Equity Analyst, LightStream Research

Supun Walpola

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Thematic (Sector/Industry)

Security tokens or Security Token Offerings (STOs) have emerged as an alternative to traditional ICOs. Security tokens are thought to be less risky than traditional ICO tokens since they are governed by security laws and comes under the purview of financial regulators. However, most STOs tend to take advantage of loopholes in the law to avoid institutional scrutiny, thereby, defeating the very purpose STOs were created.
In the meantime, <a href="https://www.smartkarma.com/entities/25895" target="_blank" data-smartkarma-citation="entities:25895:1">Bitcoin (XBTUSD CURNCY)</a> surpassed the $7,000 mark over the weekend, for the first time since August last year. The recent bull-run comes on the back of Fidelity Investments' <a href="https://www.bloomberg.com/news/articles/2019-05-06/fidelity-said-to-offer-cryptocurrency-trading-within-a-few-weeks" target="_blank">announcement</a><a href="https://www.bloomberg.com/news/articles/2019-05-06/fidelity-said-to-offer-cryptocurrency-trading-within-a-few-weeks" target="_blank"> </a>last week that it would add bitcoin trading to its list of institutional investment services, giving bulls renewed hope about mainstream Bitcoin adoption.

Security tokens or Security Token Offerings (STOs) have emerged as an alternative to traditional ICOs. Security tokens are thought to be less risky than traditional ICO tokens since they are governed by security laws and comes under the purview of financial regulators. However, most STOs tend to take advantage of loopholes in the law to avoid institutional scrutiny, thereby, defeating the very purpose STOs were created.
In the meantime, Bitcoin (XBTUSD CURNCY) surpassed the $7,000 mark over the weekend, for the first time since August last year. The recent bull-run comes on the back of Fidelity Investments' announcement last week that it would add bitcoin trading to its list of institutional investment services, giving bulls renewed hope about mainstream Bitcoin adoption. 

This Week in Blockchain & Cryptos: Putting Lipstick on the ICO Pig 🐷

Asia Ex Japan; Technology and Consumption.

Rohinee Sharma

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Bottom-Up

Meta Platforms (Facebook) / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/665" target="_blank" data-smartkarma-citation="entities:665:1">Facebook Inc A (FB US)</a> aspires to create a Weixin similar on a global scale, with the potential to also encompass a digital identity. But how will they do it? 
What is Project Libra? and What Do we Really Know about it? 
Does the rationale for building a cryptocurrency sound credible? 
Who are the people involved? Quite a few interesting hires. But what are they building?
What could be the rationale for the need to raise USD 1bn in Funding for Project Libra ?

Facebook Inc A (FB US) aspires to create a Weixin similar on a global scale, with the potential to also encompass a digital identity. But how will they do it? 
What is Project Libra? and What Do we Really Know about it? 
Does the rationale for building a cryptocurrency sound credible? 
Who are the people involved? Quite a few interesting hires. But what are they building?
What could be the rationale for the need to raise USD 1bn in Funding for Project Libra ? 

Bits and Bytes: Facebook's Project Libra.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/25895" target="_blank" data-smartkarma-citation="entities:25895:1">Bitcoin (XBTUSD CURNCY)</a> reached the $5,000-mark during the first week of April, leaving bulls hopeful about a possible Bitcoin recovery soon. </li>
<li>Leading indicators like the number of daily Bitcoin transactions is close to an all-time high and the frequency of Bitcoin transactions is also rising.</li>
<li>Historical trends suggest that Bitcoin tends to rise ahead of “Block Reward Halving”. The next Block Reward Halving is scheduled for next year.</li>
<li>Institutional Bitcoin trading volumes are on the rise and the long interest in Bitcoin Futures is also up going into April. </li>
</ul>



Bitcoin (XBTUSD CURNCY) reached the $5,000-mark during the first week of April, leaving bulls hopeful about a possible Bitcoin recovery soon. 
Leading indicators like the number of daily Bitcoin transactions is close to an all-time high and the frequency of Bitcoin transactions is also rising.
Historical trends suggest that Bitcoin tends to rise ahead of “Block Reward Halving”. The next Block Reward Halving is scheduled for next year.
Institutional Bitcoin trading volumes are on the rise and the long interest in Bitcoin Futures is also up going into April. 


This Week in Blockchain & Cryptos: A Bitcoin Recovery Likely?

FX Strategist

Greg Gibbs

Fundamental analysis of topical themes in FX

Amplifying Global FX Capital

Amplifying Global FX Capital was founded in 2015 and is fully owned by Greg Gibbs. It is a registered company both in Australia and Colorado, USA and is a licensed in Australia to provide financial services.

We are producing a regular trading view orientated macroeconomic analysis of topical themes in global financial markets, with a particular focus on foreign exchange. We invite you to view an “executive summary” of these reports in “AmpGFX Reports” under our “Research” menu.

These reports are drawn from the analysis of Greg Gibbs and inform the capital management he undertakes on behalf of the company. The trading performance is posted periodically on our website. We aim to build our company into both a research and capital management business. We are currently in the planning phase for managing capital for wholesale customers.

Greg Gibbs has spent his working life of more than 26 years in financial markets, beginning in 1989 at the Reserve Bank of Australia, after completing a Bachelor of Economics Degree (Honours) at the Australian National University. He has been a CFA Charterholder since 2005. He has worked in Sydney, Singapore, New York and London for major global banks and presented on foreign exchange markets to major financial institutions and companies around the world, and maintained a high profile in the financial media.

Before Amplifying Global FX Capital, Greg was the Head of Asia Pacific Market Strategy at the Royal Bank of Scotland based Singapore. He now resides in Breckenridge Colorado.

Macroeconomics

<ul>
<li>
The dollar IS the story
</li>
<li>EUR punished for negative yields</li>
<li>Chasing Brexit down a rabbit hole</li>
<li>Gold confounds </li>
<li>Bitcoin at an interesting juncture</li>
</ul>The fact that the dollar has strengthened despite the dovish turn at the Fed this year and the significant fall in US rates and bond yields has confounded many analysts.



The dollar IS the story

EUR punished for negative yields
Chasing Brexit down a rabbit hole
Gold confounds 
Bitcoin at an interesting juncture
The fact that the dollar has strengthened despite the dovish turn at the Fed this year and the significant fall in US rates and bond yields has confounded many analysts.

The Dollar IS the Story; Gold Confounds, A Brexit Rabbit Hole; EUR Punished

Deputy Chief Economist

Sharmila Whelan

Independent and original Asian investment research

Aletheia Capital

Aletheia Capital (HK) Ltd. (previously known as Asianomics) combines the extensive knowledge of its experienced team with technology and regulatory changes to disrupt Global Markets business in Asia. The firm is completely independent with no conflicts of interest either on Investment Banking advisory or Capital Markets execution.

It may not feel like it. It may not smell like it. But make no mistake Hong Kong is in recession. We are underweight in our relative regional equity portfolio.  The only positives are that the real cost of lending is easing (which might bring some relief to mortgage owners) and Hong Kong corporate balance sheets are in good shape to weather the current downturn. But the negative overwhelm these positives.

It may not feel like it. It may not smell like it. But make no mistake Hong Kong is in recession. We are underweight in our relative regional equity portfolio.  The only positives are that the real cost of lending is easing (which might bring some relief to mortgage owners) and Hong Kong corporate balance sheets are in good shape to weather the current downturn. But the negative overwhelm these positives.

United States

Virtual currencies are decentralized, math-based digital assets in which transactions can be performed cryptographically without the need for a central issuing authority. The first specification and proof of concept of Bitcoin, the first widely used virtual currency, was published in 2009 based on a paper published pseudonymously by Satoshi Nakamoto.

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Bitcoin (XBTUSD CURNCY)

This Week in Blockchain & Cryptos: Putting Lipstick on the ICO Pig 🐷

Security tokens or Security Token Offerings (STOs) have emerged as an alternative to traditional ICOs. Security tokens are thought to be less risky...

Supun Walpola

Bits and Bytes: Facebook's Project Libra.

Facebook Inc A (FB US) aspires to create a Weixin similar on a global scale, with the potential to also encompass a digital identity. But how will...

Rohinee Sharma

This Week in Blockchain & Cryptos: A Bitcoin Recovery Likely?

Bitcoin (XBTUSD CURNCY) reached the $5,000-mark during the first week of April, leaving bulls hopeful about a possible Bitcoin recovery...

Supun Walpola

The Dollar IS the Story; Gold Confounds, A Brexit Rabbit Hole; EUR Punished

The dollar IS the story EUR punished for negative yields Chasing Brexit down a rabbit hole Gold confounds Bitcoin at an interesting...

Greg Gibbs

Hong Kong's Growth Mirage

It may not feel like it. It may not smell like it. But make no mistake Hong Kong is in recession. We are underweight in our relative regional...

Sharmila Whelan

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