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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/i-tail-corp-pcl" target="_blank" data-smartkarma-citation="entities:36428:1" rel="noopener">I-Tail (ITC TB)</a>, <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>’s pet care division, will launch an up to US$600 million SET IPO this week, according to press reports.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/i-tail-corporation-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:83568" rel="noopener">I-Tail Corporation IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/i-tail-corporation-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:83629" rel="noopener">I-Tail Corporation IPO: The Bear Case</a>. </li>
<li>In this note, we look at the 9M22 results. The results highlight that i-Tail is in rude health with accelerating growth, healthy margins, cash generation and manageable leverage.</li>
</ul>



I-Tail (ITC TB), Thai Union Group (TU TB)’s pet care division, will launch an up to US$600 million SET IPO this week, according to press reports.
We previously discussed the IPO in I-Tail Corporation IPO: The Bull Case and I-Tail Corporation IPO: The Bear Case. 
In this note, we look at the 9M22 results. The results highlight that i-Tail is in rude health with accelerating growth, healthy margins, cash generation and manageable leverage.


I-Tail Corporation IPO: A Strong 3Q Results Update

<ul>
<li>
<a href="https://www.smartkarma.com/entities/i-tail-corp-pcl" target="_blank" data-smartkarma-citation="entities:36428:1" rel="noopener">I-Tail (ITC TB)</a>, <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>’s pet care division, has started pre-marketing an up to US$600 million SET IPO, according to press reports.</li>
<li>In <a href="https://www.smartkarma.com/insights/i-tail-corporation-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:83568" rel="noopener">I-Tail Corporation IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case. </li>
<li>The key elements of the bear case rest on its under-representation in the dog food category (largest pet food category), margins at or near the peak and declining FCF margin. </li>
</ul>



I-Tail (ITC TB), Thai Union Group (TU TB)’s pet care division, has started pre-marketing an up to US$600 million SET IPO, according to press reports.
In I-Tail Corporation IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case. 
The key elements of the bear case rest on its under-representation in the dog food category (largest pet food category), margins at or near the peak and declining FCF margin. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/i-tail-corp-pcl" target="_blank" data-smartkarma-citation="entities:36428:1" rel="noopener">I-Tail (ITC TB)</a>, <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>’s pet care division, has started pre-marketing an up to US$600 million SET IPO, according to press reports.</li>
<li>I-Tail is one of the largest original equipment manufacturers (OEMs) for wet cat &amp; dog food in Asia, according to Frost &amp; Sullivan.</li>
<li>The key elements of the bull case rest on strong top-line growth, market share gains, ambitious growth plans and the highest margin profile among peers.</li>
</ul>



I-Tail (ITC TB), Thai Union Group (TU TB)’s pet care division, has started pre-marketing an up to US$600 million SET IPO, according to press reports.
I-Tail is one of the largest original equipment manufacturers (OEMs) for wet cat &amp; dog food in Asia, according to Frost &amp; Sullivan.
The key elements of the bull case rest on strong top-line growth, market share gains, ambitious growth plans and the highest margin profile among peers.


Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

Equity Bottom-Up

<ul>
<li>Liquidity shorts can be great short candidates.  The key characteristic is that the company may not be viable, economically, given their cash flows and cash requirements. </li>
<li>Liquidity shorts have built-in catalysts, have moderate to higher betas,  and can have strong down moves if a crisis develops.  They can go bankrupt, pushing the stock price near zero.</li>
<li>Today we are flagging Carvana, Exact Sciences, Inspire Med, Freshpet, Enviva .</li>
</ul>


Liquidity shorts can be great short candidates.  The key characteristic is that the company may not be viable, economically, given their cash flows and cash requirements. 
Liquidity shorts have built-in catalysts, have moderate to higher betas,  and can have strong down moves if a crisis develops.  They can go bankrupt, pushing the stock price near zero.
Today we are flagging Carvana, Exact Sciences, Inspire Med, Freshpet, Enviva .


Liquidity Risk Short Candidates: Carvana, Exact Sciences, Inspire Med, Freshpet, Enviva

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

We continue to see signs of improving risk appetites alongside healthy market dynamics. As a result, our outlook remains constructive. A breakout to new highs in the Russell 2000 (IWM) and Russell Micro-Caps (IWC), above $234.50 and $159, would likely cause us to shift to an outright bullish stance. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary, Technology, and Health Care.

We continue to see signs of improving risk appetites alongside healthy market dynamics. As a result, our outlook remains constructive. A breakout to new highs in the Russell 2000 (IWM) and Russell Micro-Caps (IWC), above $234.50 and $159, would likely cause us to shift to an outright bullish stance. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary, Technology, and Health Care.

U.S. Yields Testing Support Ahead Of FOMC Meeting

United States

Freshpet, Inc. provides fresh, natural food choices to help improve the lives of dogs and cats. The Company also owns and operates Freshpet Kitchens and Freshpet Fridges. Freshpet retailers are located across North America.

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Freshpet Inc (FRPT US)

I-Tail Corporation IPO: A Strong 3Q Results Update

In this note, we look at the 9M22 results. The results highlight that i-Tail is in rude health with accelerating growth, healthy margins, cash...

Arun George

I-Tail Corporation IPO: The Bear Case

The key elements of the bear case rest on its under-representation in the dog food category (largest pet food category), margins at or near the...

Arun George

I-Tail Corporation IPO: The Bull Case

The key elements of the bull case rest on strong top-line growth, market share gains, ambitious growth plans and the highest margin profile among...

Arun George

Liquidity Risk Short Candidates: Carvana, Exact Sciences, Inspire Med, Freshpet, Enviva

Liquidity risk short candidates may not be economically viable given cash flows and capital requirements. This week we flag Carvana, Exact...

Eric Fernandez, CFA

U.S. Yields Testing Support Ahead Of FOMC Meeting

We continue to see signs of improving risk appetites alongside healthy market dynamics. As a result, our outlook remains constructive.

Vermilion Research

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