Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

Credit

<ul>
<li>Market consensus estimates for Q3 deliveries have been falling so hard and fast they now approach my formerly well below market estimate. </li>
<li>Sentiment, however, remains largely optimistic as analysts attribute the weakness to factory shutdowns for "updates". We'll see.</li>
<li>Tesla is expected to report results before the market opens on Monday.</li>
</ul>


Market consensus estimates for Q3 deliveries have been falling so hard and fast they now approach my formerly well below market estimate. 
Sentiment, however, remains largely optimistic as analysts attribute the weakness to factory shutdowns for "updates". We'll see.
Tesla is expected to report results before the market opens on Monday.


APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

Shiyue Daotian Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shiyue-daotian" target="_blank" data-smartkarma-citation="entities:39796:1" rel="noopener">Shiyue Daotian (1892269D CH)</a> is looking to raise up to US$108m in its Hong Kong IPO, after downsizing from an earlier reported float of US$200m.</li>
<li>Shiyue Daotian is a pantry staple food company in China, providing consumers with pre-packaged premium rice, whole grain, bean, and dried food products.</li>
<li>In our previous notes, we covered the company’s performance. In this note, we will cover the firm’s PHIP updates and share our thoughts on valuation.</li>
</ul>



Shiyue Daotian (1892269D CH) is looking to raise up to US$108m in its Hong Kong IPO, after downsizing from an earlier reported float of US$200m.
Shiyue Daotian is a pantry staple food company in China, providing consumers with pre-packaged premium rice, whole grain, bean, and dried food products.
In our previous notes, we covered the company’s performance. In this note, we will cover the firm’s PHIP updates and share our thoughts on valuation.


Shiyue Daotian IPO - PHIP Updates & Quick Thoughts on Valuation

<ul>
<li>New Twitter CEO is only days into her new job and there already are warning signs she and Musk are bound to clash.</li>
<li>Musk demonstrates he's not interested in anyone else actually running Twitter or making it safe for key advertisers or even breakeven.</li>
<li>Bad news for all of Twitter's stakeholders, including its wary bankers still unable to offload to investors a refi of its crushing debt.</li>
</ul>


New Twitter CEO is only days into her new job and there already are warning signs she and Musk are bound to clash.
Musk demonstrates he's not interested in anyone else actually running Twitter or making it safe for key advertisers or even breakeven.
Bad news for all of Twitter's stakeholders, including its wary bankers still unable to offload to investors a refi of its crushing debt.


Elon Musk Doesn't Want You To Get Too Attached To Twitter's New CEO

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

Zhejiang Leapmotor Technologie / Equity Bottom-Up

<ul>
<li>Several news media outlets reported that <a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (9863 HK)</a> had inflated its sales data for December 2022 based on distributor claims.</li>
<li>With China ending its new energy vehicle subsidy policy in 2022, EV makers were rushing to sell as many units as possible before embracing price hikes and face competition.</li>
<li>The company announced a price hike in January and sales volumes have declined in 1Q2023. We think the company will struggle to increase its sales volume going forward.</li>
</ul>


Several news media outlets reported that Leapmotor (9863 HK) had inflated its sales data for December 2022 based on distributor claims.
With China ending its new energy vehicle subsidy policy in 2022, EV makers were rushing to sell as many units as possible before embracing price hikes and face competition.
The company announced a price hike in January and sales volumes have declined in 1Q2023. We think the company will struggle to increase its sales volume going forward.


China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>NIO ：NIO' s sales in Europe grew rapidly in August（+）</li>
<li>BYD/XPEV/NIO/TSLA: Chinese new energy vehicles no longer meet French electric vehicle subsidy standards（-）</li>
<li>August EV export growth decelerated, batttery export growth rebound while inverter in price war (-)</li>
</ul>


NIO ：NIO' s sales in Europe grew rapidly in August（+）
BYD/XPEV/NIO/TSLA: Chinese new energy vehicles no longer meet French electric vehicle subsidy standards（-）
August EV export growth decelerated, batttery export growth rebound while inverter in price war (-)


China TMT Update-NIO/BYD/XPEV/NIO/TSLA-August EV Export Growth Decelerated/NIO' S Sales in Europe

United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

Tesla Q3 Deliveries Are Looking Ugly

Market consensus estimates for Tesla's Q3 deliveries have been falling so hard and fast they now approach my formerly well below market estimate....

Vicki Bryan

Shiyue Daotian IPO - PHIP Updates & Quick Thoughts on Valuation

Shiyue Daotian (1892269D CH) is looking to raise up to US$108m in its Hong Kong IPO, after downsizing from an earlier reported float of US$200m.

Ethan Aw

Elon Musk Doesn't Want You To Get Too Attached To Twitter's New CEO

Linda Yaccarino was reportedly blindsided by Elon Musk's tweet announcing her as the incoming TwitterX CEO—before she had even taken the job,...

Vicki Bryan

Leapmotor: In Desperate Straits..

AS Leapmotor's IPO lock-up expiry is approaching, we think this insight will offer investors a glimpse into the company's financials...

Shifara Samsudeen, FCMA, CGMA

China TMT Update-NIO/BYD/XPEV/NIO/TSLA-August EV Export Growth Decelerated/NIO' S Sales in Europe

NIO' s sales in Europe grew rapidly in August;Chinese new energy vehicles no longer meet French electric vehicle subsidy standards;August EV export...

Blue Lotus Research Institute

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