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>
Tesla should probably thank its China operations for another record quarter as strong pricing and lag in hits from cost inflation made profits soar. </li>
<li>
Next quarter will be tougher as China's business conditions rapidly deteriorate amid the worst Covid surge in two years.</li>
<li>Meanwhile, CEO Elon Musk is on the hunt for cash to buy Twitter.
</li>
</ul>



Tesla should probably thank its China operations for another record quarter as strong pricing and lag in hits from cost inflation made profits soar. 

Next quarter will be tougher as China's business conditions rapidly deteriorate amid the worst Covid surge in two years.
Meanwhile, CEO Elon Musk is on the hunt for cash to buy Twitter.



Tesla Posted Strong Q1 Results (Thanks to China)/Elon Is Looking For Other People's Money

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's Q1 operating income beat consensus estimates by 38% (ours by 26%), while GAAP net income came in 42% above consensus (36% above ours). </li>
<li>The highly focused automotive gross margin (Ex-ZEV credits) came to 30% versus consensus estimates of 27.8% and ours of 27.5%. Costs were booked in R&amp;D rather than COGS.</li>
<li>The results were solid, but the CFO cautioned on Q2 headwinds. Tesla was up by 5.6% in the after hours on these results, ignoring Tesla's cautious Q2 outlook. </li>
</ul>


Tesla's Q1 operating income beat consensus estimates by 38% (ours by 26%), while GAAP net income came in 42% above consensus (36% above ours). 
The highly focused automotive gross margin (Ex-ZEV credits) came to 30% versus consensus estimates of 27.8% and ours of 27.5%. Costs were booked in R&amp;D rather than COGS.
The results were solid, but the CFO cautioned on Q2 headwinds. Tesla was up by 5.6% in the after hours on these results, ignoring Tesla's cautious Q2 outlook. 


Tesla Q1 Results: Strong Beat But Cautious Outlook

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

<ul>
<li>LG Energy Solution (LGES) raised US$10.8bn in its South Korea IPO in Jan 22. Its three-month lockup is set to expire soon.</li>
<li>LGES is the EV battery unit of LG Chem. The company is a major supplier to customers including Tesla and General Motors.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


LG Energy Solution (LGES) raised US$10.8bn in its South Korea IPO in Jan 22. Its three-month lockup is set to expire soon.
LGES is the EV battery unit of LG Chem. The company is a major supplier to customers including Tesla and General Motors.
In this note, we will talk about the lock-up dynamics and updates since our last note.


LG Energy IPO Lock-Up - Some Might Be Tempted to Book Profits

<ul>
<li>
Tesla is losing ground in China, which it needs to juice its margins, create *all* its profits &amp; cash flow, &amp; fund most of billions spent on capex. </li>
<li>
Aging Model Y—its last and only thriving model—won't save it. 
</li>
<li>Sales in China were weakening even before what now has become an extended disruption as China fights its worst Covid surge in two years.</li>
</ul>



Tesla is losing ground in China, which it needs to juice its margins, create *all* its profits &amp; cash flow, &amp; fund most of billions spent on capex. 

Aging Model Y—its last and only thriving model—won't save it. 

Sales in China were weakening even before what now has become an extended disruption as China fights its worst Covid surge in two years.


Forget Elon's Twitter Spatter. Tesla's Got Trouble In China.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a>'s CCASS movements are a thing, and there are things going on in the background, but the things in the foreground are not as menacing as they appear. </li>
<li>
<a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" data-smartkarma-citation="entities:732" rel="noopener">Suzuki Motor (7269 JP)</a>'s NAV discount and implied stub plumb new lows. Again.</li>
<li>Musk has made a non-binding proposal for <a href="https://www.smartkarma.com/entities/twitter-inc" target="_blank" data-smartkarma-citation="entities:667" rel="noopener">Twitter Inc (TWTR US)</a> at US$54.20/share. Get it? Get it? Nudge nudge wink wink. That's all part of the fun for him.</li>
</ul>



JD.com (9618 HK)'s CCASS movements are a thing, and there are things going on in the background, but the things in the foreground are not as menacing as they appear. 

Suzuki Motor (7269 JP)'s NAV discount and implied stub plumb new lows. Again.
Musk has made a non-binding proposal for Twitter Inc (TWTR US) at US$54.20/share. Get it? Get it? Nudge nudge wink wink. That's all part of the fun for him.


Last Week in Event SPACE: JD.com, Suzuki, Twitter, Toyo Construction, Uniti Group, Singapore Press

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Twitter, Inc. provides online social networking and microblogging service. The Company offers users the ability to follow other users activity, read, and post tweets. Twitter serves customers worldwide.

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Tesla Posted Strong Q1 Results (Thanks to China)/Elon Is Looking For Other People's Money

Tesla should thank its China ops for another record quarter as strong pricing and lag in hits from cost inflation made profits soar. Next quarter...

Vicki Bryan

Tesla Q1 Results: Strong Beat But Cautious Outlook

Tesla's Q1 results blow away estimates due to one-off booking of regulatory credits & lower SG&A; CFO warns of headwinds in Q2.

SC Capital

LG Energy IPO Lock-Up - Some Might Be Tempted to Book Profits

LG Energy Solution (LGES) raised US$10.8bn in its South Korea IPO in Jan 22. Its three-month lockup is set to expire soon.

Sumeet Singh

Forget Elon's Twitter Spatter. Tesla's Got Trouble In China.

Tesla is losing ground in China, which it needs to juice its margins, create all its profits & cash flow, & fund most of billions spent on capex....

Vicki Bryan

Last Week in Event SPACE: JD.com, Suzuki, Twitter, Toyo Construction, Uniti Group, Singapore Press

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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52-week Range

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Tesla Posted Strong Q1 Results (Thanks to China)/Elon Is Looking For Other People's Money

Tesla should thank its China ops for another record quarter as strong pricing and lag in hits from cost inflation made profits soar. Next quarter...

Vicki Bryan

Tesla Q1 Results: Strong Beat But Cautious Outlook

Tesla's Q1 results blow away estimates due to one-off booking of regulatory credits & lower SG&A; CFO warns of headwinds in Q2.

SC Capital

LG Energy IPO Lock-Up - Some Might Be Tempted to Book Profits

LG Energy Solution (LGES) raised US$10.8bn in its South Korea IPO in Jan 22. Its three-month lockup is set to expire soon.

Sumeet Singh

Forget Elon's Twitter Spatter. Tesla's Got Trouble In China.

Tesla is losing ground in China, which it needs to juice its margins, create *all* its profits & cash flow, & fund most of billions spent on capex....

Vicki Bryan

Last Week in Event SPACE: JD.com, Suzuki, Twitter, Toyo Construction, Uniti Group, Singapore Press

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Tesla is losing ground in China, which it needs to juice its margins, create all its profits & cash flow, & fund most of billions spent on capex....