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

<ul>
<li>We are downgrading our long-term outlook to neutral (had been bullish since early-November 2023) due to rapidly deteriorating market dynamics</li>
<li>We still believe the S&amp;P 500 is going through a 1- to 4-month consolidation phase, but odds have increased that this consolidation phase could be a topping pattern.</li>
<li>SPX is initially holding at 5100-5191 as discussed last week, but we're not interested in knife-catching or picking a bottom, want to see stabilization/price discovery before adjusting our still-defensive posture.</li>
</ul>


We are downgrading our long-term outlook to neutral (had been bullish since early-November 2023) due to rapidly deteriorating market dynamics
We still believe the S&amp;P 500 is going through a 1- to 4-month consolidation phase, but odds have increased that this consolidation phase could be a topping pattern.
SPX is initially holding at 5100-5191 as discussed last week, but we're not interested in knife-catching or picking a bottom, want to see stabilization/price discovery before adjusting our still-defensive posture.


Downgrading Outlook on $SPX; Upgrading Real Estate and Staples. Many Significant Risk-Off Signals

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Philip Morris International / Equity Bottom-Up

<ul><li>Philip Morris International has presented its 2024 first-quarter results, revealing significant strides in revenue and operating income facilitated by robust volume growth and effective operational execution.</li><li>The company has demonstrated a marked improvement in its performance across various sectors, including both its traditional combustible products and newer, smoke-free alternatives.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Philip Morris International has presented its 2024 first-quarter results, revealing significant strides in revenue and operating income facilitated by robust volume growth and effective operational execution.The company has demonstrated a marked improvement in its performance across various sectors, including both its traditional combustible products and newer, smoke-free alternatives.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Philip Morris International Inc.: Is The Focus on Smoke-Free Product Portfolio Paying Off? - Major Drivers

Independent Investment Research & Investor, Maverick Equity Research

Maverick Equity Research

Independent Investment Research & Investor

Independent Investment Research & Investor: value, dividend and growth stocks. Risk management & hedging for an all weather portfolio.

Thematic (Sector/Industry)

<ul><li>Zooming out first for a big picture perspective - helpful away from the news &amp; chatter:</li><li>Bears Make Headlines &amp; Lose Money, Bulls Make Money! As always … !</li><li>The bear case sounds very smart very often, only problem is, it’s quite rarely right … !</li></ul>

Zooming out first for a big picture perspective - helpful away from the news &amp; chatter:Bears Make Headlines &amp; Lose Money, Bulls Make Money! As always … !The bear case sounds very smart very often, only problem is, it’s quite rarely right … !

The S&P 500 Report: Performance, Profitability, Sentiment & More - #Ed 5

<ul><li>Philip Morris International (PMI), the world's largest tobacco company, delivered a strong operating performance in 2023, marking its third consecutive year of positive volumes and high single-digit organic top-line growth propelled by smoke-free products.</li><li>The smoke-free products, particularly the IQOS business and ZYN, mitigated significant drag from traditional combustibles, underlining PMI's strategic shift towards less harmful alternatives to traditional cigarettes.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Philip Morris International (PMI), the world's largest tobacco company, delivered a strong operating performance in 2023, marking its third consecutive year of positive volumes and high single-digit organic top-line growth propelled by smoke-free products.The smoke-free products, particularly the IQOS business and ZYN, mitigated significant drag from traditional combustibles, underlining PMI's strategic shift towards less harmful alternatives to traditional cigarettes.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Philip Morris International: Acquisition of Swedish Match

<ul><li>Philip Morris International delivered mixed results for the previous quarter, with revenues above analyst expectations but below-par earnings.</li><li>The company reported a robust and better-than-expected performance in Q3, with significant contributions from IQOS and ZYN.</li><li>Philip Morris continued its positive trend in total volumes, achieving over 2% growth in Q3, positioning them to realize their third consecutive year of growth.</li></ul>

Philip Morris International delivered mixed results for the previous quarter, with revenues above analyst expectations but below-par earnings.The company reported a robust and better-than-expected performance in Q3, with significant contributions from IQOS and ZYN.Philip Morris continued its positive trend in total volumes, achieving over 2% growth in Q3, positioning them to realize their third consecutive year of growth.

Philip Morris International: Development of Zero-Tobacco Heat Stick & Other Developments

United States

Philip Morris International Inc., through its subsidiaries, affiliates and their licensees, produces, sells, distributes, and markets a wide range of branded cigarettes and tobacco products in markets outside of the United States of America.  The Company's portfolio comprises both international and local brands.

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Philip Morris International (PM US)

Downgrading Outlook on $SPX; Upgrading Real Estate and Staples. Many Significant Risk-Off Signals

Downgrading our long-term $SPX outlook to neutral (bullish since early-November 2023) due to deteriorating market dynamics; Upgrading Real Estate...

Vermilion Research

Philip Morris International Inc.: Is The Focus on Smoke-Free Product Portfolio Paying Off? - Major Drivers

Philip Morris International has presented its 2024 first-quarter results, revealing significant strides in revenue and operating income...

Baptista Research

The S&P 500 Report: Performance, Profitability, Sentiment & More - #Ed 5

Zooming out first for a big picture perspective - helpful away from the news & chatter: Bears Make Headlines & Lose Money, Bulls Make Money! As...

Maverick Equity Research

Philip Morris International: Acquisition of Swedish Match

Philip Morris International (PMI), the world's largest tobacco company, delivered a strong operating performance in 2023, marking its third...

Baptista Research

Philip Morris International: Development of Zero-Tobacco Heat Stick & Other Developments

Philip Morris International delivered mixed results for the previous quarter, with revenues above analyst expectations but below-par earnings. The...

Baptista Research

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