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

<a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a> will <a href="https://ir.tesla.com/press-release/tesla-announces-date-third-quarter-2020-financial-results-and-webcast" target="_blank" rel="noopener">report third quarter results</a> after the market closes Wednesday, October 21st.Tesla recently reported third quarter deliveries up 43% versus last year, again thanks to incremental sales from market expansion which continue to offset sharply lower same-store sales I've been tracking since last year (as I last discussed in <a href="https://www.smartkarma.com/insights/things-people-believe-flat-earth-faked-moon-landings-and-tesla-2100" target="_blank" data-smartkarma-citation="insights:42439" rel="noopener">Things People Believe: Flat Earth, Faked Moon Landings, and Tesla $2100</a> on 8/23/20).That distinction is a major reason Tesla goes to so much trouble to keep comparable numbers muddled so demand erosion is harder to spot. Severe price cuts and weaker mix over the past year also mean revenue growth from auto sales significantly trails reported deliveries.This will figure heavily into how much padding Tesla will likely add with energy credit sales, nonoperating &amp; unusual items, and accounting maneuvers to inflate consolidated revenue and "profits" it reports for the quarter.After all, another creatively reported profit could set up another <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-elon-musk-payout-earnings-pocket-billions-hits-goals-2020-10-1029657370?utm_campaign=browser_notification&amp;utm_source=desktop" target="_blank" rel="noopener">$3 billion payday</a> for CEO Elon Musk and finally get Tesla into the <a href="https://www.smartkarma.com/entities/s-p-500" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 (SPX INDEX)</a>.<div class="content-highlight">Continue reading for Bond Angle revenue and profit estimates for Tesla's third quarter.</div>

Tesla Motors (TSLA US) will report third quarter results after the market closes Wednesday, October 21st.Tesla recently reported third quarter deliveries up 43% versus last year, again thanks to incremental sales from market expansion which continue to offset sharply lower same-store sales I've been tracking since last year (as I last discussed in Things People Believe: Flat Earth, Faked Moon Landings, and Tesla $2100 on 8/23/20).That distinction is a major reason Tesla goes to so much trouble to keep comparable numbers muddled so demand erosion is harder to spot. Severe price cuts and weaker mix over the past year also mean revenue growth from auto sales significantly trails reported deliveries.This will figure heavily into how much padding Tesla will likely add with energy credit sales, nonoperating &amp; unusual items, and accounting maneuvers to inflate consolidated revenue and "profits" it reports for the quarter.After all, another creatively reported profit could set up another $3 billion payday for CEO Elon Musk and finally get Tesla into the S&amp;P 500 (SPX INDEX).Continue reading for Bond Angle revenue and profit estimates for Tesla's third quarter.

Chief Economist

Diana Choyleva

Enodo Economics

Enodo Economics is an independent macroeconomic forecasting company that untangles complexity, challenges the consensus, and makes sense of the future. Our focus is on China – one of the most misunderstood economies in the world, but one of the most important to figure out.  Enodo’s chief economist, Diana Choyleva, has been analysing China for almost 20 years, while Enodo’s team boasts a combined 140 years’ experience covering China’s economy, politics and markets. 

Macroeconomics

<h2>China News That Matters</h2><ul>
<li>Xi demands more innovation, self-reliance</li>
<li>Strong exports lift GDP prediction</li>
<li>Wall Street makes hay despite tensions  </li>
<li>Taiwan scrambles against Chinese incursions</li>
<li>Electric dreams: budget car tops Tesla</li>
</ul><div class="content-remarks">In my weekly digest China News That Matters, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and highlight why I think the news is significant. These posts are meant to neither be bullish nor bearish, but help you separate the signal from the noise.</div>

China News That Matters
Xi demands more innovation, self-reliance
Strong exports lift GDP prediction
Wall Street makes hay despite tensions  
Taiwan scrambles against Chinese incursions
Electric dreams: budget car tops Tesla
In my weekly digest China News That Matters, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and highlight why I think the news is significant. These posts are meant to neither be bullish nor bearish, but help you separate the signal from the noise.

Xi & Shenzhen/ Trade/ US-China/ Taiwan/ Electric Cars

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

Myoung Shin Industrial Co.,Ltd / Equity Capital Markets

Myungshin Industrial, which is one of the Korean auto parts suppliers to Tesla, is getting ready to complete its IPO in November. The IPO price range is from 4,900 won to 5,800 won. The IPO base deal size is from $67 million to $79 million. Mirae Asset Daewoo Securities is the lead underwriter of the IPO. The book-building for the institutional investors starts on 5 November 2020.
The company has experienced tremendous growth in sales and profits in the past five years. Its sales jumped by 42.9% CAGR from 2016 to 2019. Its operating profit surged from 9.5 billion won in 2016 to 59.6 billion won in 2019. In 1H 2020, the company generated sales of 354.8 billion won (down 6.4% YoY), and an operating profit of 22.8 billion won (down 24.5% YoY).

Myungshin Industrial, which is one of the Korean auto parts suppliers to Tesla, is getting ready to complete its IPO in November. The IPO price range is from 4,900 won to 5,800 won. The IPO base deal size is from $67 million to $79 million. Mirae Asset Daewoo Securities is the lead underwriter of the IPO. The book-building for the institutional investors starts on 5 November 2020.
The company has experienced tremendous growth in sales and profits in the past five years. Its sales jumped by 42.9% CAGR from 2016 to 2019. Its operating profit surged from 9.5 billion won in 2016 to 59.6 billion won in 2019. In 1H 2020, the company generated sales of 354.8 billion won (down 6.4% YoY), and an operating profit of 22.8 billion won (down 24.5% YoY). 

Myungshin Industrial IPO Preview - A Korean Hot Stamping Auto Parts Supplier to Tesla

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

Much of the unwarranted hype surrounding Tesla involves its supposed lead in autonomous driving technology. While various independent studies have debunked this idea and some show the company actually trailing most peers, some of this may be attributed to Tesla’s insistence on avoiding the use of lidar. Nevertheless, even when it comes to pure camera and radar-based systems, the reality of Tesla’s competitive advantage is decidedly underwhelming, as OpenPilot demonstrates.

Much of the unwarranted hype surrounding Tesla involves its supposed lead in autonomous driving technology. While various independent studies have debunked this idea and some show the company actually trailing most peers, some of this may be attributed to Tesla’s insistence on avoiding the use of lidar. Nevertheless, even when it comes to pure camera and radar-based systems, the reality of Tesla’s competitive advantage is decidedly underwhelming, as OpenPilot demonstrates.

Tesla – Autonomous Driving or Advantage Delusion?

Investment Advisors, JL Warren Capital

Junheng Li

Investment Advisors

JL Warren Capital

JL Warren Capital LLC is a leading independent equity research firm focused on Chinese companies and listed multinationals in China. We employ a bottom-up research approach that takes great care to avoid the acquisition of material non-public information. Through investigative due diligence including channel surveys and interviews, our research helps clients to pinpoint the dislocations in the market.

Thematic (Sector/Industry)

<div>With only 40+ days left before the Presidential Election in the U.S, China is wisely taking a laissez faire approach to the bilateral issues and conflicts, waiting Trump out until after November. However, Beijing understands the White House’s targeting at China enjoys bipartisan support at this moment, one of the few exceptions of today’s politics in the U.S.</div>

With only 40+ days left before the Presidential Election in the U.S, China is wisely taking a laissez faire approach to the bilateral issues and conflicts, waiting Trump out until after November. However, Beijing understands the White House’s targeting at China enjoys bipartisan support at this moment, one of the few exceptions of today’s politics in the U.S.

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)

What To Expect in Tesla's Critical Q3

Tesla will report revenue and earnings this week which likely mask far weaker underlying core performance. Best to read between the lines and...

Vicki Bryan

Xi & Shenzhen/ Trade/ US-China/ Taiwan/ Electric Cars

I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and highlight why I think the...

Diana Choyleva

Myungshin Industrial IPO Preview - A Korean Hot Stamping Auto Parts Supplier to Tesla

Myungshin Industrial, which is one of the Korean auto parts suppliers to Tesla, is getting ready to complete its IPO in November.

Douglas Kim

Tesla – Autonomous Driving or Advantage Delusion?

Much of the unwarranted hype surrounding Tesla involves its supposed lead in autonomous driving technology. While various independent studies have...

Mio Kato

China Macro and Geopolitical Briefing

With only 40+ days left before the Presidential Election in the U.S, China is wisely taking a laissez faire approach to the bilateral issues and...

JL Warren Capital

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