Category

Daily Briefs

Sep 24
0

Daily Brief Financials: Sunac Services Holdings, ICBC (H) and more

By | Daily Briefs, Financials

In today’s briefing:

  • Sunac Services (1516 HK):  Positive Development From Debt Restructuring Of Parent Company
  • China’s New List Of D-SIBs’ Capital Buffer Is Wearing Thin For Some

Sunac Services (1516 HK):  Positive Development From Debt Restructuring Of Parent Company

By Steve Zhou, CFA

  • On September 21, a debt restructuring agreement was reached with debt holders of Sunac China, in which part of the agreement included Sunac Services shares.
  • The debt restructuring for Sunac China should provide a positive feedback loop to the sentiment and fundamentals of Sunac Services.
  • The core property management business (86% of sales) grew 8% yoy in 1H23, with total gross floor area growing by 12% yoy. 

China’s New List Of D-SIBs’ Capital Buffer Is Wearing Thin For Some

By Fern Wang

  • PBOC and NAFR included Bank of Nanjing in its latest D-SIBs list, increasing the total D-SIBs to 20
  • 13 benchmarks were used to assess the D-SIBs using 1H23 data
  • All D-SIBs fulfilled their additional capital requirements as of 1H23, but the buffer is wearing thin for some especially in view of the difficult economic environment 

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Sep 24
0

Daily Brief Consumer: Alibaba Group Holding , Hyatt Hotels Corp Cl A, Samsonite and more

By | Consumer, Daily Briefs

In today’s briefing:

  • ECM Weekly (24th Sep 2023) – Cainiao, J&T, Midea, Kokusai, Seoul Guarantee, Barito, Integral, DPC
  • Hyatt Hotels Corporation: Key Initiatives to Boost Loyalty and Attract New Guests! – Major Drivers
  • Index Rebalance & ETF Flow Recap: HSI, HSCI, ASX, SET50, Wharf, SK Tel, Tata Motors, Midea, PCOMP

ECM Weekly (24th Sep 2023) – Cainiao, J&T, Midea, Kokusai, Seoul Guarantee, Barito, Integral, DPC

By Sumeet Singh

Hyatt Hotels Corporation: Key Initiatives to Boost Loyalty and Attract New Guests! – Major Drivers

By Baptista Research

  • Hyatt Hotels Corporation’s results were a major disappointment as the company failed to meet Wall Street’s revenue and earnings expectations.
  • The ongoing transformation of Hyatt is gaining momentum, with second-quarter results reinforcing their confidence in executing the strategy outlined during the Investor Day in May.
  • Hyatt has set ambitious targets, aiming to achieve $750 million in free cash flow and an 80% asset-light earnings mix by 2025.

Index Rebalance & ETF Flow Recap: HSI, HSCI, ASX, SET50, Wharf, SK Tel, Tata Motors, Midea, PCOMP

By Brian Freitas

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Sep 24
0

Most Read: KB Financial, Western Superconducting Techno, Bloomberry Resorts, Samsonite, Intage Holdings, Keep Inc, Boss Resources, M&A Research Institute, Kum Yang, Tokyo Stock Exchange Tokyo Price Index Topix and more

By | Daily Briefs, Most Read

In today’s briefing:

  • FnGuide Top10 Index Rebalance Preview: Good Historical Performance; One Potential Change in December
  • CSI500 Index Rebalance Preview: ETF Inflows Lead to Performance Skew
  • PCOMP Index Rebalance Preview: MPI Delisting Could See Bloomberry Added
  • Hang Seng Index Rebalance Preview: Foreign Companies Eligible from December
  • NTT’s Partial Offer for Intage (4326) Part Deux – Refining Pro-Ration Expectations
  • HSCI Index Rebalance Preview: Low Probability Add in December
  • S&P/​​​​​​​​​ASX Index Rebalance Preview: Changes from Now to December
  • M&A Research Institute Holdings (9552) TOPIX Inclusion
  • KRX Plans to Introduce Float Market Cap & Extreme Price Increases to KOSPI 200 Screening
  • Public Opinion Is Slowly Catching Up, but the Change Has Only Just Begun

FnGuide Top10 Index Rebalance Preview: Good Historical Performance; One Potential Change in December

By Brian Freitas

  • The Mirae Asset Tiger Top 10 ETF (292150 KS) tracks the FnGuide Top 10 Index and has an AUM of over US$1bn.
  • We currently forecast one potential change at the next rebalance in December. There is another set of changes that could also take place.
  • There has been a big increase in short interest on a couple of stocks while the rise has been more gradual on the other stocks.

CSI500 Index Rebalance Preview: ETF Inflows Lead to Performance Skew

By Brian Freitas

  • Over 85% of the way through the review period for the December rebalance of the CSI500 Index, we forecast 50 changes (the maximum permitted) at the close on 8 December.
  • There is a big sector skew in the potential changes. We estimate a one-way turnover of 9.4% at the December rebalance resulting in a one-way trade of CNY 7.22bn.
  • With the market being stabilised through the ETF route, the index constituents have outperformed the non-index constituents over the last 6-7 weeks. That could reverse over the near term.

PCOMP Index Rebalance Preview: MPI Delisting Could See Bloomberry Added

By Brian Freitas

Hang Seng Index Rebalance Preview: Foreign Companies Eligible from December

By Brian Freitas

  • The move from 80 index constituents to 100 could take most of next year (and possibly even the year after that) to manage turnover and add profitable companies.
  • Foreign companies will be eligible for inclusion in the index from the December rebalance. That makes Samsonite (1910 HK) a high probability inclusion candidate.
  • We highlight 8 potential inclusions to the index with passive trading impact varying from 1.6-4.3 days of ADV. There are large shorts on some of the stocks.

NTT’s Partial Offer for Intage (4326) Part Deux – Refining Pro-Ration Expectations

By Travis Lundy

  • Last week I wrote about NTT’s Partial Offer for Marketing Consultant Intage (4326) – (with a spurious hyphen at the end). 
  • In the last couple of days, there have apparently been a few blocks printed on the tape. I have received questions about pricing and pro-ration. 
  • So here I provide a set of 11 possible pro-ration cases, and suggest ways for traders and investors to think about the risks and possibilities.

HSCI Index Rebalance Preview: Low Probability Add in December

By Brian Freitas

  • There have only been 7 new listings on the HKEX (388 HK) in the third quarter of the year so far.
  • Of those stocks, only Keep Inc (3650 HK) has a chance of being added to the Hang Seng Composite Index in December and then into Southbound Stock Connect.
  • Keep Inc (3650 HK) is the largest online fitness platform in China and the name recognition could bring in substantial flows via Southbound Stock Connect.

S&P/​​​​​​​​​ASX Index Rebalance Preview: Changes from Now to December

By Brian Freitas

  • Privatisations could lead to two/three S&P/ASX 200 (AS51 INDEX) constituents being delisted in October/November and that means ad hoc inclusions to maintain the number of constituents at 200.
  • Then there could be one change for the S&P/ASX 20 Index and two changes for the S&P/ASX 200 (AS51 INDEX) at the regular rebalance in December.
  • The impact on the potential adds/deletes for the S&P/ASX 200 (AS51 INDEX) is high at between 7.5-23 days of ADV to trade from passive trackers.

M&A Research Institute Holdings (9552) TOPIX Inclusion

By Travis Lundy

  • Yesterday, M&A Research Institute (9552 JP) announced it would list on the TSE Prime section on 29 August, which means it will join TOPIX at the close of 28-Sep-2023.
  • This is NOT a surprise. On 27 June, the company announced a secondary offering of 1.631mm shares (by the founder/CEO), and said it had applied for TSE Prime transfer. 
  • I take a look at how this could play out. 

KRX Plans to Introduce Float Market Cap & Extreme Price Increases to KOSPI 200 Screening

By Sanghyun Park

  • In addition to full market cap and trading value, float-adjusted market cap will be added as a quantitative screening tool. 
  • Regarding extreme price increases, KRX plans to utilize the deviation between the average daily market capitalizations for two, three, and six months leading up to the screening base date.
  • We should consider designing trading setups that target stocks with relatively low free-float rates and high price volatility in recent months.

Public Opinion Is Slowly Catching Up, but the Change Has Only Just Begun

By Aki Matsumoto

  • Activist investors’ proposals were consistently based on increasing shareholder returns. The change in the environment, in which ％ of foreign shareholders increased while cross-held shares decreased, had a major impact.
  • Regarding the selection of directors, discussion on contents of Skill Matrix should be more active, as it’s suspected that top management is selecting candidates who are aligned with their wishes.
  • The voting standards of domestic institutional investors are iridescent and still dependent on public opinion for each proposal. The change in public opinion has only just begun.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Analytics and News
  • ✓ Events & Webinars
Sign Up for Free



Sep 24
0

Daily Brief Australia: Newcrest Mining and more

By | Australia, Daily Briefs

In today’s briefing:

  • Last Week in Event SPACE: Newcrest/Newmont, PTT/PTTEP, Naspers/Prosus/Tencent, Itochu Techno

Last Week in Event SPACE: Newcrest/Newmont, PTT/PTTEP, Naspers/Prosus/Tencent, Itochu Techno

By David Blennerhassett

  • The Newmont (NEM US) CDI selldown on 15 December will have to be bought by active shareholders, not passive; a relatively large reverse funding trade on the ASX rebal.
  • Naspers (NPN SJ)/Prosus NV (PRX NA)‘s CEO steps down. However, operations/investments, and the ongoing tweaking of the organizational structure with respect to Tencent (700 HK), should continue unabated. 
  • Activist shareholders and Toshiba Corp (6502 JP) stuck with each other for years. The takeover allows both sides to escape their mutual bearhug,

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Sep 24
0

Daily Brief South Korea: Doosan Robotics, Posco DX and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Doosan Robotics Institutional Lockups Breakdown Leaked Pre-Disclosure: Analyzing Flow Schedule
  • KOSPI 200 Rebalance Candidates in December 2023 & Changes to the KOSPI 200 Rebalance Process

Doosan Robotics Institutional Lockups Breakdown Leaked Pre-Disclosure: Analyzing Flow Schedule

By Sanghyun Park

  • The immediate float rate on the listing date (October 5) has reached 19.25% as the institutional lockup volume is not as high as initially expected.
  • Even with a low institutional lockup level, there seems to be a possibility of a certain IPO day pop.
  • The first exit point we can look for in the short term would be the 1-month lockup release (1.44% of SO) one month after listing.

KOSPI 200 Rebalance Candidates in December 2023 & Changes to the KOSPI 200 Rebalance Process

By Douglas Kim

  • Korea Exchange is planning to change the criteria for rebalancing stocks in the KOSPI 200 index. 
  • The purpose of this change is to prevent stocks that surge ahead of the actual KOSPI 200 inclusion but fall significantly after the inclusion announcement.
  • We think there is a 70-80%+ probability that POSCO DX and L&F Co will be included in KOSPI 200 index in December 2023.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Sep 24
0

Daily Brief United States: Hyatt Hotels Corp Cl A, Samsonite, Splunk Inc, Teleflex Inc, Trimble Navigation, Amgen Inc, ZoomInfo Technologies , Ipg Photonics, Steelcase Inc Cl A and more

By | Daily Briefs, United States

In today’s briefing:

  • Hyatt Hotels Corporation: Key Initiatives to Boost Loyalty and Attract New Guests! – Major Drivers
  • Index Rebalance & ETF Flow Recap: HSI, HSCI, ASX, SET50, Wharf, SK Tel, Tata Motors, Midea, PCOMP
  • Splunk and $28B Mega Deal: Will Cisco Overpay For San Francisco-Based Software Company?
  • Teleflex Incorporated: Strategies Unveiled to Conquer Approvals and Surgeon Training! – Major Drivers
  • Trimble Inc.: Can The New LIMS PRO Become A Major Growth Catalyst? – Major Drivers
  • Amgen Inc.: Which New Medicines Became Their Growth Powerhouses? – Major Drivers
  • ZoomInfo Technologies Inc.: The Brand Makeover to Establish Dominance in Go-To-Market! – Major Drivers
  • IPG Photonics Corporation: The E-Mobility Surge Pushing the Revenue Boundaries! – Major Drivers
  • Steelcase, Inc. – Early 3Q Order Flow Rebounding; Raising Estimates

Hyatt Hotels Corporation: Key Initiatives to Boost Loyalty and Attract New Guests! – Major Drivers

By Baptista Research

  • Hyatt Hotels Corporation’s results were a major disappointment as the company failed to meet Wall Street’s revenue and earnings expectations.
  • The ongoing transformation of Hyatt is gaining momentum, with second-quarter results reinforcing their confidence in executing the strategy outlined during the Investor Day in May.
  • Hyatt has set ambitious targets, aiming to achieve $750 million in free cash flow and an 80% asset-light earnings mix by 2025.

Index Rebalance & ETF Flow Recap: HSI, HSCI, ASX, SET50, Wharf, SK Tel, Tata Motors, Midea, PCOMP

By Brian Freitas

Splunk and $28B Mega Deal: Will Cisco Overpay For San Francisco-Based Software Company?

By Andrei Zakharov

  • Splunk shares outperformed in 2023 and rose ~69% as total ARR exceeded $4B, operating loss narrowed, and FCF margin improved. The company executed well to drive long-term durable growth.
  • Over the past 2 years, Splunk transformed itself into a cloud company. In 2022, WSJ reported that Cisco made a $20B+ takeover offer. However, no deal was on the table. 
  • Following M&A rumors, the company’s cloud transition, and strong fundamentals, Cisco offered a $157 per share to acquire Splunk in a $28B mega all-cash deal on September 21, 2023. 

Teleflex Incorporated: Strategies Unveiled to Conquer Approvals and Surgeon Training! – Major Drivers

By Baptista Research

  • Teleflex managed to exceed analyst expectations in terms of revenue as well as earnings.
  • Adjusted earnings per share for the same period were $3.41, reflecting a 0.6% increase compared to the previous year.
  • The company observed a continued stabilization in hospital staffing, positively affecting second-quarter revenue growth, particularly in products tied to hospital settings.

Trimble Inc.: Can The New LIMS PRO Become A Major Growth Catalyst? – Major Drivers

By Baptista Research

  • Trimble delivered a strong result and managed an all-around beat in the last quarter.
  • Financially, Trimble demonstrated a robust performance, delivering an EBITDA margin of 25.3% and a strong gross margin of 64.2%, surpassing previous years.
  • In the quarter, Trimble introduced LIMS PRO, a cloud-hosted iteration of its LIMS for sawmill raw material procurement.

Amgen Inc.: Which New Medicines Became Their Growth Powerhouses? – Major Drivers

By Baptista Research

  • Amgen managed to exceed the revenue and earnings expectations of Wall Street, instilling confidence in its capacity for sustained long-term growth in both sales and earnings.
  • This growth was underpinned by a global volume increase of 11% for the quarter, with contributions from all three therapeutic areas and geographical regions.
  • Notable highlights included a 21% volume growth in their General Medicine segment and robust performance in the Asia Pacific region.

ZoomInfo Technologies Inc.: The Brand Makeover to Establish Dominance in Go-To-Market! – Major Drivers

By Baptista Research

  • ZoomInfo Technologies delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings.
  • In the second quarter, ZoomInfo reported $309 million in revenue and an adjusted operating income of $126 million, boasting a margin of 41%.
  • While examining customer health, the company anticipates that budgetary constraints and downward renewal pressures will persist in the near future, resulting in adjusted full-year expectations of 12% revenue growth.

IPG Photonics Corporation: The E-Mobility Surge Pushing the Revenue Boundaries! – Major Drivers

By Baptista Research

  • IPG Photonics Corporation delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus.
  • They achieved substantial revenue growth in the welding and cleaning applications, led by robust e-mobility and handheld welding solution sales.
  • Additionally, 3D printing and solar cell manufacturing applications have seen increased revenue as a result of better investments in these industries.

Steelcase, Inc. – Early 3Q Order Flow Rebounding; Raising Estimates

By Water Tower Research

  • We are raising our estimates following an upbeat conference call and follow-up with SCS management.

  • Our adjusted 3QFY24 estimate, now at $0.25, is up from $0.21 and at the midpoint of guidance.

  • Full-year FY24 guidance is now $0.80-0.90. Our new FY24 EPS estimate is $0.88, up from $0.71 pre-release and near the top end of guidance.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Sep 24
0

Daily Brief China: Sichuan Biokin Pharmaceutical, Sunac Services Holdings, Alibaba Group Holding , ICBC (H) and more

By | China, Daily Briefs

In today’s briefing:

  • China Healthcare Weekly (Sep.22) – Medical Device VBP, Restore Optimism on Healthcare, Biokin Pharma
  • Sunac Services (1516 HK):  Positive Development From Debt Restructuring Of Parent Company
  • ECM Weekly (24th Sep 2023) – Cainiao, J&T, Midea, Kokusai, Seoul Guarantee, Barito, Integral, DPC
  • China’s New List Of D-SIBs’ Capital Buffer Is Wearing Thin For Some

China Healthcare Weekly (Sep.22) – Medical Device VBP, Restore Optimism on Healthcare, Biokin Pharma

By Xinyao (Criss) Wang

  • The national centralized procurement of high-value medical consumables such as intraocular lens (IOL) and sports medicine medical consumables is about to begin. We listed the companies that could be affected.
  • The instability of policies seems to be a consensus among investors regarding China healthcare. However, if truly understand the logic behind policy changes and industry shifts, investors will maintain optimism.
  • We analyzed the key points of Biokin. Its valuation is ridiculously high considering the current pipeline situation and commercialization outlook. We think the bubble will eventually burst (e.g. 50% downside).

Sunac Services (1516 HK):  Positive Development From Debt Restructuring Of Parent Company

By Steve Zhou, CFA

  • On September 21, a debt restructuring agreement was reached with debt holders of Sunac China, in which part of the agreement included Sunac Services shares.
  • The debt restructuring for Sunac China should provide a positive feedback loop to the sentiment and fundamentals of Sunac Services.
  • The core property management business (86% of sales) grew 8% yoy in 1H23, with total gross floor area growing by 12% yoy. 

ECM Weekly (24th Sep 2023) – Cainiao, J&T, Midea, Kokusai, Seoul Guarantee, Barito, Integral, DPC

By Sumeet Singh

China’s New List Of D-SIBs’ Capital Buffer Is Wearing Thin For Some

By Fern Wang

  • PBOC and NAFR included Bank of Nanjing in its latest D-SIBs list, increasing the total D-SIBs to 20
  • 13 benchmarks were used to assess the D-SIBs using 1H23 data
  • All D-SIBs fulfilled their additional capital requirements as of 1H23, but the buffer is wearing thin for some especially in view of the difficult economic environment 

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Sep 24
0

Daily Brief Japan: Toshiba Corp, D.Western Therapeutics Institute Inc. and more

By | Daily Briefs, Japan

In today’s briefing:

  • (Mostly) Asia-Pac Weekly Risk Arb Wrap: Costa, Origin, Healius, Symbio, Poly Culture, Lansen, MPI
  • 2Q Follow-Up – D. Western Therapeutics Institute (DWTI) (4576 JP)

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Costa, Origin, Healius, Symbio, Poly Culture, Lansen, MPI

By David Blennerhassett

2Q Follow-Up – D. Western Therapeutics Institute (DWTI) (4576 JP)

By Sessa Investment Research

  • Major milestones with high expectations coming in the next 2-3 years: 1) Phase IIb US trials for H-1337 as “first choice as a second-line Glaucoma drug” for patients who do not respond to PGs, 2) 2023 application, 2024 approval and 2025 launch of DW-1002 in Japan, 2023 application/approval/launch in China, as well as expedited development of combination formula MembraneBlue-DualR (DW-1002 + trypan blue) in the US [NEW], 3) 2023 approval and subsequent 2024 launch of DW-5LBT lidocaine patch for treatment of neuropathic pain in the US, and 4) clinical trials in 2024 in Japan and application for approval in 2025 of regenerative cell medicine DWR-2206 [NEW].
  • Coming into the 3Q, DWTI announced 2 updates not included in its “Business Plan and Growth Potential.”
  • On 7/13, DWTI announced the development plan for regenerative cell medicine DWR-2206, aiming to submit a notification of clinical trial at the end of 2023, start clinical trials in 2024, and submit application for approval (NDA) in 2025 (using the expedited conditional and term-limited approval system for regenerative therapeutics).

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Sep 24
0

Top 10 Highlights from the APAC PE, VC and Startup Ecosystem this Week – 24 Sep 2023

By | Private Markets, Smartkarma Newswire

Top ten highlights from the APAC PE, VC, and startup ecosystem this week:

  1. Venture investment firms are rebranding their China operations to distance themselves from their US activities amid tensions between the two countries.
  2. Sequoia, BlueRun Ventures China, and GGV Capital have already undergone splits or rebranding.
  3. GGV Capital is set to split its Asia and US businesses in Q1 next year, focusing solely on investing in China.
  4. Several venture investment firms, including GSR Ventures, Walden International, and Qualcomm Ventures, are under scrutiny by Congress for their China investments, indicating more splits may be on the horizon.
  5. IPOs in the US market have not lived up to the hype, with SoftBank-backed Arm, Klaviyo, and Instacart seeing lukewarm investor response.
  6. Vietnamese unicorn VNG Corporation postponed its listing plans due to the underperformance of these newly-listed shares.
  7. Multiple Southeast Asian companies, such as Funding Societies, Gushcloud International, Sunday, Hotel101 Global, and Ryde, have announced US IPO plans or are considering listing in New York.
  8. Chinese companies waiting for regulatory approval for overseas share offerings, leaving a void in the Asian IPO market.
  9. Indian hotel operator Samhi Hotels’ listing was oversubscribed five times, indicating investor interest.
  10. Hong Kong-based Tuhu Car, Beijing Fourth Paradigm, Neusoft Xikang, and ZX Inc are aiming to raise significant funds on HKEX, signaling potential growth in the Asian IPO market.

APAC Private Markets Research

Explore latest Insights on APAC Private Markets on Smartkarma

Explore Now

Disclaimer:This article by is general in nature and based on publicly available information and not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material. While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
Have feedback on this article? Concerned about the content? Get in touch with us directly.

 

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Analytics and News
  • ✓ Events & Webinars
Sign Up for Free

Also, check out the latest in ECM Research on Smartkarma