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

In last week's Compass we highlighted what we view as compelling signals that risk appetites are improving, which is bullish for the broad market. The trend of improving risk appetites has only continued over the past week and we are moving toward an outright bullish outlook.

In last week's Compass we highlighted what we view as compelling signals that risk appetites are improving, which is bullish for the broad market. The trend of improving risk appetites has only continued over the past week and we are moving toward an outright bullish outlook.

U.S. Equity Strategy: Small-Caps Re-Emerging As Leadership

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Renesas Electronics / Equity Capital Markets

Renesas, along with INCJ, aims to raise around US$3.4bn via selling a mix of primary and secondary shares.The current deal would be of somewhat similar size as two of the past deals that we have covered for Renesas:<ul>
<li dir="ltr" aria-level="1">US$2.8bn bn in 2017 <a href="https://www.smartkarma.com/insights/renesas-electronics-placement-additional-thoughts-on-valuation-flotation-and-ownership" target="_blank" rel="noopener">Renesas Electronics Placement: Additional Thoughts on Valuation, Flotation, and Ownership</a></li>
<li dir="ltr" aria-level="1">US$2.4bn in 2018 <a href="https://www.smartkarma.com/insights/renesas-placement-tighter-effective-discount-and-placement-overhangs-but-statistic-supports-a-bid" target="_blank" rel="noopener">Renesas Placement: Tighter Effective Discount and Placement Overhangs but Statistic Supports a Bid</a></li>
</ul>In this insight, we'll run the deal through our ECM framework and talk about deal dynamics.

Renesas, along with INCJ, aims to raise around US$3.4bn via selling a mix of primary and secondary shares.The current deal would be of somewhat similar size as two of the past deals that we have covered for Renesas:
US$2.8bn bn in 2017 Renesas Electronics Placement: Additional Thoughts on Valuation, Flotation, and Ownership
US$2.4bn in 2018 Renesas Placement: Tighter Effective Discount and Placement Overhangs but Statistic Supports a Bid
In this insight, we'll run the deal through our ECM framework and talk about deal dynamics.

Renesas Placement - Very Well Flagged, past Deals Have Done Well but Large Size Warrants Correction

Latest News from the World’s Leading Innovators

Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Thematic (Sector/Industry)

Headline Developments China is looking to continue its rout on crypto, pushing for the suspension of some crypto mining operations late last week.  Chinese Vice Premier Liu He told a group of officials that the Government would “clamp down on bitcoin mining and trading activity” to achieve financial stability.

Headline Developments China is looking to continue its rout on crypto, pushing for the suspension of some crypto mining operations late last week.  Chinese Vice Premier Liu He told a group of officials that the Government would “clamp down on bitcoin mining and trading activity” to achieve financial stability.

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

BYD's battery business has always been less meaningful compared to the automobile and mobile handset business (which investors can access through <a href="https://www.smartkarma.com/entities/byd-electronic-international-co-ltd" target="_blank" data-smartkarma-citation="entities:1927:1" rel="noopener">BYD Electronics (285 HK)</a>), but the long-term prospect has always been exciting. The recent BYD's Blade battery perks a positive rumor that the company will be able to sell in-vehicle batteries to other EV makers, increasing the group's EBITDA by almost 40% depending on the various scenarios. Investors should be even more excited at the prospect that BYD's battery business can finally contribute to the group's more meaningfully. 
<div class="content-highlight">
Compared to other EV players such as <a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a> , <a href="https://www.smartkarma.com/entities/nio-inc" target="_blank" data-smartkarma-citation="entities:27399:1" rel="noopener">NIO Inc (NIO US)</a> and <a href="https://www.smartkarma.com/entities/xpeng-inc" target="_blank" data-smartkarma-citation="entities:29217:1" rel="noopener">Xpeng (XPEV US)</a> , BYD is trading at 22% PER discount, 32% EV/EBITDA discount, and 22% PBR discount whilst against <a href="https://www.smartkarma.com/entities/contemporary-amperex-techn-a" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">CATL (A) (300750 CH)</a> and <a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung SDI (006400 KS)</a> , BYD is trading at 154% PER premium, 61% EV/EBITDA discount and 6% PBR discount. From cash flow multiples (EV/EBITDA), BYD is undervalued compared to the other EV players and battery suppliers. 
</div>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/199/873/original/image_90672331821618121444881.png?1618121444" class="editor-image img-responsive" data-smartkarma-image-id="199873"></figure>
<div class="content-remarks">
source: Reuters
</div>

BYD's battery business has always been less meaningful compared to the automobile and mobile handset business (which investors can access through BYD Electronics (285 HK)), but the long-term prospect has always been exciting. The recent BYD's Blade battery perks a positive rumor that the company will be able to sell in-vehicle batteries to other EV makers, increasing the group's EBITDA by almost 40% depending on the various scenarios. Investors should be even more excited at the prospect that BYD's battery business can finally contribute to the group's more meaningfully. 

Compared to other EV players such as Tesla Motors (TSLA US) , NIO Inc (NIO US) and Xpeng (XPEV US) , BYD is trading at 22% PER discount, 32% EV/EBITDA discount, and 22% PBR discount whilst against CATL (A) (300750 CH) and Samsung SDI (006400 KS) , BYD is trading at 154% PER premium, 61% EV/EBITDA discount and 6% PBR discount. From cash flow multiples (EV/EBITDA), BYD is undervalued compared to the other EV players and battery suppliers. 



source: Reuters


BYD (1211): In-Vehicle Batteries to Power Growth

Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

Credit

<a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a> deliveries of newly redesigned Models S &amp; X are now months overdue, and it's not saying why.Apparently, it's still tinkering with design problems now nearly two months after it claimed it would be at full production. This can happen when Tesla's gimmicky updates on aging Models S &amp; X fall flat with wary luxury buyers and may even be unsafe.

Tesla Motors (TSLA US) deliveries of newly redesigned Models S &amp; X are now months overdue, and it's not saying why.Apparently, it's still tinkering with design problems now nearly two months after it claimed it would be at full production. This can happen when Tesla's gimmicky updates on aging Models S &amp; X fall flat with wary luxury buyers and may even be unsafe. 

We're Not Surprised Tesla Has Quietly Delayed Deliveries Of "Refreshed" Models S & X

United States

Ford Motor Company designs, manufactures, and services cars and trucks.  The Company also provides vehicle-related financing, leasing, and insurance through its subsidiary.

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Ford Motor Co (F US)

U.S. Equity Strategy: Small-Caps Re-Emerging As Leadership

We continue to see compelling signals that suggest risk appetites are improving, which is bullish for the broad market. As a result, we are moving...

Vermilion Research

Renesas Placement - Very Well Flagged, past Deals Have Done Well but Large Size Warrants Correction

Renesas, along with INCJ, aims to raise around US$3.4bn via selling a mix of primary and secondary shares. The current deal would be of somewhat...

Sumeet Singh

Weekly Innovation Review #33

Headline Developments China is looking to continue its rout on crypto, pushing for the suspension of some crypto mining operations late last week. ...

Granite Bay Capital

BYD (1211): In-Vehicle Batteries to Power Growth

BYD's Blade battery perks a positive rumor that the company will be able to sell in-vehicle batteries to other EVs, increasing the group's EBITDA...

Henry Soediarko

We're Not Surprised Tesla Has Quietly Delayed Deliveries Of "Refreshed" Models S & X

Months after they were promised, Tesla still hasn't delivered any newly redesigned Model S/X—and may not until summer. Gimmicky updates may have...

Vicki Bryan

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