Bond market data and technology, BondEvalue

BondEvalue

Bond market data and technology

BondEvalue is a Singapore-based Fintech that specializes in bond market data and technology. The company's information services business offers bond market data on hard-currency corporate & sovereign bonds across Asia, Middle East, Europe and the Americas. The data, which includes bond prices, yields, news and analytics, is offered to end investors via interactive Mobile and Web Apps. Investors can sign up for a free trial of the service either via the company's website (https://bondevalue.com) or by downloading the BondEvalue Mobile App (http://onelink.to/wej7jq). BondEvalue is also developing an electronic bond exchange, BondbloX in Singapore that allows investors to trade bonds electronically in smaller sizes (US$1,000 or equivalent). For more information, visit https://www.bondblox.com/

Bond Market Data and Technology

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Markets sold-off across asset classes with the S&amp;P down 2.4% while the Nasdaq plunged 3.5%, its worst fall in four months. Popular stocks with rich valuations like Tesla, Square, Zoom  fell over 8%, 4% and 5% while most FAANG stocks were down over 3% with the exception of Netflix , which was down 1.2%.The US 10Y Treasury yield spiked to an intraday high of 1.61% after a weak 7Y note auction whilst easing after that to close ~6bp higher. European equities posted relatively modest losses of ~0.3-0.5%. US IG CDS spreads were 4.5bp wider and HY was 20.7bp wider. EU main CDS spreads widened 2.9bp and crossover spreads widened 11.2bp. Asian equity markets have opened ~2% lower today while Asia ex-Japan CDS spreads are flat.

Macro; Rating Changes; New Issues Commentary; Talking Heads; Top Gainers & Losers

S&amp;P ended 1.1% higher while Nasdaq was 1% higher. Tesla rallied 6% with a mixed session for big tech – Facebook, Amazon and Apple were lower by 0.6%, 1% and 0.4% while Google and Netflix were up 1.2% and 1.3%. Fed Chair Powell reiterated the primary goal of full employment and said it may take over three years for inflation to exceed the 2% target. US 10Y Treasury yields eased some of its 9bp sell-off to 1.43% to close at 1.40%. European equities were also higher by over 0.5%. German GDP growth in Q4 2020 was revised upward to 0.3% from 0.1%. US IG CDS spreads were 1.1bp tighter and HY was 6.7bp tighter. EU main CDS spreads tightened 0.9bp and crossover spreads tightened 3.2bp. Asian equity markets have opened ~1% higher today while Asia ex-Japan CDS spreads are 0.5bp tighter. Momentum in the Asian primary markets continue with six new dollar deals launched today dominated by Chinese issuers.

S&amp;P ended 1.1% higher while Nasdaq was 1% higher. Tesla rallied 6% with a mixed session for big tech – Facebook, Amazon and Apple were lower by 0.6%, 1% and 0.4% while Google and Netflix were up 1.2% and 1.3%. Fed Chair Powell reiterated the primary goal of full employment and said it may take over three years for inflation to exceed the 2% target. US 10Y Treasury yields eased some of its 9bp sell-off to 1.43% to close at 1.40%. European equities were also higher by over 0.5%. German GDP growth in Q4 2020 was revised upward to 0.3% from 0.1%. US IG CDS spreads were 1.1bp tighter and HY was 6.7bp tighter. EU main CDS spreads tightened 0.9bp and crossover spreads tightened 3.2bp. Asian equity markets have opened ~1% higher today while Asia ex-Japan CDS spreads are 0.5bp tighter. Momentum in the Asian primary markets continue with six new dollar deals launched today dominated by Chinese issuers.

Vedanta, Sunac, Fantasia Launch $ Bonds; Macro; Rating Changes; New Bond Issues; Talking Heads; T...

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Equity Bottom-Up

Since my last detailed look at <a href="https://www.smartkarma.com/entities/baidu-inc" target="_blank" data-smartkarma-citation="entities:179:1" rel="noopener">Baidu (BIDU US)</a>’s valuation back in September last year (<a href="https://www.smartkarma.com/insights/baidu-strategies-for-operating-in-an-industry-in-decline" target="_blank" data-smartkarma-citation="insights:43393" rel="noopener">Baidu: Strategies for Operating in an Industry in Decline</a>) Baidu’s share price has witnessed a meteoric rise of 170%, re-rating from 6.2x to 16.9x NTM EV/EBITDA.This has been driven by several catalysts, such as M&amp;A into live streaming, increased share buybacks, the continued prospect of a Hong Kong listing, and improved reported earnings, but most-of-all, by their announcement that they plan to start an intelligent electric vehicle company in strategic partnership with <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>. Following their recent 4Q20 results, management also went to great lengths to highlight the revenue growth acceleration in their “Non-marketing Baidu Core” sub-segment, emphasising the shift away from their traditional Core Search Advertising, or mobile ecosystem, to diversify revenue streams. In this insight, I take a closer look at this sub-segment and analyse what the current market value implies for those operations, as well as their future “intelligent electric vehicle” venture.

Since my last detailed look at Baidu (BIDU US)’s valuation back in September last year (Baidu: Strategies for Operating in an Industry in Decline) Baidu’s share price has witnessed a meteoric rise of 170%, re-rating from 6.2x to 16.9x NTM EV/EBITDA.This has been driven by several catalysts, such as M&amp;A into live streaming, increased share buybacks, the continued prospect of a Hong Kong listing, and improved reported earnings, but most-of-all, by their announcement that they plan to start an intelligent electric vehicle company in strategic partnership with Geely Auto (175 HK). Following their recent 4Q20 results, management also went to great lengths to highlight the revenue growth acceleration in their “Non-marketing Baidu Core” sub-segment, emphasising the shift away from their traditional Core Search Advertising, or mobile ecosystem, to diversify revenue streams. In this insight, I take a closer look at this sub-segment and analyse what the current market value implies for those operations, as well as their future “intelligent electric vehicle” venture.

Baidu: A Closer Look at Non-Marketing Baidu Core. What Are We Paying for EV?

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

After Japan's earthquake automobile makers had a lot to worry about, since they were already faced with critical semiconductor shortages.  Now unusually bad weather has hit much of the US, and has stopped chip production in three important fabs in Austin, Texas.  This Insight explores the winners and losers in this series of events.

After Japan's earthquake automobile makers had a lot to worry about, since they were already faced with critical semiconductor shortages.  Now unusually bad weather has hit much of the US, and has stopped chip production in three important fabs in Austin, Texas.  This Insight explores the winners and losers in this series of events.

Texas Weather Deals Second Blow to Automotive Chip Supply Chain

S&amp;P ended 0.8% lower while Nasdaq saw a sharp fall of 2.5%. Tesla  fell 8.5% while Apple, Amazon, Microsoft  and other tech stocks were down ~3%. US 10Y Treasury yields were stable despite the negative sentiment in equity markets. Fed Chair Powell is due to appear before the Senate Banking Committee later today for his semi-annual testimony. European equities were also lower ~0.5% and German Bund yields dipped 4bp. US IG CDS spreads were 2.2bp wider and HY was 8bp wider. EU main CDS spreads widened 2.2bp and crossover spreads widened 4.4bp. Asian equity markets have opened flat while Asia ex-Japan CDS spreads are 0.6bp wider.

S&amp;P ended 0.8% lower while Nasdaq saw a sharp fall of 2.5%. Tesla  fell 8.5% while Apple, Amazon, Microsoft  and other tech stocks were down ~3%. US 10Y Treasury yields were stable despite the negative sentiment in equity markets. Fed Chair Powell is due to appear before the Senate Banking Committee later today for his semi-annual testimony. European equities were also lower ~0.5% and German Bund yields dipped 4bp. US IG CDS spreads were 2.2bp wider and HY was 8bp wider. EU main CDS spreads widened 2.2bp and crossover spreads widened 4.4bp. Asian equity markets have opened flat while Asia ex-Japan CDS spreads are 0.6bp wider.

Macquarie, AgBank, ESR Launch $ Bonds; Macro; Rating Changes; New Bond Issues; Talking Heads; Top...

United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

Macro; Rating Changes; New Issues Commentary; Talking Heads; Top Gainers & Losers

Markets sold-off across asset classes with the S&P down 2.4% while the Nasdaq plunged 3.5%, its worst fall in four months. Popular stocks with...

BondEvalue

Vedanta, Sunac, Fantasia Launch $ Bonds; Macro; Rating Changes; New Bond Issues; Talking Heads; T...

S&P ended 1.1% higher while Nasdaq was 1% higher. Tesla rallied 6% with a mixed session for big tech – Facebook, Amazon and Apple were lower by...

BondEvalue

Baidu: A Closer Look at Non-Marketing Baidu Core. What Are We Paying for EV?

In this insight, I take a closer look at “Non-marketing Baidu Core” and analyse what the current market value implies for those operations, as well...

Wium Malan, CFA

Texas Weather Deals Second Blow to Automotive Chip Supply Chain

A chip shortage is preventing the automotive industry from returning to full volume. Meanwhile Japan's earthquake and bad weather in Texas are...

Jim Handy

Macquarie, AgBank, ESR Launch $ Bonds; Macro; Rating Changes; New Bond Issues; Talking Heads; Top...

S&P ended 0.8% lower while Nasdaq saw a sharp fall of 2.5%. Tesla fell 8.5% while Apple, Amazon, Microsoft and other tech stocks were down...

BondEvalue

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