Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the March 2025 index rebal event.</li>
<li>We expect two regular changes in March 2025. There are also several live spin-off and M&amp;A events which are likely to trigger intra-review index changes before then.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the March 2025 index rebal event.
We expect two regular changes in March 2025. There are also several live spin-off and M&amp;A events which are likely to trigger intra-review index changes before then.


[Quiddity Index Jan25] S&P500/600 Mar25 Rebal: Multiple Intra-Review Changes Possible

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

<ul><li>Block Inc. trading at a similar price as last write-up in January 2023, with positive shifts in cultural and organizational aspects</li><li>Block Inc. trading at a similar price as last write-up in January 2023, with positive shifts in cultural and organizational aspects</li><li>Company's dedication to Bitcoin and its ecosystems driving future shareholder returns, despite being misunderstood due to its history</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Block Inc. trading at a similar price as last write-up in January 2023, with positive shifts in cultural and organizational aspectsBlock Inc. trading at a similar price as last write-up in January 2023, with positive shifts in cultural and organizational aspectsCompany's dedication to Bitcoin and its ecosystems driving future shareholder returns, despite being misunderstood due to its historyThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Insurance & Central Asia-focused Analyst, KT Capital Group

Alec Tseung

Insurance & Central Asia-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

<ul>
<li>Coinbase has managed to weather the crypto winter well by reporting net profits consecutively for 4 quarters.</li>
<li>Its share price has shot up recently as the whole crypto market became exuberant, thanks to Trump's re-election, but still below the IPO debut price of $381.</li>
<li>Our thesis remains the same as when the stock was trading as low as ~$68 in May 2022: Coinbase to become an indispensable platform for Web 3, esp. first-time users.</li>
</ul>


Coinbase has managed to weather the crypto winter well by reporting net profits consecutively for 4 quarters.
Its share price has shot up recently as the whole crypto market became exuberant, thanks to Trump's re-election, but still below the IPO debut price of $381.
Our thesis remains the same as when the stock was trading as low as ~$68 in May 2022: Coinbase to become an indispensable platform for Web 3, esp. first-time users.


2025 High Conviction: Coinbase - What Doesn't Kill You, Makes You Stronger

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Block, the parent company of brands like Square and Cash App, has reported its third-quarter financial results for 2024, revealing a noteworthy performance with both achievements and challenges.</li><li>This analysis provides a balanced examination of the outcomes and outlook for the company, incorporating insights from their latest earnings call.</li><li>Block's third-quarter results exhibited robust growth, with a significant increase in gross profit, reaching $2.25 billion, up 19% compared to the previous year.</li></ul>

Block, the parent company of brands like Square and Cash App, has reported its third-quarter financial results for 2024, revealing a noteworthy performance with both achievements and challenges.This analysis provides a balanced examination of the outcomes and outlook for the company, incorporating insights from their latest earnings call.Block's third-quarter results exhibited robust growth, with a significant increase in gross profit, reaching $2.25 billion, up 19% compared to the previous year.

Block Inc.: Will Its Integration of Bitcoin Strategy Be A Breakthrough Move? - Major Drivers

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cuscal-ltd" target="_blank" data-smartkarma-citation="entities:40209:1" rel="noopener">Cuscal (1229Z AU)</a> is looking to raise A$337m (US$218m) in its Australia IPO.</li>
<li>Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.</li>
<li>In this note, we look at the updates since our last look-through and share our thoughts on valuation.</li>
</ul>



Cuscal (1229Z AU) is looking to raise A$337m (US$218m) in its Australia IPO.
Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.
In this note, we look at the updates since our last look-through and share our thoughts on valuation.


Cuscal IPO - Peers Have Traded Up, Decent Margin of Safety from Here

United States

Block, Inc. operates as a financial services and digital payments company. The Company develops a payments platform aimed at small and medium businesses that allows them to accept credit card payments and use tablet computers as payment registers for a point-of-sale system. Block also provides financial and marketing services.

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Block (XYZ US)

[Quiddity Index Jan25] S&P500/600 Mar25 Rebal: Multiple Intra-Review Changes Possible

Q1 has a bunch of deals nearing completion. We could see a couple of intra-review changes before the announcement of the March rebal. I expect we...

Travis Lundy

Block Inc (SQ) - Sunday, Oct 13, 2024

Block Inc. trading at a similar price as last write-up in January 2023, with positive shifts in cultural and organizational aspects

Value Investors Club (VIC)

2025 High Conviction: Coinbase - What Doesn't Kill You, Makes You Stronger

Coinbase has weathered the crypto winter extremely well. Our thesis remains more or less the same as when we were equally bullish on the stock when...

Alec Tseung

Block Inc.: Will Its Integration of Bitcoin Strategy Be A Breakthrough Move? - Major Drivers

Block, the parent company of brands like Square and Cash App, has reported its third-quarter financial results for 2024, revealing a noteworthy...

Baptista Research

Cuscal IPO - Peers Have Traded Up, Decent Margin of Safety from Here

Cuscal (1229Z AU) is looking to raise A$337m (US$218m) in its Australia IPO. In this note, we look at the updates since our last look-through and...

Clarence Chu

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