Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

In this report, we have crawled through over ten years of technical publications to analyze the Fuel Cell space. The top five companies we screen from a technology perspective are <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a>, <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a>, <a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai Motor Co (005380 KS)</a>, <a href="https://www.smartkarma.com/entities/general-motors-co" target="_blank" data-smartkarma-citation="entities:18811:1" rel="noopener">General Motors Co (GM US)</a>, and <a href="https://www.smartkarma.com/entities/bloom-energy-corp" target="_blank" data-smartkarma-citation="entities:34062:1" rel="noopener">Bloom Energy Corp (BE US)</a> Technologically automakers (Japanese in particular) dominate the fuel cell sector. Among pure plays, <a href="https://www.smartkarma.com/entities/bloom-energy-corp" target="_blank" data-smartkarma-citation="entities:34062:1" rel="noopener">Bloom Energy Corp (BE US)</a> and <a href="https://www.smartkarma.com/entities/ballard-power-systems-inc" target="_blank" data-smartkarma-citation="entities:25813:1" rel="noopener">Ballard Power Systems (BLDP CN)</a> are best positioned and perhaps the only ones who come somewhat close to the auto OEMs from a technology perspective. Some lesser-known private players that have gained traction in technological terms over the last five years are Dioxide Materials, 24M Technologies, and Bayotech.Currently, batteries have a decisive advantage over fuel cells, and as a business proposition, fuel cells have so far mostly failed to live up to their technological promise. However, fuel cells using hydrogen generated from renewables offer a much lower environmental impact across their lifecycle. This sustains investor interest in the hope that system price declines, economies of scale, lower cost of renewable energy generation, and maturation as a business could make FC competitive longer term.

In this report, we have crawled through over ten years of technical publications to analyze the Fuel Cell space. The top five companies we screen from a technology perspective are Toyota Motor (7203 JP), Honda Motor (7267 JP), Hyundai Motor Co (005380 KS), General Motors Co (GM US), and Bloom Energy Corp (BE US) Technologically automakers (Japanese in particular) dominate the fuel cell sector. Among pure plays, Bloom Energy Corp (BE US) and Ballard Power Systems (BLDP CN) are best positioned and perhaps the only ones who come somewhat close to the auto OEMs from a technology perspective. Some lesser-known private players that have gained traction in technological terms over the last five years are Dioxide Materials, 24M Technologies, and Bayotech.Currently, batteries have a decisive advantage over fuel cells, and as a business proposition, fuel cells have so far mostly failed to live up to their technological promise. However, fuel cells using hydrogen generated from renewables offer a much lower environmental impact across their lifecycle. This sustains investor interest in the hope that system price declines, economies of scale, lower cost of renewable energy generation, and maturation as a business could make FC competitive longer term.

Stock Ideas From Data Mining Technical Publications: A Look into Fuel Cells

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

<ul>
<li>
Increasing Systemic Risks:Events are moving quickly and the fluidity of this pandemic has created a destructive amount of market volatility, which likely is the new normal given issues Quant Funds, illiquidity, the lack of US preparation and global leadership, and the corporate bond market are all becoming systemic risks.</li>
<li> Global Recession Already Underway: A global recession is already well underway, which should worsen given how much this pandemic is having on consumer confidence.  </li>
<li>Financial Stability Called Into Question:The global market rout is calling financial stability into question. This crisis of confidence and increased likelihood of waterfall of losses that will make for a VERY toxic cocktail – especially considering that many names are still not profitable on an operating basis.   </li>
</ul>



Increasing Systemic Risks:Events are moving quickly and the fluidity of this pandemic has created a destructive amount of market volatility, which likely is the new normal given issues Quant Funds, illiquidity, the lack of US preparation and global leadership, and the corporate bond market are all becoming systemic risks.
 Global Recession Already Underway: A global recession is already well underway, which should worsen given how much this pandemic is having on consumer confidence.  
Financial Stability Called Into Question:The global market rout is calling financial stability into question. This crisis of confidence and increased likelihood of waterfall of losses that will make for a VERY toxic cocktail – especially considering that many names are still not profitable on an operating basis.   


<ul>
<li>Massive central bank liquidity and fiscal stimulus came rushing in to stabilize the global economy in 2019, and should continue in 2020. However, asset bubbles continue to grow. </li>
<li>Risk concentrations are increasing. </li>
</ul>


Massive central bank liquidity and fiscal stimulus came rushing in to stabilize the global economy in 2019, and should continue in 2020. However, asset bubbles continue to grow. 
Risk concentrations are increasing. 


The sell-off in 2H18 credit markets was widespread due to global slowdown fears and nearly culminated with Jefferies (JEF) in a Lehman-style event. The wider fissures YTD in the leverage lending market look to be much more structural and longer lasting by definition.

The sell-off in 2H18 credit markets was widespread due to global slowdown fears and nearly culminated with Jefferies (JEF) in a Lehman-style event. The wider fissures YTD in the leverage lending market look to be much more structural and longer lasting by definition. 

Risks In Leveraged Lending Skyrocketing - Watch For The Big Offload

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. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

<div class="content-highlight"><h2>Solid demand and robust results from most firms not named GE.</h2></div><hr>Chief executive officers of some of the most well-known, global diversified industrial firms gathered in Coral Gables, Florida, this week to address analysts at the annual Electrical Products Group conference. While the conference lacked most of the heated exchanges of some years past, these multi-industrial leaders did touch on several broad themes, including robust demand leading to resilient organic growth, the muted impact from tariffs, as well as strong digitization trends sweeping the industry. We had the opportunity to press these leaders on several issues like portfolio optimization, both from the M&amp;A and divestiture side, as well as to query what factors lead to strong switching costs in the aftermarket, or how differentiated technology intangibles lead to securing a firm's installed equipment or software base. After reviewing our coverage, our current top picks among the diversified industrials we cover include <a href="https://www.smartkarma.com/entities/26784" target="_blank" data-smartkarma-citation="entities:26784:1">DowDuPont Inc (DWDP US)</a>, <a href="https://www.smartkarma.com/entities/9642" target="_blank" data-smartkarma-citation="entities:9642:1">Emerson Electric Co (EMR US)</a>, <a href="https://www.smartkarma.com/entities/6747" target="_blank" data-smartkarma-citation="entities:6747:1">Johnson Controls (JCI US)</a>, and <a href="https://www.smartkarma.com/entities/14866" target="_blank" data-smartkarma-citation="entities:14866:1">3 M Co (MMM US)</a>.

Solid demand and robust results from most firms not named GE.Chief executive officers of some of the most well-known, global diversified industrial firms gathered in Coral Gables, Florida, this week to address analysts at the annual Electrical Products Group conference. While the conference lacked most of the heated exchanges of some years past, these multi-industrial leaders did touch on several broad themes, including robust demand leading to resilient organic growth, the muted impact from tariffs, as well as strong digitization trends sweeping the industry. We had the opportunity to press these leaders on several issues like portfolio optimization, both from the M&amp;A and divestiture side, as well as to query what factors lead to strong switching costs in the aftermarket, or how differentiated technology intangibles lead to securing a firm's installed equipment or software base. After reviewing our coverage, our current top picks among the diversified industrials we cover include DowDuPont Inc (DWDP US), Emerson Electric Co (EMR US), Johnson Controls (JCI US), and 3 M Co (MMM US).

Morningstar's Key Takeaways From the 2019 EPG Conference

United States

General Electric Company is a globally diversified technology and financial services company. The Company's products and services include aircraft engines, power generation, water processing, and household appliances to medical imaging, business and consumer financing, and industrial products.

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General Electric (GE US)

Stock Ideas From Data Mining Technical Publications: A Look into Fuel Cells

Fuel cells have a place in the green energy market but with poor economics, they have a problem finding where that is. Japanese automakers...

Pyari Menon

Toxic Cocktail

Increasing Systemic Risks:Events are moving quickly and the fluidity of this pandemic has created a destructive amount of market volatility,...

Thomas J. Monaco

Global Stall Speed Growth

Massive central bank liquidity and fiscal stimulus came rushing in to stabilize the global economy in 2019, and should continue in 2020. However,...

Thomas J. Monaco

Risks In Leveraged Lending Skyrocketing - Watch For The Big Offload

The sell-off in 2H18 credit markets was widespread due to global slowdown fears and nearly culminated with Jefferies (JEF) in a Lehman-style event....

Thomas J. Monaco

Morningstar's Key Takeaways From the 2019 EPG Conference

Solid demand and robust results from most firms not named GE.Chief executive officers of some of the most well-known, global diversified industrial...

Morningstar, Inc.

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