Independent Sell Side Equity Research Analyst, ChartSmarter

Douglas Busch

Independent Sell Side Equity Research Analyst

ChartSmarter

ChartSmarter is a service dedicated to the art of technical analysis.

On a daily basis we write up actionable ideas on a specific, major S&P sector on both the long and short side, in an easy yet thorough way. In the notes we give precise entries and exits, while looking to capture the "meat" of a trend.

Technical Analysis.

Technical Analysis

<ul>
<li>Gold breaks above MONTHLY bull flag suggesting possible move to 3000.</li>
<li>Is China ready to duplicate prior move we witnessed in Nikkei?</li>
<li>BABA looks technically attractive and could reach par by year-end.</li>
</ul>


Gold breaks above MONTHLY bull flag suggesting possible move to 3000.
Is China ready to duplicate prior move we witnessed in Nikkei?
BABA looks technically attractive and could reach par by year-end.


ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd</a>'s 2Q2024 results reflected both the success of its bold strategies to drive growth in areas such as live-streaming whilst at the same time increasing take rates and profitability.</li>
<li>Its core focus on competitive pricing, content, logistics, and especially advertising will help to drive growth, retention, and profitability as unit economics improve, whilst it rolls out its lending products.</li>
<li>Competitive intensity has stabilised which should allow for take rates to rise higher, whilst Shopee is well positioned to further increase its lead. Valuations look reasonable given <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd's</a> profitable status.</li>
</ul>



Sea Ltd's 2Q2024 results reflected both the success of its bold strategies to drive growth in areas such as live-streaming whilst at the same time increasing take rates and profitability.
Its core focus on competitive pricing, content, logistics, and especially advertising will help to drive growth, retention, and profitability as unit economics improve, whilst it rolls out its lending products.
Competitive intensity has stabilised which should allow for take rates to rise higher, whilst Shopee is well positioned to further increase its lead. Valuations look reasonable given Sea Ltd's profitable status.


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.

<ul><li>MercadoLibre's financial performance in the second quarter of 2024 highlighted robust growth and profitability, demonstrating strong execution across its primary business segments: commerce and fintech.</li><li>Notably, Marcos Galperin, the company’s CEO, reiterated MercadoLibre's commitment to enhancing the financial and operational accessibility for numerous small and medium-sized enterprises across Latin America, a principle that has been foundational since the company's inception 25 years ago.</li><li>From a financial perspective, the revenue reached $5.1 billion, marking a significant year-over-year growth of over 40%.</li></ul>

MercadoLibre's financial performance in the second quarter of 2024 highlighted robust growth and profitability, demonstrating strong execution across its primary business segments: commerce and fintech.Notably, Marcos Galperin, the company’s CEO, reiterated MercadoLibre's commitment to enhancing the financial and operational accessibility for numerous small and medium-sized enterprises across Latin America, a principle that has been foundational since the company's inception 25 years ago.From a financial perspective, the revenue reached $5.1 billion, marking a significant year-over-year growth of over 40%.

MercadoLibre Inc.: Strategic Utilization of Distribution Space in Brazil & Other Major Drivers

Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

Senior Credit Analyst - Emerging Markets

EM Spreads

Credit

<ul>
<li>We maintain our Outperform recommendation on MercadoLibre with a preference for MELI 2.375% 2026 bonds. We remain optimistic about the company’s overall financial and business risks.</li>
<li>Revenues increased by 41.5% (FX-neutral: 113%) to $5.1 billion in 2Q24. However, the EBIT margin contracted significantly by 440 bps to 14.3% from 18.7%.</li>
<li>MELI ended the quarter with $976mn in net debt, down from $1.4 bn sequentially. Gross leverage remained relatively stable at 1.8x, and net leverage improved by 0.2x sequentially to 0.3x.  </li>
</ul>


We maintain our Outperform recommendation on MercadoLibre with a preference for MELI 2.375% 2026 bonds. We remain optimistic about the company’s overall financial and business risks.
Revenues increased by 41.5% (FX-neutral: 113%) to $5.1 billion in 2Q24. However, the EBIT margin contracted significantly by 440 bps to 14.3% from 18.7%.
MELI ended the quarter with $976mn in net debt, down from $1.4 bn sequentially. Gross leverage remained relatively stable at 1.8x, and net leverage improved by 0.2x sequentially to 0.3x.  


MercadoLibre 2Q24: Fintech Credit Fuels Commerce Growth

<ul>
<li>We are initiating coverage on MercadoLibre with a preference for MELI 2.375% 2026 bonds.  We are optimistic about MELI’s overall financial and business risks.</li>
<li>For EM investors, we prefer MELI 2.375% 2026 notes with a 10-30 bps compression potential. These bonds are trading wide compared to the Brazilian Sovereign and the benchmarks. </li>
<li>For US investors, MELI's risk-reward symmetry is especially compelling, given that 2031 bonds are trading wide by around 75 bps compared to global e-commerce and fintech peers. </li>
</ul>


We are initiating coverage on MercadoLibre with a preference for MELI 2.375% 2026 bonds.  We are optimistic about MELI’s overall financial and business risks.
For EM investors, we prefer MELI 2.375% 2026 notes with a 10-30 bps compression potential. These bonds are trading wide compared to the Brazilian Sovereign and the benchmarks. 
For US investors, MELI's risk-reward symmetry is especially compelling, given that 2031 bonds are trading wide by around 75 bps compared to global e-commerce and fintech peers. 


MercadoLibre: A Credit Look into the Latin American Rising Star

Brazil

MercadoLibre, Inc. operates an online trading site for the Latin American markets. The Company's website allows businesses and individuals to list items, conduct sales, and purchases online in either a fixed-price and auction format. MercadoLibre offers classified advertisements for motor vehicles, vessels, aircraft, and real estate, as well as online payment services.

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MercadoLibre (MELI US)

Time To Buy China/Gold

Gold breaks above bull flag, China may follow Nikkei's move, BABA could hit par by year-end. Region and the precious metal could power higher into...

Douglas Busch

Sea Ltd (SE US) - Take Rate Tiger

Sea Ltd's 2Q2024 results reflected both the success of its bold strategies to drive growth in areas such as live-streaming whilst at the same time...

Angus Mackintosh

MercadoLibre Inc.: Strategic Utilization of Distribution Space in Brazil & Other Major Drivers

MercadoLibre's financial performance in the second quarter of 2024 highlighted robust growth and profitability, demonstrating strong execution...

Baptista Research

MercadoLibre 2Q24: Fintech Credit Fuels Commerce Growth

Maintaining Outperform recommendation on MercadoLibre, optimistic about the company's overall financial and business risks, despite the concerning...

Leandro Gubler

MercadoLibre: A Credit Look into the Latin American Rising Star

Initiating coverage on MercadoLibre with a preference for MELI 2.375% 2026 bonds due to an optimistic financial outlook and attractive risk-reward...

Leandro Gubler

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Time To Buy China/Gold

​Gold breaks above bull flag, China may follow Nikkei's move, BABA could hit par by year-end. Region and the precious metal could power higher into...

Douglas Busch

Sea Ltd (SE US) - Take Rate Tiger

Sea Ltd's 2Q2024 results reflected both the success of its bold strategies to drive growth in areas such as live-streaming whilst at the same time...

Angus Mackintosh

MercadoLibre Inc.: Strategic Utilization of Distribution Space in Brazil & Other Major Drivers

MercadoLibre's financial performance in the second quarter of 2024 highlighted robust growth and profitability, demonstrating strong execution...

Baptista Research

MercadoLibre 2Q24: Fintech Credit Fuels Commerce Growth

Maintaining Outperform recommendation on MercadoLibre, optimistic about the company's overall financial and business risks, despite the concerning...

Leandro Gubler

MercadoLibre: A Credit Look into the Latin American Rising Star

​Initiating coverage on MercadoLibre with a preference for MELI 2.375% 2026 bonds due to an optimistic financial outlook and attractive risk-reward...

Leandro Gubler

Gold breaks above bull flag, China may follow Nikkei's move, BABA could hit par by year-end. Region and the precious metal could power higher into...

Initiating coverage on MercadoLibre with a preference for MELI 2.375% 2026 bonds due to an optimistic financial outlook and attractive risk-reward...