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

<a href="https://www.smartkarma.com/entities/amtd-international-inc" target="_blank" data-smartkarma-citation="entities:28137:1" rel="noopener">AMTD International Inc (HKIB US)</a> is a boutique investment bank and asset management firm focused on Chinese regional banks and new economy companies. It announced its IPO price range of $8.10-8.48 per ADS. At the mid-point of the IPO price range, AMTD will raise net IPO proceeds of $155.3 million, resulting in a market cap of $1.9 billion.<div class="content-highlight">In <a href="https://www.smartkarma.com/insights/amtd-international-ipo-initiation-coming-to-market-on-a-high" target="_blank" rel="noopener">our IPO initiation note</a>, we noted that AMTD’s financials are undoubtedly strong, particularly its 1Q19 results. However, it is hard to judge a company by a single quarter performance, and we can’t shake the feeling that AMTD has astutely timed its IPO to coincide with peak growth rates. Overall, we believe that AMTD's proposed IPO price range is unattractive and would not participate in the IPO. </div>

AMTD International Inc (HKIB US) is a boutique investment bank and asset management firm focused on Chinese regional banks and new economy companies. It announced its IPO price range of $8.10-8.48 per ADS. At the mid-point of the IPO price range, AMTD will raise net IPO proceeds of $155.3 million, resulting in a market cap of $1.9 billion.In our IPO initiation note, we noted that AMTD’s financials are undoubtedly strong, particularly its 1Q19 results. However, it is hard to judge a company by a single quarter performance, and we can’t shake the feeling that AMTD has astutely timed its IPO to coincide with peak growth rates. Overall, we believe that AMTD's proposed IPO price range is unattractive and would not participate in the IPO. 

AMTD International IPO: Valuation Bordering on Delusional

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

The primary trend in U.S. equity markets remains bullish, and the usual suspects continue to lead: growth (Tech and FANG), homebuilders, industrials, etc.  Yet unusually bullish price patterns continue to develop in long-term laggards like energy (esp. E&amp;Ps), retail (XRT), and engineering &amp; construction (JEC).  We view this stabilization, or participation, in weak segments as a boost to the market’s breadth, a point of contention in recent months for some, who have pointed out that fewer stocks are trading above their 200-day moving averages.  Attractive entry points are also visible in many cyclical Groups, especially Casinos and Investment Banks.  In today’s report we highlight actionable charts in both Groups... see pages 8-24]

The primary trend in U.S. equity markets remains bullish, and the usual suspects continue to lead: growth (Tech and FANG), homebuilders, industrials, etc.  Yet unusually bullish price patterns continue to develop in long-term laggards like energy (esp. E&amp;Ps), retail (XRT), and engineering &amp; construction (JEC).  We view this stabilization, or participation, in weak segments as a boost to the market’s breadth, a point of contention in recent months for some, who have pointed out that fewer stocks are trading above their 200-day moving averages.  Attractive entry points are also visible in many cyclical Groups, especially Casinos and Investment Banks.  In today’s report we highlight actionable charts in both Groups... see pages 8-24]

U.S. Equity Weekly: Actionable Ideas in Casinos, Investment Banks

United States

Evercore Partners Inc. is an investment banking boutique. The firm provides advisory services to multinational corporations on mergers, acquisitions, divestitures, restructurings and other corporate transactions. Evercore also manages private equity funds for institutional investors.

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Evercore Partners Inc Cl A (EVR US)

AMTD International IPO: Valuation Bordering on Delusional

AMTD International Inc (HKIB US) is a boutique investment bank and asset management firm focused on Chinese regional banks and new economy...

Arun George

U.S. Equity Weekly: Actionable Ideas in Casinos, Investment Banks

The primary trend in U.S. equity markets remains bullish, and the usual suspects continue to lead: growth (Tech and FANG), homebuilders,...

Vermilion Research

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