Podcast by Dom Cooke to explore big businesses, Business Breakdowns

Business Breakdowns

Podcast by Dom Cooke to explore big businesses

Learn how companies work from the people who know them best. We do deep research and interview industry veterans, investment professionals, and corporate executives to explain the inner workings of public stocks and private businesses. For each company, we break down their history, business model, financial statements, secret sauce, and bull/bear case. We believe every business has lessons to teach us and Breakdowns is here to highlight them. Learn more and stay up to date at www.joincolossus.com.

Equity Bottom-Up

<ul><li>Exchanges like the Chicago Mercantile Exchange serve the crucial function of bringing buyers and sellers together, ensuring transactions are completed smoothly and efficiently.</li><li>Clearinghouses, coordinated by exchanges, play a vital role in finalizing transactions and mitigating risks, acting as a safety net to guarantee trades will settle even if one party defaults.</li><li>CME Group specializes in futures contracts, offering a wide range of products and deep liquidity pools for global benchmark products, making it a leading marketplace for derivatives globally.</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.</em></p>

Exchanges like the Chicago Mercantile Exchange serve the crucial function of bringing buyers and sellers together, ensuring transactions are completed smoothly and efficiently.Clearinghouses, coordinated by exchanges, play a vital role in finalizing transactions and mitigating risks, acting as a safety net to guarantee trades will settle even if one party defaults.CME Group specializes in futures contracts, offering a wide range of products and deep liquidity pools for global benchmark products, making it a leading marketplace for derivatives globally.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

CME Group: The House Always Wins - [Business Breakdowns, EP.224]

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>GEM banks Bradesco, Hana and Bank of Baroda are buys due to deep value with positive returns catalysts; the sell on premium-valued Nubank is due to fundamental return headwinds emerging</li>
<li>In the Japanese banks we identify Mizuho and Resona as key beneficiaries of higher benchmark rates going forward, alongside very attractive valuations and supported by strategic share portfolios</li>
<li>CME Group is our 2025 pick in global exchanges, as a flow monster with a very strong competitive position; PagSeguro is the deep value, contrarian pick in payments</li>
</ul>


GEM banks Bradesco, Hana and Bank of Baroda are buys due to deep value with positive returns catalysts; the sell on premium-valued Nubank is due to fundamental return headwinds emerging
In the Japanese banks we identify Mizuho and Resona as key beneficiaries of higher benchmark rates going forward, alongside very attractive valuations and supported by strategic share portfolios
CME Group is our 2025 pick in global exchanges, as a flow monster with a very strong competitive position; PagSeguro is the deep value, contrarian pick in payments


EM and DM Financials - 2025 High Conviction Ideas

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Technically, the SET Index should increase, with the resistance at 1,580/1,595 points and the support at 1,570/1,560 points, in response to the positive momentum generated by its ability to stay above the 200-day EMA at 1,570 points for the first day.</li><li>The trading volume of the SET is expected to increase in the afternoon before the market closure in response to the MSCI Quarterly Review, which will begin to use the closing prices of stocks in the MSCI Thailand Index today.</li><li>We recommend stocks with specific factors, i.e., SPALI (a laggard play), CPN (to be boosted by the expected increase in tourist arrivals), and TOP (supported by recovering global crude oil prices).</li></ul>

Technically, the SET Index should increase, with the resistance at 1,580/1,595 points and the support at 1,570/1,560 points, in response to the positive momentum generated by its ability to stay above the 200-day EMA at 1,570 points for the first day.The trading volume of the SET is expected to increase in the afternoon before the market closure in response to the MSCI Quarterly Review, which will begin to use the closing prices of stocks in the MSCI Thailand Index today.We recommend stocks with specific factors, i.e., SPALI (a laggard play), CPN (to be boosted by the expected increase in tourist arrivals), and TOP (supported by recovering global crude oil prices).

<ul><li>Technically, the SET Index is expected to move sideways as investors await the results of the vote on the prime minister tomorrow, with the support at 1,488/1,480 points and the resistance at 1,505/1,512 points (25-day EMA).</li><li>According to KTX, it is anticipated that the YoY US inflation in June reached its lowest point for the year, with the consensus estimate at +3.1% YoY compared to 4% YoY in May.</li><li>Domestically, in addition to the vote on the prime minister tomorrow, the market will be focusing on the 2Q23 earnings in the banking sector.</li></ul>

Technically, the SET Index is expected to move sideways as investors await the results of the vote on the prime minister tomorrow, with the support at 1,488/1,480 points and the resistance at 1,505/1,512 points (25-day EMA).According to KTX, it is anticipated that the YoY US inflation in June reached its lowest point for the year, with the consensus estimate at +3.1% YoY compared to 4% YoY in May.Domestically, in addition to the vote on the prime minister tomorrow, the market will be focusing on the 2Q23 earnings in the banking sector.

<ul><li>The SET Index is expected to fall further, with the support at 1,560/1,553 points and the resistance at 1,592/1,598 points.</li><li>We see a high probability that non-farm payrolls will fall by a larger extent than expected and that the unemployment rate will increase after JOLTS job openings in February dropped below 10mn for the first time in two years.</li><li>We recommend AOT, CPALL and FORTH (high earnings growth) for investment today under the expectation that high-growth stocks and those in the technology sector will yield good returns if the US reports lower non-farm payrolls in March, which would increase the likelihood of the Fed either maintaining the fed funds rate or raising it just once this year.</li></ul>

The SET Index is expected to fall further, with the support at 1,560/1,553 points and the resistance at 1,592/1,598 points.We see a high probability that non-farm payrolls will fall by a larger extent than expected and that the unemployment rate will increase after JOLTS job openings in February dropped below 10mn for the first time in two years.We recommend AOT, CPALL and FORTH (high earnings growth) for investment today under the expectation that high-growth stocks and those in the technology sector will yield good returns if the US reports lower non-farm payrolls in March, which would increase the likelihood of the Fed either maintaining the fed funds rate or raising it just once this year.

United States

CME Group Inc. operates a derivatives exchange that trades futures contracts and options on futures, interest rates, stock indexes, foreign exchange and commodities.  The Exchange brings together buyers and sellers of derivatives products on its trading floors, electronic trading platform, and through privately negotiated transactions that it clears.

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CME Group (CME US)

CME Group: The House Always Wins - [Business Breakdowns, EP.224]

The article discusses the importance of financial exchanges and clearinghouses, with a focus on the Chicago Mercantile Exchange (CME) as the...

Business Breakdowns

EM and DM Financials - 2025 High Conviction Ideas

Buy GEM banks Bradesco, Hana and Baroda, sell Nubank due to return headwinds. Japanese banks Mizuho and Resona benefit from higher benchmark...

Victor Galliano

Today's Dominant Ideas

Technically, the SET Index should increase, with the resistance at 1,580/1,595 points and the support at 1,570/1,560 points, in response to the...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways as investors await the results of the vote on the prime minister tomorrow, with the...

Krungthai XSpring

Today's Dominant Ideas

The SET Index is expected to fall further, with the support at 1,560/1,553 points and the resistance at 1,592/1,598 points. We see a high...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CME Group: The House Always Wins - [Business Breakdowns, EP.224]

The article discusses the importance of financial exchanges and clearinghouses, with a focus on the Chicago Mercantile Exchange (CME) as the...

Business Breakdowns

EM and DM Financials - 2025 High Conviction Ideas

​Buy GEM banks Bradesco, Hana and Baroda, sell Nubank due to return headwinds. Japanese banks Mizuho and Resona benefit from higher benchmark...

Victor Galliano

Today's Dominant Ideas

Technically, the SET Index should increase, with the resistance at 1,580/1,595 points and the support at 1,570/1,560 points, in response to the...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways as investors await the results of the vote on the prime minister tomorrow, with the...

Krungthai XSpring

Today's Dominant Ideas

The SET Index is expected to fall further, with the support at 1,560/1,553 points and the resistance at 1,592/1,598 points. We see a high...

Krungthai XSpring

Buy GEM banks Bradesco, Hana and Baroda, sell Nubank due to return headwinds. Japanese banks Mizuho and Resona benefit from higher benchmark...