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>Since late-February (2/25/25 Compass and 2/27/25 Int'l Compass) we had been expecting an 8-10% pullback to provide a buying opportunity.</li>
<li>However, after getting the 10%+ pullback, we discussed in 4/1/25 and 4/3/25 reports how we no longer saw it as a buying opportunity, and we downgraded our outlook to bearish/cautious</li>
<li>While it is possible that the lows are in, we now are looking for the ACWI-US rally to fizzle, either here at $113.50-$115 or the 200-day MA (~$118).</li>
</ul>


Since late-February (2/25/25 Compass and 2/27/25 Int'l Compass) we had been expecting an 8-10% pullback to provide a buying opportunity.
However, after getting the 10%+ pullback, we discussed in 4/1/25 and 4/3/25 reports how we no longer saw it as a buying opportunity, and we downgraded our outlook to bearish/cautious
While it is possible that the lows are in, we now are looking for the ACWI-US rally to fizzle, either here at $113.50-$115 or the 200-day MA (~$118).


Still Bearish/Cautious; Stick With Defensives; Emerging Market Opportunities

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

LG Electronics India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> is looking to raise US$1.5bn+ via part-selling its stake in <a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India</a>.</li>
<li>LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our previous note. In this note, we talk about valuations.</li>
</ul>



LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India.
LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.
We have looked at the company’s past performance and undertaken a peer comparison in our previous note. In this note, we talk about valuations.


LG Electronics India Pre-IPO - Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> is looking to raise US$1.5bn+ via part-selling its stake in <a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India</a>.</li>
<li>LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we undertake a peer comparison.</li>
</ul>



LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India.
LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.
We have looked at the company’s past performance in our previous note. In this note, we undertake a peer comparison.


LG Electronics India Pre-IPO - Peer Comparison - Largest but One of the Slowest

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>The <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a> had rallied quite hard the week before last week, then stalled last week, however its looks like maybe is changing in its trend structure, maybe a breakout...</li>
<li>However the breakout may have to wait a bit more, as the NIFTY is overbought WEEKLY according to our model: before the uptrend resumes, there will be a pullback.</li>
<li>Last: as written by <a href="https://www.smartkarma.com/companies/acegama-advisors" target="_blank" data-smartkarma-citation="companies:30807" rel="noopener">AceGama Advisors</a> the WEEKLY options expiry will be moved from Thursday to Monday, starting in April 2025, impacting the market. Read their insight for detailed analysis.</li>
</ul>


The NIFTY Index had rallied quite hard the week before last week, then stalled last week, however its looks like maybe is changing in its trend structure, maybe a breakout...
However the breakout may have to wait a bit more, as the NIFTY is overbought WEEKLY according to our model: before the uptrend resumes, there will be a pullback.
Last: as written by AceGama Advisors the WEEKLY options expiry will be moved from Thursday to Monday, starting in April 2025, impacting the market. Read their insight for detailed analysis.


NIFTY Outlook: Possible Breakout as Options Expiry Moves to Monday

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>We recommend three smaller cap Indian banks, namely Baroda, Bandhan adding Punjab National Bank (PNB); we remove Union Bank of India from the buy list, PNB is more compelling</li>
<li>Bandhan and Baroda are attractive for their value attributes relative to their returns, with newly added PNB delivering better returns and it continues to improve credit quality</li>
<li>Richly valued Kotak Mahindra has the group’s highest returns post credit costs, but returns continue to trend downwards; we upgrade premium-valued ICICI to neutral as it delivers further improved returns</li>
</ul>


We recommend three smaller cap Indian banks, namely Baroda, Bandhan adding Punjab National Bank (PNB); we remove Union Bank of India from the buy list, PNB is more compelling
Bandhan and Baroda are attractive for their value attributes relative to their returns, with newly added PNB delivering better returns and it continues to improve credit quality
Richly valued Kotak Mahindra has the group’s highest returns post credit costs, but returns continue to trend downwards; we upgrade premium-valued ICICI to neutral as it delivers further improved returns


Indian Banks Screener: Adding Punjab National Bank (NSEI:PNB) To the Buy List

India

ICICI Bank Limited operates as a bank. The Bank offers saving accounts, loans, debit, credit cards, insurance, investments, mortgages, and online banking services. ICICI Bank serves customers worldwide.

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ICICI Bank Ltd (ICICIBC IN)

Still Bearish/Cautious; Stick With Defensives; Emerging Market Opportunities

Still Bearish/Cautious; Stick With Defensives; Emerging Market Opportunities. Looking for the $ACWI rally to fizzle, either here at $113.50-$115 or...

Vermilion Research

LG Electronics India Pre-IPO - Thoughts on Valuation

LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India. In this note, we talk about valuations.

Sumeet Singh

LG Electronics India Pre-IPO - Peer Comparison - Largest but One of the Slowest

LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Elec India. We have looked at its past performance...

Sumeet Singh

NIFTY Outlook: Possible Breakout as Options Expiry Moves to Monday

The NIFTY is showing a potential breakout, possibly the start of an uptrend, but it is OVERBOUGHT: expect a pullback before a rally. Weekly...

Nico Rosti

Indian Banks Screener: Adding Punjab National Bank (NSEI:PNB) To the Buy List

Buy Baroda, Bandhan, and PNB, the latter replacing UBI. PNB offers sharply improving returns, all are value plays. Richly valued Kotak Mahindra is...

Victor Galliano

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Still Bearish/Cautious; Stick With Defensives; Emerging Market Opportunities

Still Bearish/Cautious; Stick With Defensives; Emerging Market Opportunities. Looking for the $ACWI rally to fizzle, either here at $113.50-$115 or...

Vermilion Research

LG Electronics India Pre-IPO - Thoughts on Valuation

LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India. In this note, we talk about valuations.

Sumeet Singh

LG Electronics India Pre-IPO - Peer Comparison - Largest but One of the Slowest

LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Elec India. We have looked at its past performance...

Sumeet Singh

NIFTY Outlook: Possible Breakout as Options Expiry Moves to Monday

The ​NIFTY is showing a potential breakout, possibly the start of an uptrend, but it is OVERBOUGHT: expect a pullback before a rally. Weekly...

Nico Rosti

Indian Banks Screener: Adding Punjab National Bank (NSEI:PNB) To the Buy List

​Buy Baroda, Bandhan, and PNB, the latter replacing UBI. PNB offers sharply improving returns, all are value plays. Richly valued Kotak Mahindra is...

Victor Galliano

The NIFTY is showing a potential breakout, possibly the start of an uptrend, but it is OVERBOUGHT: expect a pullback before a rally. Weekly...

Buy Baroda, Bandhan, and PNB, the latter replacing UBI. PNB offers sharply improving returns, all are value plays. Richly valued Kotak Mahindra is...