Hints and tips:
...Blackstone in September became the first private equity group to be included in the S&P 500 index and its rivals Apollo Global and KKR are hoping they are not far behind....
...The fund, which has around $9.5bn in assets, describes itself as an expert in “event driven, distressed credit and special situation opportunities”....
...(Another was the liability-driven investing strategies that blew up in UK pension funds last autumn.)...
...managers, service providers and regulators including, Asian Development Bank, The Stock Exchange of Thailand (SET), Allianz Global Investors and many more....
...managers, service providers and regulators including, Asian Development Bank, The Stock Exchange of Thailand, Allianz Global Investors and many more....
...Then the P&L looks something like this: AMC is suddenly profitable! The retail investor, by providing the company with cheap capital, has bootstrapped the company back into the black....
...He writes after news last month that L Catterton, a private equity fund backed by LVMH (owner of Louis Vuitton, Givenchy and Marc Jacobs, among others) bought a majority stake in the shoemaker for €4bn....
...(FT) America’s unsettled Asian allies Since Donald Trump’s election, Washington’s Asian allies have worried that his transactional foreign policy could see their interests sidelined — and that the regional...
...This is however negligible in the wider context of the P&L and the land bank, with the impact on future gross margin of 17bps small and which will likely be mitigated....
...Banks could see cost of equity driven re-rating: we see a combination of unprecedented fiscal/monetary and regulatory support and the proposed recovery fund as catalysts to drive risk premia lower....
...Since 2016, we estimate the Kingfisher P&L has had an £81m transactional benefit from weaker sterling. FX could become a headwind once trade talks are agreed (or not)....
...Homeowners having more time with events/holidays being cancelled, 2. More household cash and 3. Increased focus on the home, reversing some L-T adverse trends....
...The plot’s being driven by TikTok....
...Jupiter funds account for £700m of the redemptions, with Merian funds driving the rest....
...Our forecasts assume the full £500m is invested in land in FY20, and that the benefit in the P&L is seen later 2022 but to a larger extent in FY23....
...In this sense, it would have made this bear market very similar to previous ‘event-driven’ bear markets in history,” GS says. So ... buy the rally? Good lord no!...
...What happens further down the P&L is largely a question of capital structure, but it appears most will be either loss-making or make only marginal PBT....
...First a macro event that causes rising inflation expectations and yield curves; second a risk event, where a shift in the perception of business risk of an industry(s) causes investors to reassess the acceptableness...
...Global equity funds suffered big outflows of $4.7bn while US and Euro HY credit funds had $6.9bn and $2.3bn of outflows respectively....
...underpenetrated Asian markets....
...Asia Life reported a 3% beat to consensus estimates, driven by strong growth outside of Hong Kong, US Life (3% beat) was driven by favourable DAC deceleration and Eastspring (4% beat) driven by strong revenue...
...With Fed Funds now in the 1-1.25% range it feels a little like the flood defences to zero have seen a big erosion over the last 24 hours....
...FY19 results last week also indicated that 2H19 saw a – frankly – VAST uptick in NGP investment through the P&L. BAT invested an incremental £700m+ in NGPs in 2019, of which ~£600m came in 2H19....
...Overall, while the stock trades on only 0.25x P/TBV there remains no visibility on when it will generate sustainable profits....
...But when everything explodes, your P&L explodes with it, and that is what we are currently living through....
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