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>Our outlook remains bullish on MSCI ACWI. Discussed in latest Int’l Compass (1/9/2025) how viewed the pullback as buying opportunity and were watching for $116-$117 support to hold on ACWI-US.</li>
<li>$116 support held perfectly and we expect upside to continue following 1+ month bull flag breakouts, followed by successful retests of support, on ACWI-US and the S&amp;P 500.</li>
<li>We also upgraded Germany to overweight last week, with RS on the DAX breaking out from a 2-year base. U.S. (SPX) and Germany are our only two country overweights.</li>
</ul>


Our outlook remains bullish on MSCI ACWI. Discussed in latest Int’l Compass (1/9/2025) how viewed the pullback as buying opportunity and were watching for $116-$117 support to hold on ACWI-US.
$116 support held perfectly and we expect upside to continue following 1+ month bull flag breakouts, followed by successful retests of support, on ACWI-US and the S&amp;P 500.
We also upgraded Germany to overweight last week, with RS on the DAX breaking out from a 2-year base. U.S. (SPX) and Germany are our only two country overweights.


Remain Risk-On With Market Dynamics Improving; 6+ Month Base Breakouts for MSCI ACWI Ex-US and EAFE

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Gildan Activewear has demonstrated a solid performance in the third quarter of 2024, as evidenced by its latest earnings report.</li><li>The company announced an increase in quarterly sales to $891 million, a growth of 2.4% compared to the previous year.</li><li>This growth was primarily driven by the Activewear segment, which saw a 6% increase due to higher sales volumes and positive performance across various retail markets in North America.</li></ul>

Gildan Activewear has demonstrated a solid performance in the third quarter of 2024, as evidenced by its latest earnings report.The company announced an increase in quarterly sales to $891 million, a growth of 2.4% compared to the previous year.This growth was primarily driven by the Activewear segment, which saw a 6% increase due to higher sales volumes and positive performance across various retail markets in North America.

Gildan Activewear Inc.: Expanding Manufacturing & Supply Chain Efficiencies to Set New Standards! - Major Drivers

<ul>
<li>Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.</li>
<li>As long as these base supports hold, we would use any election-related pullback as an opportunity to add exposure.</li>
<li>Following the election, we see a high probability of significant upside going into year-end.</li>
</ul>


Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.
As long as these base supports hold, we would use any election-related pullback as an opportunity to add exposure.
Following the election, we see a high probability of significant upside going into year-end.


Bullish Outlook Intact on MSCI ACWI & SPX; Buys in Services, Technology, Discretionary, Gold Miners

<ul><li>Gildan Activewear highlighted both achievements and ongoing challenges in their Q2 2024 earnings call.</li><li>The company, celebrating its 40th anniversary, maintains a robust pipeline of innovation scheduled for the year and anticipates widening its competitive margin.</li><li>It’s currently executing a sustainable growth strategy across three primary pillars: capacity growth, innovation, and Environmental, Social, and Governance (ESG) efforts.</li></ul>

Gildan Activewear highlighted both achievements and ongoing challenges in their Q2 2024 earnings call.The company, celebrating its 40th anniversary, maintains a robust pipeline of innovation scheduled for the year and anticipates widening its competitive margin.It’s currently executing a sustainable growth strategy across three primary pillars: capacity growth, innovation, and Environmental, Social, and Governance (ESG) efforts.

Gildan Activewear: How Are They Achieving Market Share Expansion in Key Product Categories! - Major Drivers

<ul><li>Gildan Activewear showcased a mixed performance in the first quarter of 2024, reflecting a combination of strengths in certain product categories and challenges in others, alongside strategic refinements under new leadership.</li><li>The company reported a slight decline in total revenue, with sales of $696 million, down 1% year-on-year, in line with forecast expectations.</li><li>This top-line result was primarily due to an offset between a 1% growth in Activewear and a 10% decrease in the hosiery and underwear segment.</li></ul>

Gildan Activewear showcased a mixed performance in the first quarter of 2024, reflecting a combination of strengths in certain product categories and challenges in others, alongside strategic refinements under new leadership.The company reported a slight decline in total revenue, with sales of $696 million, down 1% year-on-year, in line with forecast expectations.This top-line result was primarily due to an offset between a 1% growth in Activewear and a 10% decrease in the hosiery and underwear segment.

Gildan Activewear Inc.: What Is The Expected Bottom-line Impact Of Cost Input and Manufacturing Optimization? - Major Drivers

Canada

Gildan Activewear Inc. manufactures and markets undecorated blank activewear. The Company offers t-shirts, sport shirts, and fleeces, which are subsequently decorated by screen printing companies with designs and logos. Gildan Activewear serves customers worldwide.

Price Gauge
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Gildan Activewear (GIL US)

Remain Risk-On With Market Dynamics Improving; 6+ Month Base Breakouts for MSCI ACWI Ex-US and EAFE

Remain Risk-On With Market Dynamics Improving; 6+ Month Base Breakouts for MSCI $ACWI ex-US and $EAFE; U.S. Dollar $DXY and 10-Year Yields $TNX...

Vermilion Research

Gildan Activewear Inc.: Expanding Manufacturing & Supply Chain Efficiencies to Set New Standards! - Major Drivers

Gildan Activewear has demonstrated a solid performance in the third quarter of 2024, as evidenced by its latest earnings report. The company...

Baptista Research

Bullish Outlook Intact on MSCI ACWI & SPX; Buys in Services, Technology, Discretionary, Gold Miners

Bullish Outlook Intact on MSCI $ACWI and $SPX as they hold above their respective bases at $117 and 5650-5670; Buys in Services, Technology,...

Vermilion Research

Gildan Activewear Inc.: What Is The Expected Bottom-line Impact Of Cost Input and Manufacturing Optimization? - Major Drivers

Gildan Activewear showcased a mixed performance in the first quarter of 2024, reflecting a combination of strengths in certain product categories...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Remain Risk-On With Market Dynamics Improving; 6+ Month Base Breakouts for MSCI ACWI Ex-US and EAFE

Remain Risk-On With Market Dynamics Improving; 6+ Month Base Breakouts for MSCI $ACWI ex-US and $EAFE; U.S. Dollar $DXY and 10-Year Yields $TNX...

Vermilion Research

Gildan Activewear Inc.: Expanding Manufacturing & Supply Chain Efficiencies to Set New Standards! - Major Drivers

Gildan Activewear has demonstrated a solid performance in the third quarter of 2024, as evidenced by its latest earnings report. The company...

Baptista Research

Bullish Outlook Intact on MSCI ACWI & SPX; Buys in Services, Technology, Discretionary, Gold Miners

Bullish Outlook Intact on MSCI $ACWI and $SPX as they hold above their respective bases at $117 and 5650-5670; Buys in Services, Technology,...

Vermilion Research

Gildan Activewear: How Are They Achieving Market Share Expansion in Key Product Categories! - Major Drivers

Gildan Activewear highlighted both achievements and ongoing challenges in their Q2 2024 earnings call. The company, celebrating its 40th...

Baptista Research

Gildan Activewear Inc.: What Is The Expected Bottom-line Impact Of Cost Input and Manufacturing Optimization? - Major Drivers

Gildan Activewear showcased a mixed performance in the first quarter of 2024, reflecting a combination of strengths in certain product categories...

Baptista Research