European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Giant UnitedHealth offers 1,925p, in cash (implied equity value of £1,243 million, implied EV of £1,185 million). This represents: 6.5x EV/Fwd Revenue, 20.4x EV/Fwd EBITDA and 31.7x Fwd PE (source: I/B/E/S).</li>
<li>The offer is pitched above peer's multiples, which coupled with a 49% premium, should be enough to convince any reluctant shareholder to tender.</li>
<li>Gross spread is 2.9%, quite good for a highly likely deal in the European space (c. 16% estimated annual return assuming settlement takes place on 8 September).</li>
</ul>


Giant UnitedHealth offers 1,925p, in cash (implied equity value of £1,243 million, implied EV of £1,185 million). This represents: 6.5x EV/Fwd Revenue, 20.4x EV/Fwd EBITDA and 31.7x Fwd PE (source: I/B/E/S).
The offer is pitched above peer's multiples, which coupled with a 49% premium, should be enough to convince any reluctant shareholder to tender.
Gross spread is 2.9%, quite good for a highly likely deal in the European space (c. 16% estimated annual return assuming settlement takes place on 8 September).


UnitedHealth/EMIS: Agreed Offer, Estimated Calendar, Spread

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

Thematic (Sector/Industry)

<ul>
<li>The Ukraine/Russia war has been the significant geopolitical event this year that has dominated market headlines with the different twists and turns of sanctions, threats, and political press conferences that have led to market moving changes and positioning in certain sectors and their related stocks.</li>
<li>There is now emerging evidence that the market has digested the “war premium” for many of these post-invasion moves and many areas are now breaking down in the face of concerns over macro GDP growth.</li>
<li>One of the more significant areas impacted by the invasion of Ukraine was the agricultural sector.</li>
</ul>


The Ukraine/Russia war has been the significant geopolitical event this year that has dominated market headlines with the different twists and turns of sanctions, threats, and political press conferences that have led to market moving changes and positioning in certain sectors and their related stocks.
There is now emerging evidence that the market has digested the “war premium” for many of these post-invasion moves and many areas are now breaking down in the face of concerns over macro GDP growth.
One of the more significant areas impacted by the invasion of Ukraine was the agricultural sector.


Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Over the last one month, the U.S. healthcare sector remained mostly resilient to the inflation risk and gained 7.1% outperforming S&amp;P 500 index’s gain of 5%.  </li>
<li>Sound financials, high revenue visibility, low or no debt, and cash rich position are some of the reasons for the outperformance.</li>
<li>In this insight, we have handpicked top-quality healthcare sector bets from the S&amp;P 500 index and discussed about their growth stories.</li>
</ul>


Over the last one month, the U.S. healthcare sector remained mostly resilient to the inflation risk and gained 7.1% outperforming S&amp;P 500 index’s gain of 5%.  
Sound financials, high revenue visibility, low or no debt, and cash rich position are some of the reasons for the outperformance.
In this insight, we have handpicked top-quality healthcare sector bets from the S&amp;P 500 index and discussed about their growth stories.


U.S. Healthcare Sector: Ride Out Market Turmoil with High-Quality Large-Cap Ideas

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Equity Bottom-Up

<ul>
<li>Exposure in <a href="https://www.smartkarma.com/entities/novo-nordisk-a-s" target="_blank" data-smartkarma-citation="entities:22447:1" rel="noopener">Novo Nordisk A/S (NOVOB DC)</a> hits all-time highs among active Global managers.</li>
<li>
<a href="https://www.smartkarma.com/entities/novo-nordisk-a-s" target="_blank" data-smartkarma-citation="entities:22447:1" rel="noopener">Novo Nordisk A/S (NOVOB DC)</a> overtakes <a href="https://www.smartkarma.com/entities/visa-inc-class-a-shares" target="_blank" data-smartkarma-citation="entities:8707:1" rel="noopener">Visa (V US)</a> and <a href="https://www.smartkarma.com/entities/roche-holding-ag" target="_blank" data-smartkarma-citation="entities:26852:1" rel="noopener">Roche Holding Ag (ROG SE)</a> as the largest overweight globally</li>
<li>However, a large portion of the existing investor base remains on the sidelines.  The potential of further ownership growth is there.</li>
</ul>


Exposure in Novo Nordisk A/S (NOVOB DC) hits all-time highs among active Global managers.

Novo Nordisk A/S (NOVOB DC) overtakes Visa (V US) and Roche Holding Ag (ROG SE) as the largest overweight globally
However, a large portion of the existing investor base remains on the sidelines.  The potential of further ownership growth is there.


Novo Nordisk: Record Exposure, Moves to Largest Global Overweight

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Two Key Industries Underpinning Singapore’s Strongest YTD Performers

United States

UnitedHealth Group Incorporated owns and manages organized health systems in the United States and internationally.  The Company provides employers products and resources to plan and administer employee benefit programs.  UnitedHealth also serves the health needs of older Americans, provides specialized care services, and provides health care information and research to providers and payers.

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Unitedhealth Group (UNH US)

UnitedHealth/EMIS: Agreed Offer, Estimated Calendar, Spread

Giant UnitedHealth should comfortably be able to acquire EMIS out of cash holdings. The deal should happen quickly to avoid EMIS paying dividends....

Jesus Rodriguez Aguilar

Weekly Stock Bullfinder - Week of 6/27

The Ukraine/Russia war has been the significant geopolitical event this year that has dominated market headlines with the different twists and...

Weekly Stock Bull Finder

U.S. Healthcare Sector: Ride Out Market Turmoil with High-Quality Large-Cap Ideas

Healthcare sector is expected to remain resilient to the inflation worry and outperform broader market in near-term. This insight highlights top...

Tina Banerjee

Novo Nordisk: Record Exposure, Moves to Largest Global Overweight

Exposure in Novo Nordisk A/S (NOVOB DC) hits all-time highs among active Global managers, overtakes Visa (V US) and Roche Holding Ag (ROG SE) as...

Steven Holden

Two Key Industries Underpinning Singapore’s Strongest YTD Performers

Despite a challenging year for the regional stock market, 36 of Singapore’s 100 most traded stocks this year generated gains. More than half...

Singapore Exchange Ltd (SGX)

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