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>This is now the third Int'l Compass/third week in a row where we are discussing an increasing number of country indexes experiencing bullish 3.5-9-month downtrend reversals.</li>
<li>Importantly, all of the previously mentioned indexes are holding above their breakout levels (i.e., there has yet to be any failed breakouts).</li>
<li>Now, the U.S. dollar (DXY) is starting to show early signs of topping. We continue to believe that global equities are going through a bottoming process.</li>
</ul>


This is now the third Int'l Compass/third week in a row where we are discussing an increasing number of country indexes experiencing bullish 3.5-9-month downtrend reversals.
Importantly, all of the previously mentioned indexes are holding above their breakout levels (i.e., there has yet to be any failed breakouts).
Now, the U.S. dollar (DXY) is starting to show early signs of topping. We continue to believe that global equities are going through a bottoming process.


U.S. Dollar Topping?; Bullish Reversals Continue; Ideas in Growth/Cyclicals, Financials

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Thematic (Sector/Industry)

<ul><li>As of FY20, the Food Services industry in India was valued at Rs4.2tn and grew by 7- 8% over the prior 5 years.</li><li>FY21 was a forgettable year, as the sector was affected by restrictions on operating hours &amp; capacity, which shrunk the industry size by ~76%.</li><li>Around 26% of restaurants in India shut down permanently, with ~33% of the 7.4mn workforce losing their jobs...(continued).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

As of FY20, the Food Services industry in India was valued at Rs4.2tn and grew by 7- 8% over the prior 5 years.FY21 was a forgettable year, as the sector was affected by restrictions on operating hours &amp; capacity, which shrunk the industry size by ~76%.Around 26% of restaurants in India shut down permanently, with ~33% of the 7.4mn workforce losing their jobs...(continued).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Sector Update: Restructured Food Services Industry Looking at Good Potential Going Ahead

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

Raajmarg Infra Investment Trust / Equity Capital Markets

Raajmarg Infra Investment Trust (RIIT IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raajmarg-infra-investment-trust" target="_blank" data-smartkarma-citation="entities:47598:1" rel="noopener">Raajmarg Infra Investment Trust (RIIT IN)</a> raised around US$650m in its India IPO.</li>
<li>RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Raajmarg Infra Investment Trust (RIIT IN) raised around US$650m in its India IPO.
RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Aequitas: Raajmarg Infra InvIT IPO Trading - Decent Demand; Leads Past REIT Listings

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raajmarg-infra-investment-trust" target="_blank" data-smartkarma-citation="entities:47598:1" rel="noopener">Raajmarg Infra Investment Trust (RIIT IN)</a> is planning to raise about US$652m through its India IPO.</li>
<li>RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.</li>
<li>In this note, we talk about the company’s historical performance, peer comparison and IPO valuations.</li>
</ul>



Raajmarg Infra Investment Trust (RIIT IN) is planning to raise about US$652m through its India IPO.
RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.
In this note, we talk about the company’s historical performance, peer comparison and IPO valuations.


Aequitas: Raajmarg InvIT IPO - Stable Assets in a Small Portfolio, but Limited Immediate Appeal

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.</li>
<li>Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network</li>
<li>In this note, we will talk about the deal dynamics and possible placement.</li>
</ul>



Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.
Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network
In this note, we will talk about the deal dynamics and possible placement.


Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

India

Devyani International is one of India's largest and fastest-growing Quick Service Restaurant (QSR) operators, functioning as the largest franchisee for Yum! Brands, operating KFC and Pizza Hut outlets, and the exclusive franchisee for Costa Coffee in India. The company also develops its own brands, including Vaango and The Food Street. Devyani International was founded in 1991 and is headquartered in Gurugram, Haryana, India.

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Devyani International (DEVYANI IN)

U.S. Dollar Topping?; Bullish Reversals Continue; Ideas in Growth/Cyclicals, Financials

This is now the third week in a row where we are discussing an increasing number of country indexes with bullish 3.5-9-month downtrend reversals,...

Vermilion Research

Consumer Sector Update: Restructured Food Services Industry Looking at Good Potential Going Ahead

Consumer Sector Update Expert Meeting Update Restructured Food Services industry looking at good potential going ahead We recently hosted...

Nirmal Bang

Aequitas: Raajmarg Infra InvIT IPO Trading - Decent Demand; Leads Past REIT Listings

Raajmarg Infra Investment Trust (RIIT) raised around US$650m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Aequitas: Raajmarg InvIT IPO - Stable Assets in a Small Portfolio, but Limited Immediate Appeal

Raajmarg Infra Investment Trust (RIIT) is planning to raise about US$652m through its India IPO. In this note, we talk about the company’s...

Akshat Shah

Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

Swiggy received its shareholders approval for the fund raising last night. The deal is likely to be launched today or later in the week.

Sumeet Singh

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