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

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>We see global equities (MSCI ACWI) going through a pause/pullback amid short-term breakouts in the U.S. dollar (DXY) and global sovereign 10-year yields.</li>
<li>A rising DXY and climbing yields is a near-term headwind, and we could continue to see more choppy price action in the weeks ahead.</li>
<li>With that said, as long as the DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and ACWI-US is <em>above</em> $98, we would view pullbacks as buying opportunities.</li>
</ul>


We see global equities (MSCI ACWI) going through a pause/pullback amid short-term breakouts in the U.S. dollar (DXY) and global sovereign 10-year yields.
A rising DXY and climbing yields is a near-term headwind, and we could continue to see more choppy price action in the weeks ahead.
With that said, as long as the DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and ACWI-US is above $98, we would view pullbacks as buying opportunities.


Pause/Pullback Underway; Downgrading Europe and Mexico; Buys in Services, Tech, Comm, Healthcare

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

Dr Agarwal's Health Care Ltd / Equity Capital Markets

Dr Agarwal's Health Care Ltd (8140044Z IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
In this note, we will talk about the lockup dynamics and possible placement.


Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Manipal Health Enterprises Ltd / Equity Capital Markets

Manipal Health Enterprises Ltd (1217834D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/manipal-health-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:48013:1" rel="noopener">Manipal Health Enterprises</a>  (MHEL) raised around US$960m in its India IPO.</li>
<li>MHEL operates a pan‑India network of multispecialty hospitals delivering a range of care services, from outpatient services to complex tertiary and quaternary interventions</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Manipal Health Enterprises  (MHEL) raised around US$960m in its India IPO.
MHEL operates a pan‑India network of multispecialty hospitals delivering a range of care services, from outpatient services to complex tertiary and quaternary interventions
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Manipal Health IPO Trading - Lukewarm Demand

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Event-Driven

Manipal Health Enterprises Ltd / Event-Driven

<ul>
<li>Manipal Health Enterprises operates 49 hospitals with 13,037 licensed beds across 14 states, generating nearly ₹11,000 crore in revenue via aggressive acquisitions and brownfield expansion opportunities.;</li>
<li>Leading in CONGO-R specialties, Manipal boasts high ARPOB (₹66,145) and low ALOS (2.8 days), backed by lean opex, high EBITDA per employee, and strong institutional governance.</li>
<li>Priced at ₹560–590 (FY26 EV/EBITDA 30.5x), the IPO offers limited listing gains. Long-term upside hinges on brownfield bed operationalization, doctor retention, and navigating Metro overcapacity.</li>
</ul>


Manipal Health Enterprises operates 49 hospitals with 13,037 licensed beds across 14 states, generating nearly ₹11,000 crore in revenue via aggressive acquisitions and brownfield expansion opportunities.;
Leading in CONGO-R specialties, Manipal boasts high ARPOB (₹66,145) and low ALOS (2.8 days), backed by lean opex, high EBITDA per employee, and strong institutional governance.
Priced at ₹560–590 (FY26 EV/EBITDA 30.5x), the IPO offers limited listing gains. Long-term upside hinges on brownfield bed operationalization, doctor retention, and navigating Metro overcapacity.


Manipal Health IPO: Skip the Listing, Buy the Dips?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/manipal-health-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:48013:1" rel="noopener">Manipal Health Enterprises </a> (MHEL) is looking to raise up to US$960m in its upcoming India IPO.</li>
<li>MHEL operates a pan‑India network of multispecialty hospitals delivering a range of care services, from outpatient services to complex tertiary and quaternary interventions.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.</li>
</ul>



Manipal Health Enterprises  (MHEL) is looking to raise up to US$960m in its upcoming India IPO.
MHEL operates a pan‑India network of multispecialty hospitals delivering a range of care services, from outpatient services to complex tertiary and quaternary interventions.
We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.


Aequitas: Manipal Health IPO - RHP Updates and Thoughts on Valuations

India

Global Health Limited (Medanta) is an India-based multi-specialty tertiary care provider, primarily operating in the North and East regions of India. The company delivers a comprehensive range of healthcare services across various medical specialties, including cardiac sciences, neurosciences, oncology, orthopaedics, liver transplants, and kidney and urology care. Global Health Limited was incorporated on August 13, 2004, and is headquartered in New Delhi, India.

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Global Health (MEDANTA IN)

Pause/Pullback Underway; Downgrading Europe and Mexico; Buys in Services, Tech, Comm, Healthcare

Pause/pullback underway in $ACWI, but as long as the $DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and $ACWI is above...

Vermilion Research

Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

TPG and Temasek are selling part of their stakes , around 11% of Dr Agarwal Health Care's existing share capital, to raise around US$183m, at a...

Akshat Shah

Aequitas: Manipal Health IPO Trading - Lukewarm Demand

Manipal Health Enterprises (MHEL) raised around US$960m in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Manipal Health IPO: Skip the Listing, Buy the Dips?

Manipal Health Enterprises is a leading hospital operator with strong financials and growth potential, but the IPO may not offer immediate gains...

Himanshu Dugar

Aequitas: Manipal Health IPO - RHP Updates and Thoughts on Valuations

Manipal Health Enterprises (MHEL) is looking to raise up to US$960m in its upcoming India IPO. In this note, we talk about the recent updates and...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pause/Pullback Underway; Downgrading Europe and Mexico; Buys in Services, Tech, Comm, Healthcare

Pause/pullback underway in $ACWI, but as long as the $DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and $ACWI is above...

Vermilion Research

Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

TPG and Temasek are selling part of their stakes , around 11% of Dr Agarwal Health Care's existing share capital, to raise around US$183m, at a...

Akshat Shah

Aequitas: Manipal Health IPO Trading - Lukewarm Demand

Manipal Health Enterprises (MHEL) raised around US$960m in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Manipal Health IPO: Skip the Listing, Buy the Dips?

​Manipal Health Enterprises is a leading hospital operator with strong financials and growth potential, but the IPO may not offer immediate gains...

Himanshu Dugar

Aequitas: Manipal Health IPO - RHP Updates and Thoughts on Valuations

Manipal Health Enterprises (MHEL) is looking to raise up to US$960m in its upcoming India IPO. In this note, we talk about the recent updates and...

Sumeet Singh

Manipal Health Enterprises is a leading hospital operator with strong financials and growth potential, but the IPO may not offer immediate gains...