The first quarter of 2021 has been, for the most part, a good time for equity markets, but there have been surprises. The first has been the steep rise in treasury rates in the last twelve weeks, as investors reassess expected economic growth over the rest of the year and worry about inflation. The second […]
What is a hurdle rate for a business? There are multiple definitions that you will see offered, from it being the cost of raising capital for that business to an opportunity cost, i.e., a return that you can make investing elsewhere, to a required return for investors in that business. In a sense, each of […]
There are three topics that you can write or talk about that are almost guaranteed to draw a audience, stocks (because greed drives us all), sex (no reason needed) and salvation. I am not an expert on the latter two, and I am not sure that I have that much that is original to say […]
I generally try to stay out of fights, especially when they become mud-wrestling contests, but the battle between the hedge funds and Reddit investors just too juicy to ignore. As you undoubtedly know, the last few days have been filled with news stories of how small investors, brought together on online forums, have not only […]
In my last post, I described the wild ride that the price of risk took in 2020, with equity risk premiums and default spreads initially sky rocketing, as the virus led to global economic shutdowns, and then just as abruptly dropping back to pre-crisis levels over the course of the year. As stock and bond […]
Investors are constantly in search of a single metric that will tell them whether a market is under or over valued, and consequently whether they should buying or selling holdings in that market. With equities, the metric that has been in use the longest is the PE ratio, modified in recent years to the CAPE, […]
As we approach the turn of the calendar year, I have my own set of rituals that prepare me for the new year. Last week, was my data week, where I download and analyze data on all publicly traded companies, listed anywhere in the world, and I will post extensively on what the numbers look […]
I spent the first week of 2021 in the same way that I have spent the first week of every year since 1995, collecting data on publicly traded companies and analyzing how they navigated the cross currents of the prior year, both in operating and market value terms. I knew that this year would be […]
On Monday, November 16, Airbnb filed it’s preliminary prospectus with the SEC, starting the clock on its long awaited initial public offering. On the same day, rising COVID cases caused more shut downs and restrictions around the world, creating a clear disconnect. Why would a company that derives its value from short term rentals by […]
KEPPEL Corporation said on Friday that its wholly-owned subsidiary Keppel Shipyard, is in advanced discussions with Petrobras for a contract to build a floating production storage and offloading vessel for the Buzios field off Brazil.
THAI Beverage Public Co (ThaiBev) said it will defer the proposed spin-off and listing of its subsidiary BeerCo on the Singapore Exchange "in view of the current uncertain market conditions and volatile outlook, aggravated by the worsening Covid-19 pandemic in Thailand and other countries".
ST ENGINEERING (STE) announced on Friday that it has secured a contract to provide 96 sets of platform screen doors for all four new underground stations on Queensland's Cross River Rail, which is the Australian state's largest public infrastructure project.
THE Straits Times Index (STI) rose 16.99 points or 0.53 per cent to 3,201.76, culminating in a 0.5 per cent incline over the week. Some 1.57 billion securities worth S$1.27 billion changed hands, and advancers outnumbered decliners 282 to 183.
ASEAN saw a total of 23 initial public offerings (IPOs) raising US$2.4 billion in the first quarter of 2021, down from the 32 listings raising US$3 billion over the same period last year, according to an Ernst & Young (EY) press statement on Thursday.