Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Kelusa Asia Focus Funds

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/21010" target="_blank" data-smartkarma-citation="entities:21010:1">Ferrari N.V. (RACE US)</a> reported a solid Q2 2016. Here I will try to summarize my gleanings from the 10Q filings and the conference call and what these things could potentially mean for coming quarters. My conclusion though is inspite all these positives , given the macro environment and the way things are trending for the luxury goods companies, valuations are on the higher end and a pullback would make this more compelling as an investment.<div class="content-highlight">Volumes could potentially surpass the management…</div>

 Ferrari N.V. (RACE US) reported a solid Q2 2016. Here I will try to summarize my gleanings from the 10Q filings and the conference call and what these things could potentially mean for coming quarters. My conclusion though is inspite all these positives , given the macro environment and the way things are trending for the luxury goods companies, valuations are on the higher end and a pullback would make this more compelling as an investment.Volumes could potentially surpass the management…

Ferrari Q2 2016 : 10Q Filings and Concall Gleanings

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

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We have been dismayed by some in the investment community who have categorized Ferrari, with respect to valuation, as an automotive company. In our opinion, calling Ferrari an automotive company is akin to categorizing Cartier with Zales or Hermès with Target. Stable growth, expansive profitability, consistent high returns on invested capital, and a brand that captures the imagination of many around the world, but pricing that only a select few can afford, all support our wide  economic moat rating on Ferrari. Similar characteristics also support the wide economic moat ratings of most of the companies in Morningstar's luxury goods coverage. The purpose of this report is to demonstrate to investors the similarities between Ferrari and luxury goods companies versus other aspirational autos.Analyst: Richard Hilgert

We have been dismayed by some in the investment community who have categorized Ferrari, with respect to valuation, as an automotive company. In our opinion, calling Ferrari an automotive company is akin to categorizing Cartier with Zales or Hermès with Target. Stable growth, expansive profitability, consistent high returns on invested capital, and a brand that captures the imagination of many around the world, but pricing that only a select few can afford, all support our wide  economic moat rating on Ferrari. Similar characteristics also support the wide economic moat ratings of most of the companies in Morningstar's luxury goods coverage. The purpose of this report is to demonstrate to investors the similarities between Ferrari and luxury goods companies versus other aspirational autos.Analyst: Richard Hilgert 

Wide-Moat Ferrari Deserving of Luxury Goods Title

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Event-Driven

On March 24th after the close of trading, <a href="https://www.smartkarma.com/entities/20829" target="_blank" data-smartkarma-citation="entities:20829">Baoxin Auto Group Ltd</a> ("Baoxin")and <a href="https://www.smartkarma.com/entities/17171" target="_blank" data-smartkarma-citation="entities:17171">China Grand Automotive Services Co Ltd</a> ("CGAS") released a <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0324/LTN20160324845.pdf" target="_blank">Joint Announcement</a> Update on the Satisfaction of Pre-Conditions from the "Rule 3.5 Announcement of 11 December 2015. The main content of the update is that...<blockquote>
with respect to Pre-Condition (b), the filing notice from the NDRC, the approval from the Shanghai Stock Exchange and the filing notice from Shanghai Municipal Commission of Commerce of the PRC or…
</blockquote>

On March 24th after the close of trading, Baoxin Auto Group Ltd ("Baoxin")and China Grand Automotive Services Co Ltd ("CGAS") released a Joint Announcement Update on the Satisfaction of Pre-Conditions from the "Rule 3.5 Announcement of 11 December 2015. The main content of the update is that...
with respect to Pre-Condition (b), the filing notice from the NDRC, the approval from the Shanghai Stock Exchange and the filing notice from Shanghai Municipal Commission of Commerce of the PRC or…


Baoxin Pre-Conditions Remaining: SAFE, Sales? And Signatures

Last Friday, <a href="https://www.smartkarma.com/entities/20829" target="_blank" data-smartkarma-citation="entities:20829">Baoxin Auto Group Ltd</a> (1293 HK) released a <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0318/LTN20160318552.pdf" target="_blank">Joint Announcement</a> containing an updated list of Irrevocable Undertakings to ACCEPT the Offer, adding another 98 million shares to the total. Various media sources (some well-known to risk arbitrageurs) had suggested over the past few weeks that the delay in some of the approvals - most notably from the Shanghai Municipal Commission of Commerce and by the banks approved by SAFE for the foreign exchange transaction (to enable <a href="https://www.smartkarma.com/entities/17171" target="_blank" data-smartkarma-citation="entities:17171">China Grand</a>…

Last Friday, Baoxin Auto Group Ltd (1293 HK) released a Joint Announcement containing an updated list of Irrevocable Undertakings to ACCEPT the Offer, adding another 98 million shares to the total. Various media sources (some well-known to risk arbitrageurs) had suggested over the past few weeks that the delay in some of the approvals - most notably from the Shanghai Municipal Commission of Commerce and by the banks approved by SAFE for the foreign exchange transaction (to enable China Grand…

BAOXIN: Further Undertakings -If You Think This Gets Done, It's Too Cheap. Gotta Have It.

Of recent there have been a few tidbits of news, but still no document. A short recap follows.In recent days we have had... an update on pre-conditions, an update on irrevocable acceptances of the Offer by more parties related to the existing owning family and management, which will reduce the fill ratio for minority shareholders, slightly weaker EPS forecasts on average, and a slightly stronger market than earlier this year.A week ago, Baoxin came out with an update on the pre-conditions noting…

Of recent there have been a few tidbits of news, but still no document. A short recap follows.In recent days we have had... an update on pre-conditions, an update on irrevocable acceptances of the Offer by more parties related to the existing owning family and management, which will reduce the fill ratio for minority shareholders, slightly weaker EPS forecasts on average, and a slightly stronger market than earlier this year.A week ago, Baoxin came out with an update on the pre-conditions noting…

Baoxin: CGAS Offer Update, Fair Value, And Arb Grids

Italy

Ferrari designs, engineers, produces, and sells luxury performance sports cars globally, offering a range including special series, Icona, and supercars, alongside racing cars and after-sales services. The company also licenses its brand for luxury goods and participates in Formula 1 racing. Ferrari was founded in 1947 and is headquartered in Maranello, Italy.

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Ferrari (RACE IM)

Ferrari Q2 2016 : 10Q Filings and Concall Gleanings

Ferrari N.V. (RACE US) reported a solid Q2 2016. Here I will try to summarize my gleanings from the 10Q filings and the conference call and what...

Sameer Taneja

Wide-Moat Ferrari Deserving of Luxury Goods Title

We have been dismayed by some in the investment community who have categorized Ferrari, with respect to valuation, as an automotive company. In our...

Morningstar, Inc.

Baoxin Pre-Conditions Remaining: SAFE, Sales? And Signatures

On March 24th after the close of trading, Baoxin Auto Group Ltd ("Baoxin")and China Grand Automotive Services Co Ltd ("CGAS") released a Joint...

Travis Lundy

BAOXIN: Further Undertakings -If You Think This Gets Done, It's Too Cheap. Gotta Have It.

Last Friday, Baoxin Auto Group Ltd (1293 HK) released a Joint Announcement containing an updated list of Irrevocable Undertakings to ACCEPT the...

Travis Lundy

Baoxin: CGAS Offer Update, Fair Value, And Arb Grids

Of recent there have been a few tidbits of news, but still no document. A short recap follows.In recent days we have had... an update on...

Travis Lundy

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