European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Since mid-March, amid sessions of significant volatility, share-price spreads have generally tightened across the European liquid universe of ordinary and preferred shares, with 10 tightening and 9 widening.</li>
<li>The discount of Grifols B has widened although Brookfield is again knocking at the door; Handelsbanken B shares trade at 48% premium to A shares. </li>
<li>Recommended trades long preferred/short ords: Atlas Copco, Grifols. Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.</li>
</ul>


Since mid-March, amid sessions of significant volatility, share-price spreads have generally tightened across the European liquid universe of ordinary and preferred shares, with 10 tightening and 9 widening.
The discount of Grifols B has widened although Brookfield is again knocking at the door; Handelsbanken B shares trade at 48% premium to A shares. 
Recommended trades long preferred/short ords: Atlas Copco, Grifols. Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.


Liquid Universe of European Ordinary and Preferred Shares: April '25 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

WuXi XDC Cayman  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> aims to raise around US$250m via selling around 3.5% stake in <a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (2268 HK).</a>
</li>
<li>WuXi XDC Cayman (WXDC) is a contract research, development, and manufacturing organization (CRDMO) focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



WuXi AppTec (2359 HK) aims to raise around US$250m via selling around 3.5% stake in WuXi XDC Cayman (2268 HK).

WuXi XDC Cayman (WXDC) is a contract research, development, and manufacturing organization (CRDMO) focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In this note, we will talk about the placement and run the deal through our ECM framework.


Wuxi XDC Placement - Following Biologics Playbook, past Deals Have Been Mixed

<ul>
<li>Since mid-February, with sessions of massive volatility, share-price spreads have generally tightened across European liquid universe of ordinary and preferred shares (12 have tightened, 5 widened, 1 at same level).</li>
<li>Discont of Carlsberg B has never been this low (5.7%) since the pandemic; Handelsbanken B shares trade at 35.5% premium to A shares (after widening to 60.4%). </li>
<li>Recommended trades long preferred / short ordinary shares: Atlas Copco, BMW, Grifols, Media-for-Europe. Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.</li>
</ul>


Since mid-February, with sessions of massive volatility, share-price spreads have generally tightened across European liquid universe of ordinary and preferred shares (12 have tightened, 5 widened, 1 at same level).
Discont of Carlsberg B has never been this low (5.7%) since the pandemic; Handelsbanken B shares trade at 35.5% premium to A shares (after widening to 60.4%). 
Recommended trades long preferred / short ordinary shares: Atlas Copco, BMW, Grifols, Media-for-Europe. Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.


Liquid Universe of European Ordinary and Preferred Shares: March '25 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

<ul>
<li>We discussed last week (Feb. 27 Int'l Compass) how both ACWI-US and the S&amp;P 500 displayed false breakouts, and to look for near-term pullbacks</li>
<li>We said expect pullbacks to range supports at $116 on ACWI-US and 5770-5850 or 5600-5670 on the S&amp;P 500 in the coming weeks, where we would be buyers.</li>
<li>The S&amp;P 500 is testing the 5770-5850 range now, while ACWI-US is testing its 200-day MA at $117. It is possible ACWI-US finds support here. Upgrading Europe to overweight</li>
</ul>


We discussed last week (Feb. 27 Int'l Compass) how both ACWI-US and the S&amp;P 500 displayed false breakouts, and to look for near-term pullbacks
We said expect pullbacks to range supports at $116 on ACWI-US and 5770-5850 or 5600-5670 on the S&amp;P 500 in the coming weeks, where we would be buyers.
The S&amp;P 500 is testing the 5770-5850 range now, while ACWI-US is testing its 200-day MA at $117. It is possible ACWI-US finds support here. Upgrading Europe to overweight


Upgrading Europe to Overweight; Monitoring U.S. (S&P 500) For a Downgrade; Buy Gold Miners and More

<ul>
<li>Our long-term outlook remains bullish on global equities (MSCI ACWI). Germany and Europe continue to lead, our favorite theme we have been buying since January 9th.</li>
<li>Near-Term we wouldn't be surprised to see a pullback to range supports at $116 on ACWI-US and 5770-5850 or 5600-5670 on SPX in the coming weeks, where we are buyers.</li>
<li>This report was initially sent out Thursday morning, and as of this writing SPX is now testing support at 5850. Bottom potential.</li>
</ul>


Our long-term outlook remains bullish on global equities (MSCI ACWI). Germany and Europe continue to lead, our favorite theme we have been buying since January 9th.
Near-Term we wouldn't be surprised to see a pullback to range supports at $116 on ACWI-US and 5770-5850 or 5600-5670 on SPX in the coming weeks, where we are buyers.
This report was initially sent out Thursday morning, and as of this writing SPX is now testing support at 5850. Bottom potential.


Germany and Europe Continue to Lead; Remain Overweight Germany and U.S.; Bullish Outlook Intact

Switzerland

Roche Holding AG develops and manufactures pharmaceutical and diagnostic products.  The Company produces prescription drugs in the areas of cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology, metabolic disorders, oncology, transplantation, and the central nervous system.

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Roche Holding Ltd (ROG VX)

Liquid Universe of European Ordinary and Preferred Shares: April '25 Report

Since mid-March, with sessions of massive volatility, share-price spreads have generally tightened across European liquid universe of ordinary and...

Jesus Rodriguez Aguilar

Wuxi XDC Placement - Following Biologics Playbook, past Deals Have Been Mixed

WuXi AppTec (2359 HK) aims to raise around US$250m via selling around 3.5% stake in WuXi XDC Cayman (2268 HK). In this note, we talk about the deal...

Sumeet Singh

Liquid Universe of European Ordinary and Preferred Shares: March '25 Report

European share-price spreads have generally tightened since mid-February, with volatility; Carlsberg B discount at 5-year record low,...

Jesus Rodriguez Aguilar

Upgrading Europe to Overweight; Monitoring U.S. (S&P 500) For a Downgrade; Buy Gold Miners and More

Upgrading Europe to Overweight; Monitoring U.S. $SPX for a Downgrade to Market Weight. $ACWI and $SPX likely bottoming here at 200-day MAs. Bullish...

Vermilion Research

Germany and Europe Continue to Lead; Remain Overweight Germany and U.S.; Bullish Outlook Intact

Germany and Europe Continue to Lead; Remain Overweight Germany $DAX $EWG and the U.S. $SPX; Bullish Outlook Intact on $ACWI above $116. $SPX...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Liquid Universe of European Ordinary and Preferred Shares: April '25 Report

Since mid-March, with sessions of massive volatility, share-price spreads have generally tightened across European liquid universe of ordinary and...

Jesus Rodriguez Aguilar

Wuxi XDC Placement - Following Biologics Playbook, past Deals Have Been Mixed

WuXi AppTec (2359 HK) aims to raise around US$250m via selling around 3.5% stake in WuXi XDC Cayman (2268 HK). In this note, we talk about the deal...

Sumeet Singh

Liquid Universe of European Ordinary and Preferred Shares: March '25 Report

​European share-price spreads have generally tightened since mid-February, with volatility; Carlsberg B discount at 5-year record low,...

Jesus Rodriguez Aguilar

Upgrading Europe to Overweight; Monitoring U.S. (S&P 500) For a Downgrade; Buy Gold Miners and More

Upgrading Europe to Overweight; Monitoring U.S. $SPX for a Downgrade to Market Weight. $ACWI and $SPX likely bottoming here at 200-day MAs. Bullish...

Vermilion Research

Germany and Europe Continue to Lead; Remain Overweight Germany and U.S.; Bullish Outlook Intact

Germany and Europe Continue to Lead; Remain Overweight Germany $DAX $EWG and the U.S. $SPX; Bullish Outlook Intact on $ACWI above $116. $SPX...

Vermilion Research

European share-price spreads have generally tightened since mid-February, with volatility; Carlsberg B discount at 5-year record low,...