Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Holding General Motors stock has been a challenge as investors' sentiment towards all legacy auto manufacturers remains muted.</li>
<li>GM, however, is among the leaders in all major areas of future mobility, with BrightDrop now in the spotlight.</li>
<li>Legacy automotive and GM Finance businesses, largely seen as a disadvantage, are financing the future.</li>
</ul>


Holding General Motors stock has been a challenge as investors' sentiment towards all legacy auto manufacturers remains muted.
GM, however, is among the leaders in all major areas of future mobility, with BrightDrop now in the spotlight.
Legacy automotive and GM Finance businesses, largely seen as a disadvantage, are financing the future.


General Motors: From Vehicle Manufacturer To Platform Innovator

Latest News from the World’s Leading Innovators

Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Thematic (Sector/Industry)

<h2>Headline Developments</h2><p>Samsung (005930.KS) and Harvard University have published new research outlining the vision of copying the brain’s neuron wiring map into a 3D “neuromorphic” chip. The approach, outlined in this paper, aims to reverse engineer the brain by copying the synaptic connectivity map of the brain (below right) and pasting the map onto a high-density 3D solid-state memory network.</p>

Headline DevelopmentsSamsung (005930.KS) and Harvard University have published new research outlining the vision of copying the brain’s neuron wiring map into a 3D “neuromorphic” chip. The approach, outlined in this paper, aims to reverse engineer the brain by copying the synaptic connectivity map of the brain (below right) and pasting the map onto a high-density 3D solid-state memory network.

<p>Headline Developments SpaceX (private) has completed the world’s first all-civilian mission to space, sending four passengers into Earth’s orbit without any professionally trained astronauts.  The mission lasted 72-hours, setting off on Wednesday last week and landing (below) on Saturday, 30 miles (48 km) east of the Kennedy Space Center in Florida (from where they launched).</p>

Headline Developments SpaceX (private) has completed the world’s first all-civilian mission to space, sending four passengers into Earth’s orbit without any professionally trained astronauts.  The mission lasted 72-hours, setting off on Wednesday last week and landing (below) on Saturday, 30 miles (48 km) east of the Kennedy Space Center in Florida (from where they launched).

<ul>
<li>In spite of its stellar share price performance over the past year, GM is still underperforming on a mid-term basis.</li>
<li>Valuation remains conservative, in spite of the strong execution and sustained profitability.</li>
<li>Leading position in electrification, autonomous driving and connectivity will likely a significant impact on GM brands.</li>
<li>Legacy businesses remain exceptionally strong, with profitability proceeds being used used to finance future initiatives.</li>
</ul>


In spite of its stellar share price performance over the past year, GM is still underperforming on a mid-term basis.
Valuation remains conservative, in spite of the strong execution and sustained profitability.
Leading position in electrification, autonomous driving and connectivity will likely a significant impact on GM brands.
Legacy businesses remain exceptionally strong, with profitability proceeds being used used to finance future initiatives.


General Motors: Evolving Competitive Advantages

Bond market data and technology, BondEvalue

BondEvalue

Bond market data and technology

BondEvalue is a Singapore-based Fintech that specializes in bond market data and technology. The company's information services business offers bond market data on hard-currency corporate & sovereign bonds across Asia, Middle East, Europe and the Americas. The data, which includes bond prices, yields, news and analytics, is offered to end investors via interactive Mobile and Web Apps. Investors can sign up for a free trial of the service either via the company's website (https://bondevalue.com) or by downloading the BondEvalue Mobile App (http://onelink.to/wej7jq). BondEvalue is also developing an electronic bond exchange, BondbloX in Singapore that allows investors to trade bonds electronically in smaller sizes (US$1,000 or equivalent). For more information, visit https://www.bondblox.com/

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US markets ended the day mixed with the S&amp;P down 0.2% and Nasdaq up 0.1%. Materials and Industrials, down 1.2% and 0.7% dragged the index while Utlities, Consumer Discretionary and Healthcare, were up 0.8%, 0.3% and 0.2% providing support. HSBC’s Q2 profit topped forecasts (details below). General Motors and Alibaba will be reporting earnings later this week. The CAC, FTSE and DAX were up 1%, 0.7% and 0.2%. Saudi TASI and UAE’s ADX were up 0.8% and 0.2% respectively. Brazil’s Bovespa gained 0.6%. Asia Pacific stocks opened in the red – HSI, Nikkei, Singapore’s STI and Shanghai were down 0.8%, 0.6%, 0.4% and 0.1%. US 10Y yields dipped to 4bp to 1.19%.

Ping An, Kasikornbank, Mapletree Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; ...

United States

General Motors Co. manufactures and markets new cars and trucks. The Company offers features for special needs drivers, OnStar vehicle protection, service, parts, accessories, maintenance, XM satellite radio, features for commercial owners, and more. General Motors offers its vehicles and services worldwide.

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General Motors (GM US)

General Motors: From Vehicle Manufacturer To Platform Innovator

Holding General Motors stock has been a challenge as investors' sentiment towards all legacy auto manufacturers remains muted. GM, however, is...

Vladimir Dimitrov, CFA

Weekly Innovation Review (WIRE) #51

Samsung (005930.KS) and Harvard University have published new research outlining the vision of copying the brain’s neuron...

Granite Bay Capital

Weekly Innovation Review (WIRE) #50

SpaceX (private) has completed the world’s first all-civilian mission to space, sending four passengers into Earth’s orbit without any...

Granite Bay Capital

General Motors: Evolving Competitive Advantages

In spite of its stellar share price performance over the past year, GM is still underperforming on a mid-term basis. Valuation remains...

Vladimir Dimitrov, CFA

Ping An, Kasikornbank, Mapletree Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; ...

US markets ended the day mixed with the S&P down 0.2% and Nasdaq up 0.1%. Materials and Industrials, down 1.2% and 0.7% dragged the index while...

BondEvalue

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