RESEARCH SERVICES

TAILOR EQUITY RESEARCH

The formation of Penserra’s equity research is differentiated by its cutting-edge technology platform and unique approach. Early in the development of Penserra’s research product, the firm decided to go away from traditional research approaches.  This decision in part was based on the fact that despite massive changes to the investment industry (Reg FD, the Global Settlement, technology advancements and more) there had not been an equal transformation of the main-stream investment research approach. Although, this traditional approach has its value, it is also well covered and adopted by the sell-side research community. We believe asset managers are looking for more than another analyst to provide their opinion of where a stock is heading and we invested in a different, more value-added approach. Ultimately, investment managers make decisions on whether to buy, sell or hold a stock based on their own insights and analysis.  Unique market intelligence that provides insights on the catalysts that will move stock price, in the long or short-term, is truly what investment managers find valuable. Penserra can provide these insights using a technology platform that was developed over several years. The platform enables us to reach many people very quickly with insights.  Insights may include how a new product launch is doing; how recent price changes have affected sales; what a customer thinks about recent corporate changes, and much more. The data received from these people is vetted and run through an algorithm that enhances the data and insights.  Over time, the algorithms enhance the quality of the data, to ensure a level of accuracy that is unmatched by other providers. Many buy and sell-side firms like market intelligence provided through surveys and other means, but do not want to make the gathering and analysis of this information a core competency.  Penserra has chosen to do so, by investing in a truly revolutionary technology and approach.  The investment community can now concentrate on its core competencies. Because Penserra’s technology provides scalability, we can customize the research to our customer’s unique questions and needs.  This customized approach provides proprietary knowledge that can give an investment manager a unique competitive edge while still being compliance friendly. In fact, compliance friendly research is one of Penserra’s core competencies. We do not provide executive or senior level insights from people inside or outside a target firm. Nor do we provide one-on-one access to the people. Rather, Penserra uses a mosaic approach to research, whereby no one source (respondent) has meaningful information.  It is only through the collection of many data points and a process of data concatenation and analysis that meaningful insight is derived and becomes actionable.  Our respondents often represent third-party distribution channels, at the lowest level of the organization, but with great knowledge of customer’s opinions and trends.

EVENT-DRIVEN RESEARCH

Our goal is to discover imbalanced risk/reward situations where atypical corporate structures or voluntary corporate actions create value. Areas of Focus (Globally)

  • Mergers
  • Warrants
  • Spinoffs
  • Splitoffs
  • Tenders(Straight and Dutch)
  • Stock Swaps
  • Multi Class Securities (Track over 200)
  • Dual Listed Corporations

These situations are generally not straight forward and transparent. Recently, bankers are becoming more creative in packaging these atypical deals, often layering in various products with different pricing mechanisms. These events offer a zero-sum pay off matrix where one investor’s loss is another’s gain. Herein lies the value of understanding the deals in their entirety to ensure you are not the investor leaving alpha on the table.

COMPETITIVE EDGE

Penserra has the ability to dissect the entire deal in its entirety. Our insight to understand how the insiders, institutional holders, retail holders and arbitrage traders are participating on these deals allows Penserra to construct an optimum strategy for the client to exploit their own competitive edge.

For more information, please contact George Schmilinsky at george.schmilinsky@penserra.com

TOPICS OF INTEREST