Research Firm with a Qualitative Overlay, Pearl Gray Equity and Research

Pearl Gray Equity and Research

Research Firm with a Qualitative Overlay

Quantitative fund & research firm with a qualitative overlay. 

Our coverage: General U.S. with a skew towards the primary sector. 

Methods: Smart Beta/Factor Pricing, Neural Networks, Street Gossip, and Common Sense.

Equity Bottom-Up

Hewlett Packard Enterprise  / Equity Bottom-Up

<ul>
<li>Hewlett Packard Enterprise's quantitative operating features are a mess, with its EBITDA margin, inventory turnover, and NOPAT all in decline.</li>
<li>Yet, we might witness a slowdown in 2023 as corporate earnings could stagnate.</li>
<li>The stock provides a desirable dividend, but its price return prospects are glum.</li>
</ul>


Hewlett Packard Enterprise's quantitative operating features are a mess, with its EBITDA margin, inventory turnover, and NOPAT all in decline.
Yet, we might witness a slowdown in 2023 as corporate earnings could stagnate.
The stock provides a desirable dividend, but its price return prospects are glum.


Hewlett Packard Enterprise: Very, Very Underwhelming

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Railway / China’s railway investment falls for a third straight year</li><li>Covid-19 / China to end quarantine for travelers from Hong Kong to the mainland</li><li>Academic fraud / China punishes dozens for academic fraud at medical universities</li></ul>

Railway / China’s railway investment falls for a third straight yearCovid-19 / China to end quarantine for travelers from Hong Kong to the mainlandAcademic fraud / China punishes dozens for academic fraud at medical universities

CX Daily: China’s Railway Investment Falls for a Third Straight Year

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Mapletree North Asia Commercial Trust / Equity Bottom-Up

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2022-06/reit%201.PNG' alt='Indicative timeline for Trust Scheme between MCT and MNACT' />
 </figure>
 <div class='content-caption'>Indicative timeline for Trust Scheme between MCT and MNACT</div>
<figure>
 <img src='https://api2.sgx.com/sites/default/files/2022-06/reit%202.PNG' alt='Geographical breakdown of MPACT' />
 </figure>
 <div class='content-caption'>Geographical breakdown of MPACT</div>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
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THE ongoing merger of Mapletree Commercial Trust (MCT) and Mapletree North Asia Commercial Trust (MNACT) is on track to create one of the top 10 largest Reits in Asia.

 
The merged entity, Mapletree Pan Asia Commercial Trust (MPACT) will have an estimated market capitalisation of over S$10 billion and will hold a diversified portfolio of 18 commercial assets across Singapore, China, Hong Kong, Japan and South Korea, with assets under management (AUM) of approximately S$17.1 billion.

 
The Reit managers believe that the merger will provide a pathway for growth by merging MCT, a Singapore-focused Reit, with MNACT, a ready and established platform that has scale and reach in North Asia.

 

MCT said that this will in turn bring about immediate financial benefits and access to attractive footholds into North Asia supported by established local operating teams with extensive experience and a strong track record.

 
Other key benefits cited by the Reits include enhanced financial flexibility to pursue more growth opportunities such as larger acquisitions and capital recycling opportunities, increased liquidity and index representation, enhanced geographic diversification, reduced single asset concentration and improved tenant diversification as well as immediate financial benefits in terms of distribution per unit (DPU) and net asset value (NAV) accretion on a historical pro forma basis.

 
Post-merger, MPACT will hold best-in-class assets such as Festival Walk in Hong Kong, Mapletree Business City and VivoCity in Singapore.

 

The Reit managers believe that together, these will improve overall cash flow stability and resilience through market cycles.

 
MPACT will host major tenants with global businesses such as Google, BMW, Seiko, HP Japan and NTT UD.

 
Together, the top 10 tenants by gross rental income (GRI) will contribute 23 per cent of its GRI post-merger. This is down from MCT’s 27.7 per cent and MNACT’s 37.7 per cent, reducing income concentration.

 
Unitholders of MCT and MNACT have voted in favour of the merger last month.

 
The merger will be effected through the acquisition by MCT of all the issued and paid-up units of MNACT by way of a trust scheme of arrangement.

 

During the election period, each MNACT unitholder is entitled to choose only one form of scheme consideration: scrip-only, cash-and-scrip or cash-only options. The cash-only consideration will be the default form of the scheme consideration.

 

Based on indicative dates announced by the Reit managers, the election period is expected to run from Jun 15 to 29 while the merged entity is expected to begin trading on Jul 29.

 
MNACT’s estimated date of delisting will be on Aug 3.

 

REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/merger-of-mct-and-mnact-creates-pathway-for-growth">read </a>the original version.
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    Indicative timeline for Trust Scheme between MCT and MNACT

      
    
    Geographical breakdown of MPACT


THE ongoing merger of Mapletree Commercial Trust (MCT) and Mapletree North Asia Commercial Trust (MNACT) is on track to create one of the top 10 largest Reits in Asia.

 
The merged entity, Mapletree Pan Asia Commercial Trust (MPACT) will have an estimated market capitalisation of over S$10 billion and will hold a diversified portfolio of 18 commercial assets across Singapore, China, Hong Kong, Japan and South Korea, with assets under management (AUM) of approximately S$17.1 billion.

 
The Reit managers believe that the merger will provide a pathway for growth by merging MCT, a Singapore-focused Reit, with MNACT, a ready and established platform that has scale and reach in North Asia.

 

MCT said that this will in turn bring about immediate financial benefits and access to attractive footholds into North Asia supported by established local operating teams with extensive experience and a strong track record.

 
Other key benefits cited by the Reits include enhanced financial flexibility to pursue more growth opportunities such as larger acquisitions and capital recycling opportunities, increased liquidity and index representation, enhanced geographic diversification, reduced single asset concentration and improved tenant diversification as well as immediate financial benefits in terms of distribution per unit (DPU) and net asset value (NAV) accretion on a historical pro forma basis.

 
Post-merger, MPACT will hold best-in-class assets such as Festival Walk in Hong Kong, Mapletree Business City and VivoCity in Singapore.

 

The Reit managers believe that together, these will improve overall cash flow stability and resilience through market cycles.

 
MPACT will host major tenants with global businesses such as Google, BMW, Seiko, HP Japan and NTT UD.

 
Together, the top 10 tenants by gross rental income (GRI) will contribute 23 per cent of its GRI post-merger. This is down from MCT’s 27.7 per cent and MNACT’s 37.7 per cent, reducing income concentration.

 
Unitholders of MCT and MNACT have voted in favour of the merger last month.

 
The merger will be effected through the acquisition by MCT of all the issued and paid-up units of MNACT by way of a trust scheme of arrangement.

 

During the election period, each MNACT unitholder is entitled to choose only one form of scheme consideration: scrip-only, cash-and-scrip or cash-only options. The cash-only consideration will be the default form of the scheme consideration.

 

Based on indicative dates announced by the Reit managers, the election period is expected to run from Jun 15 to 29 while the merged entity is expected to begin trading on Jul 29.

 
MNACT’s estimated date of delisting will be on Aug 3.

 

REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - Merger of MCT and MNACT creates pathway for growth

Value Investing

Vladimir Dimitrov, CFA

<ul><li>The unprecedented amount of liquidity is having profound implications for high growth tech companies.</li><li>Expected topline growth rate has become the number one business valuation driver in the cloud space.</li><li>The hidden risk of rising interest rates and fading momentum trade is often left unaccounted for, which could soon create serious problems.</li></ul>

The unprecedented amount of liquidity is having profound implications for high growth tech companies.Expected topline growth rate has become the number one business valuation driver in the cloud space.The hidden risk of rising interest rates and fading momentum trade is often left unaccounted for, which could soon create serious problems.

The Cloud Space In Numbers: What Matters The Most

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)

Headline Developments Nassim Taleb, the celebrated Black Swan author and mathematician, has published a paper trashing bitcoin.  In the paper (excerpts below), Taleb claims the theoretical value of bitcoin is zero, saying it is not a currency, can be neither a short or long term store of value, cannot operate as a reliable inflation hedge and, “worst of all”, does not constitute “not even remotely” a tail protection vehicle for catastrophic episodes (i.

Headline Developments Nassim Taleb, the celebrated Black Swan author and mathematician, has published a paper trashing bitcoin.  In the paper (excerpts below), Taleb claims the theoretical value of bitcoin is zero, saying it is not a currency, can be neither a short or long term store of value, cannot operate as a reliable inflation hedge and, “worst of all”, does not constitute “not even remotely” a tail protection vehicle for catastrophic episodes (i.

United States

Hewlett Packard Enterprise Company provides information technology solutions. The Company offers enterprise security, analytics and data management, applications development and testing, data center care, cloud consulting, and business process services. Hewlett Packard Enterprise serves customers worldwide.

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Hewlett Packard Enterprise (HPE US)

Hewlett Packard Enterprise: Very, Very Underwhelming

Hewlett Packard Enterprise's quantitative operating features are a mess, with its EBITDA margin, inventory turnover, and NOPAT all in decline.

Pearl Gray Equity and Research

CX Daily: China’s Railway Investment Falls for a Third Straight Year

China’s railway investment falls for a third straight year. China to end quarantine for travelers from Hong Kong to the mainland

Caixin Global

REIT Watch - Merger of MCT and MNACT creates pathway for growth

THE ongoing merger of Mapletree Commercial Trust (MCT) and Mapletree North Asia Commercial Trust (MNACT) is...

Singapore Exchange Ltd (SGX)

The Cloud Space In Numbers: What Matters The Most

The unprecedented amount of liquidity is having profound implications for high growth tech companies. Expected topline growth rate has become the...

Vladimir Dimitrov, CFA

Weekly Innovation Review (WIRE) #37

Nassim Taleb, the celebrated Black Swan author and mathematician, has published a paper trashing bitcoin. In the paper, Taleb claims the...

Granite Bay Capital

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