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

Broad global indexes (MSCI ACWI, ACWI ex-U.S., and EAFE) are showing signs of bottoming due to positive short-term price inflections topside their respective downtrends. Additionally, cyclical Sectors Technology, Consumer Discretionary, and Manufacturing exhibit early signs of price and RS bottoms throughout Europe, Japan, and EM.  In today’s report we highlight attractive and actionable opportunities within these cyclical Sectors, and provide a technical appraisal of major global indexes.

Broad global indexes (MSCI ACWI, ACWI ex-U.S., and EAFE) are showing signs of bottoming due to positive short-term price inflections topside their respective downtrends. Additionally, cyclical Sectors Technology, Consumer Discretionary, and Manufacturing exhibit early signs of price and RS bottoms throughout Europe, Japan, and EM.  In today’s report we highlight attractive and actionable opportunities within these cyclical Sectors, and provide a technical appraisal of major global indexes.

Global Equity Strategy: Global Outlook Improving

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<a href="https://www.smartkarma.com/entities/11891" target="_blank" data-smartkarma-citation="entities:11891:1">Restaurant Brands Nz (RBD NZ)</a> <a href="http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/RBD/325456/288806.pdf" target="_blank">announced</a> the receipt of a non-binding indicative approach from Finaccess Capital, S.A. de C.V. (“Finaccess”) to acquire up to 75% of RBD’s shares by way of a partial takeover Offer at NZ$9.45/share, in cash.   
The proposal is pitched at a 24% premium to the undisturbed price and values RBD at NZ$1.18bn.
RBD is the franchise manager of KFC stores in New Zealand and Australia, Pizza Hut in New Zealand and Hawaii, Taco Bell in Hawaii, and 22 Starbucks stores. Via its controlling interest in AmRest, Finaccess operates 1,100 fast food and casual dining restaurants in 13 countries with the KFC, Pizza Hut, Burger King and Starbucks brands under its model. 
As the price offered in the proposal is subject to adjustment for any dividend paid by RBD, no interim dividend in respect of the FY19 financial year will be declared at this time.
Although the Offer is indicative, this is a space in which Finaccess is familiar and it has undoubtedly run a ruler over RBD's numbers. It's now a question of RBD's Board agreeing on terms before moving to the next stage. 
If Finaccess does proceed to make a takeover, the Offer would be subject to various conditions, including OIO consent and receiving approval from certain subsidiaries of <a href="https://www.smartkarma.com/entities/984" target="_blank" data-smartkarma-citation="entities:984:1">Yum! Brands Inc (YUM US)</a>.

Restaurant Brands Nz (RBD NZ) announced the receipt of a non-binding indicative approach from Finaccess Capital, S.A. de C.V. (“Finaccess”) to acquire up to 75% of RBD’s shares by way of a partial takeover Offer at NZ$9.45/share, in cash.   
The proposal is pitched at a 24% premium to the undisturbed price and values RBD at NZ$1.18bn.
RBD is the franchise manager of KFC stores in New Zealand and Australia, Pizza Hut in New Zealand and Hawaii, Taco Bell in Hawaii, and 22 Starbucks stores. Via its controlling interest in AmRest, Finaccess operates 1,100 fast food and casual dining restaurants in 13 countries with the KFC, Pizza Hut, Burger King and Starbucks brands under its model. 
As the price offered in the proposal is subject to adjustment for any dividend paid by RBD, no interim dividend in respect of the FY19 financial year will be declared at this time.
Although the Offer is indicative, this is a space in which Finaccess is familiar and it has undoubtedly run a ruler over RBD's numbers. It's now a question of RBD's Board agreeing on terms before moving to the next stage. 
If Finaccess does proceed to make a takeover, the Offer would be subject to various conditions, including OIO consent and receiving approval from certain subsidiaries of Yum! Brands Inc (YUM US). 

Finaccess Serves A Partial Offer for Restaurant Brands

New Zealand

Restaurant Brands New Zealand Limited operates fast food restaurant chains in New Zealand & Australia. The Company operates close to 300 stores which operate under the KFC, Pizza Hut and Starbucks restaurant names.

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Restaurant Brands NZ (RBD NZ)

Global Equity Strategy: Global Outlook Improving

Broad global indexes (MSCI ACWI, ACWI ex-U.S., and EAFE) are showing signs of bottoming due to positive short-term price inflections topside their...

Vermilion Research

Finaccess Serves A Partial Offer for Restaurant Brands

Restaurant Brands Nz (RBD NZ) announced the receipt of a non-binding indicative approach from Finaccess Capital, S.A. de C.V. (“Finaccess”) to...

David Blennerhassett

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