글로벌 인사이트: Standard Capital
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Standard Capital은 미국을 포함한 전 세계에서 투자 기회를 탐색하는 해외주식 리서치 채널입니다.
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3. 이러한 Softening은 RHPI(Redfin Home Price Index)를 보면 더 극명해짐. 2023년 금리인하발 조정장을 우선 맞고 이후 공급 부족으로 다시 가속화되던 가격 상승이 최근 주춤해지는 양상을 보이고 있음.
4. Redfin Active Listings와 MBA Mortgage Market Index/Purchasing Index

주택 가격 말고 주택 '거래 시장'이 굉장한 바닥임은 자명함. 그런 상황에서 금리 인하 기대감과 기존 주택 매물 및 거래량 증가로 인한 주택 가격의 Softening이 같이 일어난다고 믿는다면 이제는 '비싼 신규 주택'을 파는 기업뿐 아니라 '거래 시장'에서 수혜 입을 기업을 봐야 할 턴.
5. RDFN/RMAX LTM Revenue & Operating Income

* RDFN의 매출 급감은 House Flipping 사업 중단으로 인함

그 예시로 들 수 있는 기업이 이 두 개임. 이들은 계약 관계인 부동산 에이전트로부터 수수료를 수취하는게 주된 사업(단순히 생각하면 규모 큰 부동산 중개업자).

때문에 이들의 실적은 기존 주택 판매에 더 큰 영향을 받는다고 볼 수 있음. 최근 드라마틱하게 빠진 주택 매물이나 거래 건수 대비 비싸진 잡값 덕분에 수수료가 오른 효과로 매출 하락은 다소 상쇄되고 있음. 이런 상황에서 주택 거래량 상승 반전시 실적에 매우 긍정적일 것.
참고 1. House Flipping -> 집을 매수하고 인테리어 등 개수를 거친 뒤 단기간 내에 매각해 시세 차익을 얻는 부동산 투자 전략
참고 2. 작성자는 언급된 종목 중 RMAX를 소량 보유중입니다.
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최근 산업 뉴스 관련해서 업데이트 글

최근 뉴스에 대해서 기존에 다뤘던 내용들을 같이 다뤘습니다.

https://blog.naver.com/aoqek2/223577855175
마리오 드라기: "투자해라 EU"

-> Europe will need to boost investment by about 5 percentage points of the bloc’s GDP — a level not seen in more than 50 years — in order to transform it

-> “Europeans need to understand that defense is not an answer, it’s just a temporary answer,” Alicia Garcia Herrero, economist at Natixis, speaking to Guy Johnson and Kriti Gupta on Bloomberg TV.

-> The four largest emission-intensive industries in the EU, such as chemicals and metals, will require €500 billion over the next 15 years in order to decarbonize... transport investment will amount to €100 billion every year between 2031 and 2050.

https://www.bloomberg.com/news/articles/2024-09-09/draghi-says-eu-in-danger-without-massive-spending-and-joint-debt
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(지난소식)
미 2025 국방예산 소요목적별
생물보안법 압도적 찬성

The bill, approved by a vote of 306 to 81, now goes to the Senate.

The legislation which passed the House Oversight Committee 40-1 in May, would affect five companies to start: BGI Group, BGI spinoffs MGI Tech and MGI’s US subsidiary Complete Genomics, WuXi AppTec, and WuXi Biologics.
Fake Songs Made Real Money

스포티파이 쌀먹이라...
참신하고 기똥차네요

-> SMITH created thousands of accounts on the Streaming Platforms (the “Bot Accounts”) that he could use to stream songs. He then used software to cause the Bot Accounts to continuously stream songs that he owned. At a certain point in the charged time period, SMITH estimated that he could use the Bot Accounts to generate approximately 661,440 streams per day, yielding annual royalties of $1,207,128.

https://www.bloomberg.com/opinion/articles/2024-09-09/fake-songs-made-real-money
Competitive dynamics in focus as US tries to stop Tapestry-Capri merger

태피스트리(TPR)의 카프리홀딩스(CPRI) 인수 방어 위한 FTC 소송 시작. 다음주 중반에 끝날 전망.

태피스트리 측이 57달러 불렀는데 지금 36달러로 하락, 8월 어닝콜에서 인수 의사 여전히 있음을 표명, 작년 말 카프리 인수 위해 발행한 채권 상환 안 한 것도 그 증거.

FTC측 논리는 보급형 명품 점유율 높아져서 중산층의 편익이 침해된다는 것인데, 이미 TPR-CPRI 합산 점유율보다 외국계 기업 점유율이 더 높음.

-> FTC의 논리가 빈약하기 때문에 TPR-CPRI 승소 가능성이 높음. 차익거래 기회로 소소하게 사 볼 만 함.
VC Deals
Rapidus, a Japan-based chip maker, is seeking to raise ¥100 billion (about $696 million) from investors including Toyota Motor, Sony, SoftBank and others, Bloomberg reported.

Boston-based Superluminal Medicines, a startup using generative technology for drug discovery and development, raised a $120 million Series A led by RA Capital Management.

SafetyCulture, a startup developing a workplace safety management platform, raised an £85 million round led by Airtree Ventures.

Abu Dhabi-based fintech startup FlapKap raised $34 million in a pre-Series A led by BECO Capital.

Chai Discovery, a biotech startup using AI for drug discovery, raised a $30 million round from Thrive Capital and OpenAI.

UK mortgage platform Twenty7tec raised £16.5 million from BGF.

PE Deals
NYSE-listed website design platform developer Squarespace is in talks to be acquired by PE firm Permira in a $7.2 billion deal.

TPG is in talks to buy second-hand clothing marketplace Vinted at a €5 billion valuation, the Financial Times reported.

GeBBS Healthcare Solutions, a company developing software for healthcare providers, will be acquired by EQT for over $850 million, Reuters reported.

Permira completed its acquisition of fraud detection company BioCatch at a $1.3 billion valuation

HPS Investment Partners and Accel are planning to increase their stakes in the holding company of the Aston Martin F1 team, giving it a valuation between $1.5 billion and $2 billion, Sky News reported.

LGT Capital Partners invested in Exponent-backed H&MV Engineering, a specialist in high-voltage electrical engineering based in Ireland. The deal values the business at €750 million.

CVC Capital Partners is in talks to invest in The Hundred. a 100-ball cricket tournament involving teams in major cities across England and Wales, The Guardian reported. If it goes ahead, the deal would be the first PE deal of its kind in cricket.

Verity IQ and Campus Ivy, companies creating software solutions catering to students and educational institutions, have received a strategic growth investment from PSG.

Exits & IPOs
ShareFile, which specializes in encrypted file sharing and storage, has agreed to be acquired by Nasdaq-listed Progress Software from current owner Cloud Software Group for about $875 million.

Oman-based OQ Exploration & Production, the exploration unit of state energy firm OQ, is looking to raise around $2 billion in an IPO.

Gulf Capital exited Kuiper Australia, a subsidiary of its portfolio company Kuiper Group, in a carve-out deal. The company is engaged in the outsourcing of labor in the offshore energy sector.

StandardAero, a Carlyle Group-owned company providing aircraft maintenance services, has filed for an IPO.

Fundraising
PE firm Five Point Energy, based in Houston, closed its latest fund on $1.4 billion. The firm targets sustainable infrastructure companies.

Alpha Partners, a VC firm focused on investments that allow VCs to retain ownership in startups they've invested in, raised $153 million for its third fund.