External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Meta Platforms (Facebook) / Equity Bottom-Up

<ul><li>Meta hosted the Meta Connect 2022 on 11 Oct, launching its first high-end VR headset Meta Quest Pro.</li><li>The new VR headset will begin shipping on 25 October for US$1,499.99.</li><li>With innovative features like pancake lenses, eye tracking, natural facial expressions and colour passthrough, Meta Quest Pro will meaningfully enhance the social/gaming/work VR experience in our view.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Meta hosted the Meta Connect 2022 on 11 Oct, launching its first high-end VR headset Meta Quest Pro.The new VR headset will begin shipping on 25 October for US$1,499.99.With innovative features like pancake lenses, eye tracking, natural facial expressions and colour passthrough, Meta Quest Pro will meaningfully enhance the social/gaming/work VR experience in our view.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Internet Sector – Meta Connect 2022: bridging the gap towards metaverse

SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

<ul><li>Direct to Consumer and E-commerce brands benefited massively from the demand during the pandemic but have struggled in recent months due to the recent slump in demand.</li><li>Furthermore, Privacy focused changes instituted by both Apple and Google have led to poor conversion rates and soaring customer acquisition costs whiles also lowering conversion rates.</li><li>System1, which went public through a SPAC, aims to solve all these issues by matching high-intent customers with advertisers at scales, effectively sidestepping the recent changes.</li></ul>

Direct to Consumer and E-commerce brands benefited massively from the demand during the pandemic but have struggled in recent months due to the recent slump in demand.Furthermore, Privacy focused changes instituted by both Apple and Google have led to poor conversion rates and soaring customer acquisition costs whiles also lowering conversion rates.System1, which went public through a SPAC, aims to solve all these issues by matching high-intent customers with advertisers at scales, effectively sidestepping the recent changes.

US Tech Company Research, MT Capital

MT Capital

US Tech Company Research

I demystify the world's most interesting tech companies, providing in-depth, no-nonsense, un-biased analysis on the most interesting Tech Companies available for investment today. I am a Mechanical Engineer by education, Software Engineer by trade and a self-trained Financial Analyst.

<ul><li>The technology sector is full of polarizing personalities, many of whom stand at the helm of some of the largest companies in the world.</li><li>Whether that be with the brash antics and lofty ambitions of Elon Musk, the undoubtable brilliance tainted by Bitcoin Maximalism exhibited by Jack Dorsey, the SEC-challenging twitter threads blasted by Brain Armstrong, or the naivety potentially falsely portrayed by Vlad Tenev, there is no shortage of individuals that, love or hate, you can’t help but pay attention to.</li><li>Mark Zuckerburg is one of those people. The man that steers the ship of of Metaverse has clear technical aptitude, a far-cry away from the resume full of consulting experience and MBAs possessed by a lot of modern c-suite executives.</li></ul>

The technology sector is full of polarizing personalities, many of whom stand at the helm of some of the largest companies in the world.Whether that be with the brash antics and lofty ambitions of Elon Musk, the undoubtable brilliance tainted by Bitcoin Maximalism exhibited by Jack Dorsey, the SEC-challenging twitter threads blasted by Brain Armstrong, or the naivety potentially falsely portrayed by Vlad Tenev, there is no shortage of individuals that, love or hate, you can’t help but pay attention to.Mark Zuckerburg is one of those people. The man that steers the ship of of Metaverse has clear technical aptitude, a far-cry away from the resume full of consulting experience and MBAs possessed by a lot of modern c-suite executives.

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<ul>
<li>Communication Services allocations among active Global managers are at their lowest levels on record.</li>
<li>Average weights stand at an all-time low of 7.12%, having broken out of a decade long range of between 8% - 10% towards the end of 2021.</li>
<li>Activision Blizzard suffered the worst of the position closures, alongside Meta Platforms, Tencent and Nintendo Co Ltd.</li>
</ul>


Communication Services allocations among active Global managers are at their lowest levels on record.
Average weights stand at an all-time low of 7.12%, having broken out of a decade long range of between 8% - 10% towards the end of 2021.
Activision Blizzard suffered the worst of the position closures, alongside Meta Platforms, Tencent and Nintendo Co Ltd.


Global Communication Services: Lowest Exposure on Record

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Meta Platforms had a disappointing result where it failed to meet Wall Street expectations in terms of both, revenues as well as earnings.</li><li>In Q2, while the average price per ad dropped by 14%, the overall number of ad impressions served across all of their services climbed by 15%.</li><li>In general, Facebook engagement trends have been greater than expected, and robust real growth is still driving engagement on both Facebook and Instagram.</li></ul>

Meta Platforms had a disappointing result where it failed to meet Wall Street expectations in terms of both, revenues as well as earnings.In Q2, while the average price per ad dropped by 14%, the overall number of ad impressions served across all of their services climbed by 15%.In general, Facebook engagement trends have been greater than expected, and robust real growth is still driving engagement on both Facebook and Instagram.

Meta Platforms Inc.: Metaverse Progress & Other Drivers

United States

Meta Platforms Inc. operates as a social technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses. meta Platform is also involved in advertisements, augmented and virtual reality.

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Meta Platforms (Facebook) (META US)

China Internet Sector – Meta Connect 2022: bridging the gap towards metaverse

With innovative features like pancake lenses, eye tracking, natural facial expressions and colour passthrough, Meta Quest Pro will meaningfully...

CMB International

Advertisement Apocalypse

Direct to Consumer and E-commerce brands benefited massively from the demand during the pandemic but have struggled in recent months due to the...

subSPAC

Meta Platforms ($META)

The technology sector is full of polarizing personalities, many of whom stand at the helm of some of the largest companies in the world.

MT Capital

Global Communication Services: Lowest Exposure on Record

Selling in Activision Blizzard, Meta Platforms, Tencent and Nintendo Co Ltd force Communication Services allocations to their lowest levels on record.

Steven Holden

Meta Platforms Inc.: Metaverse Progress & Other Drivers

Meta Platforms had a disappointing result where it failed to meet Wall Street expectations in terms of both, revenues as well as earnings. In Q2,...

Baptista Research

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