Concise Playbook for the Week, Global Markets Playbook

Kevin George

Concise Playbook for the Week

Global Markets Playbook

I am an active trader in stocks, FX and commodities with over 15 years' market experience. I hold a master's degree in finance and have developed a strong skill base in technical analysis. 

Alongside technical setups I will provide earnings analysis, company valuation analysis and macroeconomic studies for the key market releases.

Equity Bottom-Up

<ul>
<li>Bitcoin sold off in December and rallied in January for a reason.</li>
<li>Big banks are coming with a digital payments option. Big banks will have a digital payment option in the coming days.</li>
<li>Bitcoin sold off last month and rallied again in January, with a rise in popularity in the wake of contagion.</li>
</ul>


Bitcoin sold off in December and rallied in January for a reason.
Big banks are coming with a digital payments option. Big banks will have a digital payment option in the coming days.
Bitcoin sold off last month and rallied again in January, with a rise in popularity in the wake of contagion.


Bitcoin And The Tax-Loss Harvesting Rally

<ul>
<li>A DOJ investigation adds further negative sentiment to the 'black box' of the finance exchange.</li>
<li>The DOJ investigation is being investigated by the Department of Justice, which is under investigation into the exchange exchange exchange between banks and banks.</li>
<li>The investigation is expected to conclude in the coming weeks. The investigation will be conducted by the Justice Department.</li>
</ul>


A DOJ investigation adds further negative sentiment to the 'black box' of the finance exchange.
The DOJ investigation is being investigated by the Department of Justice, which is under investigation into the exchange exchange exchange between banks and banks.
The investigation is expected to conclude in the coming weeks. The investigation will be conducted by the Justice Department.


Binance: Waiting For The Other Shoe To Drop

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>We stick with our core theme for exchanges of growing post-trading revenues, as well as capitalising on “big data” in financial transactions and data services, as we head into 2023</li>
<li>We identify four relative value opportunities in exchanges; HKEx, LSEG, MexBolsa and Deutsche Borse feature positively multiple times in our value screens and they are all diversifying revenue streams</li>
<li>We stick with Coinbase as the exchange to avoid, in our view; its revenue streams are heavily exposed to low volumes of crypto transactions, and recent events highlight counterparty risk</li>
</ul>


We stick with our core theme for exchanges of growing post-trading revenues, as well as capitalising on “big data” in financial transactions and data services, as we head into 2023
We identify four relative value opportunities in exchanges; HKEx, LSEG, MexBolsa and Deutsche Borse feature positively multiple times in our value screens and they are all diversifying revenue streams
We stick with Coinbase as the exchange to avoid, in our view; its revenue streams are heavily exposed to low volumes of crypto transactions, and recent events highlight counterparty risk


Global Exchanges – Conviction Picks for 2023

<ul>
<li>Exchanges continue to seek revenue streams outside of the traditional trading fees in post-trading, as well as capitalising on “big data” in financial transactions and data services</li>
<li>We identify three relative value opportunities in exchanges; MexBolsa, B3 and Deutsche Borse feature positively multiple times in our value screens and they are all diversifying revenue streams</li>
<li>Coinbase remains the exchange to avoid, in our view, despite its share price collapse; aside from negative news-flow, its revenue streams are heavily exposed to low volumes of crypto transactions</li>
</ul>


Exchanges continue to seek revenue streams outside of the traditional trading fees in post-trading, as well as capitalising on “big data” in financial transactions and data services
We identify three relative value opportunities in exchanges; MexBolsa, B3 and Deutsche Borse feature positively multiple times in our value screens and they are all diversifying revenue streams
Coinbase remains the exchange to avoid, in our view, despite its share price collapse; aside from negative news-flow, its revenue streams are heavily exposed to low volumes of crypto transactions


Global Exchanges – The Quest for Recurring Revenues

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Private Capital Markets

<ul>
<li>Dunamu operates Upbit which is the largest cryptocurrency exchange in Korea. As of April 2022, Upbit had more than 70% market share in the cryptocurrency trading market in Korea.</li>
<li>Dunamu's sales surged by 1996% to 3.7 trillion won in 2021 and operating profit surged from 86.6 billion won in 2020 to 3.3 trillion won in 2021.</li>
<li>In January 2022, Dunamu was last valued Dunamu at nearly 15 trillion won. However, due to major decline in crypto prices in 2022, Dunamu's valuation has declined significantly. </li>
</ul>


Dunamu operates Upbit which is the largest cryptocurrency exchange in Korea. As of April 2022, Upbit had more than 70% market share in the cryptocurrency trading market in Korea.
Dunamu's sales surged by 1996% to 3.7 trillion won in 2021 and operating profit surged from 86.6 billion won in 2020 to 3.3 trillion won in 2021.
In January 2022, Dunamu was last valued Dunamu at nearly 15 trillion won. However, due to major decline in crypto prices in 2022, Dunamu's valuation has declined significantly. 


Dunamu: Operator of Upbit - The Number One Cryptocurrency Exchange in Korea

United States

Coinbase Global, Inc. provides financial solutions. The Company offers platform to buy and sell cryptocurrencies. Coinbase Global serves clients worldwide.

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Coinbase Global (COIN US)

Bitcoin And The Tax-Loss Harvesting Rally

Bitcoin sold off in December and rallied in January for a reason. Big banks are coming with a digital payments option. Big banks will have a...

Kevin George

Binance: Waiting For The Other Shoe To Drop

The DOJ investigation is being investigated by the Department of Justice, which is under investigation into the exchange exchange exchange between...

Kevin George

Global Exchanges – Conviction Picks for 2023

Our 2023 picks of HKEx, LSEG, MexBolsa and Deutsche Borse feature positively multiple times in our value screens and they are all diversifying...

Victor Galliano

Global Exchanges – The Quest for Recurring Revenues

We identify MexBolsa, B3 and Deutsche Borse as exchanges that feature positively multiple times in our value screens and that are diversifying away...

Victor Galliano

Dunamu: Operator of Upbit - The Number One Cryptocurrency Exchange in Korea

Dunamu operates Upbit which is the largest cryptocurrency exchange in Korea. Dunamu's sales surged by 1996% to 3.7 trillion won in 2021 and...

Douglas Kim

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