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.

Event-Driven

<a href="https://www.smartkarma.com/entities/1099" target="_blank" data-smartkarma-citation="entities:1099:1">Navitas Ltd (NVT AU)</a>, an Australian-listed education company, entered into a binding agreement to be acquired by the BGH Consortium. As a reminder on 15 January 2019, the BGH Consortium bid against itself by offering a revised proposal of A$5.825 cash per share, 6% higher than its previous rejected offer.<div class="content-highlight">Navitas’ board have unanimously recommended the scheme. We believe that BGH Consortium’s proposal is attractive and shareholders should accept the offer.</div>

Navitas Ltd (NVT AU), an Australian-listed education company, entered into a binding agreement to be acquired by the BGH Consortium. As a reminder on 15 January 2019, the BGH Consortium bid against itself by offering a revised proposal of A$5.825 cash per share, 6% higher than its previous rejected offer.Navitas’ board have unanimously recommended the scheme. We believe that BGH Consortium’s proposal is attractive and shareholders should accept the offer.

Navitas (NVT AU): BGH Heads Towards Its First Major Acquisition

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

This market is still fighting an uphill battle following the S&amp;P 500's breakdown below its 200-day moving average - a level that is now acting as formidable resistance. Our outlook remains extremely cautious due to overhead supply and the additional themes highlighted within this report.  There are a few bright spots, also in today's report we highlight attractive Groups and stocks within the Communications and Consumer Discretionary Sectors.

This market is still fighting an uphill battle following the S&amp;P 500's breakdown below its 200-day moving average - a level that is now acting as formidable resistance. Our outlook remains extremely cautious due to overhead supply and the additional themes highlighted within this report.  There are a few bright spots, also in today's report we highlight attractive Groups and stocks within the Communications and Consumer Discretionary Sectors.

U.S. Equity Update: Internals Deteriorating, Banks & Semis Have Broken Down.

Nasdaq-100 Stock Index / Technical Analysis

The tech and biotech-heavy Nasdaq continues to lead the market higher. Remain overweight. On the back of rising interest rates and a recently steepening yield curve, the XLF is on the cusp of a breakout from a descending triangle/falling wedge pattern. Given this move has been accompanied by improving relative strength, we view it as a bullish sign for both Financials and the broad market.  In today’s report we highlight attractive Groups and stocks within the Consumer Discretionary, Transportation, and Manufacturing sectos.

 The tech and biotech-heavy Nasdaq continues to lead the market higher. Remain overweight. On the back of rising interest rates and a recently steepening yield curve, the XLF is on the cusp of a breakout from a descending triangle/falling wedge pattern. Given this move has been accompanied by improving relative strength, we view it as a bullish sign for both Financials and the broad market.  In today’s report we highlight attractive Groups and stocks within the Consumer Discretionary, Transportation, and Manufacturing sectos.

Remain Overweight Tech; Large-Cap Financials on the Cusp of a Breakout

Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Equity Bottom-Up

China Maple Leaf Educational Systems / Equity Bottom-Up

China recently announced that it bans for-profit private schools for its compulsory education program (Grades 1 to 9). Share prices of Hong Kong-listed education operators have fallen 14 - 22% since the news. Some analysts have cut their DCF-derived price target to factor in slower growth in enrolment or lower revenues from FY2018 onwards, due to uncertainties surrounding policy implementation, definitions, and tax implications.We believe the fall in share price presents attractive entry levels into the sector, as we expect a continuation of the strong growth for educational spending within China. In this piece, we provide some clarifications regarding 'for-profit' and 'not-for-profit' schools, and examine the policy impact on HK-listed education operators.

China recently announced that it bans for-profit private schools for its compulsory education program (Grades 1 to 9). Share prices of Hong Kong-listed education operators have fallen 14 - 22% since the news. Some analysts have cut their DCF-derived price target to factor in slower growth in enrolment or lower revenues from FY2018 onwards, due to uncertainties surrounding policy implementation, definitions, and tax implications.We believe the fall in share price presents attractive entry levels into the sector, as we expect a continuation of the strong growth for educational spending within China. In this piece, we provide some clarifications regarding 'for-profit' and 'not-for-profit' schools, and examine the policy impact on HK-listed education operators.   

China's Ban on For-Profit Schools Provides Attractive Entry into Sector

United States

Bright Horizons Family Solutions Inc. provides child care and early education services as well as other services designed to help employers and families better address the challenges of work and life. The Company provides services primarily under multi-year contracts with employers who offer child care and other dependent care solutions as part of their employee benefits packages.

Bright Horizons Family Solutions (BFAM US)

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Bright Horizons Family Solutions (BFAM US)

Navitas (NVT AU): BGH Heads Towards Its First Major Acquisition

Navitas Ltd (NVT AU), an Australian-listed education company, entered into a binding agreement to be acquired by the BGH Consortium. As a reminder...

Arun George

U.S. Equity Update: Internals Deteriorating, Banks & Semis Have Broken Down.

This market is still fighting an uphill battle following the S&P 500's breakdown below its 200-day moving average - a level that is now acting...

Vermilion Research

Remain Overweight Tech; Large-Cap Financials on the Cusp of a Breakout

The tech and biotech-heavy Nasdaq continues to lead the market higher. Remain overweight. On the back of rising interest rates and a recently...

Vermilion Research

China's Ban on For-Profit Schools Provides Attractive Entry into Sector

China recently announced that it bans for-profit private schools for its compulsory education program (Grades 1 to 9). Share prices of Hong...

Valerie Law, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)