Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Thematic (Sector/Industry)

<ul>
<li>The trend of 2019’s payment services mega-deals is set to continue but in the form of a greater volume of small transactions.</li>
<li>Potential take-out candidates include the likes of: ACI Worldwide (ACIW.US); i3 Verticals (IIIV.US); and Repay Holdings (RPAY.US).</li>
<li> While US will expereince a continuation of deals, Asia will remain the FinTech M&amp;A hotbed. </li>
</ul>


The trend of 2019’s payment services mega-deals is set to continue but in the form of a greater volume of small transactions.
Potential take-out candidates include the likes of: ACI Worldwide (ACIW.US); i3 Verticals (IIIV.US); and Repay Holdings (RPAY.US).
 While US will expereince a continuation of deals, Asia will remain the FinTech M&amp;A hotbed. 


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/yeahka-limited" target="_blank" data-smartkarma-citation="entities:28436:1" rel="noopener">Yeahka Limited (YEAHKA HK)</a> is a leading payment-based technology platform in China. Yeahka is backed by investors such as <a href="https://www.smartkarma.com/entities/recruit-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15070:1" rel="noopener">Recruit Holdings (6098 JP)</a> (4.98% shareholder), Greycroft Growth (4.48%) and <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a> (3.93%). It has filed for an HK IPO to raise around $300 million, according to press reports. </p><div class="content-highlight"><p>Yeahka is a play on the rapid growth of the payment service industry in China. Peeling back the benefit of market growth, Yeahka’s fundamentals offer more positives than negatives. </p></div>

Yeahka Limited (YEAHKA HK) is a leading payment-based technology platform in China. Yeahka is backed by investors such as Recruit Holdings (6098 JP) (4.98% shareholder), Greycroft Growth (4.48%) and Tencent Holdings (700 HK) (3.93%). It has filed for an HK IPO to raise around $300 million, according to press reports. Yeahka is a play on the rapid growth of the payment service industry in China. Peeling back the benefit of market growth, Yeahka’s fundamentals offer more positives than negatives. 

<p><a href="https://www.smartkarma.com/entities/tyro-payments" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYRO AU)</a> is a provider of payment infrastructure and services to Australian SMEs. Tyro has launched its IPO with an indicative price range of A$2.50-2.75 per share to raise gross proceeds of A$291.1-302.7 million. The final price will be announced on 5 December. </p><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/tyro-payments-ipo-initiation-the-penny-drops" target="_blank" rel="noopener">our initiation note</a>, we noted that Tyro’s fundamentals are mixed, giving ammunition to both bulls and bears. Our valuation analysis suggests that at the low-end of the IPO price range, Tyro trades at a fair value for the forecasted revenue growth it delivers. Consequently, we would participate most at the low-end of the proposed IPO price range.  </p></div>

Tyro Payments (TYRO AU) is a provider of payment infrastructure and services to Australian SMEs. Tyro has launched its IPO with an indicative price range of A$2.50-2.75 per share to raise gross proceeds of A$291.1-302.7 million. The final price will be announced on 5 December. In our initiation note, we noted that Tyro’s fundamentals are mixed, giving ammunition to both bulls and bears. Our valuation analysis suggests that at the low-end of the IPO price range, Tyro trades at a fair value for the forecasted revenue growth it delivers. Consequently, we would participate most at the low-end of the proposed IPO price range.  

<p><a href="https://www.smartkarma.com/entities/tyro-payments" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYRO AU)</a> is a provider of payment infrastructure and services to Australian SMEs. Tyro is seeking an A$250 million IPO with most of it expected to represent a sell-down by shareholders, according to press reports. </p><div class="content-highlight"><p>At first glance, Tyro is a high-growth story underpinned by market share gains against dinosaur-like incumbents. However, the evidence to date suggests that Tyro also sits squarely in the growth-at-all-costs category. Overall, we believe that Tyro’s fundamentals are mixed, giving ammunition to both bulls and bears.</p></div>

Tyro Payments (TYRO AU) is a provider of payment infrastructure and services to Australian SMEs. Tyro is seeking an A$250 million IPO with most of it expected to represent a sell-down by shareholders, according to press reports. At first glance, Tyro is a high-growth story underpinned by market share gains against dinosaur-like incumbents. However, the evidence to date suggests that Tyro also sits squarely in the growth-at-all-costs category. Overall, we believe that Tyro’s fundamentals are mixed, giving ammunition to both bulls and bears.

Tyro Payments IPO Initiation: The Penny Drops

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

<p>Turmoil in Turkey and a collapsing lira has led to a breakout in the USD and global equity market weakness. Emerging and developed markets outside the U.S. are getting hit considerably harder than the U.S. given concerns over European bank exposure and EM contagion. The absence of international equity market strength remains a top concern for near-term performance of U.S. markets.  In today’s report we highlight attractive Groups within the U.S. Consumer Discretionary and Data Processing &amp; Outsourcing Services areas.</p>

Turmoil in Turkey and a collapsing lira has led to a breakout in the USD and global equity market weakness. Emerging and developed markets outside the U.S. are getting hit considerably harder than the U.S. given concerns over European bank exposure and EM contagion. The absence of international equity market strength remains a top concern for near-term performance of U.S. markets.  In today’s report we highlight attractive Groups within the U.S. Consumer Discretionary and Data Processing &amp; Outsourcing Services areas.

United States

Global Payments Inc. provides electronic transaction processing, information systems, and services.  The Company serves the financial, corporate, government, and merchant communities on a worldwide basis.  Global Payments provides funds transfer, merchant services, merchant accounting, Internet services, and other services.

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Global Payments (GPN US)

US FinTech M&A Trend Set to Continue

The trend of 2019’s payment services mega-deals is set to continue but in the form of a greater volume of small transactions. Potential take-out...

Thomas J. Monaco

Yeahka IPO Initiation: Cashing In

Yeahka Limited (YEAHKA HK) is a leading payment-based technology platform in China. Yeahka is backed by investors such as Recruit Holdings (6098...

Arun George

Tyro Payments IPO: Fair Value

Tyro Payments (TYRO AU) is a provider of payment infrastructure and services to Australian SMEs. Tyro has launched its IPO with an indicative price...

Arun George

Tyro Payments IPO Initiation: The Penny Drops

Tyro Payments (TYRO AU) is a provider of payment infrastructure and services to Australian SMEs. Tyro is seeking an A$250 million IPO with most of...

Arun George

USD Breakout; Foreign Markets Reeling

Turmoil in Turkey and a collapsing lira has led to a breakout in the USD and global equity market weakness. Emerging and developed markets outside...

Vermilion Research

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