Coinbase (COIN)

Financials

Abacus Research

COIN and all other companies in crypto are a waste of time unless you are convinced that crypto itself will go mainstream. Robert Graham-Brown thinks it will, with utility technology waiting for its moment in the sun. His latest report includes key takeaways, such as stablecoins being very important for the likes of COIN and that AI agents and crypto were made for each other. With potentially clearer legislation on the way, especially from a Trump administration, alongside a growing appetite for crypto, Robert sees the likes of COIN being able to generate similar returns to owning crypto, with a potential upside of +55%.

- 07 February, 2025

Crude gets a prop from polar vortex

Vanda Insights

It was an expectedly slow start to 2025, but crude caught the eye by bouncing out of its narrow range of the past nine weeks. Brent futures flirted with levels well above $76/barrel in intraday trading through Friday. Vandana Hari noticed some news reports attributing the bounce to Chinese manufacturing PMI in December and the US Energy Information Administration reporting a fifth consecutive weekly drawdown in crude stocks. It was neither. The supportive factor for crude was some bullishness in the European gas and diesel markets as the region braces for a colder-than-normal January. It has also ran down its gas storage faster-than-usual in December, lost about 15bn cubic metres per day of Russian pipeline natural gas supply via Ukraine, and is experiencing dunkelflaute, a period of low intensity of the sun and wind, which causes a sharp drop in renewable power generation.

- 10 January, 2025

$400bn spent on datacentre AI chips in 2027? Is it possible?!

Technology

New Street Research

The mother-of-all sanity checks - Lisa Su (CEO of Advanced Micro Devices) pitched late last year a total addressable market for datacentre AI chips of $400bn, New Street looks to make sense of this number. In the first of what will be a number of pieces on this theme, they estimate the total datacentre capex, the opex required to run such an AI infrastructure, the revenues required to justify the investment, and, last but not least, what industry revenues and capex would need to look like to support all this.

- 12 January, 2024

Japan: Land of the rising sun

Musha Research

Japan may be the brightest of major economies in both politics and the economy, according to Ryoji Musha. Even though Kishida administration’s approval rating has fallen, its base of power is solid. The economy’s robust performance stands out amidst the downward revisions in China and the Eurozone. Investors around the world have developed an attitude of neglect for Japan over the last 30 years, that is until recently; the chart shows the multiple of TOPIX vs the S&P500, which has seen a recent and rapid increase to 0.54x. Ryoji points to the transformation stemming from evolving attitudes in initiative-taking and major changes in the geopolitical environment. Japan’s time has come.

- 10 November, 2023

Canadian Banks

Financials

Veritas Investment Research

Rising risks trump rising rates - Nigel D’Souza expects market sentiment to shift over the coming months as slowing economic growth and elevated credit risk outweighs the benefit of higher NII. Ahead of this inflection point, Nigel is lowering his sector forward P/E multiple for Canadian banks to 10.6x (NB assuming a pre-pandemic PCL ratio, it currently stands at 13.5x, the highest multiple since the GFC). He downgrades Scotiabank, CIBC, National Bank, RBC and TD Bank to Sell. If you are taking money off the table in banks, consider moving it to the insurers. Nigel continues to pound the table on Manulife Financial and recently upgraded Sun Life and Great-West Lifeco to Buy.

- 18 February, 2022

Precious Metals: Could they still have their day in the sun?

Eric Fill points out that despite a big jump in front-end yields and a generally higher USD, precious metals have actually held up well. Certainly, very negative real yields have undoubtedly been supportive. Now, however, there are signs that precious metals are starting to twitch like a reanimated Frankenstein, as Halloween approaches. This is especially noticeable vs. DM currencies like the EUR and the JPY; are these the first signs of a potential broad based precious metals run?

- 29 October, 2021

Storm Research - Japan Small Cap Conference: 28th Sept - 1st Oct

Storm Research

A small selection of high growth, high return, uncovered companies that Storm Research believes can make the journey from small to mid to large cap. It is a unique list, encompassing a broad spectrum of models, from regenerative medicine to waste disposal & energy cost management to DX facilitation.

Companies presenting: CareNet (2150); WILLs (4482); CellSource (4880); Midac (6564); LTS (6560); Sun* (4053); gremz (3150); & MSOL (7033).

Click here to register.

- 17 September, 2021

IPO Equity Research: Aequitas’ impressive 74% hit rate

Aequitas Research

Aequitas is a leading ECM research firm with a focus on IPOs and placements across the Asia Pacific. Since 2015, they have covered 600+ IPOs and 750+ placements with an accuracy rate of 74% and 67% respectively. Recent coverage includes:

Helen’s Intl (IPO Hong Kong) - Selling cheap drinks but at an expensive valuation.
Simplex Holdings (Pre-IPO Japan) - Steady top line growth but appears to be at peak margins.
Aditya Birla Sun Life AMC (Pre-IPO India) - Strong profit growth but losing market share.

- 03 September, 2021

Japan: Land of the Falling Sun

Andrew Hunt Economics

The nation has suffered two shocks in the form of the 2019 consumption tax hike and the pandemic. The economy is flatlining and monetary conditions are tightening at the margin, and Andrew Hunt can’t help but think this is “the straw that broke the camel’s back”. Expect little economic growth for the foreseeable future. the high domestic saving level will create a gentle appreciation of JPY, although the BoJ will be pressured to find a way to ease. Andrew doesn’t see the BoJ succeeding in getting 10-year yields down to its 20bp target this year.

- 20 August, 2021

Sulzer (SUN SW) Switzerland

Industrials

Ongoing margin recovery bodes well for earnings upgrades heading into H2 - plenty of potential in the Pumps division’s oil and gas business as the year progresses; while the Chemtech business should also improve markedly as global regions such as Europe and the Middle East that have been subdued due to the pandemic continue to grow. Other bull points include SUN's continued diversification into less cyclical areas and its proposed IPO of APS which should help to unlock significant shareholder value. 12-month TP CHF 140.00.

- 28 May, 2021