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

Oil & Natural Gas Corp / Technical Analysis

<ul>
<li>MSCI EM (EEM-US) continues to show signs of bottoming as it has held above our $37-$37.50 line-in-the-sand. </li>
<li>Major 1+ year resistance on the EEM-US is at $42, and a breakout would mean the bottom is in (and would be a buy signal).</li>
<li>Favor EM over EAFE due to 2.5-year downtrend reversal in the EAFE vs. EM ratio. Top Overweights: Taiwan, India, Greece; Attractive EM Sectors: Energy, Technology, Consumer Discretionary, Financials</li>
</ul>


MSCI EM (EEM-US) continues to show signs of bottoming as it has held above our $37-$37.50 line-in-the-sand. 
Major 1+ year resistance on the EEM-US is at $42, and a breakout would mean the bottom is in (and would be a buy signal).
Favor EM over EAFE due to 2.5-year downtrend reversal in the EAFE vs. EM ratio. Top Overweights: Taiwan, India, Greece; Attractive EM Sectors: Energy, Technology, Consumer Discretionary, Financials


MSCI Emerging Market Index Testing 1+ Year Resistance; Favor EM over EAFE; Top EM Buys Highlighted

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gmr-airports-infrastructure-ltd" target="_blank" data-smartkarma-citation="entities:306:1" rel="noopener">GMR Airports Infrastructure (GMRI IN)</a> saw pressure on its scrip after its results, that witnessed losses widening to INR-8.4 bn in F23 from INR -7.5 bn in F22 (continuing operations).</li>
<li>The losses have further dented the balance sheet, that already looked fragile over a number of years.</li>
<li>The company also faces cash generation problems on the back of debt burden, apart from severe contingent liabilities, that could further hamper the net-worth. Investors should remain cautious.</li>
</ul>



GMR Airports Infrastructure (GMRI IN) saw pressure on its scrip after its results, that witnessed losses widening to INR-8.4 bn in F23 from INR -7.5 bn in F22 (continuing operations).
The losses have further dented the balance sheet, that already looked fragile over a number of years.
The company also faces cash generation problems on the back of debt burden, apart from severe contingent liabilities, that could further hamper the net-worth. Investors should remain cautious.


GMR Airports Infrastructure- Still a Work In Progress

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

Equity Bottom-Up

GMR Infrastructure (GMRI) is one of the largest Indian airport developers and operators, with a large portfolio of assets across the energy, transport and urban infra sectors. It operates two of India’s largest airports – Delhi and Hyderabad – which handled 25-28% of all-India passenger traffic in the past decade. The airline sector is witnessing speedy recovery from the covid impact.<div class="content-highlight">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.</div>

GMR Infrastructure (GMRI) is one of the largest Indian airport developers and operators, with a large portfolio of assets across the energy, transport and urban infra sectors. It operates two of India’s largest airports – Delhi and Hyderabad – which handled 25-28% of all-India passenger traffic in the past decade. The airline sector is witnessing speedy recovery from the covid impact.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.

Airports to drive value; initiate with a HOLD

Thematic (Sector/Industry)

The global market sentiments are in agony lately due to the vicious Covid-19 which is yet to loom in many geographies. Moreover, the fact that the Indian indices are burning coupled with lack of a stern banking system simply aids in the macroeconomic woes of the country. Through this insight, we try to figure out reasons some of the Indian heavyweight entities that could be exposed naked to the risk of bankruptcy in the wake of upcoming recession which has more chances of 'mights' than 'might nots'.

The global market sentiments are in agony lately due to the vicious Covid-19 which is yet to loom in many geographies. Moreover, the fact that the Indian indices are burning coupled with lack of a stern banking system simply aids in the macroeconomic woes of the country. Through this insight, we try to figure out reasons some of the Indian heavyweight entities that could be exposed naked to the risk of bankruptcy in the wake of upcoming recession which has more chances of 'mights' than 'might nots'.

High Distress Levels: Indian Companies Caught Off-Guard

Credit Researcher - South Asia, Bondcritic

Shrey Bhandari

Credit Researcher - South Asia

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Credit

Delhi International Airport Limited / Credit

<a href="https://www.smartkarma.com/entities/27055" target="_blank" data-smartkarma-citation="entities:27055:1">Delhi International Airport Limited (0180331D IN)</a> has announced that it will be investing INR90 bn in the busiest aerodrome in India over the next three and a half years. This investment is aimed at boosting the passenger handling capacity up to 100 million passengers per year and is expected to be funded using bank loans and new debt instruments. The investment will affect the bond spreads for the company. Nevertheless, a change in regulations means that new baggage charges can be levied on every flight, putting the company in a better position to generate more cash in the future. We maintain our NEUTRAL recommendation.

Delhi International Airport Limited (0180331D IN) has announced that it will be investing INR90 bn in the busiest aerodrome in India over the next three and a half years. This investment is aimed at boosting the passenger handling capacity up to 100 million passengers per year and is expected to be funded using bank loans and new debt instruments. The investment will affect the bond spreads for the company. Nevertheless, a change in regulations means that new baggage charges can be levied on every flight, putting the company in a better position to generate more cash in the future. We maintain our NEUTRAL recommendation.

Delhi International Airport: INR90 Billion Investment Planned

India

GMR Airports Limited operates as a airport platform company. The Company engages in development, operation, and maintenance of airports, as well as provides aviation and integrated security solutions in retail, aero services, and real estates. GMR Airports serves customers worldwide.

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GMR Airports (GMRAIRPO IN)

MSCI Emerging Market Index Testing 1+ Year Resistance; Favor EM over EAFE; Top EM Buys Highlighted

MSCI EM Index $EEM Testing 1+ Year Resistance; Favor EM over EAFE $EFA. Top EM Country Overweights: Taiwan, India, Greece; Attractive EM Sectors:...

Vermilion Research

GMR Airports Infrastructure- Still a Work In Progress

The losses have further dented the balance sheet, that already looked fragile over a number of years. The company also faces cash generation...

Nitin Mangal

Airports to drive value; initiate with a HOLD

GMR Infrastructure (GMRI) is one of the largest Indian airport developers and operators, with a large portfolio of assets across the energy,...

ICICI Securities Limited

High Distress Levels: Indian Companies Caught Off-Guard

The global market sentiments are in agony lately due to the vicious Covid-19 which is yet to loom in many geographies. Moreover, the fact that the...

Nitin Mangal

Delhi International Airport: INR90 Billion Investment Planned

Delhi International Airport Limited (0180331D IN) has announced that it will be investing INR90 bn in the busiest aerodrome in India over the next...

Bondcritic

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