Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

IP Group trades at 0.54x its rebased end-May NAV of 139p per share, down 17% from the year end NAV/share of 167p. This prices in the public market fall in Oxford Nanopore Technologies (29p off IP Group’s NAV per share in FY22 to date), while the private company portfolio saw fair value gains over the period. First Light Fusion mitigated the fall in NAV per share, with a valuation increase on achieving first fusion and management’s expectation of a substantial up-round still ahead. Critically, IP Group remains well funded, with £251m of cash and deposits, providing comfort that it can support key investee companies, drive value from its portfolio and take advantage of the downcycle for new investments. Management recognises that realisations are likely to be few and far between if the current market backdrop persists.

IP Group trades at 0.54x its rebased end-May NAV of 139p per share, down 17% from the year end NAV/share of 167p. This prices in the public market fall in Oxford Nanopore Technologies (29p off IP Group’s NAV per share in FY22 to date), while the private company portfolio saw fair value gains over the period. First Light Fusion mitigated the fall in NAV per share, with a valuation increase on achieving first fusion   and management’s expectation of a substantial up-round still ahead. Critically, IP Group remains well funded, with £251m of cash and deposits, providing comfort that it can support key investee companies, drive value from its portfolio and take advantage of the downcycle for new investments. Management recognises that realisations are likely to be few and far between if the current market backdrop persists. 

IP Group - Impact + innovation at a compelling discount

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Thematic (Sector/Industry)

The vote to leave the European Union will have both shorter and longer term impacts on the UK economy. There will be a shorter term impact on demand and, separately, on potential supply. The longer term one will depend largely on the policy response. Any decline in demand can in principle be offset by a lower exchange rate or by fiscal or monetary stimulus. A reduction in potential supply can only be offset, after a delay, by increased investment. This is therefore the key challenge and policy success will be determined by the extent to which investment is stimulated and adequate long- term growth thereby assured. In addition, there is also likely to be a reduction in living standards through a deterioration in the terms of trade as a result of weaker sterling, but this was in any event likely as the exchange rate appeared overvalued before the vote.

The vote to leave the European Union will have both shorter and longer term impacts on the UK economy. There will be a shorter term impact on demand and, separately, on potential supply. The longer term one will depend largely on the policy response. Any decline in demand can in principle be offset by a lower exchange rate or by fiscal or monetary stimulus. A reduction in potential supply can only be offset, after a delay, by increased investment. This is therefore the key challenge and policy success will be determined by the extent to which investment is stimulated and adequate long- term growth thereby assured. In addition, there is also likely to be a reduction in living standards through a deterioration in the terms of trade as a result of weaker sterling, but this was in any event likely as the exchange rate appeared overvalued before the vote.  

Founder and CEO, Europacifica Consulting

Naomi Fink

Founder and CEO

Europacifica Consulting

Macroeconomics

Yen has been the (perhaps unwilling) beneficiary of the risk-aversion of Brexit.This type of environment is a high risk environment for MOF intervention, but where volatility is mainly concentrated in the GBP (see graphic) not yen, intervening in USDJPY might not be so useful.  Moreover, right while BOJ is supplying dollars via auction it is possible there is a desire not to intervene as a cross-current to this operation.That said, given skittish markets and yen’s status as a risk haven, MOF may stay on high intervention alert for quite some time.  It is a good idea to keep watching speculative positioning and volatility.Given upcoming elections, there is probably reason for a lot of political pressure on the MOF to intervene; still the focus is diverted from Abenomics to developments abroad, which might mean a fairly positive outcome for Abe.  Expect further justifications for delay in the consumption tax hike and fiscal spending package already planned.

Yen has been the (perhaps unwilling) beneficiary of the risk-aversion of Brexit.This type of environment is a high risk environment for MOF intervention, but where volatility is mainly concentrated in the GBP (see graphic) not yen, intervening in USDJPY might not be so useful.  Moreover, right while BOJ is supplying dollars via auction it is possible there is a desire not to intervene as a cross-current to this operation.That said, given skittish markets and yen’s status as a risk haven, MOF may stay on high intervention alert for quite some time.  It is a good idea to keep watching speculative positioning and volatility.Given upcoming elections, there is probably reason for a lot of political pressure on the MOF to intervene; still the focus is diverted from Abenomics to developments abroad, which might mean a fairly positive outcome for Abe.  Expect further justifications for delay in the consumption tax hike and fiscal spending package already planned.

Chairman, sgtradex

Tan Chin-Hwee

Chairman

Cameron has to take the fall as he took a huge strategic risk for partisan reasons, misreading the mood. The question is: do you as a business owner hire and invest?Uncertainty is often lumped together as risk but there is a different: risk can be measured but uncertainty cannot. Daniel Ellsberg devised the famous experiment where there are 2 jars. The first jar, you are told, contains 50 red balls and 50 black balls. The 2nd jars contain 100 red and black balls but the number of each is…

Cameron has to take the fall as he took a huge strategic risk for partisan reasons, misreading the mood. The question is: do you as a business owner hire and invest?Uncertainty is often lumped together as risk but there is a different: risk can be measured but uncertainty cannot. Daniel Ellsberg devised the famous experiment where there are 2 jars. The first jar, you are told, contains 50 red balls and 50 black balls. The 2nd jars contain 100 red and black balls but the number of each is…

Markets from Here-Uncertainty Is NOT Risk

United Kingdom

Jupiter Fund Management plc. manages open-ended funds directed toward retail investors. The Company also offers investment management services to institutional clients, private clients, investment trusts and hedge funds.

Mattioli Woods plc provides wealth management and employee benefit services in the United Kingdom. It operates through Direct Pension Consultancy and Administration, Third Party Pension Administration, Investment and Asset Management, Property Management, and Employee Benefits segments. The company offers self-invested personal and small self-administered pension schemes, and trustee services; and ISA investment services and structured products. It also provides portfolio management services; financial planning services, such as wealth building, trust planning, inheritance tax and estate planning, exit planning, and executive financial planning; and commercial and residential property mortgage advice, custodian REITs management, syndicated property investment, and property insurance services. In addition, the company offers advice and assistance on a range of personal insurance products, which include life assurance, medical insurance, critical illness, income protection, shareholder protection, and key person protection. Further, it provides employee benefit services, including due diligence; workplace savings services, such as audit and review, design, investment consulting, implementation, administration, annual governance reporting, communication to members, legislative updates, and auto-enrolment compliance; and flexible benefits, including total reward statements, voluntary benefits, create, and communication of benefits. Additionally, the company offers private medical insurance, health cash plans, and dental plans; non-pension related insured benefits; advising on international and multinational benefits; and consultancy and employee benefit audit, and project management services. The company offers its services to controlling directors, owner-managed businesses, professionals, executives, and affluent retirees. Mattioli Woods plc was founded in 1991 and is headquartered in Leicester, the United Kingdom.

Georgia Capital PLC operates as an investment company. The Company focuses on investing in beverages, hospitality, commercial real estate, renewable energy, insurance, housing development, water utility, and health care sectors.

Brooks Macdonald Group plc, through its subsidiaries, operates as a wealth management company in the United Kingdom and The Channel Islands. It operates through four segments: Investment Management, Financial Planning, Fund and Property Management, and Channel Islands. The company offers investment management, custody, nominee, dealing, and stock broking services; independent financial advisory, personal tax, and mortgage services; and employee benefits consultancy services, as well as operates as a manager to a range of regulated open ended investment companies, and specialist property and structured return funds. It also manages a portfolio of approximately 5,000 residential, commercial, and mixed-use properties, as well as provides retirement planning and fund sponsoring services. The company serves private individuals, charities, trusts, families, businesses and their employees, institutions, and property fund managers. Brooks Macdonald Group plc was founded in 1991 and is headquartered in London, the United Kingdom.

Numis Corporation Plc engages in the investment banking and stock broking businesses primarily in the United Kingdom and United States. The company provides corporate finance services, including advisory services in the areas of mergers and acquisitions, public bids, IPOs, secondary fundraisings, convertible securities, retail bonds, and private equity. It also provides corporate broking services, which comprise advisory services to its corporate clients on market conditions and perceptions; and deal with various aspects of investor relations, such as organization of and feedback on institutional road show presentations to shareholders. In addition, the company offers research services to approximately 16 sectors; and execution services for stocks. Further, it provides sales and trading, investment, fixed income and convertible bonds, retail capital markets, index, and asset management services. Numis Corporation Plc was incorporated in 1989 and is based in London, United Kingdom.

Impax Asset Management Group plc, through its subsidiaries, provides investment services to funds specializing in the environmental markets sector, with a focus on alternative energy, water, and waste sectors, primarily in the United Kingdom. It manages a range of funds and segregated accounts on behalf of institutional and private investors. The company was formerly known as Impax Group plc and changed its name to Impax Asset Management Group plc in October 2009. Impax Asset Management Group plc was founded in 1998 and is based in London, the United Kingdom.

European Assets Trust PLC is a closed-end Investment Trust incorporated in the United Kingdom.  The Trust seeks to generate attractive long-term capital growth through investment in quoted small and medium-sized companies in Europe, excluding the UK.

Polar Capital Holdings PLC is an asset management group which provides a range of hedge funds and long only funds that are diversified by asset class and geographical location.

The Brunner Investment Trust PLC is a closed-end fund incorporated in the United Kingdom. The aim of the Fund is to achieve a total return higher than that of the benchmark index of 30% for FTSE All share and 70% for the World ex UK (ex UK sterling adjusted) over the long term. The Fund invests in UK and international securities.

CVC Credit Partners European Opportunities Ltd. is a Jersey closed-ended investment company limited by shares. The Company invests predominantly in companies domiciled, or with material operations, in Western Europe across various countries. The Company's investments will be focused on Senior Secured Obligations of such companies but investments will also be made.  [FIGI BBG004K7Z4B4]

CVC Credit Partners European Opportunities (CCPG LN)

CVC Credit Partners European Opportunities

Central China Securities Co., Ltd. is a securities company engaged in the brokerage, investment banking, investment management, and trading businesses primarily in China. The Company trades in stocks, funds, bonds, and commodity and financial futures on behalf of its clients; and provides margin financing, securities lending, and wealth management services.

Woori Technology Investment Co., Ltd. is a venture capital firm focusing on venture capital financing for small and medium sized companies specialized in semiconductors and affiliated facilities, biotechnology, Internet business, software, and telecommunications.  The Company also offers consulting services, and management skills for venture companies.

Equity Holdings Limited provides personal trust and financial services to customers in Australia.   Services include will and estate planning, trustee for settlements, financial guardian, investment and property management and fund investments. Other services provided by the company  include income tax services, short term share trading and mortgage loans and investments.

M&A Capital Partners Co., Ltd. is an M&A advisory firm. The Company provides advisory service in M&A due diligence, business strategy, corporate regeneration, capital increase strategy to support owners of small and medium companies with business succession.

Hanwha Investment & Securities Co Ltd offers various financial services, such as securities dealing, brokerage, foreign exchange, corporate financing, and underwriting services. The Company also provides various services, such as stock index futures and options trading, mutual funds sales, bonds trading,online trading, and investment trust accounts.

China Bills Finance Corporation acts as a dealer and broker of commercial paper, certificates of deposit, acceptances, and treasury bills.  The Company also acts as a registrar, underwriter and guarantor of commercial paper, and as a broker of interbank placements with financial institutions.

Noah Holdings Ltd. distributes wealth management products in China.  The Company serves high net-worth individuals; enterprises affiliated with high net-worth individuals; and wholesale clients, primarily local commercial banks or branches of national commercial banks which distribute wealth management products to their own clients.

Oppenheimer Holdings Inc., through its principal subsidiary, Oppenheimer & Co. Inc., is a United States regional broker-dealer.  The Company offers a full range of services from various offices in the United States and international jurisdictions.  Oppenheimer also offers online discount brokerage and dollar-based investing services.

Hengtai Securities Co Ltd is a full-service securities firm. The Company operates among others brokerage and wealth management, investment management, proprietary trading, and investment banking services. Hengtou is the business name under which Hengtai Securities does business in Hong Kong.

Marusan Securities Co., Ltd. is a comprehensive securities firm.  The Company provides financial services such as dealing, brokerage, underwriting, distribution of securities, and investment trust.  Marusan Securities has a subsidiary in Europe.

IP Group PLC, through partnerships with research institutions, shares in revenue from the commercialization of research results. The Company provides seed capital and resources in return for equity in companies spun off as a result of research. IP Group has partnerships with the University of Oxford's Chemistry Department, the University of Southampton, and King's College London.

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IP Group PLC (IPO LN)

IP Group - Impact + innovation at a compelling discount

IP Group trades at 0.54x its rebased end-May NAV of 139p per share, down 17% from the year end NAV/share of 167p. This prices in the public market...

Edison Investment Research

The UK Economy - After Brexit

The vote to leave the European Union will have both shorter and longer term impacts on the UK economy. There will be a shorter term impact on...

Pelham Smithers Associates

Macro Chart Focus: Brexit and the Yen

Yen has been the (perhaps unwilling) beneficiary of the risk-aversion of Brexit.This type of environment is a high risk environment for MOF...

Naomi Fink

Markets from Here-Uncertainty Is NOT Risk

Cameron has to take the fall as he took a huge strategic risk for partisan reasons, misreading the mood. The question is: do you as a business...

Tan Chin-Hwee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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