Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform using the Discovery Tool.  See the attached report for a complete list of our recommendations from this list.

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform using the Discovery Tool.  See the attached report for a complete list of our recommendations from this list.

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Thematic (Sector/Industry)

Following the announcement of the Chinese central bank’s required reserve ratio, or RRR, cut of 50 basis points, effective July 5, we retain our fair value estimates for the Chinese banks we cover, as the positives of liquidity injections are largely offset by downward pressures on credit quality, in our view. Chinese banks under our coverage are trading at three-year lows on our valuation level of 0.4-0.8 times forward price/book, except for <a href="https://www.smartkarma.com/entities/10987" target="_blank" data-smartkarma-citation="entities:10987:1">China Merchants Bank H (3968 HK)</a>. This is…

Following the announcement of the Chinese central bank’s required reserve ratio, or RRR, cut of 50 basis points, effective July 5, we retain our fair value estimates for the Chinese banks we cover, as the positives of liquidity injections are largely offset by downward pressures on credit quality, in our view. Chinese banks under our coverage are trading at three-year lows on our valuation level of 0.4-0.8 times forward price/book, except for China Merchants Bank H (3968 HK). This is…

Positives of RRR Cut Are Likely to Be Offset by Rising Credit Quality Pressures as Economy Weakens

Independent Insight Provider

Stewart Paterson

A recent Bloomberg article titled "China's about to give global finance the chance of a lifetime" made me smile. In the article Bloomberg predicts that in the thirteen years between 2017 and 2030 foreign bank assets will rise from RMB 3.2 Trillion to RMB 18.8 Trillion (a CAGR of 15%) taking their market share from 1.3% to 3.1%. The underlying assumption seems to be that total bank assets will grow at a CAGR of 7%. Given bank assets currently equal about 3x GDP, one assumes that 7% is also the…

A recent Bloomberg article titled "China's about to give global finance the chance of a lifetime" made me smile. In the article Bloomberg predicts that in the thirteen years between 2017 and 2030 foreign bank assets will rise from RMB 3.2 Trillion to RMB 18.8 Trillion (a CAGR of 15%) taking their market share from 1.3% to 3.1%. The underlying assumption seems to be that total bank assets will grow at a CAGR of 7%. Given bank assets currently equal about 3x GDP, one assumes that 7% is also the…

Money Matters: Chinese Financial System Opening Up- The Chance of a Lifetime?

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

The largest four banks in China have an implicit guarantee from the government; are ubiquitous across the country; have a huge and sticky low-cost deposit base; and are considered the cornerstone of the country’s banking system. Growth in funding costs in the latest year at these four banks is pedestrian at +6% YoY. They operate in a different realm to city and regional banks. Average funding costs rose 29% last year for China’s 23 other banks. Even this belies the 40-72% growth in funding for…

The largest four banks in China have an implicit guarantee from the government; are ubiquitous across the country; have a huge and sticky low-cost deposit base; and are considered the cornerstone of the country’s banking system. Growth in funding costs in the latest year at these four banks is pedestrian at +6% YoY. They operate in a different realm to city and regional banks. Average funding costs rose 29% last year for China’s 23 other banks. Even this belies the 40-72% growth in funding for…

China Banks – Radical Divergence in Funding Cost Growth

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

Agricultural Bank Of China / Equity Bottom-Up

* Well-Orchestrated Capital Raise Coupled With More Regulatory Forbearance: Agricultural Bank of China (1288.HK) [ABC] announced plans on raising USD 15.8 bn in fresh equity concurrent with the China Bank Regulatory Commission’s (CBRC) new guidelines for commercial banks to expand their use of perpetual capital bonds, tier-2 capital with conversion features, convertible bonds, and total loss-absorption capacity (TLAC) instruments.* In Mainland China, You Can Never Have Enough Capital: By our…

* Well-Orchestrated Capital Raise Coupled With More Regulatory Forbearance: Agricultural Bank of China (1288.HK) [ABC] announced plans on raising USD 15.8 bn in fresh equity concurrent with the China Bank Regulatory Commission’s (CBRC) new guidelines for commercial banks to expand their use of perpetual capital bonds, tier-2 capital with conversion features, convertible bonds, and total loss-absorption capacity (TLAC) instruments.* In Mainland China, You Can Never Have Enough Capital: By our…

Agricultural Bank of China - Capital Overhang Persists

China

Agricultural Bank of China Limited provides a full range of commercial banking services. The Banks services includes RMB and foreign currency deposit, loan, international and domestic settlement, bill discount, currency trading, bank guarantee, and treasury bill underwriting.

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Agricultural Bank Of China (1288 HK)

Popular Stocks, Attractive Charts

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform...

Vermilion Research

Positives of RRR Cut Are Likely to Be Offset by Rising Credit Quality Pressures as Economy Weakens

Following the announcement of the Chinese central bank’s required reserve ratio, or RRR, cut of 50 basis points, effective July 5, we retain our...

Morningstar, Inc.

Money Matters: Chinese Financial System Opening Up- The Chance of a Lifetime?

A recent Bloomberg article titled "China's about to give global finance the chance of a lifetime" made me smile. In the article Bloomberg predicts...

Stewart Paterson

China Banks – Radical Divergence in Funding Cost Growth

The largest four banks in China have an implicit guarantee from the government; are ubiquitous across the country; have a huge and sticky low-cost...

Daniel Tabbush

Agricultural Bank of China - Capital Overhang Persists

* Well-Orchestrated Capital Raise Coupled With More Regulatory Forbearance: Agricultural Bank of China (1288.HK) [ABC] announced plans on raising...

Thomas J. Monaco

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