Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>A stock that should benefit from the resumption of Japan's bull market</li>
<li>Utility type stock poised to rerate  as a growth narrative starts</li>
<li>The stock has recently broken out of its 18 month downtrend</li>
</ul>


A stock that should benefit from the resumption of Japan's bull market
Utility type stock poised to rerate  as a growth narrative starts
The stock has recently broken out of its 18 month downtrend


From Utility to Growth: Re‑rating Potential at Japan Exchange Group (8697.T)

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Quantitative Analysis

<ul>
<li>Financials Exchanges have hit record highs in Global fund ownership, with 58% of global funds invested and 49% ahead of the MSCI ACWI index.</li>
<li>CME Group and London Stock Exchange lead momentum, both reaching record ownership after strong inflows through 2023–2024.</li>
<li>Despite growth, ownership breadth remains shallow, with only a few stocks widely held, leaving room for further expansion in positioning.</li>
</ul>


Financials Exchanges have hit record highs in Global fund ownership, with 58% of global funds invested and 49% ahead of the MSCI ACWI index.
CME Group and London Stock Exchange lead momentum, both reaching record ownership after strong inflows through 2023–2024.
Despite growth, ownership breadth remains shallow, with only a few stocks widely held, leaving room for further expansion in positioning.


Global Financial Exchanges: A Sector on the Rise

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.

Intercontinental Exchange / Equity Bottom-Up

<ul><li>Intercontinental Exchange (ICE) reported robust financial performance for the third quarter of 2024.</li><li>The earnings call highlighted a comprehensive set of results, indicating both returns and strategic advancements in line with their market and technological expansions.</li><li>Starting with financials, ICE reported a record third-quarter net revenue of $2.3 billion, reflecting a 7% increase pro forma for the acquisition of Black Knight and showing considerable growth across transaction($1.1 billion) and recurring revenues($1.2 billion).</li></ul>

Intercontinental Exchange (ICE) reported robust financial performance for the third quarter of 2024.The earnings call highlighted a comprehensive set of results, indicating both returns and strategic advancements in line with their market and technological expansions.Starting with financials, ICE reported a record third-quarter net revenue of $2.3 billion, reflecting a 7% increase pro forma for the acquisition of Black Knight and showing considerable growth across transaction($1.1 billion) and recurring revenues($1.2 billion).

Intercontinental Exchange (ICE): Enhancing Liquidity & Pricing Engines in Mortgage Markets Is Potentially A Game Changer? - Major Drivers

<ul><li>Intercontinental Exchange's second quarter 2024 financial results demonstrate a dynamic performance with several growth facets tempered by areas needing attention.</li><li>The company reported record net revenues totaling $2.3 billion, reflecting a 7% increase on a pro forma basis compared to the previous year.</li><li>This growth is supported by acquisition synergies, notably from the acquisition of Black Knight, which has been integrated within its operations to bolster revenue streams.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Intercontinental Exchange's second quarter 2024 financial results demonstrate a dynamic performance with several growth facets tempered by areas needing attention.The company reported record net revenues totaling $2.3 billion, reflecting a 7% increase on a pro forma basis compared to the previous year.This growth is supported by acquisition synergies, notably from the acquisition of Black Knight, which has been integrated within its operations to bolster revenue streams.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Intercontinental Exchange Inc. (ICE): Expansion into Digital Mortgage Infrastructure & Leveraging Fixed Income Growth! - Major Drivers

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>The S&amp;P 500 (SPX) is back to test YTD highs and important resistance in the 5670-5783 range. This is an important target/resistance area we have discussed for weeks.</li>
<li>Using the 2007 SPX topping analog suggests a 2% or less move above the prior all-time high set in July at 5670 before topping, which gives the 5783 number.</li>
<li>As long as SPX does not have a weekly close above 5783 we continue to recommend reducing risk and shifting to defensives,and this is the ideal time to do so.</li>
</ul>


The S&amp;P 500 (SPX) is back to test YTD highs and important resistance in the 5670-5783 range. This is an important target/resistance area we have discussed for weeks.
Using the 2007 SPX topping analog suggests a 2% or less move above the prior all-time high set in July at 5670 before topping, which gives the 5783 number.
As long as SPX does not have a weekly close above 5783 we continue to recommend reducing risk and shifting to defensives,and this is the ideal time to do so.


SPX Testing Resistance as Rate Cut Cycle Begins; SPX 5670-5783 Is Resistance, 2007 Analog on Track

United States

Intercontinental Exchange, Inc. operates global commodity and financial products marketplaces.  The Company operates electronic energy markets and soft commodity exchanges as well.  ICE offers access to contracts based on crude oil and refined products, natural gas, power and emissions, as well as agricultural commodities including cocoa, coffee, cotton, orange juice, and sugar.

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Intercontinental Exchange (ICE US)

From Utility to Growth: Re‑rating Potential at Japan Exchange Group (8697.T)

The operator of Japanese exchanges is poised to benefit from the country's bull market resurgence as it breaks out of a prolonged downtrend.

Rikki Malik

Global Financial Exchanges: A Sector on the Rise

Financials Exchanges are at record exposure levels, led by CME and LSE. Momentum is strong, but breadth is shallow, with few stocks widely...

Steven Holden

Intercontinental Exchange (ICE): Enhancing Liquidity & Pricing Engines in Mortgage Markets Is Potentially A Game Changer? - Major Drivers

Intercontinental Exchange (ICE) reported robust financial performance for the third quarter of 2024. The earnings call highlighted a comprehensive...

Baptista Research

Intercontinental Exchange Inc. (ICE): Expansion into Digital Mortgage Infrastructure & Leveraging Fixed Income Growth! - Major Drivers

Intercontinental Exchange's second quarter 2024 financial results demonstrate a dynamic performance with several growth facets tempered by areas...

Baptista Research

SPX Testing Resistance as Rate Cut Cycle Begins; SPX 5670-5783 Is Resistance, 2007 Analog on Track

$SPX Testing Resistance as Rate Cut Cycle Begins; SPX 5670-5783 is Resistance, 2007 Analog on Track if Below 5783. Still Neutral, prefer to sell...

Vermilion Research

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