IPO and L/S equity, 2015 Starmine top stock picker, Global Equity Research Ltd

Rickin Thakrar

IPO and L/S equity, 2015 Starmine top stock picker

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

Below is a recap of the key IPO and event-driven research produced by the Global Equity Research team. This week we highlight the latest on <a href="https://www.smartkarma.com/entities/27351" target="_blank" data-smartkarma-citation="entities:27351:1">Babytree Inc (BABYTRE HK)</a>'s coming not going IPO alongside a downsized raise from <a href="https://www.smartkarma.com/entities/27363" target="_blank" data-smartkarma-citation="entities:27363:1">Tongcheng-Elong Holdings Ltd (780 HK)</a> . We dig into popular stub <a href="https://www.smartkarma.com/entities/623" target="_blank" data-smartkarma-citation="entities:623:1">NTT (Nippon Telegraph &amp; Telephone) (9432 JP)</a> to uncover a contrarian bear case. We finally initiate IPO coverage on games publisher <a href="https://www.smartkarma.com/entities/5570" target="_blank" data-smartkarma-citation="entities:5570:1">Idreamsky Technology Co Adr (DSKY US)</a> , Club Med owner <a href="https://www.smartkarma.com/entities/27439" target="_blank" data-smartkarma-citation="entities:27439:1">Fosun Tourism (1638664D HK)</a> , Oil trader <a href="https://www.smartkarma.com/entities/27400" target="_blank" data-smartkarma-citation="entities:27400:1">Sinochem Energy (1644249D HK)</a> and online fashion portal <a href="https://www.smartkarma.com/entities/27761" target="_blank" data-smartkarma-citation="entities:27761:1">Mogu (MOGU US)</a>Quote of the week <blockquote>
 'We live on this stroppy little island'
Damon Albarn (lead singer of Blur) on Brexit. Source: The Guardian
</blockquote>All of our recent IPO and event-driven research are listed below.Best of luck for the new week - Arun, Venkat and Rickin

Below is a recap of the key IPO and event-driven research produced by the Global Equity Research team. This week we highlight the latest on Babytree Inc (BABYTRE HK)'s coming not going IPO alongside a downsized raise from Tongcheng-Elong Holdings Ltd (780 HK) . We dig into popular stub NTT (Nippon Telegraph &amp; Telephone) (9432 JP) to uncover a contrarian bear case. We finally initiate IPO coverage on games publisher Idreamsky Technology Co Adr (DSKY US) , Club Med owner Fosun Tourism (1638664D HK) , Oil trader Sinochem Energy (1644249D HK) and online fashion portal Mogu (MOGU US)Quote of the week 
 'We live on this stroppy little island'
Damon Albarn (lead singer of Blur) on Brexit. Source: The Guardian
All of our recent IPO and event-driven research are listed below.Best of luck for the new week - Arun, Venkat and Rickin

Last Week in GER Research: Babytree, NTT, Tongcheng, IDreamSky, Fosun, Sinochem, and Mogu

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Thematic (Sector/Industry)

<blockquote> ‘The ‘Peak Smartphone’ theme justified an underweight stance back in Q4 across the most heavily exposed Asian supply chain stocks, with DDR4 DRAM prices down about 20% from its January peak and NAND flash down a third. Many bulls put premature faith in AI and AVs as incremental demand drivers, certainly valid medium term, but not on a scale to offset smartphone weakness this year while for high-end chip makers the end of the crypto mining frenzy is starting to impact. TSMC said this week that sales will rise by only a ‘high single-digit’ percentage in USD terms, down from a previous (reduced) projection of 10%.’</blockquote><div class="content-remarks">Weekly Insight, July 20th 2018</div>

 ‘The ‘Peak Smartphone’ theme justified an underweight stance back in Q4 across the most heavily exposed Asian supply chain stocks, with DDR4 DRAM prices down about 20% from its January peak and NAND flash down a third. Many bulls put premature faith in AI and AVs as incremental demand drivers, certainly valid medium term, but not on a scale to offset smartphone weakness this year while for high-end chip makers the end of the crypto mining frenzy is starting to impact. TSMC said this week that sales will rise by only a ‘high single-digit’ percentage in USD terms, down from a previous (reduced) projection of 10%.’Weekly Insight, July 20th 2018

Bearish Tech Stance Still Performing, as 5G Rollout Looms

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Uber Technologies  / Equity Capital Markets

In publishing this piece we hope to achieve four broad objectives:
<ol>
<li>To define and estimate the size and potential medium-term growth of the on-demand food delivery (FD) sector in the US.</li>
<li>To identify and describe the main players in the US on-demand FD sector and to understand each player’s business model (and the financial results each model generates).</li>
<li>To point out some of the challenges facing incumbents and new market entrants like Uber Eats.</li>
<li>Finally, to show interested readers how Uber Eats fits into parent Uber Technologies, and how it may contribute to the parent company's valuation.</li>
</ol>
This is the second note in a series about the expected 2019 IPO of global ride-hailing giant <a href="https://www.smartkarma.com/entities/430" target="_blank" data-smartkarma-citation="entities:430:1">Uber Technologies (0084207D US)</a>. If you have not done so already, please check out <a href="https://www.smartkarma.com/profiles/803" target="_blank" data-smartkarma-citation="accounts:803">Valerie Law, CFA</a>'s overview, <a href="https://www.smartkarma.com/insights/uber-ipo-preview-its-sprawling-empire-and-battle-lines-part-1" target="_blank" data-smartkarma-citation="insights:25201">Uber IPO Preview: Its Sprawling Empire and Battle Lines (Part 1)</a>.

In publishing this piece we hope to achieve four broad objectives:

To define and estimate the size and potential medium-term growth of the on-demand food delivery (FD) sector in the US.
To identify and describe the main players in the US on-demand FD sector and to understand each player’s business model (and the financial results each model generates).
To point out some of the challenges facing incumbents and new market entrants like Uber Eats.
Finally, to show interested readers how Uber Eats fits into parent Uber Technologies, and how it may contribute to the parent company's valuation.

This is the second note in a series about the expected 2019 IPO of global ride-hailing giant Uber Technologies (0084207D US). If you have not done so already, please check out Valerie Law, CFA's overview, Uber IPO Preview: Its Sprawling Empire and Battle Lines (Part 1). 

Uber IPO Preview: Fast-Growing Uber Eats Has Become a Material Part of Uber (Part 2)

CHINA - Healthcare, Steel, Autos, Education, Research From Beijing

Scott Laprise/ 乐天虎

CHINA - Healthcare, Steel, Autos, Education

Research From Beijing

We try to provide our clients with on the ground research of what is really going on here in China.

Our business goal and focus are to provide on the ground research This will give our clients an early look at changes about to happen in China and to give them an edge.

To have the ability to go out and check a car dealer or visit a hospital or go see any new launches in the market. We have regular products such as our steel monthly, a visit to the traders and discuss with them what they see. The steel trader visit gives a great early proxy to spending by the government. We do weekly car dealer visits to see how the car companies are doing but this is also a proxy to the consumer and how is the consumer thinking these days. We visit school and hospitals and attend events to find out what people are really thinking.

Our primary method of research is fundamental research starting with a neutral view, analyzing the financials and building the case for the company. We rarely look at the news as we have found the views to be incomplete lacking the understanding of Chinese thinking. We strive for a fresh differential view on the Chinese stocks. Most Chinese research is made by analysts reading the news and reading other Chinese analysts giving clients the same old view. We also try to give you a better understanding of how the Chinese look at issues. The English media tends to focus on examining issues from the western view giving investors often an incomplete view.

If you want your research done by professionals on the ground who are able to give you early feedback instead of most research taking a long distance view driven by the media. This is our value proposition: focused on the ground research to limited clients. We think this is the best way to give you the best chance to generate alpha for your funds.

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

This strength in consumer spending is counter to the views of most Chinese foreign-based analysts. Consumption is much stronger than consensus is expecting. We have just written a 31 page NON-CONSESNUS report on China’s debt and the state of the economy, let me know if you are interested in this report.

This strength in consumer spending is counter to the views of most Chinese foreign-based analysts. Consumption is much stronger than consensus is expecting. We have just written a 31 page NON-CONSESNUS report on China’s debt and the state of the economy, let me know if you are interested in this report.

China Singles Day – Consensus Is Wrong on Chinese Consumers and Consumption

Below is a recap of the key IPO and event-driven research produced by the Global Equity Research team.  This week we update on <a href="https://www.smartkarma.com/entities/315" target="_blank" data-smartkarma-citation="entities:315:1">Softbank Group (9984 JP)</a> 's pending mobile unit IPO amidst price cuts announced by <a href="https://www.smartkarma.com/entities/1089" target="_blank" data-smartkarma-citation="entities:1089:1">NTT Docomo Inc (9437 JP)</a> . In addition, we assess the relationship between <a href="https://www.smartkarma.com/entities/27363" target="_blank" data-smartkarma-citation="entities:27363:1">Tongcheng-Elong Holdings Ltd (1629482D CH)</a> and <a href="https://www.smartkarma.com/entities/180" target="_blank" data-smartkarma-citation="entities:180:1">Ctrip.Com International (Adr) (CTRP US)</a> -  investors may find this work prescient given the latter's recent struggles. Finally, we provide an update on <a href="https://www.smartkarma.com/entities/27044" target="_blank" data-smartkarma-citation="entities:27044:1">Haidilao (6862 HK)</a> after a step-up in competition and preview the IPO of <a href="https://www.smartkarma.com/entities/27756" target="_blank" data-smartkarma-citation="entities:27756:1">360 Finance, Inc. (QFIN US)</a>Quote of the week<blockquote>
"Your Value partner"
<a href="https://www.smartkarma.com/entities/623" target="_blank" data-smartkarma-citation="entities:623:1">NTT (Nippon Telegraph &amp; Telephone) (9432 JP)</a> 2018 Annual report 
</blockquote>All of our recent IPO and fundamental research are listed below.Best of luck for the new week - Arun, Venkat and Rickin

Below is a recap of the key IPO and event-driven research produced by the Global Equity Research team.  This week we update on Softbank Group (9984 JP) 's pending mobile unit IPO amidst price cuts announced by NTT Docomo Inc (9437 JP) . In addition, we assess the relationship between Tongcheng-Elong Holdings Ltd (1629482D CH) and Ctrip.Com International (Adr) (CTRP US) -  investors may find this work prescient given the latter's recent struggles. Finally, we provide an update on Haidilao (6862 HK) after a step-up in competition and preview the IPO of 360 Finance, Inc. (QFIN US)Quote of the week
"Your Value partner"
NTT (Nippon Telegraph &amp; Telephone) (9432 JP) 2018 Annual report 
All of our recent IPO and fundamental research are listed below.Best of luck for the new week - Arun, Venkat and Rickin

Last Week in GER Research: Softbank, Haidilao, Tongcheng-Elong, Ctrip and 360 Finance

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)

Last Week in GER Research: Babytree, NTT, Tongcheng, IDreamSky, Fosun, Sinochem, and Mogu

Below is a recap of the key IPO and event-driven research produced by the Global Equity Research team. This week we highlight the latest on...

Rickin Thakrar

Bearish Tech Stance Still Performing, as 5G Rollout Looms

‘The ‘Peak Smartphone’ theme justified an underweight stance back in Q4 across the most heavily exposed Asian supply chain stocks, with DDR4 DRAM...

Sean Maher

Uber IPO Preview: Fast-Growing Uber Eats Has Become a Material Part of Uber (Part 2)

In publishing this piece we hope to achieve four broad objectives: To define and estimate the size and potential medium-term growth of the...

Daniel Hellberg

China Singles Day – Consensus Is Wrong on Chinese Consumers and Consumption

This strength in consumer spending is counter to the views of most Chinese foreign-based analysts. Consumption is much stronger than consensus is...

Scott Laprise/ 乐天虎

Last Week in GER Research: Softbank, Haidilao, Tongcheng-Elong, Ctrip and 360 Finance

Below is a recap of the key IPO and event-driven research produced by the Global Equity Research team. This week we update on Softbank Group (9984...

Rickin Thakrar

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