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>Market dynamics remain largely constructive and we are now seeing meaningful improvement within emerging markets (EEM-US) as the Hang Seng index displays bullish price and relative strength (RS) reversals.</li>
<li>Brent and WTI crude oil are hitting 8-year highs, base metals are bullishly inflecting, and critical supports are holding on the broad global indexes.</li>
<li>Sticking with the theme from last week when we recommended Energy and Financials, two more Sectors that stand to benefit from rising rates include Materials and Industrials/Manufacturing -- add exposure.</li>
</ul>


Market dynamics remain largely constructive and we are now seeing meaningful improvement within emerging markets (EEM-US) as the Hang Seng index displays bullish price and relative strength (RS) reversals.
Brent and WTI crude oil are hitting 8-year highs, base metals are bullishly inflecting, and critical supports are holding on the broad global indexes.
Sticking with the theme from last week when we recommended Energy and Financials, two more Sectors that stand to benefit from rising rates include Materials and Industrials/Manufacturing -- add exposure.


Sticking With Value; Buying Materials & Industrials

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

Equity Bottom-Up

<ul><li>In this edition: • AkzoNobel | a Janus-faced case?</li><li>• BE Semiconductor Industries | as forecasted, order intake improved strongly; launches new EUR 60m share buyback program • Heineken | presents new medium term strategy and targets at today’s CMD • RELX Group | 9M25 trading update shows no surprises (as it should be) • Aalberts | foresees FY25 EBITA-margin of 13%, 50bps below market consensus • Kendrion | completes sale of its China business</li></ul>

In this edition: • AkzoNobel | a Janus-faced case?• BE Semiconductor Industries | as forecasted, order intake improved strongly; launches new EUR 60m share buyback program • Heineken | presents new medium term strategy and targets at today’s CMD • RELX Group | 9M25 trading update shows no surprises (as it should be) • Aalberts | foresees FY25 EBITA-margin of 13%, 50bps below market consensus • Kendrion | completes sale of its China business

<ul><li>In this edition: • Nexperia | Chinese management ordered to follow Chinese law • E-commerce & Logistics | national surcharge on non-EU low-value parcels “is illegal” • Dutch politics | D66 clearly benefits from first TV debate • Corporate Agenda | week 43 - 47</li></ul>

In this edition: • Nexperia | Chinese management ordered to follow Chinese law • E-commerce & Logistics | national surcharge on non-EU low-value parcels “is illegal” • Dutch politics | D66 clearly benefits from first TV debate • Corporate Agenda | week 43 - 47

<ul><li>In this edition: • TomTom | positive undertone in FY25 guidance after clear beat in 3Q25 • Tech and Automotive sectors | China strikes back: ban on all Nexperia products</li></ul>

In this edition: • TomTom | positive undertone in FY25 guidance after clear beat in 3Q25 • Tech and Automotive sectors | China strikes back: ban on all Nexperia products

NXP Semiconductors NV - What's News in Amsterdam - 14 October (TomTom | Tech & Automotive sectors)

Aalberts Industries Nv / Equity Bottom-Up

<ul><li>In this edition: • Aalberts | Grand Venture Technology records modest EBITDA growth in relation to revenue growth • Triodos Bank | making progress in managing its risks; a lot more work ahead though</li></ul>

In this edition: • Aalberts | Grand Venture Technology records modest EBITDA growth in relation to revenue growth • Triodos Bank | making progress in managing its risks; a lot more work ahead though

What's New(s) in Amsterdam - 15 August (Aalberts / GVT | Triodos Bank)

Netherlands

Aalberts N.V. operates as an aluminum precision extrusion company. The Company offers integrated piping and multilayer systems, heat and surface treatment, hydronic flow and fluid control, advance mechatronics, and other related products. Aalberts serves customers worldwide.

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Aalberts Industries Nv (AALB NA)

Sticking With Value; Buying Materials & Industrials

Sticking with the theme from last week when we recommended Energy and Financials, two more Sectors that stand to benefit from rising rates include...

Vermilion Research

What's New(s) in Amsterdam - 23 October (AkzoNobel | Besi | Heineken | RELX | Aalberts | Kendrion)

In this edition: • AkzoNobel | a Janus-faced case? • BE Semiconductor Industries | as forecasted, order intake improved strongly; launches new...

The IDEA!

Zalando SE - What's News in Amsterdam

In this edition: • Nexperia | Chinese management ordered to follow Chinese law • E-commerce & Logistics | national surcharge on non-EU...

The IDEA!

NXP Semiconductors NV - What's News in Amsterdam - 14 October (TomTom | Tech & Automotive sectors)

In this edition: • TomTom | positive undertone in FY25 guidance after clear beat in 3Q25 • Tech and Automotive sectors | China strikes back: ban...

The IDEA!

What's New(s) in Amsterdam - 15 August (Aalberts / GVT | Triodos Bank)

In this edition: • Aalberts | Grand Venture Technology records modest EBITDA growth in relation to revenue growth • Triodos Bank | making progress...

The IDEA!

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