Global Equity Strategy: Where to Hide Outside the U.S.
The U.S. has continued to separate itself from broad emerging market and developed international indexes. One positive is that MSCI EM and MSCI...
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U.S. Equity Strategy: Upgrading Utilities, Downgrading Manufacturing
We continue to view the market as healthy in terms of breadth, although rotations are occurring at the margin which warrant minor tweaks to our...
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Cafe24 IPO: D-1 Trading Strategy
Cafe 24 IPO will start trading tomorrow (February 8th). Cafe24 is the most anticipated IPO so far in Korea in 2018. A combination of the put-option...
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Cafe24: Valuation Analysis
Our valuation analysis of Cafe24 (042000 KF) suggests that we would take this IPO deal. Our base one-year target price suggests a price target of...
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Cafe24 IPO Preview (Part 2): Korea's Shopify, But at What Price?
In this report, we provide more detailed analysis of the Cafe24. This IPO is important mainly because it is the first "Tesla" requirements based...
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