Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

Credit

<ul>
<li>
Weak deliveries tracked my cautious estimate, but fell near the low end of rapidly declining market consensus as investors grapple with Tesla's struggles;</li>
<li>I expect weak sales in China and Europe, the world's largest EV markets, likely accounted for most of the sizable drop versus the past two quarters;</li>
<li>The biggest question for investors: is Tesla stabilizing or will it continue to fall behind more robust competitors. </li>
</ul>



Weak deliveries tracked my cautious estimate, but fell near the low end of rapidly declining market consensus as investors grapple with Tesla's struggles;
I expect weak sales in China and Europe, the world's largest EV markets, likely accounted for most of the sizable drop versus the past two quarters;
The biggest question for investors: is Tesla stabilizing or will it continue to fall behind more robust competitors. 


<ul>
<li>Elon Musk suddenly admitted Tesla is burning billions at its Austin &amp; Berlin plants.
</li>
<li>This happened to come just as he likely saw Q2 becoming "super bad," as I had warned, since plunging China sales mean Tesla can't mask big losses as usual.</li>
<li>Tesla's problems are bigger than second quarter woes—and they're not going away anytime soon.</li>
</ul>


Elon Musk suddenly admitted Tesla is burning billions at its Austin &amp; Berlin plants.

This happened to come just as he likely saw Q2 becoming "super bad," as I had warned, since plunging China sales mean Tesla can't mask big losses as usual.
Tesla's problems are bigger than second quarter woes—and they're not going away anytime soon.


Elon Suddenly Admits Massive Tesla Losses (Because Other News Out Soon Is Even Worse)

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.

Equity Capital Markets

<ul>
<li>Tianqi Lithium (TL) is looking to raise up to US$1.7bn via its H-shares listing. It undertakes mining of lithium ore and manufacturing of lithium concentrate, lithium compounds and derivatives.</li>
<li>TL was the largest producer of mined lithium globally in terms of output in 2020 and ranked third in terms of revenue generated from lithium in 2020.</li>
<li>In this note, we take about the deal pricing and run the deal through our ECM framework.</li>
</ul>


Tianqi Lithium (TL) is looking to raise up to US$1.7bn via its H-shares listing. It undertakes mining of lithium ore and manufacturing of lithium concentrate, lithium compounds and derivatives.
TL was the largest producer of mined lithium globally in terms of output in 2020 and ranked third in terms of revenue generated from lithium in 2020.
In this note, we take about the deal pricing and run the deal through our ECM framework.


Tianqi Lithium A/H Listing - Large Deal but Its Been Priced to Go

Global Automotive Stocks/EV Focus/Event Driven, SC Capital

SC Capital

Global Automotive Stocks/EV Focus/Event Driven

Over 22 years covering Japanese equities on both the sell side and the buy side. 

Bottom-up Japan Equities Research

Equity Bottom-Up

<ul>
<li>Tesla faces stiffer competition in 2H 2022 as chip supplies at rivals recover faster than expected. This will put pricing pressure on Tesla amid rising costs. </li>
<li>Cash could be tight in 2H 2022 as Tesla ramps up 2 new factories. There is a distinct possibility of Tesla resorting to equity financing.</li>
<li>If the drop in Q2 earnings doesn't return to high growth again from Q3, Tesla could finally see its valuation fall down to earth. Its premium has already shrunk.  </li>
</ul>


Tesla faces stiffer competition in 2H 2022 as chip supplies at rivals recover faster than expected. This will put pricing pressure on Tesla amid rising costs. 
Cash could be tight in 2H 2022 as Tesla ramps up 2 new factories. There is a distinct possibility of Tesla resorting to equity financing.
If the drop in Q2 earnings doesn't return to high growth again from Q3, Tesla could finally see its valuation fall down to earth. Its premium has already shrunk.  


Tesla May Struggle as Rivals Rebuild Inventory

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/li-auto-inc" target="_blank" data-smartkarma-citation="entities:28812:1" rel="noopener">Li Auto Inc. (LI US)</a> has announced an ATM offering to sell US$2.0 billion of ADS. The offering appears to be timed to take advantage of the share price rally.</li>
<li>
<a href="https://www.smartkarma.com/entities/li-auto-inc-3dbe6187-544f-40dd-b9f9-72fba9c0110e" target="_blank" data-smartkarma-citation="entities:33811:1" rel="noopener">Li Auto (2015 HK)</a>'s strong balance sheet and cash generation do not necessitate the need for the offering. The impending launch of the Li L9 underpins its prospects. </li>
<li>However, with the recent rally, the shares are at best fully valued at the last close. We prefer remaining on the sidelines for now. </li>
</ul>



Li Auto Inc. (LI US) has announced an ATM offering to sell US$2.0 billion of ADS. The offering appears to be timed to take advantage of the share price rally.

Li Auto (2015 HK)'s strong balance sheet and cash generation do not necessitate the need for the offering. The impending launch of the Li L9 underpins its prospects. 
However, with the recent rally, the shares are at best fully valued at the last close. We prefer remaining on the sidelines for now. 


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)

Soft Tesla Q2 Deliveries Disappoint

Soft Q2 deliveries tracked my estimates, but fell to low end of reduced market estimates. Worse, Q2 was to be last easy comp this year—the second...

Vicki Bryan

Elon Suddenly Admits Massive Tesla Losses (Because Other News Out Soon Is Even Worse)

Elon Musk admitted Tesla is burning billions at Austin & Berlin plants—just as he saw Q2 becoming "super bad" as I warned cuz plunging China sales...

Vicki Bryan

Tianqi Lithium A/H Listing - Large Deal but Its Been Priced to Go

Tianqi Lithium (TL) is looking to raise up to US$1.7bn via its H-shares listing. In this note, we talk about pricing and run the deal through our...

Sumeet Singh

Tesla May Struggle as Rivals Rebuild Inventory

A faster than expected recovery in automotive chip supply may put pressure on Tesla's profits as rivals will lower prices. This comes as Tesla...

SC Capital

Li Auto’s US$2 Billion ATM Offering

The offering appears to be timed to take advantage of the share price rally. The shares are at best fully valued at the last close. We prefer...

Arun George

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