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.

Equity Bottom-Up

<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

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.

<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

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Cross Asset Strategy

<ul><li>We’ve received loads of feedback from our clients regarding our Trump versus Biden basket.</li><li>As a result, we will provide a detailed breakdown of both baskets and explain the rationale behind each.</li><li>We are updating the baskets regularly based on the political proposals of the two candidates.</li></ul>

We’ve received loads of feedback from our clients regarding our Trump versus Biden basket.As a result, we will provide a detailed breakdown of both baskets and explain the rationale behind each.We are updating the baskets regularly based on the political proposals of the two candidates.

Equity Watch: The Trump versus Biden Basket

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

<ul>
<li>Mega-Cap growth names such as AMZN, TSLA, MSFT, GOOGL, and META have picked up the slack as semiconductors (SMH, SOXX, NVDA, AVGO, etc.) are simply consolidating after getting extended.</li>
<li>This was a possibility we discussed in last week's Compass (6/25/24), which means we are not seeing any lasting rotation away from large-cap growth.</li>
<li>We remain bullish on all names listed (including the semiconductors), and we continue to recommend an overweight to large-cap growth (relative to value) as initially discussed in our 5/29/24 Compass</li>
</ul>


Mega-Cap growth names such as AMZN, TSLA, MSFT, GOOGL, and META have picked up the slack as semiconductors (SMH, SOXX, NVDA, AVGO, etc.) are simply consolidating after getting extended.
This was a possibility we discussed in last week's Compass (6/25/24), which means we are not seeing any lasting rotation away from large-cap growth.
We remain bullish on all names listed (including the semiconductors), and we continue to recommend an overweight to large-cap growth (relative to value) as initially discussed in our 5/29/24 Compass


Remain Overweight Large-Cap Growth; Downgrading Materials to Underweight; Software Buys $MSTR $CRWD

<ul><li>Coinbase Global Inc., under the leadership of Co-Founder and CEO Brian Armstrong, reported a strong first quarter for 2024 in the latest earnings call.</li><li>Significant progress has been made on the 2024 priorities shared on a previous call, and these include revenue expansion through the improvement of core trading, growth in stablecoins, dominance in the derivatives space both domestically and internationally, and growth through key market investments.</li><li>Coinbase has developed a low-cost Layer 2 solution named Base and is striving to drive regulatory clarity through court disputes, policy collaborations globally, and procrypto candidate support.</li></ul>

Coinbase Global Inc., under the leadership of Co-Founder and CEO Brian Armstrong, reported a strong first quarter for 2024 in the latest earnings call.Significant progress has been made on the 2024 priorities shared on a previous call, and these include revenue expansion through the improvement of core trading, growth in stablecoins, dominance in the derivatives space both domestically and internationally, and growth through key market investments.Coinbase has developed a low-cost Layer 2 solution named Base and is striving to drive regulatory clarity through court disputes, policy collaborations globally, and procrypto candidate support.

Coinbase Global: Increased Adoption and Expansion of Base! - Major Drivers

United States

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Coinbase Global (COIN US)

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

Equity Watch: The Trump versus Biden Basket

We’ve received loads of feedback from our clients regarding our Trump versus Biden basket. As a result, we will provide a detailed breakdown of...

Steno Research

Remain Overweight Large-Cap Growth; Downgrading Materials to Underweight; Software Buys $MSTR $CRWD

Remain Overweight Large-Cap Growth $IWF as discussed 5/29/24; Downgrading Materials $XLB to Underweight; Buy/Stay Long Software Stocks $IGV $MSFT...

Vermilion Research

Coinbase Global: Increased Adoption and Expansion of Base! - Major Drivers

Coinbase Global Inc., under the leadership of Co-Founder and CEO Brian Armstrong, reported a strong first quarter for 2024 in the latest earnings...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)