I have been writing about, and valuing, Tesla for most of its lifetime in public markets, and while it remains a company that draws strong reactions, it is also one that I truly enjoy valuing. It has been a while since my last valuation of the company, which occurred in January 2020, and given how […]
If you have been tracking the torturous workings of the infrastructure bills working their way through Congress, consideration is now being given to a "billionaire" tax, focused on a extraordinarily small subset of Americans, and intended to raise tens, perhaps even hundreds, of billions of dollars in revenues, to cover the costs of the bill. […]
In a post a few weeks ago, I argued that the disclosure process had lost its moorings, as corporate disclosures (annual filings, prospectuses for IPOs) have become more bulky, while also become less informative. I argued that some of this disclosure complexity could be attributed to the law of unintended consequences, with good intentions driving […]
A few weeks ago, I valued Zomato, the Indian online food delivery company, just prior to its IPO, and argued that the excitement about its potential was tied to the potential for growth in India and the shifting habits of Indian consumers. Since its public offering, Zomato's stock price has reflected that excitement, more than […]
Last year, I wrote a post on ESG and explained why I was skeptical about the claims made by advocates about the benefits it would bring to companies, investors and society. In the year since, I have heard from many on the topic, and while there are some who agreed with me on the internal […]
For the last two decades, China has been the dominant story for both the global economy and capital markets, as the country's immense growth and infrastructure investments have sustained commodity prices, and altered the balance of world economic power. That growth has come (or should have come) with the recognition that in almost every venture […]
Just over a week ago, I valued Zomato ahead of its market debut, and as with almost every valuation that I do on this forum, I heard from many of you. Some of you felt that I was being far too generous in my assumptions about market share and profitability, for a company with no […]
Zomato, an Indian online food-delivery company, was opened up to public market investors on July 14, 2021, and its market debut is being watched for clues by a number of other online ventures in India, waiting in the wings to go public. The primary attraction of the company, to investors, comes not from its current […]
In the last few decades, as disclosure requirements for publicly traded firms have increased, annual reports and regulatory filings have become heftier. Some of this surge can be attributed to companies becoming more complex and geographically diversified, but much of it can be traced to increased disclosure requirements from accounting rule writers and market regulators. […]
UOB Kay Hian (UOBKH) has initiated coverage on Digital Core Reit with a "buy" call, as it sees the pure-play data centre real estate investment trust (Reit) as a key beneficiary to a projected growth in demand for hyperscale data centres in coming years.
CGS-CIMB expects BRC Asia to continue riding on the construction sector's recovery come FY2022, as the easing of border restrictions should see more foreign workers return to Singapore to alleviate the labour shortage situation.
CAPITALAND Integrated Commercial Trust's (CICT) manager on Tuesday (Dec 7) proposed a private placement of about 103.6 million new units at an issue price of between S$1.930 and S$1.981 per new unit to raise at least S$200 million in gross proceeds.
OLAM International (O32) has secured a US$150 million club loan, which could fund the proposed demerger and initial public offering (IPO) of its new operating group Olam Food Ingredients (OFI), which is into natural and sustainable food ingredients and solutions.
WHENEVER yields tick up, the notion that rising long-term interest rates will upend tech's global bull market leadership swirls wildly. Yet, historically, tech has outperformed the broad market when yields climb. And at this point, multiple other forces dictate tech's run isn't done.
DIGITAL Core Reit closed some 14.8 per cent higher than its initial public offering (IPO) price of US$0.88 at US$1.01 on Monday (Dec 6), as it made its trading debut on the mainboard of the Singapore Exchange (SGX).