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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gcash" target="_blank" data-smartkarma-citation="entities:40108:1" rel="noopener">GCash (Mynt) (GCASH PM)</a> is the No.1 finance super app in the Philippines. It is seeking to raise US$1.3 billion at PHP10.00 per share. Pricing is on 1 October.</li>
<li>I discussed the IPO in <a href="https://www.smartkarma.com/insights/mynt-gcash-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:249615" rel="noopener">Mynt (GCash) IPO: The Investment Case</a>. I have updated my view and forecasts for the 2Q results.</li>
<li>My view is incrementally bearish due to escalating regulatory risk, declining sequential quarterly growth/margin, ongoing pressure in payment solutions, and stretched valuation. </li>
</ul>



GCash (Mynt) (GCASH PM) is the No.1 finance super app in the Philippines. It is seeking to raise US$1.3 billion at PHP10.00 per share. Pricing is on 1 October.
I discussed the IPO in Mynt (GCash) IPO: The Investment Case. I have updated my view and forecasts for the 2Q results.
My view is incrementally bearish due to escalating regulatory risk, declining sequential quarterly growth/margin, ongoing pressure in payment solutions, and stretched valuation. 


Mynt (GCash) IPO: 2Q and Valuation Update

Podcast by Joe Weisenthal & Tracy Alloway, Odd Lots

Odd Lots

Podcast by Joe Weisenthal & Tracy Alloway

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Thematic (Sector/Industry)

<ul><li>AI tools are increasing in usage and transforming various industries, particularly in areas like engineering, sales, and marketing</li><li>Companies like ramp are leveraging AI to automate processes and improve productivity, leading to significant cost savings</li><li>The government and other organizations can benefit from AI tools to identify and eliminate wasteful spending and improve efficiency in procurement and operations.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

AI tools are increasing in usage and transforming various industries, particularly in areas like engineering, sales, and marketingCompanies like ramp are leveraging AI to automate processes and improve productivity, leading to significant cost savingsThe government and other organizations can benefit from AI tools to identify and eliminate wasteful spending and improve efficiency in procurement and operations.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

How Companies Are Actually Spending Money on AI Now

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>Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside healthy market dynamics which have continued to improve.</li>
<li>Two weeks ago, our election day report (11/5/24) was titled "Buy the Pullback," and with the SPX/QQQ/IWM pulling back to their 20-day MAs, it's time to buy the pullback again.</li>
<li>We continue to expect significant upside into year-end and early 2025, and we expect support at the 20-day MAs on the aforementioned indexes (though support at 50-day MAs is possible).</li>
</ul>


Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside healthy market dynamics which have continued to improve.
Two weeks ago, our election day report (11/5/24) was titled "Buy the Pullback," and with the SPX/QQQ/IWM pulling back to their 20-day MAs, it's time to buy the pullback again.
We continue to expect significant upside into year-end and early 2025, and we expect support at the 20-day MAs on the aforementioned indexes (though support at 50-day MAs is possible).


Buy the Pullback Again; S&P 500, Nasdaq 100, Russell 2000 Testing Confluence of Support

Market Intelligence, ORTEX

ORTEX Market Intel

Market Intelligence

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.

Equity Bottom-Up

<ul><li>Short covering dominated the week of August 10.</li><li>PYPL , UPWK , BIDU , and LAUR all shed more than 20% of their short positions in seven days.</li><li>Against that tide, ENRD , FRMI , and AADX attracted fresh bearish conviction - with ENRD's cost to borrow hitting an all-time high.</li></ul>

Short covering dominated the week of August 10.PYPL , UPWK , BIDU , and LAUR all shed more than 20% of their short positions in seven days.Against that tide, ENRD , FRMI , and AADX attracted fresh bearish conviction - with ENRD's cost to borrow hitting an all-time high.

Short Sellers in Retreat — With Pockets of New Conviction

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>In 1H23 and in the early part of 3Q23, our longs – Visa, Wise and PagSeguro – delivered positive returns; our shorts, DLocal and Kakao Pay, were also modestly successful</li>
<li>Ahead of results to June 2023, we retain card network megacap Visa as a core holding, as well as PagSeguro; we add PayPal and drop Wise from the buy list</li>
<li>We keep our negative view on DLocal and add Affirm, given high take-rates and  premium valuations; we stick with our negative on Kakao Pay due to its lofty multiples</li>
</ul>


In 1H23 and in the early part of 3Q23, our longs – Visa, Wise and PagSeguro – delivered positive returns; our shorts, DLocal and Kakao Pay, were also modestly successful
Ahead of results to June 2023, we retain card network megacap Visa as a core holding, as well as PagSeguro; we add PayPal and drop Wise from the buy list
We keep our negative view on DLocal and add Affirm, given high take-rates and  premium valuations; we stick with our negative on Kakao Pay due to its lofty multiples


Payment Companies – 1H 2023 in Review, Our High Conviction Calls for 2H 2023

United States

PayPal Holdings, Inc. operates as a technology platform company that enables digital and mobile payments on behalf of consumers and merchants. The Company offers online payment solutions. PayPal Holdings serves customers worldwide.

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Paypal Holdings (PYPL US)

Mynt (GCash) IPO: 2Q and Valuation Update

GCash (Mynt) is the No.1 finance super app in the Philippines. It is seeking to raise US$1.3 billion at PHP10.00 per share. In this note, I update...

Arun George

How Companies Are Actually Spending Money on AI Now

Business leaders prioritize AI, Grammarly and Ramp are trusted AI tools for productivity, The Odd Lot podcast explores AI's impact on various...

Odd Lots

Buy the Pullback Again; S&P 500, Nasdaq 100, Russell 2000 Testing Confluence of Support

Buy the Pullback Again, Same as Our Election Day Report; S&P 500 $SPX, Nasdaq 100 $QQQ, Russell 2000 $IWM Testing Confluence of Support at 20-day...

Vermilion Research

Short Sellers in Retreat — With Pockets of New Conviction

Short covering dominated the week of August 10. PYPL , UPWK , BIDU , and LAUR all shed more than 20% of their short positions in seven...

ORTEX Market Intel

Payment Companies – 1H 2023 in Review, Our High Conviction Calls for 2H 2023

Our 2H 2023 payments company longs are card network megacap Visa, value play PagSeguro and PayPal with our short calls being DLocal, Kakao Pay and...

Victor Galliano

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