reports
S&P Global Inc: 1 director
A director at S&P Global Inc sold 500 shares at 523.000USD and the significance rating of the trade was 54/100. 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 sh...
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- James Allen
- Nick Anderson
LIBERUM: Plus500* - 1Q23 confirms strong cash generation
Plus500 continues to trade well, delivering another excellent financial performance, reflecting a business model built on a unique, proprietary tech stack which delivers customer acquisition and retention. Cash generation remained strong in the quarter, allowing significant shareholder returns and further investment in the group’s growth and diversification strategy which aims to build a multi-asset fintech platform. Assuming a 70% distribution of FY23 and FY24 consensus net profit, would imply ...
- Liberum Research Team
- Liberum Research Team
- Joachim Klement
- Susana Cruz
LIBERUM: SAS All Cap Monthly - Breathe a sigh of relief
The UK economic outlook has improved, and energy prices have been much responsible for that. Despite some uncertainty left on this front for winter 23/24, prices are not expected to rise as rapidly as in 2022, thus views on inflation and economic growth have become less pessimistic (ours included) over the last two months. Why? A better energy outlook benefits consumption, business sentiment (thus investment) and eases the burden of fiscal support in 2023.
FGP FIRSTGROUP PLC
BOO BOOHOO GROUP PLC
ANTO ANTOFAGASTA PLC
SRP SERCO GROUP PLC
AHT ASHTEAD GROUP PLC
BBY BALFOUR BEATTY PLC
BYG BIG YELLOW GROUP PLC
ASC ASOS PLC
PLUS PLUS500 LTD.
RMG ROYAL MAIL PLC
RIO RIO TINTO PLC
CTEC CONVATEC GROUP PLC
XPS XPS PENSIONS GROUP
DOM DOMINGUEZ & COMPANIA
- Joachim Klement
- Susana Cruz
LIBERUM: SAS UK SMID Monthly - Breathe a sigh of relief
The UK economic outlook has improved, and energy prices have been much responsible for that. Despite some uncertainty left on this front for winter 23/24, prices are not expected to rise as rapidly as in 2022, thus views on inflation and economic growth have become less pessimistic (ours included) over the last two months. Why? A better energy outlook benefits consumption, business sentiment (thus investment) and eases the burden of fiscal support in 2023.
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- James Allen
- Nick Anderson
LIBERUM: Plus500* - Undervalued cash generation
Plus500’s FY22 prelims confirm the cash generative nature of its business model, built on its unique proprietary tech stack which drives customer acquisition and retention. Not only do these cash flows support high shareholder distributions (cumulative $1.7bn since IPO), they also fund the investment in the group’s growth and diversification strategy, as it builds out a multi-asset fintech platform. An illustrative 70% distribution of FY23 and FY24 net profit, would imply a 2-year total sharehol...
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Upgrading Communications, Downgrading Staples In our January 10th Compass, we discussed that a break above 3910 on the S&P 500 would signal a tradable rally, with 4100-4165 our target, which is the top-end of our expected 2023 trading range. We believe equities are still in the midst of a rally/short squeeze, but that the rally is likely to fizzle in the 4100-4165 area. Upgrading Communications to Market Weight. We have been underweight Communications (XLC, EWCO) since November of 2021, a peri...
TKC TURKCELL ILETISIM HIZMETLERI A.S. ADS
NWSA NEWS CORPORATION CLASS A
PSO PEARSON PLC ADS
RDED RELX PLC
SPGI S&P GLOBAL INC.
LBTYK LIBERTY GLOBAL PLC CLASS C
NPSNY NASPERS LTD. ADS
TKAGY TELEKOM AUSTRIA AG ADS
DTEA DEUTSCHE TELEKOM AG ADS
TRI THOMSON REUTERS CORPORATION
MYTAY MAGYAR TELEKOM TELECOMMUNICATIONS
SCMWY SWISSCOM AG
TLGPY TELSTRA CORPORATION LIMITED
- Ken Lee
China Automobile: Weekly: Bigger-than-expected impact from COVID-19 co...
China’s PV and passenger EV sales grew 25/63% mom in March, in line. Still, April sales are set to decline, with recent COVID-19 containment measures disrupting the automobile supply chain more severely than expected. CPCA estimates that these measures will cause a 20% loss in auto production volume. This week, four OEMs − NIO, Aion, WEY and BMW − raised product prices in response to cost hikes. Maintain OVERWEIGHT. Top picks: BYD, CATL and Ganfeng.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
M3I MINTH GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1PG 1-PAGE LIMITED
881 ZHONGSHENG GROUP HOLDINGS
1268 CHINA MEIDONG AUTO HOLDINGS
1316 NEXTEER AUTOMOTIVE GROUP LTD
2460 GANFENG LITHIUM
1772 GANFENG LITHIUM CO. LTD. CLASS H
002340 GEM CO LTD
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO
- Martin Dimitrov
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 21 March - 25 March 2022
All main indexes advanced last week as BGTR30 (717.68) increased the most by 2.3%. 12 out of 29 names in our watchlist finished on the positive side as First Investment Bank (FIB, BGN 2.85) led by 26.1% gain, followed by Agria Group Holding (AGH, BGN 24.6, +23.6%) and Central Cooperative Bank (CCB, BGN 1.39, +23.0%). Top losers within our universe were Alcomet (ALCM, BGN 7.00, -5.4%), CEZ Distribution (CEZD, BGN 288, -5.3%) and Gradus (GR6, BGN 1.31, -5.1%). The weekly turnover was slightly lowe...
- Chun Sung Oong
- Julia Pan Mengyao
Tencent Holdings (700 HK): 4Q21: Succumbed to regulatory pressure, bot...
Tencent reported weak 4Q21 results. Revenue grew by 7.9% yoy to Rmb144.2b, broadly in line with consensus estimates. Gross margin declined by 4ppt yoy during 4Q21 to 40.1% mainly due to continued investment in key strategic areas, in line with consensus expectation. Non-GAAP operating margin contracted by 5.5ppt yoy to 23%. Non-GAAP net margin declined 7.6ppt yoy to 17.3%, in line with street estimate. Maintain BUY with a lower target price of HK$502.00.
- Chris Hoare
New Street: South African Telcos 5G spectrum auction: First stage com...
After many false starts, the 5G spectrum auction in South Africa has finally started this week. The first stage (reserved for the four smallest players) completed on Tuesday (at low prices, as it was structured to) and we are waiting for the results of the main auction which started yesterday. This auction has been long awaited by the South African telcos and is key given i) telcos have been spectrum constrained for many years, and ii) data volume growth has structurally accelerated post pandemi...
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