Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

The <a href="https://asia.nikkei.com/Business/Automobiles/Honda-and-GM-to-share-EV-platform-for-lower-cost-North-American-models" target="_blank" rel="noopener">Nikkei reported</a> today that Honda would be aiming to have 50% content sharing by value with its partner GM for EVs manufactured for the North American market. This arrangement was originally discussed back in April and includes Honda utilising GM’s platform for two large models (a Honda and an Acura) and sharing its own midsize EV architecture for GM once it is ready in the second half of the decade.

The Nikkei reported today that Honda would be aiming to have 50% content sharing by value with its partner GM for EVs manufactured for the North American market. This arrangement was originally discussed back in April and includes Honda utilising GM’s platform for two large models (a Honda and an Acura) and sharing its own midsize EV architecture for GM once it is ready in the second half of the decade.

Honda – Interpreting the Evolving GM Partnership for EVs

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Capital Markets

<ul><li>Like most automakers, Ford had a particularly rough quarter on account of the chip-related production disruptions which held back the company’s revenues despite a strong demand.</li><li>The semiconductors shortage has hit Ford worse than many of its rivals as its Japanese supplier of chips was hit by a fire in the spring.</li><li>Ford did benefit from an increased pricing which is what led to the surprise profit that made the stock price surge.</li></ul>

Like most automakers, Ford had a particularly rough quarter on account of the chip-related production disruptions which held back the company’s revenues despite a strong demand.The semiconductors shortage has hit Ford worse than many of its rivals as its Japanese supplier of chips was hit by a fire in the spring.Ford did benefit from an increased pricing which is what led to the surprise profit that made the stock price surge.

The reaction of Tesla stock (-2.0%) to a strong earnings beat at 1Q suggests some fatigue in its attempts to maintain its “aspirational” valuations. We would not be surprised if its 10Q revealed poor earnings quality as stringency in accounting is not, in our view, a strong suit of Tesla. What is more interesting in our view is the progress of Ford’s Mustang Mach-E and the potential for the vehicle to further shatter misperceptions about Tesla having a technological lead in anything.

The reaction of Tesla stock (-2.0%) to a strong earnings beat at 1Q suggests some fatigue in its attempts to maintain its “aspirational” valuations. We would not be surprised if its 10Q revealed poor earnings quality as stringency in accounting is not, in our view, a strong suit of Tesla. What is more interesting in our view is the progress of Ford’s Mustang Mach-E and the potential for the vehicle to further shatter misperceptions about Tesla having a technological lead in anything.

Tesla – Muted Response to Blowout “Earnings”

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

Credit

<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> reported second quarter deliveries solidly higher at 201,250, topping market consensusfor 200,000 and my 187,000 estimate.A deeper dive revealed weakness versus the first quarter which has been building over several months. See how the numbers landed and what this indicates for full second quarter results which are expected by July 22nd.

Tesla Motors (TSLA US) reported second quarter deliveries solidly higher at 201,250, topping market consensusfor 200,000 and my 187,000 estimate.A deeper dive revealed weakness versus the first quarter which has been building over several months. See how the numbers landed and what this indicates for full second quarter results which are expected by July 22nd.

Plaid Sales Edge Tesla Q2 Deliveries Above 200,000

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

In last week's Compass we highlighted what we view as compelling signals that risk appetites are improving, which is bullish for the broad market. The trend of improving risk appetites has only continued over the past week and we are moving toward an outright bullish outlook.

In last week's Compass we highlighted what we view as compelling signals that risk appetites are improving, which is bullish for the broad market. The trend of improving risk appetites has only continued over the past week and we are moving toward an outright bullish outlook.

U.S. Equity Strategy: Small-Caps Re-Emerging As Leadership

United States

Ford Motor Company designs, manufactures, and services cars and trucks.  The Company also provides vehicle-related financing, leasing, and insurance through its subsidiary.

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Ford Motor Co (F US)

Honda – Interpreting the Evolving GM Partnership for EVs

Honda's EV alliance with GM continues to deepen but is this a sign of Honda's full commitment to an EV shift in the US or just a risk hedge?

Mio Kato

Ford Motor Co - Investment Thesis

Like most automakers, Ford had a particularly rough quarter on account of the chip-related production disruptions which held back the company’s...

Baptista Research

Tesla – Muted Response to Blowout “Earnings”

The reaction of Tesla stock (-2.0%) to a strong earnings beat at 1Q suggests some fatigue in its attempts to maintain its “aspirational” valuations.

Mio Kato

Plaid Sales Edge Tesla Q2 Deliveries Above 200,000

Q2 Deliveries topped 200k market consensus and my 187k est. A deeper look revealed weakness vs Q1 building for months. See how the numbers landed...

Vicki Bryan

U.S. Equity Strategy: Small-Caps Re-Emerging As Leadership

We continue to see compelling signals that suggest risk appetites are improving, which is bullish for the broad market. As a result, we are moving...

Vermilion Research

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