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 research produced by the Global Equity Research team. This week we highlight our sensitivity analysis for Ascletis Pharma post its weak IPO last week,  a reminder of our colleague Venkat's differentiated piece on China Tower which is gaining traction ahead of its IPO this week and further analysis on the strange and spurious situation with Pinduoduo. We also recap new IPO notes on Beigene and CNFinance.
All of our key IPO research, as well as our feedback from meetings with company management, are listed below.
Best of luck for the new week - Arun, Venkat and Rickin

Below is a recap of the key IPO research produced by the Global Equity Research team. This week we highlight our sensitivity analysis for Ascletis Pharma post its weak IPO last week,  a reminder of our colleague Venkat's differentiated piece on China Tower which is gaining traction ahead of its IPO this week and further analysis on the strange and spurious situation with Pinduoduo. We also recap new IPO notes on Beigene and CNFinance.
All of our key IPO research, as well as our feedback from meetings with company management, are listed below.
Best of luck for the new week - Arun, Venkat and Rickin

Last Week in GER Research: Ascletis Pharma, China Tower, Pinduoduo, Beigene and CNFinance

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul class="">
<li>It is rumored that Google of <a href="https://www.smartkarma.com/entities/11369" target="_blank" data-smartkarma-citation="entities:11369:1">Alphabet Inc Cl C (GOOG US)</a> will return to China, but we believe this rumor should not be a concern to investors for a number of reasons.</li>
<li>Futhermore, we believe that Baidu set up a competitive strategy of “zero gross margin” for its video business ( subsidiary <a href="https://www.smartkarma.com/entities/26755" target="_blank" data-smartkarma-citation="entities:26755:1">iQIYI Inc (IQ US)</a>) in order to remain its 50%+ market share.</li>
<li>In 2Q18, search revenue growth accelerated and the operating margin improved 1 ppt yoy.</li>
<li>The P/E band suggests an upside of 56%.</li>
</ul>


It is rumored that Google of Alphabet Inc Cl C (GOOG US) will return to China, but we believe this rumor should not be a concern to investors for a number of reasons.
Futhermore, we believe that Baidu set up a competitive strategy of “zero gross margin” for its video business ( subsidiary iQIYI Inc (IQ US)) in order to remain its 50%+ market share.
In 2Q18, search revenue growth accelerated and the operating margin improved 1 ppt yoy.
The P/E band suggests an upside of 56%.


Baidu (BIDU) – Google Rumor Not a Concern, Healthy 2Q18, and 50%+ Upside

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

After a stonking IPO, <a href="https://www.smartkarma.com/entities/27250" target="_blank" data-smartkarma-citation="entities:27250:1">Pinduoduo (PDD US)</a> has faced a barrage of negative press reports rightly highlighting the number of counterfeit products available on the platform. The situation reached a fever pitch when on Wednesday, China’s State Administration for Market Regulation (SAMR) asked Shanghai regulators to launch an investigation into the sale of counterfeit products and items that infringe copyrights on Pinduoduo. SAMR also said, “regardless of whether it is by third parties or internal…

After a stonking IPO, Pinduoduo (PDD US) has faced a barrage of negative press reports rightly highlighting the number of counterfeit products available on the platform. The situation reached a fever pitch when on Wednesday, China’s State Administration for Market Regulation (SAMR) asked Shanghai regulators to launch an investigation into the sale of counterfeit products and items that infringe copyrights on Pinduoduo. SAMR also said, “regardless of whether it is by third parties or internal…

Pinduoduo (PDD US): Keep Calm and Ride the Storm

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<div class="content-highlight">
<a href="https://www.smartkarma.com/entities/27346" target="_blank" data-smartkarma-citation="entities:27346:1">Sonos Inc (SONO US)</a> is an IPO which is expected to get completed in the US in August/early September. The Sonos IPO is expected be be priced between US$17 to US$19 per share, suggesting market cap up to US$1.9 billion. In 2012, the company's implied valuation was US$682 million in a Series D private funding. We are interested in analyzing Sonos not just because of its merits as an investment opportunity but also because it could help us to better understand the competitive dynamics of the…
</div>


Sonos Inc (SONO US) is an IPO which is expected to get completed in the US in August/early September. The Sonos IPO is expected be be priced between US$17 to US$19 per share, suggesting market cap up to US$1.9 billion. In 2012, the company's implied valuation was US$682 million in a Series D private funding. We are interested in analyzing Sonos not just because of its merits as an investment opportunity but also because it could help us to better understand the competitive dynamics of the…


Sonos IPO Preview (Part 1): To Fill Every Home with Music

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

Today's key points:<ul>
<li>Property &amp; Casualty Insurance names are staging price and RS reversal and/or breakouts.</li>
<li>Airlines are staging price and SR reversals to the upside and/or are breaking out.</li>
<li>Railroad related names are breaking out.</li>
<li>We have been bearish on the Semiconductor and Suppliers industry since February; however we are seeing some near term reversals at support levels.</li>
</ul>Highlighted charts: SUP, CMG, LOCO, MCS, EXPE, AMZN, WBA, K, NR, NOV, SLCA, BHGE, OIS, HLX, JPM, WFC, KEY, AXP, AFL, TMK, HSIC, ZBH, OMCL, ANTM, LLY, PFE, AGN, B, WM, ESND, ECHO, and SKYW.

Today's key points:
Property &amp; Casualty Insurance names are staging price and RS reversal and/or breakouts.
Airlines are staging price and SR reversals to the upside and/or are breaking out.
Railroad related names are breaking out.
We have been bearish on the Semiconductor and Suppliers industry since February; however we are seeing some near term reversals at support levels.
Highlighted charts: SUP, CMG, LOCO, MCS, EXPE, AMZN, WBA, K, NR, NOV, SLCA, BHGE, OIS, HLX, JPM, WFC, KEY, AXP, AFL, TMK, HSIC, ZBH, OMCL, ANTM, LLY, PFE, AGN, B, WM, ESND, ECHO, and SKYW.

U.S. Vital Signs - Actionable Charts of the Day

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: Ascletis Pharma, China Tower, Pinduoduo, Beigene and CNFinance

Below is a recap of the key IPO research produced by the Global Equity Research team. This week we highlight our sensitivity analysis for Ascletis...

Rickin Thakrar

Baidu (BIDU) – Google Rumor Not a Concern, Healthy 2Q18, and 50%+ Upside

It is rumored that Google of Alphabet Inc Cl C (GOOG US) will return to China, but we believe this rumor should not be a concern to investors for...

Ming Lu

Pinduoduo (PDD US): Keep Calm and Ride the Storm

After a stonking IPO, Pinduoduo (PDD US) has faced a barrage of negative press reports rightly highlighting the number of counterfeit products...

Arun George

Sonos IPO Preview (Part 1): To Fill Every Home with Music

Sonos Inc (SONO US) is an IPO which is expected to get completed in the US in August/early September. The Sonos IPO is expected be be priced...

Douglas Kim

U.S. Vital Signs - Actionable Charts of the Day

Today's key points: Property & Casualty Insurance names are staging price and RS reversal and/or breakouts. Airlines are staging price and SR...

Vermilion Research

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