Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

Apollo Global Management  / Index Rebalance

<ul>
<li>On Friday post-close, S&amp;PDJI announced the changes to the S&amp;P500, S&amp;P MidCap400, and S&amp;P SmallCap600 Indices. The S&amp;P500 names will get added to/deleted from the S&amp;P500 Equal-Weight Index too.</li>
<li>
<a href="https://www.smartkarma.com/entities/apollo-global-management-inc" target="_blank" data-smartkarma-citation="entities:28770:1" rel="noopener">Apollo Global Management (APO US)</a> and <a href="https://www.smartkarma.com/entities/workday-inc-class-a" target="_blank" data-smartkarma-citation="entities:5660:1" rel="noopener">Workday Inc Class A (WDAY US)</a> are IN to the S&amp;P500. <a href="https://www.smartkarma.com/entities/qorvo-inc" target="_blank" data-smartkarma-citation="entities:11965:1" rel="noopener">Qorvo Inc (QRVO US)</a> and <a href="https://www.smartkarma.com/entities/amentum-holdings-inc" target="_blank" data-smartkarma-citation="entities:44105:1" rel="noopener">Amentum Holdings (AMTM US)</a> are demoted to SmallCap600.</li>
<li>There is a <em>theoretical</em> quantity to trade, and an <em>expected</em> quantity to trade</li>
</ul>


On Friday post-close, S&amp;PDJI announced the changes to the S&amp;P500, S&amp;P MidCap400, and S&amp;P SmallCap600 Indices. The S&amp;P500 names will get added to/deleted from the S&amp;P500 Equal-Weight Index too.

Apollo Global Management (APO US) and Workday Inc Class A (WDAY US) are IN to the S&amp;P500. Qorvo Inc (QRVO US) and Amentum Holdings (AMTM US) are demoted to SmallCap600.
There is a theoretical quantity to trade, and an expected quantity to trade


S&P500 Dec24 Rebalance: APO and WDAY IN; QRVO and AMTM Demoted

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.

Equity Bottom-Up

United Airlines Holdings / Equity Bottom-Up

<ul><li>United Airlines Holdings recently reported its earnings for the third quarter of 2024, revealing a mix of positive developments and ongoing challenges that investors may find significant when appraising the company's operational and financial status.</li><li>On the upside, United Airlines demonstrated resilience and adaptability in a challenging operational environment, characterized by severe weather incidences and global disruptions.</li><li>CEO Scott Kirby highlighted the company's success in safely navigating customers and employees through adverse conditions, demonstrating operational competence and dedication to safety.</li></ul>

United Airlines Holdings recently reported its earnings for the third quarter of 2024, revealing a mix of positive developments and ongoing challenges that investors may find significant when appraising the company's operational and financial status.On the upside, United Airlines demonstrated resilience and adaptability in a challenging operational environment, characterized by severe weather incidences and global disruptions.CEO Scott Kirby highlighted the company's success in safely navigating customers and employees through adverse conditions, demonstrating operational competence and dedication to safety.

United Airlines Back To Pre-Pandemic Highs But These 4 Reasons Could Halt Its Flight! Major Drivers

<ul><li>The United Airlines Holdings second quarter 2024 earnings emphasized its strategic navigation through the industry's capacity and demand fluctuations, where it maintained a leading position thanks to optimized operational tactics and strategic foresight.</li><li>Revenues increased by 5.7% year-over-year, totaling $15 billion, albeit with Total Revenue per Available Seat Mile (TRASM) decreasing by 2.4% due to a significant 8.3% increase in capacity.</li><li>This disparity between revenue growth and capacity magnification underscores the industry challenge of matching supply with demand efficiently.</li></ul>

The United Airlines Holdings second quarter 2024 earnings emphasized its strategic navigation through the industry's capacity and demand fluctuations, where it maintained a leading position thanks to optimized operational tactics and strategic foresight.Revenues increased by 5.7% year-over-year, totaling $15 billion, albeit with Total Revenue per Available Seat Mile (TRASM) decreasing by 2.4% due to a significant 8.3% increase in capacity.This disparity between revenue growth and capacity magnification underscores the industry challenge of matching supply with demand efficiently.

United Airlines Holdings: What Is Their Strategic Response To Market Competitiveness? - Major Drivers

HK/China Equity Long-Short

Osbert Tang, CFA

Cathay Pacific Airways / Equity Bottom-Up

<ul>
<li>With more foreign countries being granted visa-free visits to China, <a href="https://www.smartkarma.com/entities/cathay-pacific-airways-ltd" target="_blank" data-smartkarma-citation="entities:243:1" rel="noopener">Cathay Pacific Airways (293 HK)</a> will benefit from more transfer traffic via Hong Kong.</li>
<li>Recovery is decent with passenger traffic rising 37.5% in 5M24. CX's capacity already returned to 80% of pre-pandemic in 2Q24, and this will reach 100% in 1Q25. </li>
<li>YTD, CX is still a laggard relative to many global airlines. Its P/B valuation is not stretched at 0.8x, given ROE of 11% over the next 3 years.  </li>
</ul>


With more foreign countries being granted visa-free visits to China, Cathay Pacific Airways (293 HK) will benefit from more transfer traffic via Hong Kong.
Recovery is decent with passenger traffic rising 37.5% in 5M24. CX's capacity already returned to 80% of pre-pandemic in 2Q24, and this will reach 100% in 1Q25. 
YTD, CX is still a laggard relative to many global airlines. Its P/B valuation is not stretched at 0.8x, given ROE of 11% over the next 3 years.  


Cathay Pacific (293 HK): Multiple Positive Developments

<ul><li>During the latest fourth quarter and full-year 2023 earnings for United Airlines Holdings, the management team expressed positive sentiments regarding operational trends and financial performance, despite multiple headwinds at the global level.</li><li>The airline's 2023 performance was framed as a clear demonstration of its United Next plan's effectiveness, buoied by diversified revenue streams and robust operational metrics.</li><li>United Airlines posted full-year EPS (earnings per share) above $10, meeting its initial United target range.</li></ul>

During the latest fourth quarter and full-year 2023 earnings for United Airlines Holdings, the management team expressed positive sentiments regarding operational trends and financial performance, despite multiple headwinds at the global level.The airline's 2023 performance was framed as a clear demonstration of its United Next plan's effectiveness, buoied by diversified revenue streams and robust operational metrics.United Airlines posted full-year EPS (earnings per share) above $10, meeting its initial United target range.

United Airlines: Are The Recent Delays & Safety Concerns A Major Factor That Could Slow Them Down? - Key Drivers

United States

United Airlines Holdings Inc is an airline holding company.  The Company owns and operates airlines that transports persons, property and mail throughout the United States and abroad.

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United Airlines Holdings (UAL US)

S&P500 Dec24 Rebalance: APO and WDAY IN; QRVO and AMTM Demoted

S&P500/400/600 Index rebal names were announced Friday. APO + WDAY are the big S&P500 adds. QRVO and AMTM get demoted to 600. 17x/13x ADV for the...

Travis Lundy

United Airlines Back To Pre-Pandemic Highs But These 4 Reasons Could Halt Its Flight! Major Drivers

United Airlines Holdings recently reported its earnings for the third quarter of 2024, revealing a mix of positive developments and ongoing...

Baptista Research

United Airlines Holdings: What Is Their Strategic Response To Market Competitiveness? - Major Drivers

The United Airlines Holdings second quarter 2024 earnings emphasized its strategic navigation through the industry's capacity and demand...

Baptista Research

Cathay Pacific (293 HK): Multiple Positive Developments

As more countries gain visa-free access to China, CX will benefit from increased transfer traffic. CX's recovery is on track with passenger...

Osbert Tang, CFA

United Airlines: Are The Recent Delays & Safety Concerns A Major Factor That Could Slow Them Down? - Key Drivers

During the latest fourth quarter and full-year 2023 earnings for United Airlines Holdings, the management team expressed positive sentiments...

Baptista Research

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S&P500 Dec24 Rebalance: APO and WDAY IN; QRVO and AMTM Demoted

S&P500/400/600 Index rebal names were announced Friday. APO + WDAY are the big S&P500 adds. QRVO and AMTM get demoted to 600. 17x/13x ADV for the...

Travis Lundy

United Airlines Back To Pre-Pandemic Highs But These 4 Reasons Could Halt Its Flight! Major Drivers

United Airlines Holdings recently reported its earnings for the third quarter of 2024, revealing a mix of positive developments and ongoing...

Baptista Research

United Airlines Holdings: What Is Their Strategic Response To Market Competitiveness? - Major Drivers

The United Airlines Holdings second quarter 2024 earnings emphasized its strategic navigation through the industry's capacity and demand...

Baptista Research

Cathay Pacific (293 HK): Multiple Positive Developments

​As more countries gain visa-free access to China, CX will benefit from increased transfer traffic. CX's recovery is on track with passenger...

Osbert Tang, CFA

United Airlines: Are The Recent Delays & Safety Concerns A Major Factor That Could Slow Them Down? - Key Drivers

During the latest fourth quarter and full-year 2023 earnings for United Airlines Holdings, the management team expressed positive sentiments...

Baptista Research

As more countries gain visa-free access to China, CX will benefit from increased transfer traffic. CX's recovery is on track with passenger...