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11-20-19 Greenridge Global Equity Research Issues Updates
Guangdong Land Holdings, Ltd.
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11-4-19 Greenridge Global Equity Research
Issues Coverage Initiation

WE Solutions, Ltd
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10-7-19 Greenridge Global Equity Research
Issues Update

Guangdong Land Holdings, Ltd.
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Cavitation Technologies, Inc. OTCQB (CVAT)
Announces Kickstarter Campaign for
Barmuze Home Device
See Press Release

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10-15-19 Mackie Research issues Speculative Buy Recommendation
Alvopetro Energy, Ltd., TSXV (ALV.V) OTC (ALVOF) 
Target Price $1.15

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9-25-19 Trickle Research Issues allocation Increase
 AzurRx Biopharma, Inc. NASDAQ AZRX 
12-24 Month Price Target $10.25
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Microcap Rodeo Conference
Oct 15-16, Austin Tx
Now Open for Registration
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8-22-19 Trickle Research Initiates Research
 Cavitation Technologies, Inc. OTCQB CVAT 
12-24 Month Price Target $0.10
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9-6-19 Greenridge Global Equity Research Issues Updates
Guangdong Land Holdings, Ltd.
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8-20-19 Canbiola, Inc. (OTCQB:CANB)
Canbiola Reports Second Quarter 2019 Results

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8-7-19 Trickle Research issues update and allocation increase to 6
Camino Minerals Corp  OTC: CAMZF TSXV: COR.V
12-24 Month Price Target $0.90

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Trickle Research issues update and allocation increase to 7
AzurRx Biopharma, Inc.  7-11-19
12-24 Month Price Target $10.25

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6-6-19 Greenridge Global Equity Research
Issues Update
Guangdong Land Holdings, Ltd.
Maintaining rating and Buy target HK$ 4.75
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6-4-19 Trickle Research Issues Allocation Update Report
Summit Wireless Technologies, Inc. Nasdaq (WISA) 
12-24 Month Price Target $9.25

Allocation 5
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4-9-19 Trickle Research Initiates Research
H Source Holdings, Ltd., TSXV (HSI.V) OTCQB (HSCHF) 
12-24 Month Price Target $0.19
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5-20-18 Trickle Research Issues Update Report
Alvopetro Energy, Ltd., TSXV (ALV.V) OTC (ALVOF) 
12-24 Month Price Target $1.10
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4-29-19 Greenridge Global Equity Research Issues Updates
Guangdong Land Holdings, Ltd.
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Chardan Research Earnings Update 4-19-19
  Social Reality Inc. (SRAX)
Target Price $10.00

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  Black Swan Research
Research Coverage 4-19
SMM is now hosting Equity Research and updates from top tier research providers:           
 Trickle Research
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 Consilium Global Research
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Our goal with the Black Swan Connection is to provide our subscribers, investors and financial professional compatriots outstanding investment insight that is a step above and outside of what will normally be found in mainstream financial press. To that end we have brought together seasoned, successful, and some of the brightest professionals in their respective fields to provide the articles and advice that is based on decades of practice in the field.

Breaking News

Feature Article

Searching for a Dead Cat Bounce

By: Dave Lavigne

November 2019

Recall, last month I wrote about the “carnage” amongst many microcap stocks we follow in one context or another, and especially those that are in the unfortunate position of relying on the capital markets to fund continued cash burns as they work towards profitability.  To recap the point, it is as hard as we can ever remember it being for small emerging companies to attract capital, again, especially those that are unprofitable.

To that point, the compression in the shares of many of these companies has been marked, even alarming in some cases. To be fair, some of the compression have been justified by one or more metrics.  For instance, the fact that these companies are burning cash and require additional dilution could on the face (all other things remaining equal) imply lower stock prices. Doing the simple math, setting aside any value we might add to the Company’s underlying valuation because it attracted the working capital to continue advancing the business plan, spreading the same valuation over more shares equates to a lower stock price. In addition, we are not suggesting that all or even many of the stocks taking in on the chin have done so in the absence of poor operating results or other related data points.  Clearly, some of them have performed poorly or at least below expectation, which may certainly justify lower stock prices.

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11-15-19 Greenridge Global Securities Issues Update

WE Enters Commercial EV Production Via JV

WE Enters Commercial EV Production Via JV.  Earlier this week, WE announced it formed a JV to design produce, sell and service New Energy Vehicles in China.  The JV is comprised of Jiangsu Jemmell New Energy Automobile Company Limited (a related company of Jiangsu Jinpeng), GLM and WE.  Jemmell (57% equity) will contribute RMB100,000,000 in cash and RMB300,000,000 in assets that include automobile production facilities and access to Jinpeng’s supply chain and distribution network.  Jinpeng currently markets a variety of lower-end electric vehicles, like scooters and rickshaws.  GLM will contribute RMB200,000,000 of technology, engineering and design, and the GLM brand name for a 29% interest.  WE will contribute RMB65,000,000 in cash and RMB35,000,000 in value of its international assets (Apollo and Ideenion services) for the remaining 14%.  This deal gives WE an effective ownership interest in the JV of roughly 40%, while also showing the value held within GLM’s engineering and design work.  The JV expects to begin commercial production in 2021. 

This deal is significant in several regards.  First, it validates the business model management has moved WE towards, from developing and marketing its own vehicles to providing outsourced services and taking, in some cases, taking equity in lieu of full upfront fees.  Second, it assigns value to GLM for how it values GLM’s designs and the GLM brand name, which could become a more valuable asset if these vehicles sell well.  Finally, the deal requires a relatively small cash outlay for a business that could rapidly become a large contributor to Net Profit in the near future. 

Model Update.  This deal more or less validates the Company’s business plan and the early stages of growth in our model.  As a result, we have made no changes to our model. 

Maintaining Rating & Target.  After a validating JV announcement, we are reiterating our Buy rating and HK$0.75 target price on WE Solutions Limited.  Our target price is based on a P/E multiple of 17 times our fiscal 2021 Diluted EPS estimate of HK 5.22 cents, discounted one year at 15%.  We again note that our model assumes Ideenion’s consideration shares will be issued at HK$0.52 and not a likely higher price which would result in less shares being issued.


InvestorsHub News Wire:



Weekly Update: Dec 6th, 2019

Breaking News

Yahoo Finance Dec 6-19

Hard to Argue with Success, whether you like the guy or not

The U.S. economy just gave Trump leverage

The blockbuster November jobs report will give President Trump leverage in negotiations with China, says Hercules Investments CEO James McDonald. He spoke with Yahoo Finance's Alexis Christoforous, Myles Udland, Jared Blikre and Gregory Daco, Oxford Economics Chief U.S. Economist.

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11-20-19 Greenridge Global Securities Issues Update
Guangdong land Holdings (HK 124)

Main Contractor Selected for Southern Land of GDH City

Main Contractor Selected For Southern Land.  On Monday, GDL announced it selected China Construction Eighth Engineering Division Corp. Ltd. as the main contractor for the construction of the Southern Land buildings of GDH City.  This contractor is also constructing the Northern Land, which is appropriate given the connected nature of the North and Southern Lands.  Work to be completed under the agreement includes the office tower, basement and commercial shopping buildings works, including steel structure and roofing; waterproofing and drainage; electrical, air conditioning, and ventilation prefabrication; and decorative and fitting-out work, among other tasks.  The total value of the agreement is roughly HK$700 million, which falls in line with our estimate for construction of this portion of GDH City.  Construction of GDH City is still expected to be fully complete in 2023.

HK Office Lease Renewal.  On Monday, GDL renewed the lease for its Hong Kong office for an additional three years.  The Company will continue to occupy the entire 18th floor of the Guangdong Investment Tower, paying HK$271,000 per month.  GDI [HK: 270] is the owner of the building and majority shareholder of GDL. 

Model Update.  The budgeted amount for the Southern Land contractor falls within our estimate, resulting in no changes being made to our model.  

Maintaining Rating & Target.  With additional clarity on the cost and timing of the GDH City project and no changes to our model we are reiterating our Buy rating and HK$4.00 target price on Guangdong Land Holdings.  We continue to note the significant discount the stock is trading at relative to the value of its portfolio, which is highlighted by the GDH City project that continues to move on budget and on schedule.  Our target price is based on our DCF model that covers GDL’s entire project portfolio, discounted at 6.5%.

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