In today’s briefing:
- Amer Sports IPO: The Bull Case
- Major Base Supports Holding; DXY Testing the 2-Month Downtrend; 4600 on SPX Remains Key Support
Amer Sports IPO: The Bull Case
- Amer Sports (AS US) is a global iconic sports and outdoor brand group. According to press reports, it has filed for a NYSE IPO to raise US$2 billion.
- In 2019, a consortium of Anta Sports Products (2020 HK), FountainVest, Anamered Investments and Tencent (700 HK) acquired Amer at an EV of €5.5 billion.
- The bull case rests on the rapid growth and gross margin improvement under the consortium’s ownership, along with technical apparel and outdoor performance’s improving revenue and margin profile.
Major Base Supports Holding; DXY Testing the 2-Month Downtrend; 4600 on SPX Remains Key Support
- Following last week’s pullback, a consistent theme we are seeing is that many broad market indexes and Sector ETFs are holding above (and bouncing at) major base supports.
- As long as these base supports continue to hold, it tells us this is likely just a normal pullback within the overall bullish trend.
- Important supports that we need to see hold in order to remain bullish include 4600 on the S&P 500 and 14,400 on the Nasdaq Composite.
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