Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

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

With Tesla down 22.4% from its recent all-time high and as much 31.3% at the lows yesterday, and competition increasing with the high profile SPAC investment in Lucid, we believe it is time to seriously consider the short thesis again, for EVs overall, but Tesla in particular.

With Tesla down 22.4% from its recent all-time high and as much 31.3% at the lows yesterday, and competition increasing with the high profile SPAC investment in Lucid, we believe it is time to seriously consider the short thesis again, for EVs overall, but Tesla in particular.

Tesla – Threats from the Taycan and Lucid Air

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

Credit

US equity indices started lower with the Nasdaq falling ~4% in early trading before recovering most of the down move towards close. S&amp;P ended 0.1% higher while Nasdaq was 0.5% lower. Tesla closed 2.2% lower and Bitcoin, in which Tesla recently invested $1.5bn, was down 11%. US 10Y Treasury yields eased 3bp to 1.34%. Fed Chair Powell said in his testimony that the Fed is not close to tapering their QE, inflation is soft and that they would continue buying bonds even as the economy recovers. Meanwhile in Europe, FTSE and CAC 40 rose 0.2% and 0.2%, while the DAX and FTSEMIB fell 0.6% and 0.3%. US IG CDS spreads were 1bp tighter and HY was 5.9bp tighter. EU main CDS spreads widened 0.9bp and crossover spreads widened 4.7bp. Asian equity markets have opened mixed today while Asia ex-Japan CDS spreads are 0.7bp wider with seven new dollar deals this morning, the busiest day at the Asian primary markets in three weeks.

7 New $ Deals Including Bharti, R&F, Far East; Macro; Rating Changes; New Issues; Talking Heads; ...

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...

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.

Event-Driven

On 22nd March 2018, after market close in Hong Kong one of the largest overnight placements was launched. On that day, <a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a> reluctantly sold US$10bn worth of <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a> shares. I say reluctantly because Naspers provided a three year lock-up at the time of the deal. That lock-up will expire next month. We have covered the previous placement in our earlier note, <a href="https://www.smartkarma.com/insights/tencent-placement-huge-deal-in-size-small-in-relative-terms-succumbing-to-the-holdco-discount" target="_blank" rel="noopener">Tencent Placement - Huge Deal in Size, Small in Relative Terms - Succumbing to the HoldCo Discount</a>. In this note, I’ll talk about the upcoming lock-up expiry, its implications and the updates since then.

On 22nd March 2018, after market close in Hong Kong one of the largest overnight placements was launched. On that day, Naspers (NPN SJ) reluctantly sold US$10bn worth of Tencent Holdings (700 HK) shares. I say reluctantly because Naspers provided a three year lock-up at the time of the deal. That lock-up will expire next month. We have covered the previous placement in our earlier note, Tencent Placement - Huge Deal in Size, Small in Relative Terms - Succumbing to the HoldCo Discount. In this note, I’ll talk about the upcoming lock-up expiry, its implications and the updates since then.

Tencent Placement Lock-Up Expiry - US$10bn+ Block and Buyback Linked Holdco Trade

Technology augmented investing

Lazarus Goh

Augmenting fundamental investing with technology

Open Diligence

We aim to a) increase the efficacy of investment processes with technology and b) utilize alternative data to gain an additional perspective on equity names

Thematic (Sector/Industry)

We scanned through all company filings in the US to find companies that have exposure to the electric vehicles (EV) value chain, be it electric car and equipment makers, EV charging grid builders, EV charging equipment makers, thermal insulator producers (to keep batteries cool), and IoT players with an electrical vehicle angle, among others.

We scanned through all company filings in the US to find companies that have exposure to the electric vehicles (EV) value chain, be it electric car and equipment makers, EV charging grid builders, EV charging equipment makers, thermal insulator producers (to keep batteries cool), and IoT players with an electrical vehicle angle, among others.

Autos - "Electric Vehicles" Thematic Exposure and Where to Find Them

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)

Tesla – Threats from the Taycan and Lucid Air

With Tesla down more than 20% from its recent highs, we examine the prospects for the EV bubble finally popping as competition intensifies just as...

Mio Kato

7 New $ Deals Including Bharti, R&F, Far East; Macro; Rating Changes; New Issues; Talking Heads; ...

US equity indices started lower with the Nasdaq falling ~4% in early trading before recovering most of the down move towards close. S&P ended...

BondEvalue

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

Tencent Placement Lock-Up Expiry - US$10bn+ Block and Buyback Linked Holdco Trade

On 22nd March 2018, after market close, one of the largest overnight placements was launched. On that day, Naspers reluctantly sold US$10bn worth...

Sumeet Singh

Autos - "Electric Vehicles" Thematic Exposure and Where to Find Them

Which companies have exposure to the electric vehicle value chain? We programmatically scanned through all US annual reports to determine...

Lazarus Goh

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