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

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<ul>
<li>
Tesla sold more cars in China in Q4 2021 than anywhere in the world. </li>
<li>
Model Y ramp-up continues, until it doesn't, while Model 3 struggles even harder to keep up. </li>
<li>Also true: Tesla is still losing market share in China—and every other key market.</li>
</ul>



Tesla sold more cars in China in Q4 2021 than anywhere in the world. 

Model Y ramp-up continues, until it doesn't, while Model 3 struggles even harder to keep up. 
Also true: Tesla is still losing market share in China—and every other key market.


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

JL Mag Rare-Earth   / Equity Capital Markets

<ul>
<li>JL Mag Rare-earth Co. Ltd (JLM) raised around US$544m via its H-shares listing. </li>
<li>JLM is a producer of high-performance REPMs. It ranked first in the world by high-performance REPM production volume in 2020 with a market share of approximately 14.5%.</li>
<li>In this note, we look at the allocation results and trading dynamics.</li>
</ul>


JL Mag Rare-earth Co. Ltd (JLM) raised around US$544m via its H-shares listing. 
JLM is a producer of high-performance REPMs. It ranked first in the world by high-performance REPM production volume in 2020 with a market share of approximately 14.5%.
In this note, we look at the allocation results and trading dynamics.


JL Mag Rare Earth A/H Trading - Set for a Tepid Debut

LG Energy Solution / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (LGENERGY KS)</a> (LGES) is looking to raise up to US$10.8bn in its upcoming South Korea IPO.</li>
<li>LGES is the EV battery unit of LG Chem. It was spun off in December last year. The company is a major supplier to customers including Tesla and General Motors.</li>
<li>In this note, we discuss our blue sky and bear assumptions and take a look at how peers have traded since our previous note.</li>
</ul>



LG Energy Solution (LGENERGY KS) (LGES) is looking to raise up to US$10.8bn in its upcoming South Korea IPO.
LGES is the EV battery unit of LG Chem. It was spun off in December last year. The company is a major supplier to customers including Tesla and General Motors.
In this note, we discuss our blue sky and bear assumptions and take a look at how peers have traded since our previous note.


LG Energy IPO -  Peer Updates + Bull/Bear Scenarios

<ul>
<li>
Tesla's Q4 deliveries trounced market estimates thanks to a strong yearend push.</li>
<li>The outlook for revenue and profit just got higher. A lot higher.</li>
<li>Also true, Tesla's easy comps may be coming to an end.</li>
</ul>



Tesla's Q4 deliveries trounced market estimates thanks to a strong yearend push.
The outlook for revenue and profit just got higher. A lot higher.
Also true, Tesla's easy comps may be coming to an end.


Record Tesla Q4 Deliveries Boost Q4 Revenue & Profit Estimates

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/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (LGENERGY KS)</a> has launched its IPO to raise US$9.2-10.8 billion at the price range of KRW257,000-300,000 per share.</li>
<li>In <a href="https://www.smartkarma.com/insights/lg-energy-solution-ipo-initiation-amp-my-ride" target="_blank" data-smartkarma-citation="insights:62402" rel="noopener">LG Energy Solution IPO Initiation: Amp My Ride</a>, we stated that LGES has attractive fundamentals with a strong backlog, healthy revenue growth and improving margins.</li>
<li>Our base-case DCF value is KRW321,594 per share, 15% above the mid-point of the IPO price range. Our DCF sensitivity analysis shows that the IPO price remains attractive. </li>
</ul>



LG Energy Solution (LGENERGY KS) has launched its IPO to raise US$9.2-10.8 billion at the price range of KRW257,000-300,000 per share.
In LG Energy Solution IPO Initiation: Amp My Ride, we stated that LGES has attractive fundamentals with a strong backlog, healthy revenue growth and improving margins.
Our base-case DCF value is KRW321,594 per share, 15% above the mid-point of the IPO price range. Our DCF sensitivity analysis shows that the IPO price remains attractive. 


LG Energy Solution IPO: DCF Scenario Analysis

China

BYD Company Limited, through its subsidiaries, manufactures and sells automobiles. The Company also researches, develops, manufactures and sells batteries, which are applied on mobile phones, cordless phones, power tools and other kinds of portable electronic devices.

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BYD (1211 HK)

Tesla's China Syndrome Will Spread

Tesla sold more cars in China in Q4 2021 than anywhere in the world. Model Y ramp-up continues, until it doesn't, while Model 3 struggles even...

Vicki Bryan

JL Mag Rare Earth A/H Trading - Set for a Tepid Debut

JL Mag Rare-earth Co. Ltd (JLM) raised around US$544m via its H-shares listing. In this note, we talk about the trading dynamics.

Sumeet Singh

LG Energy IPO - Peer Updates + Bull/Bear Scenarios

LGES bookbuild is underway. In this note, we discuss our blue sky and bear assumptions and take a look at how peers have traded since our previous...

Sumeet Singh

Record Tesla Q4 Deliveries Boost Q4 Revenue & Profit Estimates

Tesla's Q4 deliveries trounced market estimates thanks to a strong yearend push. Also true, Tesla's easy comps may be coming to an end.

Vicki Bryan

LG Energy Solution IPO: DCF Scenario Analysis

Our base-case DCF value is KRW321,594 per share, 15% above the mid-point of the IPO price range. Our DCF sensitivity analysis shows that the IPO...

Arun George

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