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.

Equity Capital Markets

<ul>
<li>SoftBank’s internal transaction acquiring the 25% Arm stake held by SVF1 valued Arm at USD64bn; the IPO valuation range is from USD48bn to USD52bn</li>
<li>This valuation range implies an Nvidia-like price to prospective 2024E sales multiple range of 22x-25x; the prospectus reveals risks with Arm China, and confirms its lacklustre revenue and earnings growth</li>
<li>Given SoftBank’s largely negative track record on the after-market performance of its investee companies IPOs and SPOs; we expect further downside to SoftBank’s share price</li>
</ul>


SoftBank’s internal transaction acquiring the 25% Arm stake held by SVF1 valued Arm at USD64bn; the IPO valuation range is from USD48bn to USD52bn
This valuation range implies an Nvidia-like price to prospective 2024E sales multiple range of 22x-25x; the prospectus reveals risks with Arm China, and confirms its lacklustre revenue and earnings growth
Given SoftBank’s largely negative track record on the after-market performance of its investee companies IPOs and SPOs; we expect further downside to SoftBank’s share price


SoftBank Group (9984 JP); Arm IPO, Priced for Disappointment

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/country-garden-holdings-co' target='_blank' rel='noopener'>Country Garden Holdings Co</a></li><li><a href='/entities/hopson-development-holdings' target='_blank' rel='noopener'>Hopson Development</a></li><li><a href='/entities/greentown-china-holdings' target='_blank' rel='noopener'>Greentown China</a></li><li><a href='/entities/renew-energy-global-plc' target='_blank' rel='noopener'>ReNew Energy Global </a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Country Garden Holdings CoHopson DevelopmentGreentown ChinaReNew Energy Global China Jinmao Holdingsand more...

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS: Chinese Ban on iPhone weighs on US Equity Sentiment;  Tech, to no one's surprise, hit hard, with Nasdaq100 -0.7% SOX -2%; Initial Jobless Claims drop - fuels inflation fears</li>
<li>JAPAN: NKY Futs -0.9% vs Cash; USDJPY 147.3; Kishida to reschuffle Cabinet as early as next week;   HA-2 Moon Rocket Successful Launch.; More rumors on Switch 2</li>
<li>JAPAN X: Unveiling the Future: Nintendo's Switch 2 Rumors ? or  Reality ? Seems like Reality. Likely not a smart move to go bearish on Nintendo ! Watch this space.  </li>
</ul>


OVERSEAS: Chinese Ban on iPhone weighs on US Equity Sentiment;  Tech, to no one's surprise, hit hard, with Nasdaq100 -0.7% SOX -2%; Initial Jobless Claims drop - fuels inflation fears
JAPAN: NKY Futs -0.9% vs Cash; USDJPY 147.3; Kishida to reschuffle Cabinet as early as next week;   HA-2 Moon Rocket Successful Launch.; More rumors on Switch 2
JAPAN X: Unveiling the Future: Nintendo's Switch 2 Rumors ? or  Reality ? Seems like Reality. Likely not a smart move to go bearish on Nintendo ! Watch this space.  


Ohayo Japan|China's Apple Ban Hits Equities; JAPAN X: Nintendo's Switch 2 Prospects in 2024 ?

The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - August 2023 - Lucror Analytics

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>ARM IPO -- TSMC says will decide this week whether to participate. ARM is a company potentially without peers and enjoys support from Apple, Nvidia, AMD, and Samsung.</li>
<li>Elan, Yageo, ChipMOS top gainers in Taiwan -- Three of our Longs have done well most recently on high volume and little new public news.</li>
<li>Recent Dell &amp; HP results provide additional clarity on the coming AI PC wave.</li>
</ul>


ARM IPO -- TSMC says will decide this week whether to participate. ARM is a company potentially without peers and enjoys support from Apple, Nvidia, AMD, and Samsung.
Elan, Yageo, ChipMOS top gainers in Taiwan -- Three of our Longs have done well most recently on high volume and little new public news.
Recent Dell &amp; HP results provide additional clarity on the coming AI PC wave.


Taiwan Tech Weekly: TSMC to Decide on ARM This Week; Elan, Yageo, ChipMOS Flying; AI PC Wave Signals

Japan

SoftBank Group Corp provides telecommunication services.  The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

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Softbank Group (ADR) (SFTBY US)

SoftBank Group (9984 JP); Arm IPO, Priced for Disappointment

The Arm IPO valuation, although lower than SoftBank's internal transaction buying out SVF1, still seems very richly valued; add this to the poor...

Victor Galliano

Weekly Wrap - 08 Sep 2023

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Ohayo Japan|China's Apple Ban Hits Equities; JAPAN X: Nintendo's Switch 2 Prospects in 2024 ?

China Ban Weighs on Apple, Tech Space; NKY Futs -0.9% vs Cash; USDJPY 147.3; Kishida to reschuffle Cabinet as early as next week; HA-2 Moon...

Mark Chadwick

Asia HY Monthly - August 2023 - Lucror Analytics

The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top...

Lucror Analytics

Taiwan Tech Weekly: TSMC to Decide on ARM This Week; Elan, Yageo, ChipMOS Flying; AI PC Wave Signals

Elan, Yageo, ChipMOS top gainers in Taiwan -- Three of our Longs have done well most recently on high volume and limited public developments.

Vincent Fernando, CFA

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