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>Last week we noted the S&amp;P 500 was testing support at 3800-3860 within its downtrend channel and that we were on watch for a potential bear market rally/oversold bounce.</li>
<li>This has officially begun following the break above 4030 on the S&amp;P 500, which was confirmed by bullish reversals on the Russell 2000, Nasdaq 100, DAX, Hang Seng, MCHI, KWEB.</li>
<li>As long as 3858 holds, it is possible the S&amp;P 500 breaks above the longer-term downtrend near the 200-day MA, which would mean the start of a new bull market.</li>
</ul>


Last week we noted the S&amp;P 500 was testing support at 3800-3860 within its downtrend channel and that we were on watch for a potential bear market rally/oversold bounce.
This has officially begun following the break above 4030 on the S&amp;P 500, which was confirmed by bullish reversals on the Russell 2000, Nasdaq 100, DAX, Hang Seng, MCHI, KWEB.
As long as 3858 holds, it is possible the S&amp;P 500 breaks above the longer-term downtrend near the 200-day MA, which would mean the start of a new bull market.


Bear Market Rally With Potential for More; Buy Ideas in Shipping, Land Drilling, Refining, Chemicals

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

Thematic (Sector/Industry)

I hope everyone had a nice weekend! Globalization Reset and the “Pendulum Swing” Howard Marks of Oaktree Capital released another excellent memo last week that talked about the “pendulum” of globalization and how the Ukraine crisis could represent a new global pivot to re-thinking energy and supply chain dependencies.

I hope everyone had a nice weekend! Globalization Reset and the “Pendulum Swing” Howard Marks of Oaktree Capital released another excellent memo last week that talked about the “pendulum” of globalization and how the Ukraine crisis could represent a new global pivot to re-thinking energy and supply chain dependencies.

Amid rising Middle East tensions, investors have moved to safe-havens including Treasuries and gold, all while having a muted effect on the US equity market. At this point in time, the rising tensions have done virtually no damage to the bullish trends and indicators that continue to dominate the market. In today’s report we highlight attractive Groups and stocks within Manufacturing, Services, Technology, and Transportation: Aero Defense, Large-Cap, HR &amp; Employment Svcs, Large-Cap, Optical Equipment, and Shipping, Energy

Amid rising Middle East tensions, investors have moved to safe-havens including Treasuries and gold, all while having a muted effect on the US equity market. At this point in time, the rising tensions have done virtually no damage to the bullish trends and indicators that continue to dominate the market. In today’s report we highlight attractive Groups and stocks within Manufacturing, Services, Technology, and Transportation: Aero Defense, Large-Cap, HR &amp; Employment Svcs, Large-Cap, Optical Equipment, and Shipping, Energy

U.S. Equity Strategy: Bullish Outlook Intact

Lead Analyst, Drewry Maritime Financial Research

Victoria Saraglis

Lead Analyst

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Equity Bottom-Up

- Offer revised by BW LPG as Dorian rejects earlier proposal: On 15 June 2018, Dorian declined BW LPG’s offer made in May 2018 to combine in an all-stock transaction, stating that the offer undervalued Dorian. In response, BW LPG has made another offer to Dorian, proposing to increase the exchange ratio from 2.05 to 2.12 per share of Dorian, with other terms remaining constant. Furthermore, BW LPG has nominated three independent directors to stand for election at Dorian’s annual general meeting. Dorian’s board is evaluating the revised proposal and the nomination of three independent directors named by BW LPG. As mentioned earlier, in the event that the merger is consummated, the combined entity will control ~25% of all VLGCs on the water today.-Financial performance: The company’s losses increased to a staggering USD 27m in the second quarter of 2018, which is deemed the seasonally weakest quarter of the year, from USD 8.4m in the previous quarter of 2018.

-  Offer revised by BW LPG as Dorian rejects earlier proposal: On 15 June 2018, Dorian declined BW LPG’s offer made in May 2018 to combine in an all-stock transaction, stating that the offer undervalued Dorian. In response, BW LPG has made another offer to Dorian, proposing to increase the exchange ratio from 2.05 to 2.12 per share of Dorian, with other terms remaining constant. Furthermore, BW LPG has nominated three independent directors to stand for election at Dorian’s annual general meeting. Dorian’s board is evaluating the revised proposal and the nomination of three independent directors named by BW LPG. As mentioned earlier, in the event that the merger is consummated, the combined entity will control ~25% of all VLGCs on the water today.-Financial performance: The company’s losses increased to a staggering USD 27m in the second quarter of 2018, which is deemed the seasonally weakest quarter of the year, from USD 8.4m in the previous quarter of 2018. 

Will BW LPG’s Revised Offer to Dorian Render ‘white Smoke’?

Transport Sector, China and Asia-focused Research

Charles De Trenck

Event-Driven

Shipping, specifically LPG tanker shipping, made headlines this week with a takeover offer via an all-stock transaction from <a href="https://www.smartkarma.com/entities/21082" target="_blank" data-smartkarma-citation="entities:21082:1">BW LPG Ltd (BWLPG NO)</a> (in Norway, but controlled by the Singapore-based Sohmen-Pao family) for US-listed <a href="https://www.smartkarma.com/entities/19102" target="_blank" data-smartkarma-citation="entities:19102:1">Dorian Lpg Ltd (LPG US)</a>.For a quick summary of the proposed combined company of BW LPG and Dorian LPG please read the media <a href="https://www.hellenicshippingnews.com/bw-lpg-looks-to-acquire-hadjipateras-led-dorian-lpg-in-a-deal-worth-1-1-billion/" target="_blank">media stories</a> first. Then, for more on the offer direct from BW, please refer to the <a href="http://www.bwlpg.com/Media/May-2018-(1)/BW-LPG-PROPOSES-TO-COMBINE-WITH-DORIAN-IN-ALL-STOC" target="_blank">summary proposed offer</a>.BW LPG is already the largest VLGC (very large gas carrier) player, but there are good reasons for BW LPG to move on Dorian LPG. And there may be additional drivers coming into play.We look at recent history and current issues &amp; drivers in our update.

Shipping, specifically LPG tanker shipping, made headlines this week with a takeover offer via an all-stock transaction from BW LPG Ltd (BWLPG NO) (in Norway, but controlled by the Singapore-based Sohmen-Pao family) for US-listed Dorian Lpg Ltd (LPG US).For a quick summary of the proposed combined company of BW LPG and Dorian LPG please read the media media stories first. Then, for more on the offer direct from BW, please refer to the summary proposed offer.BW LPG is already the largest VLGC (very large gas carrier) player, but there are good reasons for BW LPG to move on Dorian LPG. And there may be additional drivers coming into play.We look at recent history and current issues &amp; drivers in our update.

Shipping Consolidation: BW LPG Bids for Dorian LPG in $1.1bn EV Valuation

United States

Dorian LPG Limited operates in the shipping industry. The Company owns and operates tankers for liquefied petroleum gas transportation. Dorian LPG offers its services worldwide.

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Dorian LPG Ltd (LPG US)

Bear Market Rally With Potential for More; Buy Ideas in Shipping, Land Drilling, Refining, Chemicals

With the $SPX reversing topside the 1-month downtrend (at 4030), the bear market rally is underway with the potential for more. Resistance levels:...

Vermilion Research

Weekly Stock Bullfinder- Week of 3/28

On Friday, the EU and US announced a major liquefied natural gas deal that will likely have a transformational impact on energy security.

Weekly Stock Bull Finder

U.S. Equity Strategy: Bullish Outlook Intact

Amid rising Middle East tensions, investors have moved to safe-havens including Treasuries and gold, all while having a muted effect on the US...

Vermilion Research

Will BW LPG’s Revised Offer to Dorian Render ‘white Smoke’?

- Offer revised by BW LPG as Dorian rejects earlier proposal: On 15 June 2018, Dorian declined BW LPG’s offer made in May 2018 to combine in an...

Drewry Maritime Financial Research

Shipping Consolidation: BW LPG Bids for Dorian LPG in $1.1bn EV Valuation

Shipping, specifically LPG tanker shipping, made headlines this week with a takeover offer via an all-stock transaction from BW LPG Ltd (BWLPG NO)...

Charles De Trenck

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