Financial Services / Research

Research Approach

Our proprietary research centers on high yield and distressed situations. We employ all of our deep connections and relationships to bring the power of information to our clients’ decisions.

In investigating high yield opportunities, APS Financial’s seasoned analysts conduct extensive fundamental research, including a detailed review and analysis of the company’s financial statements and other corporate filings. These research professionals do extensive analysis of the company’s financial position and trends, its business outlook, as well as its competitive position.

In addition, the management’s capabilities are accessed. The analyst typically has in-depth discussions with the management, and does, on occasion, conduct on-site visits. APS Financial’s analysts accesses the upside opportunity and the downside risks in the company’s high yield debt, and possible events—and their probabilities—that may trigger price movements.

The company’s prospects, liquidity situation, ability to make interest payments and bankruptcy risks are all assessed. Additional investment considerations are opportunities in the company’s capital structure (capital structure arbitrage) and relative value when compared to other like issues (i.e., comparisons to other high yield issues in the respective industry). APS Financial also considers default/reorganization situations that can sometimes provide upside opportunities when the high yield debt is successfully converted to equity.

Our published research reports are located in our ideas & insights section. We publish summaries of our reports to this section. For detailed reports, contact us.