Group. </p><div class="content-highlight"><p>Mindspace's portfolio consists of five integrated business parks and five independent offices. The total market value of the portfolio is Rs236,751 million as of 31 March 2020. On balance, we believe that Mindspace offers an attractive value proposition for investors willing to invest in a niche segment of the Asian REIT sector.</p></div>

Mindspace Business Parks REIT (MBP IN) owns an office portfolio located in four key office markets (Mumbai Region, Hyderabad, Pune and Chennai) of India. The portfolio has a total leasable area of 29.5 msf and is one of the largest Grade-A office portfolios in India, according to C&amp;W. It has filed for an IPO in India to raise Rs45 billion ($603 million) through a primary offer of Rs10 billion ($134 million) and a secondary offer of Rs35 billion ($469 million). Mindspace will be the second REIT listing in India after Embassy Office Parks REIT (EOP IN). The IPO already received commitments worth Rs11.2 billion ($151 million) from strategic investors including GIC, affiliates of Fidelity Group, Capital Group and Fullerton Group. Mindspace's portfolio consists of five integrated business parks and five independent offices. The total market value of the portfolio is Rs236,751 million as of 31 March 2020. On balance, we believe that Mindspace offers an attractive value proposition for investors willing to invest in a niche segment of the Asian REIT sector.

Mindspace Business Parks REIT IPO Initiation: Getting Back to Work

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Equity Bottom-Up

<p><strong>Summary: </strong>Medallia, a SaaS-based experience management software provider is a feature, not a platform. Its new CEO, Leslie Stretch, has embarked on an ambitious strategy reaccelerating stagnant growth through acquisitions and a new go to market strategy shifting the focus of customer acquisition from the enterprise to the mid-market. Intense competition in the mid-market from SAP and larger platform providers will pressure what was once robust unit economics, pushing out profitability as growth stagnates in the enterprise.</p><div><div><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div></div></div><div><p>The Insight is meant to be used by investors as a road map to evaluate <a href="https://www.smartkarma.com/entities/medallia-inc" target="_blank" data-smartkarma-citation="entities:28160:1" rel="noopener">Medallia Inc (MDLA US)'</a>s progress over the next few quarters. We start with a Best Working Thesis which reflects our initial conclusions from the case study. Key Questions positively answered would make us incrementally more bullish, while evidence of rising Thesis Threats may potentially puncture our view.</p></div>

Summary: Medallia, a SaaS-based experience management software provider is a feature, not a platform. Its new CEO, Leslie Stretch, has embarked on an ambitious strategy reaccelerating stagnant growth through acquisitions and a new go to market strategy shifting the focus of customer acquisition from the enterprise to the mid-market. Intense competition in the mid-market from SAP and larger platform providers will pressure what was once robust unit economics, pushing out profitability as growth stagnates in the enterprise.Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.The Insight is meant to be used by investors as a road map to evaluate Medallia Inc (MDLA US)'s progress over the next few quarters. We start with a Best Working Thesis which reflects our initial conclusions from the case study. Key Questions positively answered would make us incrementally more bullish, while evidence of rising Thesis Threats may potentially puncture our view.

Ireland

Accenture PLC provides management and technology consulting services and solutions.  The Company delivers a range of specialized capabilities and solutions to clients across all industries on a worldwide basis.  Accenture's network of businesses provides consulting, technology, outsourcing, and alliances.

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Accenture Plc Cl A (ACN US)

RL Commerical REIT IPO Initiation: A Big One

RLC REIT has opened its books for a PSE IPO to $483 million. It has attractive characteristics and will be the largest PSE-listed REIT in terms of...

Arun George

U.S. Equity Strategy: SPX 4400 Target In Sight

The S&P 500 remains bullish, progressing past our first target of 4350 and now on its way to our next target of 4400-4406. As long as 4257-4275...

Vermilion Research

Accenture plc - Invt Thesis

Accenture had another strong quarter with the revenues and earnings surpassing Wall Street expectations. Cost cutting through the use of...

Baptista Research

Mindspace Business Parks REIT IPO Initiation: Getting Back to Work

Mindspace Business Parks REIT (MBP IN) owns an office portfolio located in four key office markets (Mumbai Region, Hyderabad, Pune and Chennai) of...

Arun George

Medallia: If Your Not First, Your Last

Summary: Medallia, a SaaS-based experience management software provider is a feature, not a platform. Its new CEO, Leslie Stretch, has embarked on...

Aaron Gabin

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