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

The primary trend in U.S. equity markets remains bullish, and the usual suspects continue to lead: growth (Tech and FANG), homebuilders, industrials, etc.  Yet unusually bullish price patterns continue to develop in long-term laggards like energy (esp. E&amp;Ps), retail (XRT), and engineering &amp; construction (JEC).  We view this stabilization, or participation, in weak segments as a boost to the market’s breadth, a point of contention in recent months for some, who have pointed out that fewer stocks are trading above their 200-day moving averages.  Attractive entry points are also visible in many cyclical Groups, especially Casinos and Investment Banks.  In today’s report we highlight actionable charts in both Groups... see pages 8-24]

The primary trend in U.S. equity markets remains bullish, and the usual suspects continue to lead: growth (Tech and FANG), homebuilders, industrials, etc.  Yet unusually bullish price patterns continue to develop in long-term laggards like energy (esp. E&amp;Ps), retail (XRT), and engineering &amp; construction (JEC).  We view this stabilization, or participation, in weak segments as a boost to the market’s breadth, a point of contention in recent months for some, who have pointed out that fewer stocks are trading above their 200-day moving averages.  Attractive entry points are also visible in many cyclical Groups, especially Casinos and Investment Banks.  In today’s report we highlight actionable charts in both Groups... see pages 8-24]

U.S. Equity Weekly: Actionable Ideas in Casinos, Investment Banks

Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Equity Bottom-Up

<ul>
<li>The stock is cheapest among peers but will the new owners hang in? There clearly is a runway here for gain based on fundamental restructuring of the business model during bankruptcy hiatus. </li>
<li>Development deal in South Korea done, but eyes on Japan and Brazil. The company will need to give up more equity to financial partner than would be license competitors.</li>
<li>Many of its regional US legacy properties are dated, sitting in flat to slow growth markets.</li>
</ul>Slimming of the portfolio could be bullish to pile…


The stock is cheapest among peers but will the new owners hang in? There clearly is a runway here for gain based on fundamental restructuring of the business model during bankruptcy hiatus. 
Development deal in South Korea done, but eyes on Japan and Brazil. The company will need to give up more equity to financial partner than would be license competitors.
Many of its regional US legacy properties are dated, sitting in flat to slow growth markets.
Slimming of the portfolio could be bullish to pile…

Caesars Entertainment: Ex-Bankruptcy, the Stock Is Cheap, but Masks Risk: Asia Pivot Key

Thematic (Sector/Industry)

<ul>
<li>Genting Berhad has become the most geographically active developer of integrated resorts in more jurisdictions than any of its peers.</li>
<li>It's in the mix all over Asia and the US, expanding existing properties and financing new ones.</li>
</ul><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/033/442/original/127877839ja-001.jpg?1505315515" class="editor-image img-responsive" data-smartkarma-image-id="33442"></figure><div class="content-caption">Resorts World New York City</div><ul><li>Is the company dancing at too many weddings with a single pair of legs or spearheading the global growth in gaming forecast by PWC?</li></ul>In this insight, we analyse the prospects of global gaming giant Genting's expansion and development projects. We…


Genting Berhad has become the most geographically active developer of integrated resorts in more jurisdictions than any of its peers.
It's in the mix all over Asia and the US, expanding existing properties and financing new ones.
Resorts World New York CityIs the company dancing at too many weddings with a single pair of legs or spearheading the global growth in gaming forecast by PWC?In this insight, we analyse the prospects of global gaming giant Genting's expansion and development projects. We…

Should Genting's Voracious Global Appetite for Expansion Trigger a Blinking Caution Light?

ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

<ul><li>Our field trip to Las Vegas suggests a vibrant, lively entertainment city.</li><li>Downtown Las Vegas, not the Strip, is the key positive surprise in that an old town can be rejuvenated into a robust "experiential consumption" story.</li><li>Meeting take-away indicates that the U.S. gaming companies are more bullish on international markets.</li><li>Macau is the clear front-runner in following Las Vegas's footsteps in the latter's evolution into a family entertainment center (prolonging the growth story).</li></ul>

Our field trip to Las Vegas suggests a vibrant, lively entertainment city.Downtown Las Vegas, not the Strip, is the key positive surprise in that an old town can be rejuvenated into a robust "experiential consumption" story.Meeting take-away indicates that the U.S. gaming companies are more bullish on international markets.Macau is the clear front-runner in following Las Vegas's footsteps in the latter's evolution into a family entertainment center (prolonging the growth story).

Field Trip Series: Viva Vegas (Including Implications for Macau Gaming)

<ul>
<li>Vietnam's new Decree #3, while not perfect, clarifies and encourages IR investment that aims to bring minimum $2 billion investors into the market.</li>
<li>Major casino developers won't sit around forever to expand their Asian footprint.</li>
</ul>Japan's LDP Party's local election setbacks cast a lengthening shadow on the timetable of enabling casino legislation.Life teaches us that often the most ardent of lovers can tire of the pursuit of a diffident love object and turn to the lure of pursuing a new, more…


Vietnam's new Decree #3, while not perfect, clarifies and encourages IR investment that aims to bring minimum $2 billion investors into the market.
Major casino developers won't sit around forever to expand their Asian footprint.
Japan's LDP Party's local election setbacks cast a lengthening shadow on the timetable of enabling casino legislation.Life teaches us that often the most ardent of lovers can tire of the pursuit of a diffident love object and turn to the lure of pursuing a new, more…

If Japan Drops the Casino Ball, Vietnam Is Ready to Run with It Faster than Many Observers Think

United States

Caesars Entertainment Corp., is a gaming company. The Company operates casino resorts on multiple continents. Caesars' also owns an on-line gaming business, providing for real money casino, bingo and poker games in the United Kingdom and play for fun offerings in other jurisdictions.

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Caesars Entertainment (CZR US)

U.S. Equity Weekly: Actionable Ideas in Casinos, Investment Banks

The primary trend in U.S. equity markets remains bullish, and the usual suspects continue to lead: growth (Tech and FANG), homebuilders,...

Vermilion Research

Caesars Entertainment: Ex-Bankruptcy, the Stock Is Cheap, but Masks Risk: Asia Pivot Key

The stock is cheapest among peers but will the new owners hang in? There clearly is a runway here for gain based on fundamental restructuring of...

Howard J Klein

Should Genting's Voracious Global Appetite for Expansion Trigger a Blinking Caution Light?

Genting Berhad has become the most geographically active developer of integrated resorts in more jurisdictions than any of its peers. It's in the...

Howard J Klein

Field Trip Series: Viva Vegas (Including Implications for Macau Gaming)

Our field trip to Las Vegas suggests a vibrant, lively entertainment city. Downtown Las Vegas, not the Strip, is the key positive surprise in that...

Johannes Salim, CFA

If Japan Drops the Casino Ball, Vietnam Is Ready to Run with It Faster than Many Observers Think

Vietnam's new Decree #3, while not perfect, clarifies and encourages IR investment that aims to bring minimum $2 billion investors into the...

Howard J Klein

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Market Cap (USDm)

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