Chief Economist

Diana Choyleva

Enodo Economics

Enodo Economics is an independent macroeconomic forecasting company that untangles complexity, challenges the consensus, and makes sense of the future. Our focus is on China – one of the most misunderstood economies in the world, but one of the most important to figure out.  Enodo’s chief economist, Diana Choyleva, has been analysing China for almost 20 years, while Enodo’s team boasts a combined 140 years’ experience covering China’s economy, politics and markets. 

Macroeconomics

<h2>China News That Matters</h2><ul>
<li>Xi demands more innovation, self-reliance</li>
<li>Strong exports lift GDP prediction</li>
<li>Wall Street makes hay despite tensions  </li>
<li>Taiwan scrambles against Chinese incursions</li>
<li>Electric dreams: budget car tops Tesla</li>
</ul><div class="content-remarks">In my weekly digest China News That Matters, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and highlight why I think the news is significant. These posts are meant to neither be bullish nor bearish, but help you separate the signal from the noise.</div>

China News That Matters
Xi demands more innovation, self-reliance
Strong exports lift GDP prediction
Wall Street makes hay despite tensions  
Taiwan scrambles against Chinese incursions
Electric dreams: budget car tops Tesla
In my weekly digest China News That Matters, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and highlight why I think the news is significant. These posts are meant to neither be bullish nor bearish, but help you separate the signal from the noise.

Xi & Shenzhen/ Trade/ US-China/ Taiwan/ Electric Cars

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> 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

AlphaSituations-Event/Catalyst Driven Research, AlphaSituations

Robert Sassoon

AlphaSituations-Event/Catalyst Driven Research

AlphaSituations

Since its establishment, AlphaSituations has delivered a track record of outperformance with a hit rate of winners of more than 70% of its portfolio of ideas generating annualized average returns of 20%. In January 2022, AlphaSituations was contracted by Water Tower Research, an investor engagement and stakeholder communication platform to provide coverage of Special Situations

Event-Driven

A few weeks ago, <a href="https://www.smartkarma.com/entities/nikola-corp" target="_blank" data-smartkarma-citation="entities:29029:1" rel="noopener">Nikola Corp (NKLA US)</a> was seen as a winning SPAC related investment, but the NKLA<a href="https://www.smartkarma.com/entities/nikola-corp" target="_blank" data-smartkarma-citation="entities:29029:1" rel="noopener"> </a> story has yet to fully unfold. We rate the risks of further fall-out high. Moreover,  NKLA's potential fall from grace could have wider ramifications for SPACs in general which until now appeared to have secured their claim for  greater legitmacy as an investment class.

A few weeks ago, Nikola Corp (NKLA US) was seen as a winning SPAC related investment, but the NKLA  story has yet to fully unfold. We rate the risks of further fall-out high. Moreover,  NKLA's potential fall from grace could have wider ramifications for SPACs in general which until now appeared to have secured their claim for  greater legitmacy as an investment class.

Nikola:A Winning SPAC Story Turning Into Greek Tragedy & A Shot Across the Bows for SPAC Investors

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

In this insight, we provide our thoughts on the resignation of <a href="https://www.smartkarma.com/entities/nikola-corp" target="_blank" data-smartkarma-citation="entities:29029:1" rel="noopener">Nikola Corp (NKLA US)</a> founder Trevor Milton, who will be replaced by Stephen Girsky, a former GM executive who already sits on Nikola Corp's board. On 10 September, a firm called  Hindenburg Research published a<a href="https://hindenburgresearch.com/nikola/" target="_blank" rel="noopener"> report</a> that harshly criticized the company. We are interested in Nikola mainly because a Korean company called <a href="https://www.smartkarma.com/entities/hanwha-solutions" target="_blank" data-smartkarma-citation="entities:8656:1" rel="noopener">Hanwha Solutions (009830 KS)'s </a>stock price has been highly impacted by Nikola's share price recently.In our view, Hindenburg Research makes legitimate criticism of Nikola Corp and its founder Trevor Milton. Nikola Corp has come out with a rebuttal but we do not believe this is enough to calm investors and customers. Regarding Nikola Corp, it all comes down to whether or not the company has its own unique hydrogen-based technology which it claims it does. Nikola Corp needs to hire a well-respected third party agent and give sufficient proof that its technology really works. Investors are waiting for the confirmation of an independent third party test of its technology. If the company is unwilling to provide such tests and continues to delay such tests, we believe this could have a further negative impact on Nikola Corp and its major investors including Hanwha Solutions.

In this insight, we provide our thoughts on the resignation of Nikola Corp (NKLA US) founder Trevor Milton, who will be replaced by Stephen Girsky, a former GM executive who already sits on Nikola Corp's board. On 10 September, a firm called  Hindenburg Research published a report that harshly criticized the company. We are interested in Nikola mainly because a Korean company called Hanwha Solutions (009830 KS)'s stock price has been highly impacted by Nikola's share price recently.In our view, Hindenburg Research makes legitimate criticism of Nikola Corp and its founder Trevor Milton. Nikola Corp has come out with a rebuttal but we do not believe this is enough to calm investors and customers. Regarding Nikola Corp, it all comes down to whether or not the company has its own unique hydrogen-based technology which it claims it does. Nikola Corp needs to hire a well-respected third party agent and give sufficient proof that its technology really works. Investors are waiting for the confirmation of an independent third party test of its technology. If the company is unwilling to provide such tests and continues to delay such tests, we believe this could have a further negative impact on Nikola Corp and its major investors including Hanwha Solutions. 

Nikola's Founder Resigns - The Next Enron?

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.

Honda and GM announced a strategic alliance for their North American operations on 3 Sep US time. Among the areas of collaboration announced were platform sharing, cooperation on R&amp;D and connected services and collaboration on purchasing. These are all relatively standard fare for these alliances and mergers and by and large end up achieving little in our opinion. We do feel that collaboration on R&amp;D makes sense for automakers in general as we believe scale will be increasingly important going forward, however, that is only if the collaboration is genuine and wholehearted. This alliance has the faint whiff of Honda needing to show something on the autonomous front and lacking ideas for how to improve profitability for their North American automotive operations. In these scenarios, alliances and M&amp;A tend to be the default choice once you have run out of ideas and they rarely work.

Honda and GM announced a strategic alliance for their North American operations on 3 Sep US time. Among the areas of collaboration announced were platform sharing, cooperation on R&amp;D and connected services and collaboration on purchasing. These are all relatively standard fare for these alliances and mergers and by and large end up achieving little in our opinion. We do feel that collaboration on R&amp;D makes sense for automakers in general as we believe scale will be increasingly important going forward, however, that is only if the collaboration is genuine and wholehearted. This alliance has the faint whiff of Honda needing to show something on the autonomous front and lacking ideas for how to improve profitability for their North American automotive operations. In these scenarios, alliances and M&amp;A tend to be the default choice once you have run out of ideas and they rarely work. 

Honda – GM Strategic Alliance Unlikely to Achieve Much

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)

Xi & Shenzhen/ Trade/ US-China/ Taiwan/ Electric Cars

I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and highlight why I think the...

Diana Choyleva

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

what to expect

Vicki Bryan

Nikola:A Winning SPAC Story Turning Into Greek Tragedy & A Shot Across the Bows for SPAC Investors

The $

Robert Sassoon

Nikola's Founder Resigns - The Next Enron?

In our view, Hindenburg Research makes legitimate criticism of Nikola Corp and its founder Trevor Milton. Nikola Corp has come out with a rebuttal...

Douglas Kim

Honda – GM Strategic Alliance Unlikely to Achieve Much

Honda and GM announced a strategic alliance for their North American operations on 3 Sep US time. Among the areas of collaboration announced were...

Mio Kato

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