Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

Green World FinTech Service / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/green-world-fintech-service-co-ltd" target="_blank" data-smartkarma-citation="entities:35281:1" rel="noopener">Green World FinTech Service (6763 TT)</a> is one of the leading third-party payment solution providers in Taiwanese market.</li>
<li>The Covid-19 pandemic has accelerated digitisation of the payments industry in Taiwan. This has helped strong growth in top line and margin improvements for the company.</li>
<li>Though the company seems fairly valued compared to regional and global players, we think further upside is possible given its strong market dominance and demand for fintech in Taiwan.</li>
</ul>



Green World FinTech Service (6763 TT) is one of the leading third-party payment solution providers in Taiwanese market.
The Covid-19 pandemic has accelerated digitisation of the payments industry in Taiwan. This has helped strong growth in top line and margin improvements for the company.
Though the company seems fairly valued compared to regional and global players, we think further upside is possible given its strong market dominance and demand for fintech in Taiwan.


Green World FinTech Service: Green Light On

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Green World Fintech Service is a fintech company in Taiwan with one of the most rock-solid fundamentals among all Asian fintech companies. </li>
<li>It had 39% and 122% CAGR growth in sales and operating profit, respectively from 2017 to 2020. Its operating margin improved from 4.9% in 2017 to 28.9% in 1Q-3Q 2021. </li>
<li>Nonetheless, our valuation analysis suggests a base case valuation of 15.9 billion TWD and implied price per share of 1,076 TWD, which is 8% below current price. </li>
</ul>


Green World Fintech Service is a fintech company in Taiwan with one of the most rock-solid fundamentals among all Asian fintech companies. 
It had 39% and 122% CAGR growth in sales and operating profit, respectively from 2017 to 2020. Its operating margin improved from 4.9% in 2017 to 28.9% in 1Q-3Q 2021. 
Nonetheless, our valuation analysis suggests a base case valuation of 15.9 billion TWD and implied price per share of 1,076 TWD, which is 8% below current price. 


Green World FinTech Service: A Fintech Company in Taiwan with Rock-Solid Fundamentals

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>Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside healthy market dynamics which have continued to improve.</li>
<li>Two weeks ago, our election day report (11/5/24) was titled "Buy the Pullback," and with the SPX/QQQ/IWM pulling back to their 20-day MAs, it's time to buy the pullback <em>again</em>.</li>
<li>We continue to expect significant upside into year-end and early 2025, and we expect support at the 20-day MAs on the aforementioned indexes (though support at 50-day MAs is possible).</li>
</ul>


Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside healthy market dynamics which have continued to improve.
Two weeks ago, our election day report (11/5/24) was titled "Buy the Pullback," and with the SPX/QQQ/IWM pulling back to their 20-day MAs, it's time to buy the pullback again.
We continue to expect significant upside into year-end and early 2025, and we expect support at the 20-day MAs on the aforementioned indexes (though support at 50-day MAs is possible).


Buy the Pullback Again; S&P 500, Nasdaq 100, Russell 2000 Testing Confluence of Support

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>We update Klarna’s and Stripe’s IPO valuations based on recent share transactions; Indian payments company Pine Labs is also reported to be looking to IPO</li>
<li>Our 2Q24 recommended shares performance was very mixed, with it being a mainly challenging quarter for long investors in payment companies</li>
<li>We retain Visa as a core holding and also keep PagSeguro and Shift4 as buys, replacing PayPal with European value play Nexi; we keep our sell rating on Affirm</li>
</ul>


We update Klarna’s and Stripe’s IPO valuations based on recent share transactions; Indian payments company Pine Labs is also reported to be looking to IPO
Our 2Q24 recommended shares performance was very mixed, with it being a mainly challenging quarter for long investors in payment companies
We retain Visa as a core holding and also keep PagSeguro and Shift4 as buys, replacing PayPal with European value play Nexi; we keep our sell rating on Affirm


Payment Companies – Updated Sector Overview and Potential IPOs

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>
<a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a> has offered, Potentia, four weeks of due diligence access to “<em>develop a significantly improved proposal.</em>” The Board rejected Potentia’s previous A$1.60 offer on 12 December.</li>
<li>Since the rejection of the offer, the FY2023 guidance has been upgraded and peers have re-rated. Therefore, Potentia can afford to be more generous with its terms. </li>
<li>Press reports suggest that an offer of around A$1.85 per share would be supported by shareholders. We would be buyers as Tyro is undervalued at the last close price.</li>
</ul>



Tyro Payments (TYR AU) has offered, Potentia, four weeks of due diligence access to “develop a significantly improved proposal.” The Board rejected Potentia’s previous A$1.60 offer on 12 December.
Since the rejection of the offer, the FY2023 guidance has been upgraded and peers have re-rated. Therefore, Potentia can afford to be more generous with its terms. 
Press reports suggest that an offer of around A$1.85 per share would be supported by shareholders. We would be buyers as Tyro is undervalued at the last close price.


Tyro Payments (TYR AU): Bid Revived as Potentia Secures Due Diligence

United States

Shift4 Payments, Inc. provides payment processing solutions. The Company offers software for transaction and money transfer activities. Shift4 Payments serves customers in the United States.

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Shift4 Payments (FOUR US)

Green World FinTech Service: Green Light On

Though Green World seems fairly valued compared to regional and global players, we think there is further upside given its strong market dominance...

Shifara Samsudeen, ACMA, CGMA

Green World FinTech Service: A Fintech Company in Taiwan with Rock-Solid Fundamentals

Green World Fintech Service is a fintech company in Taiwan with one of the most rock-solid fundamentals among all Asian fintech companies. However,...

Douglas Kim

Buy the Pullback Again; S&P 500, Nasdaq 100, Russell 2000 Testing Confluence of Support

Buy the Pullback Again, Same as Our Election Day Report; S&P 500 $SPX, Nasdaq 100 $QQQ, Russell 2000 $IWM Testing Confluence of Support at 20-day...

Vermilion Research

Payment Companies – Updated Sector Overview and Potential IPOs

Mixed 2Q24 shares performance, challenging for long investors in payment companies. Visa retained as core holding, with buys PagSeguro and Shift4;...

Victor Galliano

Tyro Payments (TYR AU): Bid Revived as Potentia Secures Due Diligence

Since the rejection of the offer, the FY2023 guidance has been upgraded and peers have re-rated. Therefore, Potentia can afford to be more generous...

Arun George

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