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Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: Thaw in China Relations Brings Good Vibes to Canada’s Energy, Agri-Food Businesses</li><li>U.S. Exporters Laud China Tariff Reprieve, but Scars Remain</li><li>Country Garden Wins Creditor Backing for $17.7 Billion Debt Restructuring</li></ul>

In Depth: Thaw in China Relations Brings Good Vibes to Canada’s Energy, Agri-Food BusinessesU.S. Exporters Laud China Tariff Reprieve, but Scars RemainCountry Garden Wins Creditor Backing for $17.7 Billion Debt Restructuring

CX Daily: Thaw in China Relations Brings Good Vibes to Canada’s Energy, Agri-Food Businesses 

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Across Europe’s dual-class names, spreads mixed: Henkel prefs 9.1%, Atlas Copco B-to-A 11.8%, BMW prefs 7.1%; wideners include Handelsbanken B at 73%, Sixt prefs 27%.</li>
<li>Drivers: liquidity, index flows, and deleveraging—Volkswagen prefs benefit from yield and DAX flows; MFE discount narrows post-ProSieben; Handelsbanken and Fuchs remain valuation anomalies.</li>
<li>Actionables: long MFE A/B, Grifols B/A, Henkel ords/prefs, Volkswagen prefs/ords; fade Handelsbanken B; monitor Investor, Industrivärden, and Volvo parity.</li>
</ul>


Across Europe’s dual-class names, spreads mixed: Henkel prefs 9.1%, Atlas Copco B-to-A 11.8%, BMW prefs 7.1%; wideners include Handelsbanken B at 73%, Sixt prefs 27%.
Drivers: liquidity, index flows, and deleveraging—Volkswagen prefs benefit from yield and DAX flows; MFE discount narrows post-ProSieben; Handelsbanken and Fuchs remain valuation anomalies.
Actionables: long MFE A/B, Grifols B/A, Henkel ords/prefs, Volkswagen prefs/ords; fade Handelsbanken B; monitor Investor, Industrivärden, and Volvo parity.


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

<ul>
<li>Across Europe’s dual-class names, spreads mostly tightened: Atlas Copco B-to-A 10.8%, BMW prefs 7.2%, Volvo at par; notable wideners include Carlsberg B at 19.5% discount and SSAB B at 2.6%.</li>
<li>Drivers include index inclusion, liquidity and control: Volkswagen prefs gain from flows and €0.06 dividend uplift; Telecom Italia savings widen on arrears prospects; Handelsbanken and Fuchs maintain puzzling elevated premiums.</li>
<li>Actionables: long MFE A versus B as ProSieben settlement lifts liquidity; Grifols B versus A on deleveraging; Henkel ords versus prefs; Volkswagen prefs versus ords; monitor Ericsson, Investor, Industrivärden parity.</li>
</ul>


Across Europe’s dual-class names, spreads mostly tightened: Atlas Copco B-to-A 10.8%, BMW prefs 7.2%, Volvo at par; notable wideners include Carlsberg B at 19.5% discount and SSAB B at 2.6%.
Drivers include index inclusion, liquidity and control: Volkswagen prefs gain from flows and €0.06 dividend uplift; Telecom Italia savings widen on arrears prospects; Handelsbanken and Fuchs maintain puzzling elevated premiums.
Actionables: long MFE A versus B as ProSieben settlement lifts liquidity; Grifols B versus A on deleveraging; Henkel ords versus prefs; Volkswagen prefs versus ords; monitor Ericsson, Investor, Industrivärden parity.


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

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

Lumax Auto Technologies / Equity Bottom-Up

<ul>
<li>
 Lumax’s strong product portfolio, global partnerships, and 80% market share in key segments position it as a dominant player in India’s automotive component industry.</li>
<li>Lumax’s strategic acquisitions, including IAC India and GreenFuel Mobility, and the "NorthStar Strategy" aim to drive revenue growth, operating margins, and leadership in clean mobility solutions.</li>
<li>
 Lumax’s SHIFT project enable technological integration, enhancing product offerings and content per vehicle, positioning LATL for long-term growth in the automotive market.</li>
</ul>



 Lumax’s strong product portfolio, global partnerships, and 80% market share in key segments position it as a dominant player in India’s automotive component industry.
Lumax’s strategic acquisitions, including IAC India and GreenFuel Mobility, and the "NorthStar Strategy" aim to drive revenue growth, operating margins, and leadership in clean mobility solutions.

 Lumax’s SHIFT project enable technological integration, enhancing product offerings and content per vehicle, positioning LATL for long-term growth in the automotive market.


The Beat Ideas: Lumax Auto Technologies - Accelerating Ahead with the 20.20.20.20 Strategy

<ul>
<li>MFE: A versus B discount widened to 32.2%. ProSiebenSat.1 tender issues new A shares, lifting A voting share from 12.64% toward ~19% at full take-up, supporting medium-term convergence.</li>
<li>Handelsbanken: B shares trade at a 62% premium despite far lower votes (ratio 55.17) and liquidity; history suggests mean reversion—bias long A / short B.</li>
<li>Telecom Italia: savings premium 11.4%. Three years of unpaid €0.0275 dividends (€0.0825 arrears). Payouts guided from 2026; Poste Italiane now largest shareholder, reinforcing governance stability.</li>
</ul>


MFE: A versus B discount widened to 32.2%. ProSiebenSat.1 tender issues new A shares, lifting A voting share from 12.64% toward ~19% at full take-up, supporting medium-term convergence.
Handelsbanken: B shares trade at a 62% premium despite far lower votes (ratio 55.17) and liquidity; history suggests mean reversion—bias long A / short B.
Telecom Italia: savings premium 11.4%. Three years of unpaid €0.0275 dividends (€0.0825 arrears). Payouts guided from 2026; Poste Italiane now largest shareholder, reinforcing governance stability.


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

Germany

Volkswagen AG manufactures and sells vehicles. The Company offers economy and luxury automobiles, sports cars, trucks, and commercial vehicles. Volkswagen serves customers worldwide.

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Volkswagen (Pref) (VOW3 GR)

CX Daily: Thaw in China Relations Brings Good Vibes to Canada’s Energy, Agri-Food Businesses

TOP STORY In Depth: Thaw in China Relations Brings Good Vibes to Canada’s Energy, Agri-Food Businesses An air of optimism is returning to the...

Caixin Global

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

European dual-class spreads diverged in October; liquidity and control themes dominate. Favor convergence longs (MFE, Grifols, Henkel, VW), fade...

Jesus Rodriguez Aguilar

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

This month’s color: MFE A/B narrows on ProSieben; VW prefs outpace ords; Atlas Copco & BMW tighten; Carlsberg B and SSAB B widen; TIM savings bid...

Jesus Rodriguez Aguilar

The Beat Ideas: Lumax Auto Technologies - Accelerating Ahead with the 20.20.20.20 Strategy

Lumax dominates India's automotive component industry with strong product portfolio, strategic acquisitions, and focus on clean mobility solutions...

Sudarshan Bhandari

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

Across Europe’s liquid dual-class universe, share-price spreads have mainly tightened. Convergence plays: MFE A/B as A votes rise; TIM savings...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CX Daily: Thaw in China Relations Brings Good Vibes to Canada’s Energy, Agri-Food Businesses

TOP STORY In Depth: Thaw in China Relations Brings Good Vibes to Canada’s Energy, Agri-Food Businesses An air of optimism is returning to the...

Caixin Global

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

European dual-class spreads diverged in October; liquidity and control themes dominate. Favor convergence longs (MFE, Grifols, Henkel, VW), fade...

Jesus Rodriguez Aguilar

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

This month’s color: MFE A/B narrows on ProSieben; VW prefs outpace ords; Atlas Copco & BMW tighten; Carlsberg B and SSAB B widen; TIM savings bid...

Jesus Rodriguez Aguilar

The Beat Ideas: Lumax Auto Technologies - Accelerating Ahead with the 20.20.20.20 Strategy

​Lumax dominates India's automotive component industry with strong product portfolio, strategic acquisitions, and focus on clean mobility solutions...

Sudarshan Bhandari

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

Across Europe’s liquid dual-class universe, share-price spreads have mainly tightened. Convergence plays: MFE A/B as A votes rise; TIM savings...

Jesus Rodriguez Aguilar

Lumax dominates India's automotive component industry with strong product portfolio, strategic acquisitions, and focus on clean mobility solutions...