Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The US market is weakening again as an interday reversal after Nvidia results foreshadows continued selling in the AI theme.  Market breadth is weakening and stocks at 52-week lows surging.</li>
<li>Volatility has reached levels last seen during the tariff tantrum in April. Insider sales of Nvidia have surged since June. Private credit and private equity markets are showing stress.</li>
<li>US consumption has narrowed and is highly dependent on stock market gains. Household debt levels are at new highs, and consumer sentiment is lower than during the GFC in 2008/09.</li>
</ul>


The US market is weakening again as an interday reversal after Nvidia results foreshadows continued selling in the AI theme.  Market breadth is weakening and stocks at 52-week lows surging.
Volatility has reached levels last seen during the tariff tantrum in April. Insider sales of Nvidia have surged since June. Private credit and private equity markets are showing stress.
US consumption has narrowed and is highly dependent on stock market gains. Household debt levels are at new highs, and consumer sentiment is lower than during the GFC in 2008/09.


US Market: WALK TO THE EXIT NOW BEFORE EVERYONE STARTS RUNNING!

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Equity Bottom-Up

<ul><li>Gordon Tang increases buyout offer for Suntec REIT in response to investor dissatisfaction with original bid.</li><li>Texas teachers ramp up real estate investments, committing 61% more funds totaling $1.6 billion by 2024.</li><li>The Cheng family of Hong Kong faces challenges as an Australian casino operator experiences a cash shortage, impacting their holdings.</li></ul>

Gordon Tang increases buyout offer for Suntec REIT in response to investor dissatisfaction with original bid.Texas teachers ramp up real estate investments, committing 61% more funds totaling $1.6 billion by 2024.The Cheng family of Hong Kong faces challenges as an Australian casino operator experiences a cash shortage, impacting their holdings.

Asia Real Estate Tracker (10-Jan-2025): Gordon Tang raises bid for Suntec REIT.

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/integral-corporation" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral Corporation (5842 JP)</a> priced its IPO at JPY2,400 per share to raise gross proceeds of US$122 million. The shares will start trading on 20 September.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/integral-corporation-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:110936" rel="noopener">Integral Corporation IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/integral-corporation-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:111035" rel="noopener">Integral Corporation IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/integral-corporation-ipo-new-price-range-is-tempting" target="_blank" data-smartkarma-citation="insights:112210" rel="noopener">Integral Corporation IPO: New Price Range Is Tempting</a>.</li>
<li>The market sentiment on the sector has steadily improved since the prospectus' release. Our analysis suggests that the IPO price remains attractive.</li>
</ul>



Integral Corporation (5842 JP) priced its IPO at JPY2,400 per share to raise gross proceeds of US$122 million. The shares will start trading on 20 September.
We previously discussed the IPO in Integral Corporation IPO: The Bull Case, Integral Corporation IPO: The Bear Case and Integral Corporation IPO: New Price Range Is Tempting.
The market sentiment on the sector has steadily improved since the prospectus' release. Our analysis suggests that the IPO price remains attractive.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/integral-corporation" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral Corporation (5842 JP)</a> has set its IPO price at JPY2,300-2,400 per share, 18%-29% lower than the IPO reference price range of JPY2,800-3,400 per share.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/integral-corporation-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:110936" rel="noopener">Integral Corporation IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/integral-corporation-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:111035" rel="noopener">Integral Corporation IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/integral-corporation-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:111474" rel="noopener">Integral Corporation IPO: Valuation Insights</a>. </li>
<li>Our analysis suggests that the revised IPO price range is attractive compared to peer multiples. The re-rating of peers since the release of the prospectus also makes the offer tempting. </li>
</ul>



Integral Corporation (5842 JP) has set its IPO price at JPY2,300-2,400 per share, 18%-29% lower than the IPO reference price range of JPY2,800-3,400 per share.
We previously discussed the IPO in Integral Corporation IPO: The Bull Case, Integral Corporation IPO: The Bear Case and Integral Corporation IPO: Valuation Insights. 
Our analysis suggests that the revised IPO price range is attractive compared to peer multiples. The re-rating of peers since the release of the prospectus also makes the offer tempting. 


Integral Corporation IPO: New Price Range Is Tempting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/integral-corporation" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral Corporation (5842 JP)</a> is an independent Japanese private equity firm seeking to raise about US$174 million. The pricing is on 4 September, and the listing is on 20 September. </li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/integral-corporation-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:110936" rel="noopener">Integral Corporation IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/integral-corporation-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:111035" rel="noopener">Integral Corporation IPO: The Bear Case</a>. </li>
<li>In this note, we discuss forecasts and valuation. Our analysis suggests that the indicative IPO price range of JPY2,800-3,400 per share is unattractive. We would give the IPO a pass.</li>
</ul>



Integral Corporation (5842 JP) is an independent Japanese private equity firm seeking to raise about US$174 million. The pricing is on 4 September, and the listing is on 20 September. 
We previously discussed the IPO in Integral Corporation IPO: The Bull Case and Integral Corporation IPO: The Bear Case. 
In this note, we discuss forecasts and valuation. Our analysis suggests that the indicative IPO price range of JPY2,800-3,400 per share is unattractive. We would give the IPO a pass.


Integral Corporation IPO: Valuation Insights

United States

Blue Owl Capital Inc. operates as an asset management firm. The Company offers direct lending and GP capital solutions. Blue Owl Capital serves customers in the United States.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Blue Owl Capital (OWL US)

US Market: WALK TO THE EXIT NOW BEFORE EVERYONE STARTS RUNNING!

The US market is weakening again as an interday reversal after Nvidia results foreshadows continued selling in the AI theme. Market breadth is...

David Mudd

Asia Real Estate Tracker (10-Jan-2025): Gordon Tang raises bid for Suntec REIT.

Gordon Tang improves Suntec REIT buyout offer, Texas teachers' real estate commitments rise, Cheng family faces crisis over cash shortage at Aussie...

Asia Real Estate Tracker

Integral Corporation IPO: Trading Debut

The shares will be listed on 20 Sep. The market sentiment on the sector has steadily improved since the prospectus' release. Our analysis suggests...

Arun George

Integral Corporation IPO: New Price Range Is Tempting

Our analysis suggests that the revised IPO price range is attractive compared to peer multiples. The re-rating of peers since the release of the...

Arun George

Integral Corporation IPO: Valuation Insights

In this note, we discuss forecasts and valuation. Our analysis suggests that the indicative IPO price range of JPY2,800-3,400 per share is...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)