Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

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<a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a> could send a message to embattled <a href="https://www.smartkarma.com/entities/nikola-corp" target="_blank" data-smartkarma-citation="entities:29029:1" rel="noopener">Nikola Corp (NKLA US)</a>: been there, done that.Nikola's founder and CEO Trevor Milton has stepped down after he and his company have been <a href="https://hindenburgresearch.com/nikola/" target="_blank" rel="noopener">accused</a> of <a href="https://www.bloomberg.com/news/articles/2020-09-12/nikola-s-history-of-discrepancies-has-been-hiding-in-plain-sight?sref=Q1XEaVVD" target="_blank" rel="noopener">seemingly everything</a> from dicey accounting to promoting technology the company doesn't have to fake product demos designed to deliberately mislead investors—charges now being investigated by the US Securities and Exchange Commission (SEC) and Department of Justice (DOJ).Every single allegation and more, plus the spectre of <a href="https://www.wsj.com/articles/tesla-faces-deepening-criminal-probe-over-whether-it-misstated-production-figures-1540576636" target="_blank" rel="noopener">ongoing investigations </a>by <a href="https://www.washingtonpost.com/technology/2020/02/13/tesla-sec/" target="_blank" rel="noopener">the SEC</a> and <a href="https://www.wsj.com/articles/tesla-faces-deepening-criminal-probe-over-whether-it-misstated-production-figures-1540576636" target="_blank" rel="noopener">the DOJ</a>, also describe Tesla as run by CEO Elon Musk.Keep this in mind as we await what he and Tesla may promise tomorrow in the company's eagerly awaited "<a href="https://www.tesla.com/2020shareholdermeeting" target="_blank" rel="noopener">Battery Day</a>" presentation to investors.<div class="content-highlight">Full Bond Angle report continues...</div>

Tesla Motors (TSLA US) could send a message to embattled Nikola Corp (NKLA US): been there, done that.Nikola's founder and CEO Trevor Milton has stepped down after he and his company have been accused of seemingly everything from dicey accounting to promoting technology the company doesn't have to fake product demos designed to deliberately mislead investors—charges now being investigated by the US Securities and Exchange Commission (SEC) and Department of Justice (DOJ).Every single allegation and more, plus the spectre of ongoing investigations by the SEC and the DOJ, also describe Tesla as run by CEO Elon Musk.Keep this in mind as we await what he and Tesla may promise tomorrow in the company's eagerly awaited "Battery Day" presentation to investors.Full Bond Angle report continues...

Nikola's Troubles And Tesla's History Shadow Battery Day

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

In this insight, we compare <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a>'s carve-out and <a href="https://www.smartkarma.com/entities/sk-innovation-co-ltd" target="_blank" data-smartkarma-citation="entities:1268:1" rel="noopener">SK Innovation (096770 KS)</a>'s spin-off of their rechargeable battery businesses. Interestingly, the formal announcements of the IPOs of these two businesses resulted in different price reactions of their parent companies. Why Are the Share Price Reactions of LG Chem &amp; SK Innovation So Different? <ul>
<li>Tesla Effect</li>
<li>
Uncertainty in the post carve-out dilution
</li>
<li>Valuations of high vs low multiples business units </li>
</ul>

In this insight, we compare LG Chem Ltd (051910 KS)'s carve-out and SK Innovation (096770 KS)'s spin-off of their rechargeable battery businesses. Interestingly, the formal announcements of the IPOs of these two businesses resulted in different price reactions of their parent companies. Why Are the Share Price Reactions of LG Chem &amp; SK Innovation So Different? 
Tesla Effect

Uncertainty in the post carve-out dilution

Valuations of high vs low multiples business units 


Comparison of LG Chem's Carve-Out & SK Innovation's Spin-Off of Rechargeable Battery Businesses

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

MSCI Emerging Markets Index / Technical Analysis

With RS uptrends intact we continue to recommend Sector overweights to MSCI EM Technology, Consumer Discretionary, Health Care, and Communications. Materials remains an attractive cyclical value Sector as both price and RS show signs of bottoming -- add exposure. In this report we offer a number of attractive set ups with the EM universe across sectors.

With RS uptrends intact we continue to recommend Sector overweights to MSCI EM Technology, Consumer Discretionary, Health Care, and Communications. Materials remains an attractive cyclical value Sector as both price and RS show signs of bottoming -- add exposure. In this report we offer a number of attractive set ups with the EM universe across sectors.  

Global Equity Chart Book: Stick With EM Over EAFE

China Specialist, Auto and Industrial Specialist

Victoria Li

Equity Bottom-Up

BYD's earnings recovery is still facing challenges this year. China's NEV sales remain much weaker than ICE models in the past few months. In May 2020, China's PV (passenger vehicle) sales grew by 7% yoy, while NEV sales dropped by -28% yoy. Moreover BYD's NEV sales recovery trend is weaker than sector average, partly because of the launch of local produced Tesla Model 3.However, BYD's valuation re-rating is being triggered with recent successful Round A and A+ financing of BYD's subsidiary-BYD Semiconductor, who produces IGBT for EVs. A-share investors might focus on BYD's components carve-outs in the next few years, rather than its own financial performance.Based on BYD's latest moves, the company might carve out its EV IGBT, EV battery, powertrain and auto lights in the future. EV battery might come first. Components carve outs would bring BYD cash inflow. In addition,  current listed leading IGBT supplier is valuated at 190x P/E 2020E (Bloomberg). This is triggering valuation rerating on BYD.We maintain BUY on BYD (1211.HK), and BYD (002594.CH) would have better performance.

BYD's earnings recovery is still facing challenges this year. China's NEV sales remain much weaker than ICE models in the past few months. In May 2020, China's PV (passenger vehicle) sales grew by 7% yoy, while NEV sales dropped by -28% yoy. Moreover BYD's NEV sales recovery trend is weaker than sector average, partly because of the launch of local produced Tesla Model 3.However, BYD's valuation re-rating is being triggered with recent successful Round A and A+ financing of BYD's subsidiary-BYD Semiconductor, who produces IGBT for EVs. A-share investors might focus on BYD's components carve-outs in the next few years, rather than its own financial performance.Based on BYD's latest moves, the company might carve out its EV IGBT, EV battery, powertrain and auto lights in the future. EV battery might come first. Components carve outs would bring BYD cash inflow. In addition,  current listed leading IGBT supplier is valuated at 190x P/E 2020E (Bloomberg). This is triggering valuation rerating on BYD.We maintain BUY on BYD (1211.HK), and BYD (002594.CH) would have better performance.

BYD: Component Carve-Outs More Interesting than Core Business

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

In our weekly Shanghai/Shenzhen Connect Ideas series, we aim to highlight key stocks and sectors which the mainland investors traded via the northbound Shanghai and Shenzhen Connect, as analyzed by our proprietary data engine and highlight interesting trade ideas.In this insight, we will have an overview of the weekly inflows into the A-share market via Shanghai/Shenzhen connect, top inflow and top three outflow stocks. We will also cover inflows and holdings by sectors, after which we will highlight top five inflows and outflows on a relative basis for large-cap and mid-cap stocks: stocks with a market capitalization above $5 bn, and those between $1 bn and $5 bn.In this insight, we will highlight inflows into <a href="https://www.smartkarma.com/entities/ping-an-insurance-group-co-of-china" target="_blank" data-smartkarma-citation="entities:24682:1" rel="noopener">Ping An Insurance Group Co Of China (601318 CH)</a> , <a href="https://www.smartkarma.com/entities/kweichow-moutai-co-ltd-a" target="_blank" data-smartkarma-citation="entities:1553:1" rel="noopener">Kweichow Moutai (600519 CH)</a> , and <a href="https://www.smartkarma.com/entities/contemporary-amperex-techn-a" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">CATL (A) (300750 CH)</a> , as well as outflows from <a href="https://www.smartkarma.com/entities/china-int-l-travel-service-corp" target="_blank" data-smartkarma-citation="entities:12278:1" rel="noopener">China Int'L Travel Service (601888 CH)</a> ,  <a href="https://www.smartkarma.com/entities/saic-motor-corp-ltd-a" target="_blank" data-smartkarma-citation="entities:20833:1" rel="noopener">SAIC Motor (600104 CH)</a> , and <a href="https://www.smartkarma.com/entities/east-money-information-co-a" target="_blank" data-smartkarma-citation="entities:8075:1" rel="noopener">East Money Information Co A (300059 CH)</a>.

In our weekly Shanghai/Shenzhen Connect Ideas series, we aim to highlight key stocks and sectors which the mainland investors traded via the northbound Shanghai and Shenzhen Connect, as analyzed by our proprietary data engine and highlight interesting trade ideas.In this insight, we will have an overview of the weekly inflows into the A-share market via Shanghai/Shenzhen connect, top inflow and top three outflow stocks. We will also cover inflows and holdings by sectors, after which we will highlight top five inflows and outflows on a relative basis for large-cap and mid-cap stocks: stocks with a market capitalization above $5 bn, and those between $1 bn and $5 bn.In this insight, we will highlight inflows into Ping An Insurance Group Co Of China (601318 CH) , Kweichow Moutai (600519 CH) , and CATL (A) (300750 CH) , as well as outflows from China Int'L Travel Service (601888 CH) ,  SAIC Motor (600104 CH) , and East Money Information Co A (300059 CH).

SH/​SZ Connect Flow Weekly: Ping An, Moutai, CATL, China Intl Travel Svc, SAIC, East Money

China

Contemporary Amperex Technology Co., Limited. operates as a battery products manufacturing company. The Company produces and sells power battery materials, energy storage batteries energy storage battery cells, systems, and other products. Contemporary Amperex Technology also provides batteries recycling services.

Contemporary Amperex Technology (CATL) (300750 CH)

Price Gauge
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Contemporary Amperex Technology (CATL) (300750 CH)

Nikola's Troubles And Tesla's History Shadow Battery Day

what to expect

Vicki Bryan

Comparison of LG Chem's Carve-Out & SK Innovation's Spin-Off of Rechargeable Battery Businesses

In this insight, we compare the spin-offs and IPOs of LG Chem Ltd (051910 KS) and SK Innovation (096770 KS)'s rechargeable battery business units....

Douglas Kim

Global Equity Chart Book: Stick With EM Over EAFE

With RS uptrends intact we continue to recommend Sector overweights to MSCI EM Technology, Consumer Discretionary, Health Care, and Communications....

Vermilion Research

BYD: Component Carve-Outs More Interesting than Core Business

BYD's earnings recovery is still facing challenges this year. China's NEV sales remain much weaker than ICE models in the past few months. In May...

Victoria Li

SH/SZ Connect Flow Weekly: Ping An, Moutai, CATL, China Intl Travel Svc, SAIC, East Money

In our weekly Shanghai/Shenzhen Connect Ideas series, we aim to highlight key stocks and sectors which the mainland investors traded via the...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nikola's Troubles And Tesla's History Shadow Battery Day

what to expect

Vicki Bryan

Comparison of LG Chem's Carve-Out & SK Innovation's Spin-Off of Rechargeable Battery Businesses

In this insight, we compare the spin-offs and IPOs of LG Chem Ltd (051910 KS) and SK Innovation (096770 KS)'s rechargeable battery business units....

Douglas Kim

Global Equity Chart Book: Stick With EM Over EAFE

With RS uptrends intact we continue to recommend Sector overweights to MSCI EM Technology, Consumer Discretionary, Health Care, and Communications....

Vermilion Research

BYD: Component Carve-Outs More Interesting than Core Business

BYD's earnings recovery is still facing challenges this year. China's NEV sales remain much weaker than ICE models in the past few months. In May...

Victoria Li

SH/​SZ Connect Flow Weekly: Ping An, Moutai, CATL, China Intl Travel Svc, SAIC, East Money

In our weekly Shanghai/Shenzhen Connect Ideas series, we aim to highlight key stocks and sectors which the mainland investors traded via the...

Ke Yan, CFA, FRM

SH/SZ Connect Flow Weekly: Ping An, Moutai, CATL, China Intl Travel Svc, SAIC, East Money