Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

Thematic (Sector/Industry)

<ul>
<li>In Econote No. 110 ( Nov.Dec 2022) we broached the topic of investing in the Defence sectors of various West and Asian economies.</li>
<li>The reasons for this were very simple: First, the war in the Ukraine resulted to a sharp rise in defence spending in western countries and, second, this rise would not cease with the end of the war but presented a pivot to higher defence spending, not only in western countries, but also in areas such as Asia.</li>
<li>Hence the outlook for Defence stocks was, and is very bright, as witnessed by their persistent outperformance of the S&amp;P 500 and still reasonable valuations.</li>
</ul>


In Econote No. 110 ( Nov.Dec 2022) we broached the topic of investing in the Defence sectors of various West and Asian economies.
The reasons for this were very simple: First, the war in the Ukraine resulted to a sharp rise in defence spending in western countries and, second, this rise would not cease with the end of the war but presented a pivot to higher defence spending, not only in western countries, but also in areas such as Asia.
Hence the outlook for Defence stocks was, and is very bright, as witnessed by their persistent outperformance of the S&amp;P 500 and still reasonable valuations.


Ecognosis Advisory Ltd - ECONOTE No. 111 Investing in the Defence Sector

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Power crunch / Four things to know about China’s power crunch</li><li>Covid-19 / Trending in China: Police scorned online for punishing men attending funeral during lockdown</li><li>Economy / China rolls out more measures to stabilize economy</li></ul>

Power crunch / Four things to know about China’s power crunchCovid-19 / Trending in China: Police scorned online for punishing men attending funeral during lockdownEconomy / China rolls out more measures to stabilize economy

CX Daily: Four Things to Know About China’s Power Crunch

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

On the 12th of November, newly lame duck US president Donald Trump signed an <a href="https://www.whitehouse.gov/presidential-actions/executive-order-addressing-threat-securities-investments-finance-communist-chinese-military-companies/" target="_blank" rel="noopener">Executive Order</a>(Executive Order on Addressing the Threat from Securities Investments that Finance Communist Chinese Military Companies) banning investment and capital provision by "US persons" to companies in lists established by the US Department of Defense pursuant to Public Law 105-261, Section 1237 (Fiscal Year 1999 National Defense Authorization Act).The various global index providers immediately commenced consultations with their myriad investors and with OFAC (the Office of Foreign Asset Control of the US Treasury Department) and decided in early December for the most part to delete certain securities from their indices. New guidance from OFAC in the form of FAQs (Frequently Asked Questions related to Executive Order (E.O.) 13959, "Addressing the Threat from Securities Investments that Finance Communist Chinese Military Companies":  <a href="https://home.treasury.gov/policy-issues/financial-sanctions/faqs/857" target="_blank" rel="noopener">857</a>, <a href="https://home.treasury.gov/policy-issues/financial-sanctions/faqs/858" target="_blank" rel="noopener">858</a>, <a href="https://home.treasury.gov/policy-issues/financial-sanctions/faqs/859" target="_blank" rel="noopener">859</a>, <a href="https://home.treasury.gov/policy-issues/financial-sanctions/faqs/860" target="_blank" rel="noopener">860</a>, <a href="https://home.treasury.gov/policy-issues/financial-sanctions/faqs/861" target="_blank" rel="noopener">861</a>). This insight looks at the indirect holdings and subsidiaries.It is a BIG list (I have a list of 133 names, most of which appear to be 50+% controlled, which could be affected in portfolios).Investors would do well to understand how much of the float is for sale.

On the 12th of November, newly lame duck US president Donald Trump signed an Executive Order(Executive Order on Addressing the Threat from Securities Investments that Finance Communist Chinese Military Companies) banning investment and capital provision by "US persons" to companies in lists established by the US Department of Defense pursuant to Public Law 105-261, Section 1237 (Fiscal Year 1999 National Defense Authorization Act).The various global index providers immediately commenced consultations with their myriad investors and with OFAC (the Office of Foreign Asset Control of the US Treasury Department) and decided in early December for the most part to delete certain securities from their indices. New guidance from OFAC in the form of FAQs (Frequently Asked Questions related to Executive Order (E.O.) 13959, "Addressing the Threat from Securities Investments that Finance Communist Chinese Military Companies":  857, 858, 859, 860, 861). This insight looks at the indirect holdings and subsidiaries.It is a BIG list (I have a list of 133 names, most of which appear to be 50+% controlled, which could be affected in portfolios).Investors would do well to understand how much of the float is for sale.

OFAC Makes a Longer List of Trump Names of China Military Cos

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

<ul>
<li>Surge in revenue during 1Q24 may have implications for a return to strong profit growth</li>
<li>There is no evidence of structurally weaker core costs, like COGS and SGA and even R&amp;D</li>
<li>ROE is now above 20% and this after it large capital raising in FY22</li>
</ul>


Surge in revenue during 1Q24 may have implications for a return to strong profit growth
There is no evidence of structurally weaker core costs, like COGS and SGA and even R&amp;D
ROE is now above 20% and this after it large capital raising in FY22


Raydium Semiconductor - Acceleration of Revenue in 1Q24 Has Positive Implications

Hong Kong

China Electronics Huada Technology Company Limited designs and markets electronic components. The Company manufactures circuits, electric chips, smart card, wireless local area networks, and other products for social security, fuel, telecommunication, electric, transportation, and wireless networking cards.

China Electronics Corp Holdings Co Ltd. (85 HK)

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China Electronics Corp Holdings Co Ltd. (85 HK)

Ecognosis Advisory Ltd - ECONOTE No. 111 Investing in the Defence Sector

In Econote No. 110 ( Nov.Dec 2022) we broached the topic of investing in the Defence sectors of various West and Asian economies.

VRS (Valuation & Research Specialists)

CX Daily: Four Things to Know About China’s Power Crunch

Four things to know about China’s power crunch. Trending in China: Police scorned online for punishing men attending funeral during lockdown

Caixin Global

OFAC Makes a Longer List of Trump Names of China Military Cos

There are a LOT of names which could be affected by the Trump Executive Order on China Military Companies. It behooves investors to have a list....

Travis Lundy

Raydium Semiconductor - Acceleration of Revenue in 1Q24 Has Positive Implications

Acceleration of revenue in 1Q24 is exceptional and this may mark the beginning of far better growth at the bottom line, lacking in the past 1-2 years.

Daniel Tabbush

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52-week Range

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