IG Group Holdings is a financial spread betting provider. Co.'s global financial markets include shares, forex, indices, commodities and other instruments. Co.'s products include: contracts for difference, which are derivatives contracts that enable clients to take advantage of changes in an asset's price, without owning the asset itself; spread betting, which is a tax-free alternative to trading, allowing clients to bet on the price movement of an asset; and North American Derivatives Exchange, which is an U.S. derivatives exchange, enabling U.S. and overseas investors to trade options on global financial markets in retail-sized contracts.
IGG is an online games developer and operator. Co. offers multi-language mobile games, browser games and client-based games to players. As of Dec. 31, 2013, games which are important to Co.'s business include Castle Clash, Texas HoldEm Poker Deluxe, Slot Machines by IGG and Clash of Lords.
Kingsoft Corporation is an investment holding company. Through its subsidiaries, Co. is engaged in the research and development of games, and provision of online games, mobile games and casual game services; the research, development and operation of information security software and web browser, provision of information security service across devices, and provision of online advertising services; as well as the research, development and distribution of office application software, provision of cloud storage, cloud computation and dictionary services across devices, and provision of online advertising services.
2019 marked our first full year of operations as an Independent Research Company, post our spin-off in August 2018. With our full-fledged focus on only covering IPOs and Placements, our main focus for 2019 was on improving our accuracy rate (as defined at the end of this report) across both IPOs and Placements. We ended 2019 with an accuracy rate of 80.21% across 96 IPOs and 70.48% across 105 placements. Both were our best performances since we started, in 2015. For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-...
A director at Kingsoft Corp sold 197,000 shares at 19.973HKD and the significance rating of the trade was 59/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board...
Our analysis of the global oil & gas sector and the global rig market indicates that while there have been some positive developments, a new rig-building upcycle is some years away due to the excess supply of such assets. Given recent order wins, we see the offshore wind sector presenting opportunities while the EV sector does not yet present a threat to oil demand. We upgrade SMM to HOLD and maintain MARKET WEIGHT on the sector. KEP remains our top pick.
China’s M1 and M2 growth surprised on the upside, rising to 4.4% yoy and 8.7% yoy respectively, which may have been driven by the Rmb710b liquidity injection by the PBOC in Dec 19. However, the strength was not reflected in credit growth which saw growth in outstanding bank loans tumble to the lowest in over 17 years, at 12.3% yoy. In spite of the RRR cut in Jan 20, we expect loan growth to stay muted but special bond issuances should be a slight impetus to TSF growth.
Macau stocks have reacted more to macro-economic indicators, US-China trade deal progress, but less to (often negative) GGR data. Unfortunately, both macro forecasts and pro-Macau policies do not suggest operational recovery in 2020. We expect the share price rally to run out of steam, especially since the recent signing of the Phase 1 trade deal has been widely expected, while the expected GGR recovery will be a long-drawn affair. Maintain MARKET WEIGHT.
Wechat gave an update on its strong performance during its Annual Public Class. Mini Program DAU reached 300m as at end-19 with transactions worth Rmb800b, up 160% yoy. Weimob will continue to benefit from the fast-growing mini-program ecosystem. In addition, Weimob is in a sweet spot that will be benefit from the booming e-commerce live streaming sector and expects a potential price hike in SaaS annual fees. Maintain BUY and target price of HK$6.20.
KEY HIGHLIGHTS Sector Aviation 2020 outlook: BUY Air China and CSA on potential yield accretion. Machinery 2020 outlook: Much more to expect this year. Property 2020 outlook: More opportunities in 1Q20. Sportswear 2020 outlook: Solid growth prospects. Update Weimob (2013 HK/BUY/HK$4.24/Target: HK$6.20) Sitting among sweet spots – Booming Wechat Mini-Program and e-commerce live streaming. TRADERS’ CORNER Fu Shou Yuan (1448 HK): Trading Buy Range China Tower (788 HK): Trading Buy Range
GREATER CHINA Sector Aviation: 2020 outlook: BUY Air China and CSA on potential yield accretion. Machinery: 2020 outlook: Much more to expect this year. Property: 2020 outlook: More opportunities in 1Q20. Sportswear: 2020 outlook: Solid growth prospects. Update Weimob (2013 HK/BUY/HK$4.24Target: HK$6.20) : Sitting among sweet spots – Booming Wechat Mini-Program and e-commerce live streaming. INDONESIA Update Bank Danamon (BDMN IJ/BUY/Rp3,860/Target: Rp4,940): Cheap valuation with potential 5% dividend yield. MALAYSIA Sector Oil & Gas: Several players may benefit from Qatar’s massive O&G expa...
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