External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul>
<li>Amazon, Microsoft, Google and Meta, collectively known as Hyperscaler 3 &amp; Meta, have recently announced their CY4Q23 results, unanimously claiming to increase investments in AI-related infrastructure from the current levels.</li>
<li>Per Bloomberg consensus, the capex of Hyperscaler 3 &amp; Meta will grow 22.6% in 2024, higher than prior forecasts of 16.6%.</li>
<li>This capex boost further confirms our perspective on the ongoing AI momentum into 2024, driven by strong demand for building computing capacity.</li>
</ul>


Amazon, Microsoft, Google and Meta, collectively known as Hyperscaler 3 &amp; Meta, have recently announced their CY4Q23 results, unanimously claiming to increase investments in AI-related infrastructure from the current levels.
Per Bloomberg consensus, the capex of Hyperscaler 3 &amp; Meta will grow 22.6% in 2024, higher than prior forecasts of 16.6%.
This capex boost further confirms our perspective on the ongoing AI momentum into 2024, driven by strong demand for building computing capacity.


Semi - Hyperscalers’ FY23 Results Review

Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

Global Multi-Asset Investment Strategist

Build Well-Diversified Multi-Asset Portfolios

True Insights

Our research helps investors build well-diversified multi-asset portfolios and profit from market developments. In addition, our unique and proven Macro – Sentiment – Valuation (MSV) investment framework ensures a consistent flow of new investment opportunities. Together with our market views, these opportunities will be reflected in our live ETF-based Global Multi-Asset Portfolios.

<ul>
<li>Despite the rise and rise of the Magnificent 7, clues that this has made the S&amp;P 500 Index, and hence US stocks riskier, are limited.</li>
<li>However, looking at betas against other stock market indices and other asset classes reveals that risk associated with US stocks is trending slightly higher.</li>
<li>The key takeaway from this analysis, however, is that Treasuries - showing higher volatility and less diversification benefits - ARE quickly losing their appeal within a multi-asset portfolio.</li>
</ul>


Despite the rise and rise of the Magnificent 7, clues that this has made the S&amp;P 500 Index, and hence US stocks riskier, are limited.
However, looking at betas against other stock market indices and other asset classes reveals that risk associated with US stocks is trending slightly higher.
The key takeaway from this analysis, however, is that Treasuries - showing higher volatility and less diversification benefits - ARE quickly losing their appeal within a multi-asset portfolio.


Are the Magnificent 7 a Danger to Your Portfolio?

Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cross-Asset Strategist & Quantitative Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

Cross Asset Strategy

<ul>
<li>A bottom-up driven scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases with strong potential upsides.</li>
<li>Bullish patterns are broadly based, primarily concentrated in technology and cyclicals, which argue for a continuation of the AI-related bull and an economic rebound.</li>
<li>This bottom-up analysis also pointed to bullish macro conclusions about the economy.</li>
</ul>


A bottom-up driven scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases with strong potential upsides.
Bullish patterns are broadly based, primarily concentrated in technology and cyclicals, which argue for a continuation of the AI-related bull and an economic rebound.
This bottom-up analysis also pointed to bullish macro conclusions about the economy.


Research from Value Investing, Value Investing

Value Investing

Research from Value Investing

I am a value investor. "Value", as defined in Value Investing, is simply the act of buying something for less than its worth. I treat my equity investment as a loan to the business - where the priority is to get back my principal in full, rather than achieving maximum yield. I consider my equity investment as a slightly higher risk loan extended to the business with slightly more accommodative loan covenants - hence justifying a slightly higher yield. While I identify as a value investor and cover all stocks and macro topics indiscriminately, most of my research will have an ASEAN bent as that’s where I’m geographically located.

<ul><li>The red &amp; blue arrows highlight the apples-to-apples comparisons to be made between the respective bars (more details below)</li><li>Around this time last year , I did a portfolio performance review based on all the stocks I had written about in 2022.</li><li>This article is a repeat of that for all the stocks I had written about in 2023.</li></ul>

The red &amp; blue arrows highlight the apples-to-apples comparisons to be made between the respective bars (more details below)Around this time last year , I did a portfolio performance review based on all the stocks I had written about in 2022.This article is a repeat of that for all the stocks I had written about in 2023.

Value Investing Substack Portfolio Review | Annual Letter 2023

Energy Transition | AI | Shifting World Order, Mint Finance

Amrutha Raj

Energy Transition | AI | Shifting World Order

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>Like them or despise them. But one thing you can’t do is ignore them. The Super Sevens have become a force to reckon with.</li>
<li>Super Sevens appear homogenous but exhibit heterogeneity and diversity. They have growth stock like features while at the same time provide value stock like defensiveness.</li>
<li>Super Sevens aggregate market cap is a staggering USD 12.14 trillion. They comprise 27% of S&amp;P 500 and 55% of the Nasdaq 100 index collectively.</li>
</ul>


Like them or despise them. But one thing you can’t do is ignore them. The Super Sevens have become a force to reckon with.
Super Sevens appear homogenous but exhibit heterogeneity and diversity. They have growth stock like features while at the same time provide value stock like defensiveness.
Super Sevens aggregate market cap is a staggering USD 12.14 trillion. They comprise 27% of S&amp;P 500 and 55% of the Nasdaq 100 index collectively.


[S7 Chronicles 1] Super Sevens Will Continue to Dominate Markets in 2024

United States

Meta Platforms Inc. operates as a social technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses. meta Platform is also involved in advertisements, augmented and virtual reality.

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Meta Platforms (Facebook) (META US)

Semi - Hyperscalers’ FY23 Results Review

This capex boost further confirms our perspective on the ongoing AI momentum into 2024, driven by strong demand for building computing capacity.

CMB International

Are the Magnificent 7 a Danger to Your Portfolio?

The quick answer is that the Magnificent 7 are not a significant threat to the risk-return characteristics of your portfolio. However, the case for...

Jeroen Blokland

29 Reasons to Be Bullish

A bottom-up scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases...

Cam Hui

Value Investing Substack Portfolio Review | Annual Letter 2023

Around this time last year , I did a portfolio performance review based on all the stocks I had written about in 2022. This article is a repeat of...

Value Investing

[S7 Chronicles 1] Super Sevens Will Continue to Dominate Markets in 2024

Market Cap of the Super Seven combines eclipse the market capitalization of all the countries in the world except for USA. Super Sevens will...

Mint Finance

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