Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

Thematic (Sector/Industry)

High debt burdens are not just a developing world phenomenon. The growth of Quantitative Easing programs has resulted in significantly increased debt in many countries, including a good number in the European Union, whose debt levels are masked by accounting procedures.

High debt burdens are not just a developing world phenomenon. The growth of Quantitative Easing programs has resulted in significantly increased debt in many countries, including a good number in the European Union, whose debt levels are masked by accounting procedures.

The Potential for National Financial Default

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

The Seasonally adjusted unemployment rate in the Eurozone continued its downward trend, coming in at 10.2% in March 2016 compared to 10.4% in February and 11.2% in March 2015. The unemployment rate was at its lowest level since August 2011, and the gradual improvement in the labor market is expected to continue.The decline in the unemployment was largely across the board amongst the Eurozone members. It decreased to 10% in France in March 2016 compared to 10.2% in February while it fell to 4.2%…

The Seasonally adjusted unemployment rate in the Eurozone continued its downward trend, coming in at 10.2% in March 2016 compared to 10.4% in February and 11.2% in March 2015. The unemployment rate was at its lowest level since August 2011, and the gradual improvement in the labor market is expected to continue.The decline in the unemployment was largely across the board amongst the Eurozone members. It decreased to 10% in France in March 2016 compared to 10.2% in February while it fell to 4.2%…

Eurozone: Seasonally Adjusted Unemployment Rate Continues to Trend Downwards

Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

Banking profits are under attack from FinTech Over the next five years, banks will no longer enjoy the oligopolistic profits of the past. Their scale is now working against them. Nimbler financial technology (or “FinTech”) companies are eating into their market share. Banking profits in segments such as enterprise lending and wealth management will decline by up to 35% by 2025, according to McKinsey.Crowdfunding is the most potent FinTech threat.

Banking profits are under attack from FinTech Over the next five years, banks will no longer enjoy the oligopolistic profits of the past. Their scale is now working against them. Nimbler financial technology (or “FinTech”) companies are eating into their market share. Banking profits in segments such as enterprise lending and wealth management will decline by up to 35% by 2025, according to McKinsey.Crowdfunding is the most potent FinTech threat.

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nokia-oyj" target="_blank" data-smartkarma-citation="entities:21754:1" rel="noopener">Nokia OYJ (NOKIA FH)</a> is currently the lowest ranked security in SX5E but still above the exit threshold. Its potential deletion can cause the addition of <a href="https://www.smartkarma.com/entities/dsm-firmenich-ag" target="_blank" data-smartkarma-citation="entities:43730:1" rel="noopener">DSM-Firmenich (DSFIR NA)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/deutsche-post-ag" target="_blank" data-smartkarma-citation="entities:21608:1" rel="noopener">Deutsche Post (DHL GR)</a> &amp; <a href="https://www.smartkarma.com/entities/reckitt-benckiser-group-plc" target="_blank" data-smartkarma-citation="entities:22105:1" rel="noopener">Reckitt Benckiser (RKT LN)</a> are below the SX5P exit threshold. Their deletion can cause the addition of <a href="https://www.smartkarma.com/entities/intesa-sanpaolo-spa" target="_blank" data-smartkarma-citation="entities:21200:1" rel="noopener">Intesa Sanpaolo (ISP IM)</a> &amp; <a href="https://www.smartkarma.com/entities/banco-bilbao-vizcaya-argentari" target="_blank" data-smartkarma-citation="entities:21251:1" rel="noopener">Banco Bilbao (BBVA SM)</a> .</li>
<li>
<a href="https://www.smartkarma.com/entities/cap-gemini-sa" target="_blank" data-smartkarma-citation="entities:21411:1" rel="noopener">Cap Gemini SA (CAP FP)</a> and <a href="https://www.smartkarma.com/entities/compass-group-plc" target="_blank" data-smartkarma-citation="entities:21880:1" rel="noopener">Compass (CPG LN)</a> are examples of companies with significant market caps which are excluded due to supersector coverage. </li>
</ul>



Nokia OYJ (NOKIA FH) is currently the lowest ranked security in SX5E but still above the exit threshold. Its potential deletion can cause the addition of DSM-Firmenich (DSFIR NA). 

Deutsche Post (DHL GR) &amp; Reckitt Benckiser (RKT LN) are below the SX5P exit threshold. Their deletion can cause the addition of Intesa Sanpaolo (ISP IM) &amp; Banco Bilbao (BBVA SM) .

Cap Gemini SA (CAP FP) and Compass (CPG LN) are examples of companies with significant market caps which are excluded due to supersector coverage. 


STOXX 50: First September Forecasts for Europe and Eurozone

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>CASA’s enhanced offer for <a href="https://www.smartkarma.com/entities/credito-valtellinese-spa" target="_blank" data-smartkarma-citation="entities:21175:1" rel="noopener">Credito Valtellinese SpA (CVAL IM)</a> confirms the appetite for M&amp;A in Southern Europe, and Italy in particular</li>
<li>We expect Italian M&amp;A to be largely intra-country, as the key factors driving consolidation is the need for greater domestic scale given the lower for longer interest rates, especially in Europe, as well as the march of digital banking globally</li>
<li>After <a href="https://www.smartkarma.com/entities/intesa-sanpaolo-spa" target="_blank" data-smartkarma-citation="entities:21200:1" rel="noopener">Intesa Sanpaolo (ISP IM)</a>-UBI, and now potentially the conclusion of CASA Italia-CreVal, the focus is on the future of <a href="https://www.smartkarma.com/entities/banca-monte-dei-paschi-di-siena" target="_blank" data-smartkarma-citation="entities:21162:1" rel="noopener">Banca Monte dei Paschi di Siena (BMPS IM)</a> </li>
<li>A combination between <a href="https://www.smartkarma.com/entities/banco-bpm-spa" target="_blank" data-smartkarma-citation="entities:28121:1" rel="noopener">Banco BPM SpA (BAMI IM)</a> and <a href="https://www.smartkarma.com/entities/bper-banca-s-p-a" target="_blank" data-smartkarma-citation="entities:21165:1" rel="noopener">BPER Banca S.p.A (BPE IM)</a> now seems less likely; this implies that Banco BPM is a potential contender, once again, to combine with BMPS; the latter has largely de-risked its balance sheet, even if its core capital ratio is low</li>
<li>We would see a BPM-BMPS union as a major positive catalyst for a <a href="https://www.smartkarma.com/entities/unicredit-spa" target="_blank" data-smartkarma-citation="entities:21234:1" rel="noopener">UniCredit SpA (UCG IM)</a>  re-rating; even if Unicredit were to acquire BMPS, we believe that, at current valuations, a lot of the risks are discounted</li>
<li>Risks to our positive Unicredit view include Unicredit’s acquisition of BMPS on unfavourable terms, as well as worse than expected organic performance of revenue growth, given the challenging interest rate environment</li>
</ul>


CASA’s enhanced offer for Credito Valtellinese SpA (CVAL IM) confirms the appetite for M&amp;A in Southern Europe, and Italy in particular
We expect Italian M&amp;A to be largely intra-country, as the key factors driving consolidation is the need for greater domestic scale given the lower for longer interest rates, especially in Europe, as well as the march of digital banking globally
After Intesa Sanpaolo (ISP IM)-UBI, and now potentially the conclusion of CASA Italia-CreVal, the focus is on the future of Banca Monte dei Paschi di Siena (BMPS IM) 
A combination between Banco BPM SpA (BAMI IM) and BPER Banca S.p.A (BPE IM) now seems less likely; this implies that Banco BPM is a potential contender, once again, to combine with BMPS; the latter has largely de-risked its balance sheet, even if its core capital ratio is low
We would see a BPM-BMPS union as a major positive catalyst for a UniCredit SpA (UCG IM)  re-rating; even if Unicredit were to acquire BMPS, we believe that, at current valuations, a lot of the risks are discounted
Risks to our positive Unicredit view include Unicredit’s acquisition of BMPS on unfavourable terms, as well as worse than expected organic performance of revenue growth, given the challenging interest rate environment


Southern Europe Banks: Focus on Italian Banks M&A

Italy

Intesa Sanpaolo is Italy's largest banking group and a leading universal bank in Europe. It offers a wide range of financial services, including retail and commercial banking, private banking, asset management, and insurance. The company was formed in 2007 through the merger of Banca Intesa and Sanpaolo IMI, with roots tracing back to 1563. It is headquartered in Turin, Italy, with major management and operating functions in Milan.

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Intesa Sanpaolo (ISP IM)

The Potential for National Financial Default

High debt burdens are not just a developing world phenomenon. The growth of Quantitative Easing programs has resulted in significantly increased...

Bixmoor

Eurozone: Seasonally Adjusted Unemployment Rate Continues to Trend Downwards

The Seasonally adjusted unemployment rate in the Eurozone continued its downward trend, coming in at 10.2% in March 2016 compared to 10.4% in...

Rajan Govil

Crowdfunding as an Investment Theme

Banking profits are under attack from FinTechOver the next five years, banks will no longer enjoy the oligopolistic profits of the past. Their...

CM Research

STOXX 50: First September Forecasts for Europe and Eurozone

In SX5E, Nokia might be replaced by DSM-Firmenich, while in SX5P Reckitt Benckiser and Deutsche Post may be replaced by Intesa Sanpaolo and Banco...

Dimitris Ioannidis

Southern Europe Banks: Focus on Italian Banks M&A

The prospect of Italian bank sector M&A in Italy is overly penalizing Unicredit shares for the risk of a BMPS deal. With the BPM-BPER union called...

Victor Galliano

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52-week Range

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The Potential for National Financial Default

High debt burdens are not just a developing world phenomenon. The growth of Quantitative Easing programs has resulted in significantly increased...

Bixmoor

Eurozone: Seasonally Adjusted Unemployment Rate Continues to Trend Downwards

The Seasonally adjusted unemployment rate in the Eurozone continued its downward trend, coming in at 10.2% in March 2016 compared to 10.4% in...

Rajan Govil

Crowdfunding as an Investment Theme

Banking profits are under attack from FinTechOver the next five years, banks will no longer enjoy the oligopolistic profits of the past. Their...

CM Research

STOXX 50: First September Forecasts for Europe and Eurozone

​In SX5E, Nokia might be replaced by DSM-Firmenich, while in SX5P Reckitt Benckiser and Deutsche Post may be replaced by Intesa Sanpaolo and Banco...

Dimitris Ioannidis

Southern Europe Banks: Focus on Italian Banks M&A

The prospect of Italian bank sector M&A in Italy is overly penalizing Unicredit shares for the risk of a BMPS deal. With the BPM-BPER union called...

Victor Galliano

In SX5E, Nokia might be replaced by DSM-Firmenich, while in SX5P Reckitt Benckiser and Deutsche Post may be replaced by Intesa Sanpaolo and Banco...