External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Equity Bottom-Up

Key points (machine generated)<ul><li>In 2008, Thistle933 successfully pitched Rightmove to investors despite a challenging real estate market.</li><li>Rightmove's business model, market position, and earnings power remained strong, leading to a compounded annual growth rate of 22% since the pitch.</li><li>However, recent underperformance by Rightmove's stock is attributed to competitor CoStar's acquisition of OnTheMarket, resulting in a 15% decline in RMV's stock and a lower five-year compounded annual growth rate of 2.5%.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)In 2008, Thistle933 successfully pitched Rightmove to investors despite a challenging real estate market.Rightmove's business model, market position, and earnings power remained strong, leading to a compounded annual growth rate of 22% since the pitch.However, recent underperformance by Rightmove's stock is attributed to competitor CoStar's acquisition of OnTheMarket, resulting in a 15% decline in RMV's stock and a lower five-year compounded annual growth rate of 2.5%.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

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.

Event-Driven

<ul>
<li>Bloomberg reports that KKR and TPG are exploring options, including a buyout of <a href="https://www.smartkarma.com/entities/propertyguru-group-limited" target="_blank" data-smartkarma-citation="entities:28149:1" rel="noopener">PropertyGuru (PGRU US)</a>, and are gauging initial interest from other global investors.</li>
<li>The favoured privatisation option for US ADRs with the Cayman Islands incorporation is a statutory merger requiring a two-thirds voting approval threshold. </li>
<li>The concentrated shareholder register would suggest that TPG/KKR would aim for irrevocable from the other three substantial shareholders, facilitating a modest takeover premium. </li>
</ul>


Bloomberg reports that KKR and TPG are exploring options, including a buyout of PropertyGuru (PGRU US), and are gauging initial interest from other global investors.
The favoured privatisation option for US ADRs with the Cayman Islands incorporation is a statutory merger requiring a two-thirds voting approval threshold. 
The concentrated shareholder register would suggest that TPG/KKR would aim for irrevocable from the other three substantial shareholders, facilitating a modest takeover premium. 


PropertyGuru (PGRU US): KKR/TPG Mulling a Buyout

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

Cross Asset Strategy

<ul>
<li>UK Industrials maintain top Sector weight. Real Estate and Consumer Discretionary underweights fund Technology overweight.</li>
<li>Investment Managers Industry group hits record exposure. REITs largely unloved by UK Small/Midcap funds.</li>
<li>Future plc remains the most widely held company. XPS Pensions and Foresight Group Holdings are the top overweights. B&amp;M, Weir Group and Rightmove lead the underweights.</li>
</ul>


UK Industrials maintain top Sector weight. Real Estate and Consumer Discretionary underweights fund Technology overweight.
Investment Managers Industry group hits record exposure. REITs largely unloved by UK Small/Midcap funds.
Future plc remains the most widely held company. XPS Pensions and Foresight Group Holdings are the top overweights. B&amp;M, Weir Group and Rightmove lead the underweights.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>PropertyGuru and Bridgetown 2 announced, on 23rd Jul 2021, that they have entered into a business combination agreement which will see PropertyGuru go public in the US. </li>
<li>Both the companies will hold their respective EGMs next week and aim to complete the listing by 18th Mar 2022.</li>
<li>We have looked at the company’s prior listing attempt, in Australia in 2019, and the current SPAC merger. In this note, we will talk about the recent updates.</li>
</ul>


PropertyGuru and Bridgetown 2 announced, on 23rd Jul 2021, that they have entered into a business combination agreement which will see PropertyGuru go public in the US. 
Both the companies will hold their respective EGMs next week and aim to complete the listing by 18th Mar 2022.
We have looked at the company’s prior listing attempt, in Australia in 2019, and the current SPAC merger. In this note, we will talk about the recent updates.


PropertyGuru/Bridgetown 2 SPAC Listing/Merger - Peers Are Down a Lot, as the Deal Nears Completion

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

<ul>
<li>Market dynamics have mildly deteriorated in recent weeks on concerns over less accommodative monetary policy and the Omicron variant.</li>
<li>Despite recent deterioration, critical supports are holding on the broad global indexes, and our global outlook remains neutral as we continue to expect more consolidation and mixed markets.</li>
<li>Growth continues to outperform relative to value. Actionable Themes: Services, Technology, and Consumer Discretionary.</li>
</ul>


Market dynamics have mildly deteriorated in recent weeks on concerns over less accommodative monetary policy and the Omicron variant.
Despite recent deterioration, critical supports are holding on the broad global indexes, and our global outlook remains neutral as we continue to expect more consolidation and mixed markets.
Growth continues to outperform relative to value. Actionable Themes: Services, Technology, and Consumer Discretionary.


Add To Growth On This Pullback; Actionable Themes: Services, Technology, and Consumer Discretionary

United Kingdom

Rightmove PLC operates a website that lists properties across Britain. The Company also publishes the House Price Index, which shows changes in house prices both annually and monthly and provides a view on the current state of the property market in England and Wales.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Rightmove PLC (RMV LN)

Rightmove (RMV) - Tuesday, Nov 14, 2023

Rightmove's business model, market position, and earnings power remained strong, leading to a compounded annual growth rate of 22% since the pitch.

Value Investors Club

PropertyGuru (PGRU US): KKR/TPG Mulling a Buyout

The concentrated shareholder register would suggest that TPG/KKR would aim for irrevocable from the other three substantial shareholders,...

Arun George

UK Small/Midcap Fund Positioning Update

How are UK Small and Midcap equity funds positioned? We analyse the holdings of 106 actively managed UK strategies to find out.

Steven Holden

PropertyGuru/Bridgetown 2 SPAC Listing/Merger - Peers Are Down a Lot, as the Deal Nears Completion

PropertyGuru and Bridgetown 2 announced, on 23rd Jul 2021, that they have entered into a business combination agreement which will see PropertyGuru...

Sumeet Singh

Add To Growth On This Pullback; Actionable Themes: Services, Technology, and Consumer Discretionary

Growth continues to outperform relative to value, shown by the intact uptrend on the MSCI ACWI ex-US Growth vs. Value ratio. We highlight...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)