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.

Equity Capital Markets

Horizon Construction Development / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-construction-development" target="_blank" data-smartkarma-citation="entities:35117:1" rel="noopener">Horizon Construction Development (1887128D HK)</a>/HCD, a subsidiary of <a href="https://www.smartkarma.com/entities/far-east-horizon-ltd" target="_blank" data-smartkarma-citation="entities:420:1" rel="noopener">Far East Horizon (3360 HK)</a>, is pre-marketing an HKEx IPO to raise US$200-250 million, according to press reports.</li>
<li>HCD is the largest equipment operation service provider in China in terms of revenue in 2021, according to Frost &amp; Sullivan.</li>
<li>The key elements of the bull case rest on market share gains, an anticipated post-COVID recovery boost, high revenue visibility, stable operating margin and young equipment life.</li>
</ul>



Horizon Construction Development (1887128D HK)/HCD, a subsidiary of Far East Horizon (3360 HK), is pre-marketing an HKEx IPO to raise US$200-250 million, according to press reports.
HCD is the largest equipment operation service provider in China in terms of revenue in 2021, according to Frost &amp; Sullivan.
The key elements of the bull case rest on market share gains, an anticipated post-COVID recovery boost, high revenue visibility, stable operating margin and young equipment life.


Horizon Construction Development IPO: The Bull Case

Director | Exposing Creative Accounting, Bucephalus Research Partnership

Robert Medd

Director | Exposing Creative Accounting

Exposing Creative Accounting

Bucephalus Research Partnership

Bucephalus Research Partnership Limited. Exposing Creative Accounting.

At the Bucephalus Research Partnership (BRP) we analyse financial statements using our accountant's practical experience and our own quantitative algorithms for corporate governance, accounting risk and peer performance.

Our thematic research refines our unique algorithms while our single stock research focuses on examples where we discover a significant gap between published accounts and business reality.

​Bucephalus Research Partnership:
- Is an independent fee-based research service
- Does not take proprietary positions, long or short
- Does not solicit business or fees from the corporates we review

Forensic Accounting

The Bucephalus Idea Generator (BIG) picks stocks by combining our work on Creative Accounting and our work on capex and valuation cycles to see which companies are forecast to generate extreme returns and/or are on extreme valuations. The model then creates performance outcomes to search for absolute and relative investment ideas.We run the model every month to see what has changed and which companies are worthy of further investigation.<a href="https://www.buceph.com/bucephalus-idea-model-604975.html" target="_blank">Click here </a>to download a sample company overview from the Bucephalus Idea Generator.

The Bucephalus Idea Generator (BIG) picks stocks by combining our work on Creative Accounting and our work on capex and valuation cycles to see which companies are forecast to generate extreme returns and/or are on extreme valuations. The model then creates performance outcomes to search for absolute and relative investment ideas.We run the model every month to see what has changed and which companies are worthy of further investigation.Click here to download a sample company overview from the Bucephalus Idea Generator.

Extreme Valuations: Global Stock Ideas Using the BORUC Yield

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

TSE Tokyo Price Index TOPIX / Technical Analysis

Our outlook for ex-U.S. markets (MSCI ACWI ex-U.S. index, local currency) remains neutral - bordering on cautious. Our concern stems from the recent pattern of lower highs and continued underperformance relative to MSCI ACWI - remain underweight.  Two bright spots: we are seeing bullish inflections in Japan (TOPIX and Nikkei 225), and India's SENSEX.  We unpack these, and also highlight actionable set ups in our global Communications, and Transportation Sectors.

Our outlook for ex-U.S. markets (MSCI ACWI ex-U.S. index, local currency) remains neutral - bordering on cautious. Our concern stems from the recent pattern of lower highs and continued underperformance relative to MSCI ACWI - remain underweight.  Two bright spots: we are seeing bullish inflections in Japan (TOPIX and Nikkei 225), and India's SENSEX.  We unpack these, and also highlight actionable set ups in our global Communications, and Transportation Sectors.

Global Equity Strategy: Opportunities in Japan and India

Our outlook remains neutral for global ex-U.S. markets while horizontal consolidation continues on the MSCI ACWI ex-U.S. index.  In today’s report we take a bottoms-up view on developed ex-U.S. equities, highlighting stocks that present attractive buy opportunities within the Communications, Health Care, Manufacturing, Materials, Technology, Transportation, and Utilities Sectors

Our outlook remains neutral for global ex-U.S. markets while horizontal consolidation continues on the MSCI ACWI ex-U.S. index.  In today’s report we take a bottoms-up view on developed ex-U.S. equities, highlighting stocks that present attractive buy opportunities within the Communications, Health Care, Manufacturing, Materials, Technology, Transportation, and Utilities Sectors

Bottoms-Up View on Developed Markets: Actionable Stocks, Part 2

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Thematic (Sector/Industry)

Dry bulk normalisation continues; Tankers trend down in line with our expectations, Introduce Offshore sector<ul><li>Dry bulk stocks impacted by market malaise and company-specific events</li><li>Tide is turning for tanker operators; port sector transitioning to value play</li><li>Rally in offshore stocks could be a dead cat bounce; retracement in oil prices affect gas shipping</li></ul>

Dry bulk normalisation continues; Tankers trend down in line with our expectations, Introduce Offshore sectorDry bulk stocks impacted by market malaise and company-specific eventsTide is turning for tanker operators; port sector transitioning to value playRally in offshore stocks could be a dead cat bounce; retracement in oil prices affect gas shipping

DMER - Maritime Financial Insights -  July 2016

United Kingdom

Ashtead Group Plc is an international equipment rental company servicing customers nationwide in the US and the UK. The Company rents construction and industrial equipment. Ashtead generates approximately 85% of its revenue in the US through its subsidiary, Sunbelt Rentals with 388 locations across the US. The Group's UK business, A-Plant, has 106 locations nationwide.

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Ashtead (AHT LN)

Horizon Construction Development IPO: The Bull Case

The key elements of the bull case rest on market share gains, an anticipated post-COVID recovery boost, high revenue visibility, stable operating...

Arun George

Extreme Valuations: Global Stock Ideas Using the BORUC Yield

The Bucephalus Idea Generator (BIG) picks stocks by combining our work on Creative Accounting and our work on capex and valuation cycles to see...

Bucephalus Research Partnership

Global Equity Strategy: Opportunities in Japan and India

Our outlook for ex-U.S. markets (MSCI ACWI ex-U.S. index, local currency) remains neutral - bordering on cautious. Our concern stems from the...

Vermilion Research

Bottoms-Up View on Developed Markets: Actionable Stocks, Part 2

Our outlook remains neutral for global ex-U.S. markets while horizontal consolidation continues on the MSCI ACWI ex-U.S. index. In today’s report...

Vermilion Research

DMER - Maritime Financial Insights - July 2016

Dry bulk normalisation continues; Tankers trend down in line with our expectations, Introduce Offshore sector Dry bulk stocks impacted by market...

Drewry Maritime Financial Research

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