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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/star-entertainment-group-ltd" target="_blank" data-smartkarma-citation="entities:926:1" rel="noopener">Star Entertainment Group (SGR AU)</a> scored an own goal by failing to provide an update on the balance sheet in the update on 13 February. The results are next week.   </li>
<li>There is a whirlwind of uncertainty surrounding potential fines and Star is in desperate need to recapitalise its balance sheet to avoid breaching covenants. </li>
<li>Our leverage scenarios suggest an equity raise of A$250-500 million is required. Despite the share price fall, we would steer clear until the details of its equity raise are disclosed.</li>
</ul>



Star Entertainment Group (SGR AU) scored an own goal by failing to provide an update on the balance sheet in the update on 13 February. The results are next week.   
There is a whirlwind of uncertainty surrounding potential fines and Star is in desperate need to recapitalise its balance sheet to avoid breaching covenants. 
Our leverage scenarios suggest an equity raise of A$250-500 million is required. Despite the share price fall, we would steer clear until the details of its equity raise are disclosed.


Star Entertainment (SGR AU): Entertaining Known Unknowns

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

<ul>
<li>Tianqi Lithium (TL) is looking to raise up to US$1.5bn via its H-shares listing. It undertakes mining of lithium ore and manufacturing of lithium concentrate, lithium compounds and derivatives.</li>
<li>TL was the largest producer of mined lithium globally in terms of output and ranked third in terms of revenue generated from lithium in 2020, according to Wood Mackenzie .</li>
<li>In this note, we take a closer look at valuations and where peers are trading in terms of A/H premium.</li>
</ul>


Tianqi Lithium (TL) is looking to raise up to US$1.5bn via its H-shares listing. It undertakes mining of lithium ore and manufacturing of lithium concentrate, lithium compounds and derivatives.
TL was the largest producer of mined lithium globally in terms of output and ranked third in terms of revenue generated from lithium in 2020, according to Wood Mackenzie .
In this note, we take a closer look at valuations and where peers are trading in terms of A/H premium.


Tianqi Lithium A/H Listing - PHIP Updates and a Closer Look at Valuations

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

Market conditions have started to improve, and the bottom line is that all Sectors and major indexes remain above critical supports. The absence of breakdowns continues to support our overall constructive outlook, and we are watching the 10-year Treasury yield, small-caps (IWM), Financials (XLF), and Industrials (XLI) closely for signs that a new broad-based rally is upon us.

Market conditions have started to improve, and the bottom line is that all Sectors and major indexes remain above critical supports. The absence of breakdowns continues to support our overall constructive outlook, and we are watching the 10-year Treasury yield, small-caps (IWM), Financials (XLF), and Industrials (XLI) closely for signs that a new broad-based rally is upon us.

U.S. Equity Strategy: Conditions Improving; Watching Cyclicals, 10-Yr Yield. Buying Casinos, Semis

mportant price support levels previously highlighted have held strong, including the 3200-3230 level on the S&amp;P 500, 10,855 on the Nasdaq 100, and $145/the 200-day MA on the Russell 2000 (IWM). Additionally, both the S&amp;P 500 and Nasdaq 100 are breaking out from their bullish falling wedge patterns that have been taking shape since the early-September highs. These bullish inflections are encouraging and, combined with market dynamics which remain mostly healthy, lead us to believe the lows of this recent correction are likely in.  In today’s report we highlight attractive Groups and stocks within Consumer Discretionary &amp; Technology: Casinos &amp; Gaming, Small-Cap, Solar Energy, Fuel Cells/Lithium Batteries, and Software, Customer Relationship Mgt.

mportant price support levels previously highlighted have held strong, including the 3200-3230 level on the S&amp;P 500, 10,855 on the Nasdaq 100, and $145/the 200-day MA on the Russell 2000 (IWM). Additionally, both the S&amp;P 500 and Nasdaq 100 are breaking out from their bullish falling wedge patterns that have been taking shape since the early-September highs. These bullish inflections are encouraging and, combined with market dynamics which remain mostly healthy, lead us to believe the lows of this recent correction are likely in.  In today’s report we highlight attractive Groups and stocks within Consumer Discretionary &amp; Technology: Casinos &amp; Gaming, Small-Cap, Solar Energy, Fuel Cells/Lithium Batteries, and Software, Customer Relationship Mgt.

The S&amp;P 500 is holding above 3000 and the 200-day MA breakout level. As long as the S&amp;P 500 is above this support level it tells us the bulls are in control. If there is a break below 3000, the next support levels to watch would be 2980 followed by the much bigger 2934.49 (the 61.8% Fib retracement) support level. Similarly, breakouts in the Dow Jones Industrials, small-caps (Russell 2000), mid-caps (Russell Mid Cap, S&amp;P 400), and the MSCI ACWI have held strong and all of these indexes show RS improvement. This is bullish as it indicates improving breadth.In today’s report we highlight attractive Groups and stocks within Consumer Discretionary: Sporting Goods/Leisure Products, Casinos &amp; Gaming, Small-Cap, Retailers, Discount/Variety, and Retailers, Sporting Goods.

The S&amp;P 500 is holding above 3000 and the 200-day MA breakout level. As long as the S&amp;P 500 is above this support level it tells us the bulls are in control. If there is a break below 3000, the next support levels to watch would be 2980 followed by the much bigger 2934.49 (the 61.8% Fib retracement) support level. Similarly, breakouts in the Dow Jones Industrials, small-caps (Russell 2000), mid-caps (Russell Mid Cap, S&amp;P 400), and the MSCI ACWI have held strong and all of these indexes show RS improvement. This is bullish as it indicates improving breadth.In today’s report we highlight attractive Groups and stocks within Consumer Discretionary: Sporting Goods/Leisure Products, Casinos &amp; Gaming, Small-Cap, Retailers, Discount/Variety, and Retailers, Sporting Goods.

U.S. Equity Strategy: Bulls Remain In Control

United States

Boyd Gaming Corporation owns and operates several gaming properties throughout the United States.  The Company also operates entertainment, restaurants, shopping, and recreational facilities on its properties.

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Boyd Gaming (BYD US)

Star Entertainment (SGR AU): Entertaining Known Unknowns

Our leverage scenarios suggest an equity raise of A$250-500 million is required. Despite the share price fall, we would steer clear until the...

Arun George

Tianqi Lithium A/H Listing - PHIP Updates and a Closer Look at Valuations

Tianqi Lithium (TL) is looking to raise up to US$1.5bn via its H-shares listing. In this note, we look at A/H valuations.

Sumeet Singh

U.S. Equity Strategy: Conditions Improving; Watching Cyclicals, 10-Yr Yield. Buying Casinos, Semis

We are watching the 10-year Treasury yield, small-caps (IWM), Financials (XLF), and Industrials (XLI) closely for signs that a new broad-based...

Vermilion Research

U.S. Equity Strategy: Correction Over?

In today’s report we highlight attractive Groups and stocks within Consumer Discretionary & Technology: CD-24 Casinos & Gaming, Small-Cap,...

Vermilion Research

U.S. Equity Strategy: Bulls Remain In Control

The S&P 500 is holding above 3000 and the 200-day MA breakout level. As long as the S&P 500 is above this support level it tells us the...

Vermilion Research

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