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.

Equity Capital Markets

Budweiser Brewing  APAC  / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/28077" target="_blank" data-smartkarma-citation="entities:28077:1">Budweiser Hong Kong Holding (0338867D HK)</a>/Budweiser APAC is <a href="https://www.smartkarma.com/entities/865" target="_blank" data-smartkarma-citation="entities:865:1">Anheuser Busch Inbev Sa/Nv (ABI BB)</a>’s Asian business and is the largest beer company by retail sales value based in the Asia Pacific, according to GlobalData. AB InBev intends to float a 15% stake in Budweiser APAC to raise $5-10 billion at a valuation of $40-65 billion, according to press reports. </p><div class="content-highlight"><p>Overall, we believe that Budweiser APAC's fundamentals are strong and we would participate in the IPO (subject to valuation)</p></div>

Budweiser Hong Kong Holding (0338867D HK)/Budweiser APAC is Anheuser Busch Inbev Sa/Nv (ABI BB)’s Asian business and is the largest beer company by retail sales value based in the Asia Pacific, according to GlobalData. AB InBev intends to float a 15% stake in Budweiser APAC to raise $5-10 billion at a valuation of $40-65 billion, according to press reports. Overall, we believe that Budweiser APAC's fundamentals are strong and we would participate in the IPO (subject to valuation)

Budweiser Brewing Co APAC IPO Preview: The Lager Picture

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Equity Bottom-Up

Carlsberg Brewery Malaysia / Equity Bottom-Up

<ul>
<li>Improving asset turnover, good payout ratio, and slow asset growth relative to its sector</li>
<li>Strategy to focus on its premium brands should continue to drive growth, premium grew faster than overall sales, up by 19% YoY in 1H18</li>
<li>Equity income from Lion Brewery should continue to rise as it has recovered from flood damages; the associate enjoys strong demand and has 85-90% market share in the Sri Lanka beer market</li>
<li>Trades in line with ASEAN Consumer Staples at 18CE* 23x PE but offers better EPS growth, a good 4% dividend yield and a solid balance sheet</li>
<li>Risks: Introduction of EFTA in Singapore could lead to competition from cheaper European imports, excise taxes</li>
</ul><p><em>* Consensus Estimates</em></p>


Improving asset turnover, good payout ratio, and slow asset growth relative to its sector
Strategy to focus on its premium brands should continue to drive growth, premium grew faster than overall sales, up by 19% YoY in 1H18
Equity income from Lion Brewery should continue to rise as it has recovered from flood damages; the associate enjoys strong demand and has 85-90% market share in the Sri Lanka beer market
Trades in line with ASEAN Consumer Staples at 18CE* 23x PE but offers better EPS growth, a good 4% dividend yield and a solid balance sheet
Risks: Introduction of EFTA in Singapore could lead to competition from cheaper European imports, excise taxes
* Consensus Estimates

CAB (CAB MK): Premium Brand Strategy Drives Growth

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

<p>Coming off of oversold levels, the recent USD pullback to the prior breakout level over the last week has led to a reprieve for broad MSCI EAFE, EM, and ACWI ex-US indexes. However, we believe the USD will hold support at 95, and price and RS downtrends will remain intact for the aforementioned broad MSCI indexes. In other words, the current reflex rally in these indexes will probably be short-lived.  We provide a broad overview of major markets and highlight attractive defensive groups and stocks withing Consumer Staples, Utilities, and Manufacturing (primarily Aerospace &amp; Defense Groups).</p>

Coming off of oversold levels, the recent USD pullback to the prior breakout level over the last week has led to a reprieve for broad MSCI EAFE, EM, and ACWI ex-US indexes. However, we believe the USD will hold support at 95, and price and RS downtrends will remain intact for the aforementioned broad MSCI indexes. In other words, the current reflex rally in these indexes will probably be short-lived.  We provide a broad overview of major markets and highlight attractive defensive groups and stocks withing Consumer Staples, Utilities, and Manufacturing (primarily Aerospace &amp; Defense Groups).

Global Ex-US Rally Underway - But Will It Last?

<ul>
<li>Earnings on an upcycle trend, good core profit return, and strong cash levels relative to its sector</li>
<li>Strategy to focus on its premium brands should continue to drive growth, premium grew faster than overall sales, up by 26% YoY in 1Q18</li>
<li>Equity income from Lion Brewery should rise as it has recovered from flood damages; the associate enjoys strong demand in Sri Lanka and should benefit from the local gov’t battling illicit alcohol</li>
<li>Trades in line with ASEAN Consumer Staples at 18CE* 23.5x PE but offers better EPS growth, a good 4% dividend yield and is net cash</li>
<li>Risks: Introduction of EFTA in Singapore could lead to competition from cheaper European imports</li>
</ul><p><em>* Consensus Estimates</em></p>


Earnings on an upcycle trend, good core profit return, and strong cash levels relative to its sector
Strategy to focus on its premium brands should continue to drive growth, premium grew faster than overall sales, up by 26% YoY in 1Q18
Equity income from Lion Brewery should rise as it has recovered from flood damages; the associate enjoys strong demand in Sri Lanka and should benefit from the local gov’t battling illicit alcohol
Trades in line with ASEAN Consumer Staples at 18CE* 23.5x PE but offers better EPS growth, a good 4% dividend yield and is net cash
Risks: Introduction of EFTA in Singapore could lead to competition from cheaper European imports
* Consensus Estimates

CAB (CAB MK): Focus on Premium Beer and Cider Brands

India - Politics, Industrials, IT and Large Caps, EMAlpha

Pankaj Sharma

India - Politics, Industrials, IT and Large Caps

<h2>
<a href="https://www.smartkarma.com/entities/10144" target="_blank" data-smartkarma-citation="entities:10144:1">PVR Ltd (PVRL IN)</a> was down 13% on Friday and <a href="https://www.smartkarma.com/entities/1999" target="_blank" data-smartkarma-citation="entities:1999:1">Inox Leisure Ltd (INOL IN)</a> got hit as well</h2><p>Friday, the 13th actually proved very unlucky for companies owning cinema multiplex businesses in India. <a href="https://www.smartkarma.com/entities/10144" target="_blank" data-smartkarma-citation="entities:10144:1">PVR Ltd (PVRL IN)</a> corrected 13% and <a href="https://www.smartkarma.com/entities/1999" target="_blank" data-smartkarma-citation="entities:1999:1">Inox Leisure Ltd (INOL IN)</a> was down 5%. This was a reaction to Maharashtra government stipulating that there is no restriction on taking food articles from outside the multiplexes and consuming them inside the multiplexes. The Maharashtra Govt has also made the…</p>


PVR Ltd (PVRL IN) was down 13% on Friday and Inox Leisure Ltd (INOL IN) got hit as wellFriday, the 13th actually proved very unlucky for companies owning cinema multiplex businesses in India. PVR Ltd (PVRL IN) corrected 13% and Inox Leisure Ltd (INOL IN) was down 5%. This was a reaction to Maharashtra government stipulating that there is no restriction on taking food articles from outside the multiplexes and consuming them inside the multiplexes. The Maharashtra Govt has also made the…

PVR Ltd (PVRL IN) And Inox Leisure (INOL IN)​: Govt Is Capable of Disrupting Your Business Overnight

Denmark

Carlsberg A/S is an international brewing company. The Company produces branded beers and regional brands. Carlsberg makes most of its beer outside of Denmark, and it is sold in markets around the world. The Company also markets and produces soft drinks, water, and wine.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Carlsberg A/S (CARLB DC)

Budweiser Brewing Co APAC IPO Preview: The Lager Picture

Budweiser Hong Kong Holding (0338867D HK)/Budweiser APAC is Anheuser Busch Inbev Sa/Nv (ABI BB)’s Asian business and is the largest beer company by...

Arun George

CAB (CAB MK): Premium Brand Strategy Drives Growth

Improving asset turnover, good payout ratio, and slow asset growth relative to its sector Strategy to focus on its premium brands should continue...

A. Stotz Investment Research

Global Ex-US Rally Underway - But Will It Last?

Coming off of oversold levels, the recent USD pullback to the prior breakout level over the last week has led to a reprieve for broad MSCI EAFE,...

Vermilion Research

CAB (CAB MK): Focus on Premium Beer and Cider Brands

Earnings on an upcycle trend, good core profit return, and strong cash levels relative to its sector Strategy to focus on its premium brands...

A. Stotz Investment Research

PVR Ltd (PVRL IN) And Inox Leisure (INOL IN): Govt Is Capable of Disrupting Your Business Overnight

PVR Ltd (PVRL IN) was down 13% on Friday and Inox Leisure Ltd (INOL IN) got hit as wellFriday, the 13th actually proved very unlucky for companies...

Pankaj Sharma

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Budweiser Brewing Co APAC IPO Preview: The Lager Picture

Budweiser Hong Kong Holding (0338867D HK)/Budweiser APAC is Anheuser Busch Inbev Sa/Nv (ABI BB)’s Asian business and is the largest beer company by...

Arun George

CAB (CAB MK): Premium Brand Strategy Drives Growth

Improving asset turnover, good payout ratio, and slow asset growth relative to its sector Strategy to focus on its premium brands should continue...

A. Stotz Investment Research

Global Ex-US Rally Underway - But Will It Last?

Coming off of oversold levels, the recent USD pullback to the prior breakout level over the last week has led to a reprieve for broad MSCI EAFE,...

Vermilion Research

CAB (CAB MK): Focus on Premium Beer and Cider Brands

Earnings on an upcycle trend, good core profit return, and strong cash levels relative to its sector Strategy to focus on its premium brands...

A. Stotz Investment Research

PVR Ltd (PVRL IN) And Inox Leisure (INOL IN)​: Govt Is Capable of Disrupting Your Business Overnight

PVR Ltd (PVRL IN) was down 13% on Friday and Inox Leisure Ltd (INOL IN) got hit as wellFriday, the 13th actually proved very unlucky for companies...

Pankaj Sharma

PVR Ltd (PVRL IN) And Inox Leisure (INOL IN): Govt Is Capable of Disrupting Your Business Overnight