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.

Credit

<ul>
<li>European AT1s offer higher YTC compared with those of similarlyrated Asian AT1s.</li>
<li>This partly reflects the technical of European AT1s is not as strong as that of Asian AT1s.</li>
<li>The Asian AT1 space has been in net redemption over the past 2 years and local investors have a “stronger home bias”. </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>


European AT1s offer higher YTC compared with those of similarlyrated Asian AT1s.
This partly reflects the technical of European AT1s is not as strong as that of Asian AT1s.
The Asian AT1 space has been in net redemption over the past 2 years and local investors have a “stronger home bias”. 

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.

European AT1 Top Picks: BACR 6 ⅛ PERP, BACR 4 ⅜ PERP and INTNED 3 ⅞ PERP

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Thematic (Sector/Industry)

<ul>
<li>The UBS acquisition of Credit Suisse includes the write-off of CHF15.8bn (USD17bn) of Additional Tier 1 (AT1) bonds, despite there being residual equity value for CS shareholders in the deal</li>
<li>AT1s are the most junior, loss absorbing of bonds; precedent exists for the zeroing of AT1s in Spain’s Banco Popular 2017 failure, but importantly this also included shareholders being zeroed</li>
<li>The Credit Suisse AT1 write-off is by far the biggest so far and this unconventional treatment of shareholders versus junior bondholders should lead European banks’ cost of equity to rise</li>
</ul>


The UBS acquisition of Credit Suisse includes the write-off of CHF15.8bn (USD17bn) of Additional Tier 1 (AT1) bonds, despite there being residual equity value for CS shareholders in the deal
AT1s are the most junior, loss absorbing of bonds; precedent exists for the zeroing of AT1s in Spain’s Banco Popular 2017 failure, but importantly this also included shareholders being zeroed
The Credit Suisse AT1 write-off is by far the biggest so far and this unconventional treatment of shareholders versus junior bondholders should lead European banks’ cost of equity to rise


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

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>With the MSCI ACWI (ACWI-US) approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here, and we believe caution is warranted.</li>
<li>We want to remain overweight Europe and the UK, but we prefer to buy only on pullbacks.</li>
<li>The Hang Seng and MSCI China (MCHI-US) are both getting rejected at their important resistances discussed last week, and we would expect to see a basing process develop below resistance.</li>
</ul>


With the MSCI ACWI (ACWI-US) approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here, and we believe caution is warranted.
We want to remain overweight Europe and the UK, but we prefer to buy only on pullbacks.
The Hang Seng and MSCI China (MCHI-US) are both getting rejected at their important resistances discussed last week, and we would expect to see a basing process develop below resistance.


Caution Warranted; ACWI-US At $93 Resistance; Buys in Communications, Staples, Materials, Financials

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>For the week ending 01/Nov, US crude inventories rose by 2.1m barrels, contrary to expectations of a 0.3m barrel decrease. Gasoline and distillate stocks also bucked forecasts of a decline.</li>
<li>US natural gas inventories rose 69 Bcf for the week ending 01/Nov, higher than analyst expectations of a 67 Bcf buildup. Inventories are 5.8% above the 5-year seasonal average.</li>
<li>Halliburton missed revenue and EPS estimates by 2.2% and 2.7%. While Aramco beat revenue and EPS estimates by 11.2% and 2.2%. Numerous analysts upgraded their 12-month PT for Chevron.</li>
</ul>


For the week ending 01/Nov, US crude inventories rose by 2.1m barrels, contrary to expectations of a 0.3m barrel decrease. Gasoline and distillate stocks also bucked forecasts of a decline.
US natural gas inventories rose 69 Bcf for the week ending 01/Nov, higher than analyst expectations of a 67 Bcf buildup. Inventories are 5.8% above the 5-year seasonal average.
Halliburton missed revenue and EPS estimates by 2.2% and 2.7%. While Aramco beat revenue and EPS estimates by 11.2% and 2.2%. Numerous analysts upgraded their 12-month PT for Chevron.


[ETP 2024/45] WTI Drops on Trump’s Win and Rising Inventories, Henry Hub Gains on Supply Disruptions

<ul>
<li>For the week ending 18/Oct, US crude inventories increased by 5.5m barrels, exceeding expectations of a 0.8m barrel build. Gasoline stocks defied expectations of decline while distillate inventories fell lesser-than-expected.  </li>
<li>US natural gas inventories rose 80 Bcf for the week ending 18/Oct, higher than analyst expectations of an 61 Bcf buildup. Inventories are 4.6% above the 5-year seasonal average.</li>
<li>Schlumberger missed revenue estimates by 1.2% but beat EPS forecasts by 0.6%, prompting analysts to cut target prices. Meanwhile, Saudi Aramco's CEO anticipates improved Chinese oil demand post-stimulus.</li>
</ul>


For the week ending 18/Oct, US crude inventories increased by 5.5m barrels, exceeding expectations of a 0.8m barrel build. Gasoline stocks defied expectations of decline while distillate inventories fell lesser-than-expected.  
US natural gas inventories rose 80 Bcf for the week ending 18/Oct, higher than analyst expectations of an 61 Bcf buildup. Inventories are 4.6% above the 5-year seasonal average.
Schlumberger missed revenue estimates by 1.2% but beat EPS forecasts by 0.6%, prompting analysts to cut target prices. Meanwhile, Saudi Aramco's CEO anticipates improved Chinese oil demand post-stimulus.


[ETP 2024/43] WTI Rebounds as Middle East Conflict Escalates; Henry Hub Rises on Improving Demand

United Kingdom

Barclays PLC is a global financial services provider engaged in retail banking, credit cards, wholesale banking, investment banking, wealth management and investment management services.

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Barclays PLC (BARC LN)

European AT1 Top Picks: BACR 6 ⅛ PERP, BACR 4 ⅜ PERP and INTNED 3 ⅞ PERP

European AT1s offer higher YTC compared with those of similarlyrated Asian AT1s. This partly reflects the technical of European AT1s is not as...

CMB International

AT1 Bonds; Life After Credit Suisse

The CS AT1 write-off due to UBS's acquisition is an unconventional action on bondholders versus shareholders, implying a rising banks' cost of...

Victor Galliano

Caution Warranted; ACWI-US At $93 Resistance; Buys in Communications, Staples, Materials, Financials

With the MSCI $ACWI approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here and believe caution is...

Vermilion Research

[ETP 2024/45] WTI Drops on Trump’s Win and Rising Inventories, Henry Hub Gains on Supply Disruptions

US crude and natural gas inventories rose above expectations, while Halliburton missed estimates and Aramco exceeded them. Analysts upgrade target...

Mint Finance

[ETP 2024/43] WTI Rebounds as Middle East Conflict Escalates; Henry Hub Rises on Improving Demand

US crude inventories surged, natural gas inventories rose, Schlumberger missed revenue but beat EPS, Saudi Aramco CEO optimistic about Chinese oil...

Mint Finance

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

European AT1 Top Picks: BACR 6 ⅛ PERP, BACR 4 ⅜ PERP and INTNED 3 ⅞ PERP

European AT1s offer higher YTC compared with those of similarlyrated Asian AT1s. This partly reflects the technical of European AT1s is not as...

CMB International

AT1 Bonds; Life After Credit Suisse

The CS AT1 write-off due to UBS's acquisition is an unconventional action on bondholders versus shareholders, implying a rising banks' cost of...

Victor Galliano

Caution Warranted; ACWI-US At $93 Resistance; Buys in Communications, Staples, Materials, Financials

With the MSCI $ACWI approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here and believe caution is...

Vermilion Research

[ETP 2024/45] WTI Drops on Trump’s Win and Rising Inventories, Henry Hub Gains on Supply Disruptions

​US crude and natural gas inventories rose above expectations, while Halliburton missed estimates and Aramco exceeded them. Analysts upgrade target...

Mint Finance

[ETP 2024/43] WTI Rebounds as Middle East Conflict Escalates; Henry Hub Rises on Improving Demand

​US crude inventories surged, natural gas inventories rose, Schlumberger missed revenue but beat EPS, Saudi Aramco CEO optimistic about Chinese oil...

Mint Finance

US crude and natural gas inventories rose above expectations, while Halliburton missed estimates and Aramco exceeded them. Analysts upgrade target...

US crude inventories surged, natural gas inventories rose, Schlumberger missed revenue but beat EPS, Saudi Aramco CEO optimistic about Chinese oil...