Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Macroeconomics

<ul>
<li>The security token market, though, has slowly developed mainly due to declining risk appetites sparked by COVID-19 in 2020 and the Russian invasion of Ukraine on 24-February 2022.</li>
<li>What has changed that led us to update readers on tokenization is the approval of Bitcoin ETFs</li>
<li>The Bitcoin ETFs will be the first step to allow institutional investors to invest in cryptocurrencies. Next, we expect more ETFs of other well-known cryptocurrencies such as Ethereum (ETH).</li>
</ul>


The security token market, though, has slowly developed mainly due to declining risk appetites sparked by COVID-19 in 2020 and the Russian invasion of Ukraine on 24-February 2022.
What has changed that led us to update readers on tokenization is the approval of Bitcoin ETFs
The Bitcoin ETFs will be the first step to allow institutional investors to invest in cryptocurrencies. Next, we expect more ETFs of other well-known cryptocurrencies such as Ethereum (ETH).


Security Token Journal: Bitcoins to the Mass

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>This is our first report on Coinbase Global Inc, a leading cryptocurrency exchange company.</li><li>In the recent earnings, the management reported cost cuts of 45% year-over-year which led to positive net income of $95 million for the year, alongside total revenue of $3.1 billion and $964 million in positive adjusted EBITDA. According to the CEO, Brian Armstrong, the company's success has been based on long-term thinking, regulatory compliance, and operational efficiency, despite the challenging crypto market environment.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

This is our first report on Coinbase Global Inc, a leading cryptocurrency exchange company.In the recent earnings, the management reported cost cuts of 45% year-over-year which led to positive net income of $95 million for the year, alongside total revenue of $3.1 billion and $964 million in positive adjusted EBITDA. According to the CEO, Brian Armstrong, the company's success has been based on long-term thinking, regulatory compliance, and operational efficiency, despite the challenging crypto market environment.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Coinbase Global: Paradox of Its Market Dominance and Regulatory Hurdles! - Major Drivers

Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Cross Asset Strategy

<ul>
<li>Financial majors – Goldman, Morgan, HDFC, and Interactive Brokers announce results. Charles Schwab reports on 17/Jan and Schlumberger reports on 19/Jan.</li>
<li>On economic data, data from USA, China, and Japan will provide strong insight into the health of consumers and businesses there.</li>
<li>An iPhone that got sucked out of Alaskan Air when the door of a Boeing jet came unstuck fell 5,000m but landed without a single crack on the screen.</li>
</ul>


Financial majors – Goldman, Morgan, HDFC, and Interactive Brokers announce results. Charles Schwab reports on 17/Jan and Schlumberger reports on 19/Jan.
On economic data, data from USA, China, and Japan will provide strong insight into the health of consumers and businesses there.
An iPhone that got sucked out of Alaskan Air when the door of a Boeing jet came unstuck fell 5,000m but landed without a single crack on the screen.


[TW2] Japanese Equities Soar, Spot BTC ETF Goes Live, & Rising Red Sea Tensions (W/E 12th Jan 2024)

Metals, Ores, and Mining Firms, Mint Finance

Pranay Yadav

Metals, Ores, and Mining Firms

<ul>
<li>SEC narrowly approves listing of spot Bitcoin ETF citing high correlation between CME futures and spot bitcoin price and adequacy of CME surveillance sharing.</li>
<li>New ETFs offer highly competitive expense ratios. ETFs also offer discount to expense ratio during a discount period.</li>
<li>ETFs see strong trading activity on day 1 but much of it likely came from outflows from GBTC to lower cost ETFs.</li>
</ul>


SEC narrowly approves listing of spot Bitcoin ETF citing high correlation between CME futures and spot bitcoin price and adequacy of CME surveillance sharing.
New ETFs offer highly competitive expense ratios. ETFs also offer discount to expense ratio during a discount period.
ETFs see strong trading activity on day 1 but much of it likely came from outflows from GBTC to lower cost ETFs.


Spot BTC ETFs Attract $4.3 Billion on Day 1 Paving the Way for Institutional Adoption

<ul>
<li>Outperformance during rallies is usually followed by sharper corrections during downturns. Buy the rumour and sell the news is common in crypto markets.</li>
<li>Coinbase is a top ranking performer. The crypto exchange stock is up a whopping 454% YTD outperforming BTC by almost 3x.</li>
<li>While Coinbase may do well in a continued cryptocurrency bull market, it is worth considering whether the rally has already played out.</li>
</ul>


Outperformance during rallies is usually followed by sharper corrections during downturns. Buy the rumour and sell the news is common in crypto markets.
Coinbase is a top ranking performer. The crypto exchange stock is up a whopping 454% YTD outperforming BTC by almost 3x.
While Coinbase may do well in a continued cryptocurrency bull market, it is worth considering whether the rally has already played out.


United States

Coinbase Global, Inc. provides financial solutions. The Company offers platform to buy and sell cryptocurrencies. Coinbase Global serves clients worldwide.

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Coinbase Global (COIN US)

Security Token Journal: Bitcoins to the Mass

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Bondcritic

Coinbase Global: Paradox of Its Market Dominance and Regulatory Hurdles! - Major Drivers

This is our first report on Coinbase Global Inc, a leading cryptocurrency exchange company. In the recent earnings, the management reported cost...

Baptista Research

[TW2] Japanese Equities Soar, Spot BTC ETF Goes Live, & Rising Red Sea Tensions (W/E 12th Jan 2024)

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Mint Finance

Spot BTC ETFs Attract $4.3 Billion on Day 1 Paving the Way for Institutional Adoption

Bitcoin avoided a sell-the-news event following SEC approval but also failed to sustain a rally. The paper discusses details of approval, details...

Mint Finance

Is Coinbase Rally Running Out of Steam?

Outperformance during rallies precede brutal corrections. Buy the rumour and sell the news is common in crypto markets. How will Coinbase fare in a...

Mint Finance

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