Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

Apollo Global Management  / Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the December 2024 index rebal event.</li>
<li>We expect two regular changes in December 2024. There are also several live spin-off and M&amp;A events which could trigger intra-review index changes in late-2024/early-2025.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the December 2024 index rebal event.
We expect two regular changes in December 2024. There are also several live spin-off and M&amp;A events which could trigger intra-review index changes in late-2024/early-2025.


Quiddity Leaderboard S&P 500 Dec 24: APP, APO, and TPL May Be ADDs, Watch SP600 DELs

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>Coinbase has reported its third quarter 2024 financial results, detailing its performance during what has been described as a period of 'softer market conditions.' Despite these challenges, the company has achieved remarkable financial health, posting its seventh consecutive quarter of positive adjusted EBITDA and its fourth consecutive quarter of positive net income.</li><li>These achievements underscore Coinbase's adaptability and strategic financial management, even in a fluctuating 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>

Coinbase has reported its third quarter 2024 financial results, detailing its performance during what has been described as a period of 'softer market conditions.' Despite these challenges, the company has achieved remarkable financial health, posting its seventh consecutive quarter of positive adjusted EBITDA and its fourth consecutive quarter of positive net income.These achievements underscore Coinbase's adaptability and strategic financial management, even in a fluctuating 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 Inc.: Expansion of Revenue Streams through Subscription Products and Services & Other Major Drivers

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Coinbase is a leading provider of end-to-end financial infrastructure and technology for the crypto economy, with average monthly transacting users of 7mn in 2023.</li><li>As of 30 Sep 2024, the company operated business in over 100 countries, with total safeguarded asset of US$273bn and 3Q24 quarterly trading volume of US$185bn.</li><li>Coinbase, currently as the first and only listed crypto exchange, has a high level of compliance and emphasizes asset security. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Coinbase is a leading provider of end-to-end financial infrastructure and technology for the crypto economy, with average monthly transacting users of 7mn in 2023.As of 30 Sep 2024, the company operated business in over 100 countries, with total safeguarded asset of US$273bn and 3Q24 quarterly trading volume of US$185bn.Coinbase, currently as the first and only listed crypto exchange, has a high level of compliance and emphasizes asset security. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Coinbase (COIN US) - Leading Financial Infrastructure for the Crypto Economy; Initiate at BUY

<ul><li>Coinbase's Q2 2024 earnings presentation revealed several vital insights into the company’s current financial health and its strategic initiatives moving forward.</li><li>As an investment consideration, the company disclosed robust endeavors in regulatory clarity, product development, and a diversified revenue stream along with advances in subscription and services reaching an all-time high despite a decline in transaction revenue from the previous quarter.</li><li>On the regulatory front, Coinbase continues to emphasize significant advancements, noting active participation in shaping cryptocurrency legislation—an undertaking likely to have profound effects on not only the company’s operations but also the broader crypto ecosystem.</li></ul>

Coinbase's Q2 2024 earnings presentation revealed several vital insights into the company’s current financial health and its strategic initiatives moving forward.As an investment consideration, the company disclosed robust endeavors in regulatory clarity, product development, and a diversified revenue stream along with advances in subscription and services reaching an all-time high despite a decline in transaction revenue from the previous quarter.On the regulatory front, Coinbase continues to emphasize significant advancements, noting active participation in shaping cryptocurrency legislation—an undertaking likely to have profound effects on not only the company’s operations but also the broader crypto ecosystem.

Coinbase Global: These Are The 4 Biggest Factors Driving Our Bullish Thesis! - Major Drivers

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 is expected to move sideways up, with the resistance at 1,324/1,332 points and the support at 1,314/1,310 points.</li><li>The market assigns a 45% probability that the BoE will cut interest rates by 25 bps to 5.0%.</li><li>The ISM manufacturing PMI is expected to increase to 48.8 (vs. June at 48.5), while the S&P Global manufacturing PMI is expected to drop sharply to 49.5 (vs. June at 51.6).</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,324/1,332 points and the support at 1,314/1,310 points.The market assigns a 45% probability that the BoE will cut interest rates by 25 bps to 5.0%.The ISM manufacturing PMI is expected to increase to 48.8 (vs. June at 48.5), while the S&P Global manufacturing PMI is expected to drop sharply to 49.5 (vs. June at 51.6).

July's Manufacturing Figures in the US, EU and China and Earnings Results

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)

Quiddity Leaderboard S&P 500 Dec 24: APP, APO, and TPL May Be ADDs, Watch SP600 DELs

The S&P500/400/600 Dec24 review will be announced in just over 10 days. There is an intra-review change in SP600 first, and perhaps a few more in...

Travis Lundy

Coinbase Global Inc.: Expansion of Revenue Streams through Subscription Products and Services & Other Major Drivers

Coinbase has reported its third quarter 2024 financial results, detailing its performance during what has been described as a period of 'softer...

Baptista Research

Coinbase (COIN US) - Leading Financial Infrastructure for the Crypto Economy; Initiate at BUY

Coinbase is a leading provider of end-to-end financial infrastructure and technology for the crypto economy, with average monthly transacting users...

CMB International

Coinbase Global: These Are The 4 Biggest Factors Driving Our Bullish Thesis! - Major Drivers

Coinbase's Q2 2024 earnings presentation revealed several vital insights into the company’s current financial health and its strategic initiatives...

Baptista Research

July's Manufacturing Figures in the US, EU and China and Earnings Results

Technically, the SET Index is expected to move sideways up, with the resistance at 1,324/1,332 points and the support at 1,314/1,310 points. The...

Krungthai XSpring

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