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

Shenwan Hongyuan Group   / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/28026" target="_blank" data-smartkarma-citation="entities:28026:1">Shenwan Hongyuan Group (H) (1707387D HK)</a> seeks to raise IPO proceeds of $1.16-1.25 billion, which is down from its early indication of a $1.5 billion raise. The IPO was launched with 13 cornerstone investors representing 69% of the deal, at the mid-point of the IPO price range.<div class="content-highlight">In <a href="https://www.smartkarma.com/insights/shenwan-hongyuan-ipo-preview-struggling-to-stand-out" target="_blank">our IPO initiation note</a>, we pointed out that Shenwan Hongyuan's fundamentals are reflective of a mid-tier firm struggling to stand out. Based on our relative valuation analysis, we would participate in the IPO at most at the low-end of the proposed IPO range.</div>

Shenwan Hongyuan Group (H) (1707387D HK) seeks to raise IPO proceeds of $1.16-1.25 billion, which is down from its early indication of a $1.5 billion raise. The IPO was launched with 13 cornerstone investors representing 69% of the deal, at the mid-point of the IPO price range.In our IPO initiation note, we pointed out that Shenwan Hongyuan's fundamentals are reflective of a mid-tier firm struggling to stand out. Based on our relative valuation analysis, we would participate in the IPO at most at the low-end of the proposed IPO range.

Shenwan Hongyuan IPO: Palatable at the Low-End IPO Price Range

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Thematic (Sector/Industry)

* No Reason for Trump Administration to Back Down on Trade War; and* Concessions to be Granted by Europe and Mainland China.<h2>Investment Summary</h2>The intensifying trade war conflict has had a debilitating impact on emerging markets to date, and it’s likely to worsen from here. A negotiated peace before the September deadline is highly unlikely, and as a result, the HSCEI could decline another 20% or more from here over the next few months. The strong US economy and stock market have given President…

* No Reason for Trump Administration to Back Down on Trade War; and* Concessions to be Granted by Europe and Mainland China.Investment SummaryThe intensifying trade war conflict has had a debilitating impact on emerging markets to date, and it’s likely to worsen from here. A negotiated peace before the September deadline is highly unlikely, and as a result, the HSCEI could decline another 20% or more from here over the next few months. The strong US economy and stock market have given President…

Equity Bottom-Up

People's Insurance (PICC) / Equity Bottom-Up

* PICC Group (1339.HK) revealed additional details how it has designs on becoming “a top innovative financial and insurance group in China by 2020” (and globally by 2025); and* P&amp;C contributes over 90% of PICC Group’s consolidated earnings and remains the jewel of Group, while its other insurance subsidiaries remain sub-par.  <h2>Investment Summary</h2>PICC Group (1339.HK) hosted an investor day last week, revealing additional details how it has designs on becoming “a top innovative financial and…

* PICC Group (1339.HK) revealed additional details how it has designs on becoming “a top innovative financial and insurance group in China by 2020” (and globally by 2025); and* P&amp;C contributes over 90% of PICC Group’s consolidated earnings and remains the jewel of Group, while its other insurance subsidiaries remain sub-par.  Investment SummaryPICC Group (1339.HK) hosted an investor day last week, revealing additional details how it has designs on becoming “a top innovative financial and…

PICC Group – Everybody In the FinTech Pool

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

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform using the Discovery Tool.  See the attached report for a complete list of our recommendations from this list.

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform using the Discovery Tool.  See the attached report for a complete list of our recommendations from this list.

* OCIHK announced that 1Q18 mew business annual premium equivalent (APE) growth  increased by 3% YOY in 1Q18, as compared to negative 27% YOY in 4Q17; * AIA’s (1299.HK) APE declined 28% YOY in 1Q18; and* A recently changed FYE to December coupled with a failure to disclose several months of data disallow reasonable QOQ comparisons. We also question the assumptions that are used to calculate VONB margins - which are somehow at record levels during a more challenging interest rate environment. …

* OCIHK announced that 1Q18 mew business annual premium equivalent (APE) growth  increased by 3% YOY in 1Q18, as compared to negative 27% YOY in 4Q17; * AIA’s (1299.HK) APE declined 28% YOY in 1Q18; and* A recently changed FYE to December coupled with a failure to disclose several months of data disallow reasonable QOQ comparisons. We also question the assumptions that are used to calculate VONB margins - which are somehow at record levels during a more challenging interest rate environment. …

China

China Life Insurance Company Ltd. offers a wide range of life, accident, and health insurance products and services.

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China Life Insurance (601628 CH)

Shenwan Hongyuan IPO: Palatable at the Low-End IPO Price Range

Shenwan Hongyuan Group (H) (1707387D HK) seeks to raise IPO proceeds of $1.16-1.25 billion, which is down from its early indication of a $1.5...

Arun George

Putting the Panda In Its Place

* No Reason for Trump Administration to Back Down on Trade War; and* Concessions to be Granted by Europe and Mainland China.Investment SummaryThe...

Thomas J. Monaco

PICC Group – Everybody In the FinTech Pool

* PICC Group (1339.HK) revealed additional details how it has designs on becoming “a top innovative financial and insurance group in China by 2020”...

Thomas J. Monaco

Popular Stocks, Attractive Charts

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform...

Vermilion Research

AIA - Slowdown Is Evident

* OCIHK announced that 1Q18 mew business annual premium equivalent (APE) growth increased by 3% YOY in 1Q18, as compared to negative 27% YOY in...

Thomas J. Monaco

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