European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>The discounts to NAV of covered holdcos have all tightened during November. Discounts to NAV: C.F.Alba, 47.1% (vs. 47.8%); GBL, 34.9% (vs. 35.5%); Heineken Holding, 14.5% (vs. 14.9%);</li>
<li>Industrivärden C, 4.9% (vs. 6%); Investor B, 14.6% (vs. 16.5%); Porsche Automobile Holding, 39.9% (vs. 40.9%). The spread of Rio DLC tightened to 17.2% (vs. 21%).</li>
<li>What seems interesting: holding trades, Heineken Holding vs. Heineken, Porsche SE/vs. listed assets and the Rio DLC: long RIO LN/short RIO AU.</li>
</ul>


The discounts to NAV of covered holdcos have all tightened during November. Discounts to NAV: C.F.Alba, 47.1% (vs. 47.8%); GBL, 34.9% (vs. 35.5%); Heineken Holding, 14.5% (vs. 14.9%);
Industrivärden C, 4.9% (vs. 6%); Investor B, 14.6% (vs. 16.5%); Porsche Automobile Holding, 39.9% (vs. 40.9%). The spread of Rio DLC tightened to 17.2% (vs. 21%).
What seems interesting: holding trades, Heineken Holding vs. Heineken, Porsche SE/vs. listed assets and the Rio DLC: long RIO LN/short RIO AU.


Selected European HoldCos and DLC: November’23 Report

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

TSMC (Taiwan Semiconductor Manufacturing) / Technical Analysis

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>We believe there is significant evidence that global equities (MSCI ACWI) have bottomed, and a year-end rally has begun. Buys highlighted in global Technology, Discretionary, Real Estate, and Steel/Mining.</li>
<li>We discussed in our prior Int'l Compass (11/2/23) how the false breakdown in MSCI ACWI (local currency) was bullish, and a potent rally has ensued. We expect more upside ahead.</li>
<li>Now getting bullish 3+ month downtrend reversals and false breakdowns in the EURO STOXX 50, ACWI-US, MSCI ACWI ex-US (ACWX-US), MSCI EM (EEM-US), and EAFE (EFA-US). Major risk-on signals everywhere.</li>
</ul>


We believe there is significant evidence that global equities (MSCI ACWI) have bottomed, and a year-end rally has begun. Buys highlighted in global Technology, Discretionary, Real Estate, and Steel/Mining.
We discussed in our prior Int'l Compass (11/2/23) how the false breakdown in MSCI ACWI (local currency) was bullish, and a potent rally has ensued. We expect more upside ahead.
Now getting bullish 3+ month downtrend reversals and false breakdowns in the EURO STOXX 50, ACWI-US, MSCI ACWI ex-US (ACWX-US), MSCI EM (EEM-US), and EAFE (EFA-US). Major risk-on signals everywhere.


Year-End Rally Underway; Many Bullish Reversals/False Breakdowns; Buys: Tech, Cons. Disc., RE, Steel

<ul>
<li>The discounts to NAV of covered holdcos haven't shown a clear trend during October. Discounts to NAV: C.F.Alba, 47.8% (vs. 49.2%); GBL, 35.5% (vs. 35.3%); Heineken Holding, 14.9% (vs. 14.5%); </li>
<li>Industrivärden C, 6% (vs. 7.4%); Investor B, 16.5% (vs. 15.4%); Porsche Automobile Holding, 40.9% (vs. 41.1%). The spread of Rio DLC widened to 21% (vs. 15.8%).</li>
<li>What seems interesting: holding trades, Investor B vs. listed assets, Porsche SE/vs. listed assets and the Rio DLC: long RIO LN/short RIO AU.</li>
</ul>


The discounts to NAV of covered holdcos haven't shown a clear trend during October. Discounts to NAV: C.F.Alba, 47.8% (vs. 49.2%); GBL, 35.5% (vs. 35.3%); Heineken Holding, 14.9% (vs. 14.5%); 
Industrivärden C, 6% (vs. 7.4%); Investor B, 16.5% (vs. 15.4%); Porsche Automobile Holding, 40.9% (vs. 41.1%). The spread of Rio DLC widened to 21% (vs. 15.8%).
What seems interesting: holding trades, Investor B vs. listed assets, Porsche SE/vs. listed assets and the Rio DLC: long RIO LN/short RIO AU.


Selected European HoldCos and DLC: October’23 Report

<ul>
<li>The discounts to NAV of covered holdcos have generally tightened during September. Discounts to NAV: C.F.Alba, 49.2% (vs. 46.6%); GBL, 35.3% (vs. 36.2%); Heineken Holding, 14.5% (vs. 17.9%); </li>
<li>Industrivärden C, 7.4% (vs. 7.8%); Investor B, 15.4% (vs.  16.6%); Porsche Automobile Holding, 41.1% (vs. 41.5%). The spread of Rio DLC tightened to 15.8% (vs. 17.8%).</li>
<li>What seems interesting: holding trades, Investor B vs. listed assets, Porsche SE/vs. listed assets and the Rio DLC: long RIO LN/short RIO AU.</li>
</ul>


The discounts to NAV of covered holdcos have generally tightened during September. Discounts to NAV: C.F.Alba, 49.2% (vs. 46.6%); GBL, 35.3% (vs. 36.2%); Heineken Holding, 14.5% (vs. 17.9%); 
Industrivärden C, 7.4% (vs. 7.8%); Investor B, 15.4% (vs.  16.6%); Porsche Automobile Holding, 41.1% (vs. 41.5%). The spread of Rio DLC tightened to 15.8% (vs. 17.8%).
What seems interesting: holding trades, Investor B vs. listed assets, Porsche SE/vs. listed assets and the Rio DLC: long RIO LN/short RIO AU.


Selected European HoldCos and DLC: September’23 Report

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Viva Energy Group  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/viva-energy-group-ltd" target="_blank" data-smartkarma-citation="entities:27220:1" rel="noopener">Viva Energy Group (VEA AU)</a>'s parent,  Vitol, aims to raise around US$460m via selling 15% of the company</li>
<li>The news of a possible selldown was leaked overnight in the local press and hence, the stock has corrected going into the placement.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Viva Energy Group (VEA AU)'s parent,  Vitol, aims to raise around US$460m via selling 15% of the company
The news of a possible selldown was leaked overnight in the local press and hence, the stock has corrected going into the placement.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Viva Energy Placement - News Leak Helps but It's Still a Big One to Digest

United Kingdom

Rio Tinto plc is an international mining company. The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon. Dually-listed company with RIO AU.

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Rio Tinto PLC (RIO LN)

Selected European HoldCos and DLC: November’23 Report

Discounts to NAV of covered holdcos tightened in November. Interesting trades, in my view, include Heineken Holding vs. Heineken, Porsche SE vs....

Jesus Rodriguez Aguilar

Year-End Rally Underway; Many Bullish Reversals/False Breakdowns; Buys: Tech, Cons. Disc., RE, Steel

There is significant evidence that global equities $ACWI have bottomed, and a year-end rally has begun. It all started when we discussed that the...

Vermilion Research

Selected European HoldCos and DLC: October’23 Report

Discounts to NAV of covered holdcos in October showed no clear trend. Interesting aspects include holding trades, Investor B vs. listed assets,...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: September’23 Report

The discounts to NAV of covered holdcos have generally tightened during September. What seems interesting: holding trades, Investor B vs. listed...

Jesus Rodriguez Aguilar

Viva Energy Placement - News Leak Helps but It's Still a Big One to Digest

Viva Energy Group (VEA AU)'s parent, Vitol, aims to raise around US$460m via selling 15% of the company. In this note, we talk about the deal...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Selected European HoldCos and DLC: November’23 Report

​Discounts to NAV of covered holdcos tightened in November. Interesting trades, in my view, include Heineken Holding vs. Heineken, Porsche SE vs....

Jesus Rodriguez Aguilar

Year-End Rally Underway; Many Bullish Reversals/False Breakdowns; Buys: Tech, Cons. Disc., RE, Steel

There is significant evidence that global equities $ACWI have bottomed, and a year-end rally has begun. It all started when we discussed that the...

Vermilion Research

Selected European HoldCos and DLC: October’23 Report

​Discounts to NAV of covered holdcos in October showed no clear trend. Interesting aspects include holding trades, Investor B vs. listed assets,...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: September’23 Report

The discounts to NAV of covered holdcos have generally tightened during September. What seems interesting: holding trades, Investor B vs. listed...

Jesus Rodriguez Aguilar

Viva Energy Placement - News Leak Helps but It's Still a Big One to Digest

Viva Energy Group (VEA AU)'s parent, Vitol, aims to raise around US$460m via selling 15% of the company. In this note, we talk about the deal...

Sumeet Singh

Discounts to NAV of covered holdcos tightened in November. Interesting trades, in my view, include Heineken Holding vs. Heineken, Porsche SE vs....

Discounts to NAV of covered holdcos in October showed no clear trend. Interesting aspects include holding trades, Investor B vs. listed assets,...