Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>A quick synoptic look at the tactical models for some key indices, stocks, commodities and bonds we cover, for the week July 14 - July 19.</li>
<li>The most noticeable highlights are: all US markets and stocks we cover sold off last week, apart from <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com (AMZN US)</a> , <a href="https://www.smartkarma.com/entities/alphabet-inc-cl-c" target="_blank" data-smartkarma-citation="entities:11369:1" rel="noopener">Alphabet (GOOG US)</a> and <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> </li>
<li>In Asia, <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> is very oversold, and <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a> is also oversold. <a href="https://www.smartkarma.com/entities/gold" target="_blank" data-smartkarma-citation="entities:22870:1" rel="noopener">Gold (GOLD COMDTY)</a> and <a href="https://www.smartkarma.com/entities/crude-oil" target="_blank" data-smartkarma-citation="entities:22869:1" rel="noopener">Crude Oil (CL1 COM COMDTY)</a> start to be overbought.</li>
</ul>


A quick synoptic look at the tactical models for some key indices, stocks, commodities and bonds we cover, for the week July 14 - July 19.
The most noticeable highlights are: all US markets and stocks we cover sold off last week, apart from Amazon.com (AMZN US) , Alphabet (GOOG US) and NVIDIA Corp (NVDA US) 
In Asia, BYD (1211 HK) is very oversold, and Fast Retailing (9983 JP) is also oversold. Gold (GOLD COMDTY) and Crude Oil (CL1 COM COMDTY) start to be overbought.


Global Markets Tactical Outlook: Week of July 14 – July 19

<ul>
<li>A quick synoptic look at the tactical models for some key indices, stocks, commodities and bonds we cover, for the week July 7 - July 11.</li>
<li>Since our <a href="https://www.smartkarma.com/insights/global-markets-tactical-outlook-week-of-june-30-july-4" target="_blank" rel="noopener">Global Markets WEEKLY Tactical Outlook published last week</a>, US markets became even more overbought by the end of the week, while some Asian  stocks started to pull back. </li>
<li>Stocks are falling on Monday, the Trump administration is threatening imposing 25% tariffs on a number of nations (including Japan and South Korea), global markets may close the week down.
</li>
</ul>


A quick synoptic look at the tactical models for some key indices, stocks, commodities and bonds we cover, for the week July 7 - July 11.
Since our Global Markets WEEKLY Tactical Outlook published last week, US markets became even more overbought by the end of the week, while some Asian  stocks started to pull back. 
Stocks are falling on Monday, the Trump administration is threatening imposing 25% tariffs on a number of nations (including Japan and South Korea), global markets may close the week down.



Global Markets WEEKLY Tactical Outlook: July 7 to July 11

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>Even if <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> ceases marketing 18A to new customers, the company will still fulfill existing foundry commitments.</li>
<li>In response to the 18A dilemma, Intel’s initial solution is to redirect resources toward the development of 14A, a next-generation process where Intel hopes to gain an edge over TSMC.</li>
<li>In addition to the strategic realignment of the foundry business, Tan’s broader efforts include refreshing Intel’s leadership team.</li>
</ul>


Even if Intel Corp (INTC US) ceases marketing 18A to new customers, the company will still fulfill existing foundry commitments.
In response to the 18A dilemma, Intel’s initial solution is to redirect resources toward the development of 14A, a next-generation process where Intel hopes to gain an edge over TSMC.
In addition to the strategic realignment of the foundry business, Tan’s broader efforts include refreshing Intel’s leadership team.


Intel (INTC.US): Abandon Promoting 18A to Fully Focus on 14A

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Geekplus Technology / Equity Capital Markets

<ul>
<li>Geek+, global technology company and provider of scalable and flexible highly efficient solutions for warehouses, aims to raise ~$300M in Hong Kong IPO.</li>
<li>The company is expected to IPO next week and offer price of HK$16.80 implies a market cap of HK$22B (~$2.8B). Geek+ is set to start trading on July 9, 2025.</li>
<li>I believe that Geek+ has a large runway for growth in the global AMR solution market, but valuation keeps me from being positive on the name.</li>
</ul>


Geek+, global technology company and provider of scalable and flexible highly efficient solutions for warehouses, aims to raise ~$300M in Hong Kong IPO.
The company is expected to IPO next week and offer price of HK$16.80 implies a market cap of HK$22B (~$2.8B). Geek+ is set to start trading on July 9, 2025.
I believe that Geek+ has a large runway for growth in the global AMR solution market, but valuation keeps me from being positive on the name.


Geek+ IPO (2590.HK): Long-Term, Warehouse Automation Story, But IPO Valuation Is Not Cheap

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xero-ltd" target="_blank" data-smartkarma-citation="entities:390:1" rel="noopener">Xero Ltd (XRO AU)</a>  plans to raise around US$1.2bn via an institutional placement to partly fund the US$2.5bn acquisition for Melio.</li>
<li>The US market has been a growth dampener for Xero for a while. The acquisition is large but might not be a game changer.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Xero Ltd (XRO AU)  plans to raise around US$1.2bn via an institutional placement to partly fund the US$2.5bn acquisition for Melio.
The US market has been a growth dampener for Xero for a while. The acquisition is large but might not be a game changer.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Xero US1.2bn Placement - Trying to Jump Start US, Again. Might Not Be a Game Changer.

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon (AMZN US)

Global Markets Tactical Outlook: Week of July 14 – July 19

Our Weekly Tactical Outlook: US sold-off last week, except for Amazon, Alphabet, and NVIDIA (overbought). BYD and Fast Retailing are oversold in...

Nico Rosti

Global Markets WEEKLY Tactical Outlook: July 7 to July 11

Global markets may close the week down as US markets became very overbought and stocks started to pull back globally, while the Trump...

Nico Rosti

Intel (INTC.US): Abandon Promoting 18A to Fully Focus on 14A

Intel Corp will continue fulfilling foundry commitments despite ceasing marketing of 18A, focusing on developing 14A to compete with TSMC and...

Patrick Liao

Geek+ IPO (2590.HK): Long-Term, Warehouse Automation Story, But IPO Valuation Is Not Cheap

Geek+ plans to raise ~$300M in Hong Kong IPO, set to start trading on July 9 with a market cap of ~$2.8B. IPO valuation is not cheap with no major...

Andrei Zakharov

Xero US1.2bn Placement - Trying to Jump Start US, Again. Might Not Be a Game Changer.

Xero Ltd (XRO AU) plans to raise around US$1.2bn via an institutional placement to partly fund the US$2.5bn acquisition for Melio.

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Global Markets Tactical Outlook: Week of July 14 – July 19

Our Weekly Tactical Outlook: US sold-off last week, except for Amazon, Alphabet, and NVIDIA (overbought). BYD and Fast Retailing are oversold in...

Nico Rosti

Global Markets WEEKLY Tactical Outlook: July 7 to July 11

​Global markets may close the week down as US markets became very overbought and stocks started to pull back globally, while the Trump...

Nico Rosti

Intel (INTC.US): Abandon Promoting 18A to Fully Focus on 14A

​Intel Corp will continue fulfilling foundry commitments despite ceasing marketing of 18A, focusing on developing 14A to compete with TSMC and...

Patrick Liao

Geek+ IPO (2590.HK): Long-Term, Warehouse Automation Story, But IPO Valuation Is Not Cheap

​Geek+ plans to raise ~$300M in Hong Kong IPO, set to start trading on July 9 with a market cap of ~$2.8B. IPO valuation is not cheap with no major...

Andrei Zakharov

Xero US1.2bn Placement - Trying to Jump Start US, Again. Might Not Be a Game Changer.

Xero Ltd (XRO AU) plans to raise around US$1.2bn via an institutional placement to partly fund the US$2.5bn acquisition for Melio.

Sumeet Singh

Global markets may close the week down as US markets became very overbought and stocks started to pull back globally, while the Trump...

Intel Corp will continue fulfilling foundry commitments despite ceasing marketing of 18A, focusing on developing 14A to compete with TSMC and...

Geek+ plans to raise ~$300M in Hong Kong IPO, set to start trading on July 9 with a market cap of ~$2.8B. IPO valuation is not cheap with no major...