CEO, Helixtap

Farah Miller

Global Commodities Alternative Data and Insights

Helixtap

Helixtap collects, processes and distributes proprietary data, analyses and forecasts for the rubber, latex and automotive markets

Commodities

<ul><li> Tire volumes of top brands decreasing, and looks like it will continue to do so   </li><li> Premium tire makers are focusing on high rim diameter (HRD) due to commoditization in standard tire segment   </li><li> Sumitomo, Bridgestone, Yokohama and others have all chosen to limit their truck tire businesses in China, and domestic tire brands have filled in the gap </li></ul>

 Tire volumes of top brands decreasing, and looks like it will continue to do so    Premium tire makers are focusing on high rim diameter (HRD) due to commoditization in standard tire segment    Sumitomo, Bridgestone, Yokohama and others have all chosen to limit their truck tire businesses in China, and domestic tire brands have filled in the gap 

Tire Majors Losing Share To Lesser Brands

<ul><li>New brands show growth including Chinese tire makers  </li><li>Majors share by tire revenue is lower: the big brands have been losing share to the lesser brands since 2019, especially in passenger car tires.  </li><li>Mild winter meant less winter tyres sold, impacting sales of European tire manufacturers</li></ul>

New brands show growth including Chinese tire makers  Majors share by tire revenue is lower: the big brands have been losing share to the lesser brands since 2019, especially in passenger car tires.  Mild winter meant less winter tyres sold, impacting sales of European tire manufacturers

Tire Industry Sees Mixed Picture Worldwide

<ul><li>Japanese major to focus on passenger car tires in China  </li><li>Latest shutdown after downing of Huizhou plant three years ago  </li><li>Bridgestone gets recognition for transparency and action on climate change</li></ul>

Japanese major to focus on passenger car tires in China  Latest shutdown after downing of Huizhou plant three years ago  Bridgestone gets recognition for transparency and action on climate change

Squeezed Margins Force Bridgestone To Pull TBR Out Of China

<ul><li>New CEO Mark Stewart previously from Stellantis and Amazon, needs to balance Elliot’s plan for the Company  </li><li>Managing heritage against new vision for the Company.  </li><li>Goodyear has said it is seeking to follow Pirelli’s lead in the car tire segment – that is the higher margin 18-inch upwards rim sizes; electric vehicle fitments and so on.</li></ul>

New CEO Mark Stewart previously from Stellantis and Amazon, needs to balance Elliot’s plan for the Company  Managing heritage against new vision for the Company.  Goodyear has said it is seeking to follow Pirelli’s lead in the car tire segment – that is the higher margin 18-inch upwards rim sizes; electric vehicle fitments and so on.

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>Global equites (MSCI ACWI) have pulled back some following the FOMC's hawkish-leaning announcement. Short-term support is at $102 on ACWI-US--last week's breakout level-- while longer-term support remains at $98-$99.</li>
<li>A break below $102 would indicate more consolidation is likely but, if ACWI-US remains above $98, we remain bullish on global equities, and we view pullbacks as buying opportunities.</li>
<li>Europe remains bullish, and we remain overweight Japan and India. Actionable Themes: many stocks highlighted within Consumer Discretionary, Energy, Industrials, Services, and Technology</li>
</ul>


Global equites (MSCI ACWI) have pulled back some following the FOMC's hawkish-leaning announcement. Short-term support is at $102 on ACWI-US--last week's breakout level-- while longer-term support remains at $98-$99.
A break below $102 would indicate more consolidation is likely but, if ACWI-US remains above $98, we remain bullish on global equities, and we view pullbacks as buying opportunities.
Europe remains bullish, and we remain overweight Japan and India. Actionable Themes: many stocks highlighted within Consumer Discretionary, Energy, Industrials, Services, and Technology


MSCI ACWI, EURO STOXX 50, TOPIX Remain Bullish; Buys in Cons Disc, Industrials, Services, Technology

Japan

BRIDGESTONE CORPORATION designs, produces, and sells automobile tires. The Company also produces and markets scales to weigh racing cars and jumbo aircrafts and sporting goods including golf equipment, tennis rackets, and bicycles.  Bridgestone operates its businesses worldwide.

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Bridgestone Corp (5108 JP)

Tire Industry Sees Mixed Picture Worldwide

The global tire industry is changing. The financial results for the 12 months to December 2023 show it. Most of the major brands are losing share,...

Helixtap

Squeezed Margins Force Bridgestone To Pull TBR Out Of China

In a strategic shift purported at bolstering its earning power and aligning with its long-term vision, global tire leader Bridgestone Corporation...

Helixtap

Changes At The Top Of Goodyear

January was a decisive month for the Goodyear Tire & Rubber company. Most significantly, a replacement for Rich Kramer as President and CEO took...

Helixtap

MSCI ACWI, EURO STOXX 50, TOPIX Remain Bullish; Buys in Cons Disc, Industrials, Services, Technology

MSCI ACWI, EURO $STOXX 50, $TOPIX Remain Bullish. $ACWI holding above short-term support at $102 (last week's breakout level), though we remain...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tire Majors Losing Share To Lesser Brands

Over the last few years – and especially since Covid – we have seen tire volumes at the top brands decreasing, while the lesser brands are rapidly...

Helixtap

Tire Industry Sees Mixed Picture Worldwide

The global tire industry is changing. The financial results for the 12 months to December 2023 show it. Most of the major brands are losing share,...

Helixtap

Squeezed Margins Force Bridgestone To Pull TBR Out Of China

In a strategic shift purported at bolstering its earning power and aligning with its long-term vision, global tire leader Bridgestone Corporation...

Helixtap

Changes At The Top Of Goodyear

January was a decisive month for the Goodyear Tire & Rubber company. Most significantly, a replacement for Rich Kramer as President and CEO took...

Helixtap

MSCI ACWI, EURO STOXX 50, TOPIX Remain Bullish; Buys in Cons Disc, Industrials, Services, Technology

MSCI ACWI, EURO $STOXX 50, $TOPIX Remain Bullish. $ACWI holding above short-term support at $102 (last week's breakout level), though we remain...

Vermilion Research