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>Major breakouts for UK's FTSE 100, STOXX Europe 50, and Germany's DAX (among others) continue to support our belief that non-U.S. equities are likely to outperform in the months/years ahead.</li>
<li>We continue to recommend adding exposure to China/Hong Kong, and to add exposure/remain overweight Europe and the UK; these remain our favorite areas to invest in the year ahead.</li>
<li>The UK/Europe and Hong Kong/China make up the majority of today's individual stock buy recommendations. Industrials, Materials, and Consumer Discretionary Sectors are all bullish and highlighted today -- add exposure.</li>
</ul>


Major breakouts for UK's FTSE 100, STOXX Europe 50, and Germany's DAX (among others) continue to support our belief that non-U.S. equities are likely to outperform in the months/years ahead.
We continue to recommend adding exposure to China/Hong Kong, and to add exposure/remain overweight Europe and the UK; these remain our favorite areas to invest in the year ahead.
The UK/Europe and Hong Kong/China make up the majority of today's individual stock buy recommendations. Industrials, Materials, and Consumer Discretionary Sectors are all bullish and highlighted today -- add exposure.


UK's FTSE 100, STOXX Europe 50 Breaking Out; Non-U.S. Outperformance to Continue, Buys in Cyclicals

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: • ABN Amro | completes acquisition of NIBC • ING | Van Rijswijk: time has come for European banking consolidation • PostNL | weathering the storms better than expected • CTT Correios | EU low-value parcel reform accelerates shift to regional fulfilment • E-commerce & Logistics | EU scrutiny of Temu reinforces tougher stance on Chinese e-commerce • Corporate agenda | week 32 – 36</li></ul>

In this edition: • ABN Amro | completes acquisition of NIBC • ING | Van Rijswijk: time has come for European banking consolidation • PostNL | weathering the storms better than expected • CTT Correios | EU low-value parcel reform accelerates shift to regional fulfilment • E-commerce & Logistics | EU scrutiny of Temu reinforces tougher stance on Chinese e-commerce • Corporate agenda | week 32 – 36

Ctt-Correios De Portugal Sa / Equity Bottom-Up

<ul><li>In this edition: • dsm-firmenich | 1H26 slightly ahead of consensus; initiates EUR 100m savings program • ING | 2Q26 shows another beat; ups guidance for both FY26 and FY27 • Magnum Ice Cream Co | strong operational execution underpins reaffirmed outlook • Arcadis | rejects takeover proposal from WSP Global • Arcadis | raises FY26 organic growth guidance and presents strategic targets for 2027 to 2029 ahead of its CMD in September • Fagron | reiterates FY26 outlook – continues strong growth and profitability trajectory • AMG Critical Materials | increases its FY26 adjusted EBITDA outlook driven Lithium and Vanadium • E-Commerce & Logistics | EU e-commerce levy faces scrutiny over consumer charges</li></ul>

In this edition: • dsm-firmenich | 1H26 slightly ahead of consensus; initiates EUR 100m savings program • ING | 2Q26 shows another beat; ups guidance for both FY26 and FY27 • Magnum Ice Cream Co | strong operational execution underpins reaffirmed outlook • Arcadis | rejects takeover proposal from WSP Global • Arcadis | raises FY26 organic growth guidance and presents strategic targets for 2027 to 2029 ahead of its CMD in September • Fagron | reiterates FY26 outlook – continues strong growth and profitability trajectory • AMG Critical Materials | increases its FY26 adjusted EBITDA outlook driven Lithium and Vanadium • E-Commerce & Logistics | EU e-commerce levy faces scrutiny over consumer charges

CTT-Correios de Portugal SA - What's News in Amsterdam

<ul><li>In this edition: • Philips | increases FY26 adjusted EBITA and FCF outlook reflecting US tariff refund benefit • Basic-Fit | updates FY26 guidance for underlying EBITDA less rent • DHL | DHL eCommerce to strengthen position in the Baltics with Venipak acquisition • E-commerce & Logistics | Shein reports 1Q26 net loss of USD 99m</li></ul>

In this edition: • Philips | increases FY26 adjusted EBITA and FCF outlook reflecting US tariff refund benefit • Basic-Fit | updates FY26 guidance for underlying EBITDA less rent • DHL | DHL eCommerce to strengthen position in the Baltics with Venipak acquisition • E-commerce & Logistics | Shein reports 1Q26 net loss of USD 99m

What's News in Amsterdam - 28 July (Philips | Basic-Fit | DHL | E-com & Logistics)

<ul><li>In this edition: • Van Lanschot Kempen | Delen Private Bank expands in the Netherlands with 8th acquisition • Acomo | acquires Cublend in the Netherlands • CM.com | reiterates outlook of at least 30% increase in FY26 adjusted EBITDA • Allegro | strengthens logistics partnership with DHL eCommerce • E-commerce & Logistics | AliExpress fined EUR 550m for violating the DSA</li></ul>

In this edition: • Van Lanschot Kempen | Delen Private Bank expands in the Netherlands with 8th acquisition • Acomo | acquires Cublend in the Netherlands • CM.com | reiterates outlook of at least 30% increase in FY26 adjusted EBITDA • Allegro | strengthens logistics partnership with DHL eCommerce • E-commerce & Logistics | AliExpress fined EUR 550m for violating the DSA

Van Lanschot Kempen NV - What's News in Amsterdam

Poland

Allegro.eu SA operates shopping e-commerce platform. The Company offers products in categories such as automotive, fashion, home and garden, electronics, books and collectibles, and health and beauty. Allegro.eu serves customers in Europe.

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Allegro.eu (ALE PW)

UK's FTSE 100, STOXX Europe 50 Breaking Out; Non-U.S. Outperformance to Continue, Buys in Cyclicals

Recent major breakouts for the FTSE 100, STOXX Europe 50, and Germany's DAX (among others) continue to support our belief that non-U.S. equities...

Vermilion Research

ING Groep NV - What's News in Amsterdam

In this edition: • ABN Amro | completes acquisition of NIBC • ING | Van Rijswijk: time has come for European banking consolidation • PostNL |...

The IDEA!

CTT-Correios de Portugal SA - What's News in Amsterdam

In this edition: • dsm-firmenich | 1H26 slightly ahead of consensus; initiates EUR 100m savings program • ING | 2Q26 shows another beat; ups...

The IDEA!

What's News in Amsterdam - 28 July (Philips | Basic-Fit | DHL | E-com & Logistics)

In this edition: • Philips | increases FY26 adjusted EBITA and FCF outlook reflecting US tariff refund benefit • Basic-Fit | updates FY26 guidance...

The IDEA!

Van Lanschot Kempen NV - What's News in Amsterdam

In this edition: • Van Lanschot Kempen | Delen Private Bank expands in the Netherlands with 8th acquisition • Acomo | acquires Cublend in the...

The IDEA!

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