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

Blue Moon Group Holdings / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/guangzhou-blue-moon-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:29179:1" rel="noopener">Blue Moon Group Holdings (BMG HK)</a> is a leading consumer household care company in China. In 2019, Blue Moon ranked first in China’s liquid laundry detergent market, concentrated liquid laundry detergent market and liquid soap market as measured by retail sales value, with a market share of 24.4%, 27.9% and 17.4%, respectively, according to Frost &amp; Sullivan. Blue Moon has filed its PHIP and is pre-marketing for a Hong Kong IPO to raise $1 billion, according to press reports.<div class="content-highlight">In <a href="https://www.smartkarma.com/insights/blue-moon-ipo-initiation-laundry-list" target="_blank" data-smartkarma-citation="insights:41086" rel="noopener">Blue Moon IPO Initiation: Laundry List</a>, we stated that on balance we think the positives (market-leading brand, strong margin progression, solid cash generation) outweigh the negatives (declining revenue growth and short-term COVID-19 impact). The 1H20 results disclosed in the PHIP show that the Blue Moon has creditably navigated the adverse revenue decline on its core business due to the COVID-19 outbreak by improving margin and cash generation. With the impact of the COVID-19 outbreak gradually receding in China, Blue Moon has strong fundamentals to ride a recovery in demand for its core fabric care products. Overall, we continue to believe that Blue Moon’s fundamentals are attractive.</div>

Blue Moon Group Holdings (BMG HK) is a leading consumer household care company in China. In 2019, Blue Moon ranked first in China’s liquid laundry detergent market, concentrated liquid laundry detergent market and liquid soap market as measured by retail sales value, with a market share of 24.4%, 27.9% and 17.4%, respectively, according to Frost &amp; Sullivan. Blue Moon has filed its PHIP and is pre-marketing for a Hong Kong IPO to raise $1 billion, according to press reports.In Blue Moon IPO Initiation: Laundry List, we stated that on balance we think the positives (market-leading brand, strong margin progression, solid cash generation) outweigh the negatives (declining revenue growth and short-term COVID-19 impact). The 1H20 results disclosed in the PHIP show that the Blue Moon has creditably navigated the adverse revenue decline on its core business due to the COVID-19 outbreak by improving margin and cash generation. With the impact of the COVID-19 outbreak gradually receding in China, Blue Moon has strong fundamentals to ride a recovery in demand for its core fabric care products. Overall, we continue to believe that Blue Moon’s fundamentals are attractive.

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

We remain concerned about the prospect for additional weakness for the broad market due to deterioration in several metrics that we often turn to to get a pulse on the market. At the same time, several cyclical areas of the market have bounced off of logical support while RS has been unable to break out to new highs for defensive Sectors. Absent bearish price inflections in the cyclicals and new RS highs for defensive areas of the market, equities are likely to remain in a state of purgatory.  In today’s report we highlight attractive Groups and stocks within Consumer Staples, Health Care, and Utilities.

We remain concerned about the prospect for additional weakness for the broad market due to deterioration in several metrics that we often turn to to get a pulse on the market. At the same time, several cyclical areas of the market have bounced off of logical support while RS has been unable to break out to new highs for defensive Sectors. Absent bearish price inflections in the cyclicals and new RS highs for defensive areas of the market, equities are likely to remain in a state of purgatory.  In today’s report we highlight attractive Groups and stocks within Consumer Staples, Health Care, and Utilities.

U.S. Equity Strategy: Market Still Susceptible

Wednesday's rally in U.S. equities was likely nothing more than a brief bear market rally, as confirmed by Thursday's sell-off.  All the major averages remain in downtrends and there continues to be an absence of bottoming patterns. Concerns that we have highlighted over the past several months continue to lead us to our intact cautious outlook.  In this report we highlight important technical levels and indicators, and highlight a bright spot for investors within the Consumer Staples Sector.

Wednesday's rally in U.S. equities was likely nothing more than a brief bear market rally, as confirmed by Thursday's sell-off.  All the major averages remain in downtrends and there continues to be an absence of bottoming patterns. Concerns that we have highlighted over the past several months continue to lead us to our intact cautious outlook.  In this report we highlight important technical levels and indicators, and highlight a bright spot for investors within the Consumer Staples Sector.

With major indexes testing support last week, we highlighted that while we expect to see indexes firm up based on YTD trends, the potential for breakdowns was not far off. In today’s report we assess the damage and highlight key support levels.  We also highlight attractive Groups  and stocks within the Materials, Utilities, and Consumer Staples Sectors.

With major indexes testing support last week, we highlighted that while we expect to see indexes firm up based on YTD trends, the potential for breakdowns was not far off. In today’s report we assess the damage and highlight key support levels.  We also highlight attractive Groups  and stocks within the Materials, Utilities, and Consumer Staples Sectors.

Key Support Levels Being Tested for U.S. Indexes

Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

Thematic (Sector/Industry)

Should we be concerned that a Chinese pork producer is buying the largest hog producer in the US? Growing concerns over food safety and problems with antibiotic resistance due to misuse should be taken seriously.

Should we be concerned that a Chinese pork producer is buying the largest hog producer in the US? Growing concerns over food safety and problems with antibiotic resistance due to misuse should be taken seriously.

United States

Church & Dwight Co., Inc. is a diversified consumer products company. The Company owns various personal products brands, including contraceptive products, vitamins, pregnancy tests, and hair removers. Church & Dwight sells its products to consumers and to industrial customers and distributors.

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Church & Dwight Co (CHD US)

Blue Moon IPO: Doing the Wash

Blue Moon is pre-marketing for an HK IPO to raise $1 billion. With the impact of the COVID-19 outbreak receding, Blue Moon has strong fundamentals...

Arun George

U.S. Equity Strategy: Market Still Susceptible

We remain concerned about the prospect for additional weakness for the broad market due to deterioration in several metrics that we often turn to...

Vermilion Research

Bearish U.S. Outlook Intact

Wednesday's rally in U.S. equities was likely nothing more than a brief bear market rally, as confirmed by Thursday's sell-off. All the major...

Vermilion Research

Key Support Levels Being Tested for U.S. Indexes

With major indexes testing support last week, we highlighted that while we expect to see indexes firm up based on YTD trends, the potential for...

Vermilion Research

Issues Raised by WH Group and US Pork

Should we be concerned that a Chinese pork producer is buying the largest hog producer in the US? Growing concerns over food safety and problems...

Bixmoor

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