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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/imax-china-holding-inc" target="_blank" data-smartkarma-citation="entities:888:1" rel="noopener">IMAX China Holding (1970 HK)</a> disclosed a scheme privatisation offer from <a href="https://www.smartkarma.com/entities/imax-corp" target="_blank" data-smartkarma-citation="entities:5321:1" rel="noopener">IMAX Corp (IMAX US)</a> at HK$10.00 per share, a 39.5% premium to the undisturbed price (HK$7.17 on 10 July).</li>
<li>The key condition is approval by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). No independent shareholder holds a blocking stake. </li>
<li>The offer price is final. While the offer price is light compared to peer multiples and historical share prices, the deal will likely succeed. </li>
</ul>



IMAX China Holding (1970 HK) disclosed a scheme privatisation offer from IMAX Corp (IMAX US) at HK$10.00 per share, a 39.5% premium to the undisturbed price (HK$7.17 on 10 July).
The key condition is approval by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). No independent shareholder holds a blocking stake. 
The offer price is final. While the offer price is light compared to peer multiples and historical share prices, the deal will likely succeed. 


IMAX China (1970 HK): IMAX Corp’s Privatisation Offer

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 is approaching the 4165-4200 area; we continue to believe this will cap upside in 2023, but we also acknowledge that a move to 4300-4325 is possible</li>
<li>Considering limited upside in both scenarios, we continue to recommend shifting to defensives, particularly Health Care (XLV), Utilities (RYU, XLU), Consumer Staples (XLP), and precious metals miners (GDX)</li>
<li>10-Year and 30-Year Treasury yields testing short-term resistance while the US dollar (DXY) tests support at $101-101.50.</li>
</ul>


The S&amp;P 500 is approaching the 4165-4200 area; we continue to believe this will cap upside in 2023, but we also acknowledge that a move to 4300-4325 is possible
Considering limited upside in both scenarios, we continue to recommend shifting to defensives, particularly Health Care (XLV), Utilities (RYU, XLU), Consumer Staples (XLP), and precious metals miners (GDX)
10-Year and 30-Year Treasury yields testing short-term resistance while the US dollar (DXY) tests support at $101-101.50.


Favor Defensives as S&P 500 Tests 4165-4200; Buys in Consumer Staples & Europe/UK Telecomm

Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Equity Bottom-Up

<ul>
<li>The cinema industry has been suffering from COVID-19 restrictions, in particular social distancing measures that have kept cinema operating rates low.</li>
<li>Now that the release pipeline looks strong again, cinemas will be on a path to recovery. I doubt that the global box office will reach the 2019 level this year, but it will get closer to that number.</li>
<li>Cinema operators worth mentioning include North America’s Cinemark, Cineplex and Marcus Corporation, China’s IMAX China and Thailand’s Major Cineplex.</li>
</ul>


The cinema industry has been suffering from COVID-19 restrictions, in particular social distancing measures that have kept cinema operating rates low.
Now that the release pipeline looks strong again, cinemas will be on a path to recovery. I doubt that the global box office will reach the 2019 level this year, but it will get closer to that number.
Cinema operators worth mentioning include North America’s Cinemark, Cineplex and Marcus Corporation, China’s IMAX China and Thailand’s Major Cineplex.


<p>Today's key points:</p><ul>
<li>Property &amp; Casualty Insurance names are staging price and RS reversal and/or breakouts.</li>
<li>Airlines are staging price and SR reversals to the upside and/or are breaking out.</li>
<li>Railroad related names are breaking out.</li>
<li>We have been bearish on the Semiconductor and Suppliers industry since February; however we are seeing some near term reversals at support levels.</li>
</ul><p>Highlighted charts: SUP, CMG, LOCO, MCS, EXPE, AMZN, WBA, K, NR, NOV, SLCA, BHGE, OIS, HLX, JPM, WFC, KEY, AXP, AFL, TMK, HSIC, ZBH, OMCL, ANTM, LLY, PFE, AGN, B, WM, ESND, ECHO, and SKYW.</p>

Today's key points:
Property &amp; Casualty Insurance names are staging price and RS reversal and/or breakouts.
Airlines are staging price and SR reversals to the upside and/or are breaking out.
Railroad related names are breaking out.
We have been bearish on the Semiconductor and Suppliers industry since February; however we are seeing some near term reversals at support levels.
Highlighted charts: SUP, CMG, LOCO, MCS, EXPE, AMZN, WBA, K, NR, NOV, SLCA, BHGE, OIS, HLX, JPM, WFC, KEY, AXP, AFL, TMK, HSIC, ZBH, OMCL, ANTM, LLY, PFE, AGN, B, WM, ESND, ECHO, and SKYW.

U.S. Vital Signs - Actionable Charts of the Day

United States

The Marcus Corporation operates in the lodging and entertainment industries. The Company's movie theater division owns or manages screens at locations in several states, as well as a family entertainment center.  Marcus' lodging division owns or manages hotels and resorts in several states, as well as a vacation club.

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Marcus Corporation (MCS US)

IMAX China (1970 HK): IMAX Corp’s Privatisation Offer

The offer price is final. No independent shareholder holds a blocking stake. While the offer price is light compared to peer multiples and...

Arun George

Favor Defensives as S&P 500 Tests 4165-4200; Buys in Consumer Staples & Europe/UK Telecomm

The $SPX is approaching the 4165-4200 area; we continue to believe this will cap upside in 2023. Considering limited upside, we continue to favor...

Vermilion Research

The 2023 Box Office Looks Promising

Expect another year of recovery. The cinema industry has been suffering from COVID-19 restrictions, in particular social distancing measures that...

Asian Century Stocks

U.S. Vital Signs - Actionable Charts of the Day

Today's key points: Property & Casualty Insurance names are staging price and RS reversal and/or breakouts. Airlines are staging price and SR...

Vermilion Research

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