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

YTD sideways congestion for the MSCI ACWI ex-US and an intact downtrend for the MSCI EM index continue to point to a risk-off environment for international equity markets, and supports our neutral outlook. We continue to recommend avoiding broad indexed exposure in favor of selectivity. In today’s report we highlight actionable country- and Sector-specific themes within Norway, India, Japan and Australia.

YTD sideways congestion for the MSCI ACWI ex-US and an intact downtrend for the MSCI EM index continue to point to a risk-off environment for international equity markets, and supports our neutral outlook. We continue to recommend avoiding broad indexed exposure in favor of selectivity. In today’s report we highlight actionable country- and Sector-specific themes within Norway, India, Japan and Australia.

Global Ex-U.S. & EM Continue to Point to Risk-Off Environment

India - Politics, Industrials, IT and Large Caps, EMAlpha

Pankaj Sharma

India - Politics, Industrials, IT and Large Caps

Thematic (Sector/Industry)

<h2>The Support for BJP and Modi has shrunk in Rural areas</h2>In last three and a half years, the Narendra Modi Govt has been disciplined about spending. However, recently concluded Gujarat elections indicate that people in rural areas are not happy (of course, this is on a comparable basis) with BJP and it is likely that Modi Administration will focus more on rural areas to deal with this. Please refer to <a href="https://www.smartkarma.com/insights/india-politics-should-investors-be-scared-after-reading-the-message-of-gujarat-elections" target="_blank" data-smartkarma-citation="insights:16292">India Politics: Should Investors Be Scared After Reading the Message of Gujarat Elections?</a> and…

The Support for BJP and Modi has shrunk in Rural areasIn last three and a half years, the Narendra Modi Govt has been disciplined about spending. However, recently concluded Gujarat elections indicate that people in rural areas are not happy (of course, this is on a comparable basis) with BJP and it is likely that Modi Administration will focus more on rural areas to deal with this. Please refer to India Politics: Should Investors Be Scared After Reading the Message of Gujarat Elections? and…

India: Government In "RURAL" Overdrive, Risks and the Opportunities

The pollution crisis has become an emergency in Indian capital city of Delhi and several other towns and the Air Quality is reflecting severe deterioration. As a result, normal life has been affected and these changes are likely to have serious implications on policies. We think this may have important implications in many sectors such as Power Generation, Automobiles and Air Purifiers. Negative impact is also likely on some companies such as <a href="https://www.smartkarma.com/entities/9117" target="_blank">Coal India Ltd (COAL IN)</a> and <a href="https://www.smartkarma.com/entities/460" target="_blank">Bharat Heavy Electricals (BHEL IN)</a>. On Indian Economy in general, the impact on GDP growth rate and industrial production is also possible if the problem sustains.

The pollution crisis has become an emergency in Indian capital city of Delhi and several other towns and the Air Quality is reflecting severe deterioration. As a result, normal life has been affected and these changes are likely to have serious implications on policies. We think this may have important implications in many sectors such as Power Generation, Automobiles and Air Purifiers. Negative impact is also likely on some companies such as Coal India Ltd (COAL IN) and Bharat Heavy Electricals (BHEL IN). On Indian Economy in general, the impact on GDP growth rate and industrial production is also possible if the problem sustains.

India: The Capital City and the Entire Northern Region Is Choking on Smog, The Implications

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Godrej Agrovet Ltd / Equity Capital Markets

Godrej Agrovet plans to raise up to US$175m through a mix of primary and secondary issuance in its IPO. The company is already on its way to being a conglomerate given its operations across five verticals. Although the verticals don't seem to provide many synergies across the businesses. However, it does have one of the best brand names in the country going for it.In this insight, we will analyse the companies past performance, especially so after adjusting the revenue for acquisition assisted growth. We also try to figure out the upside using a few valuation methods. In addition, we will also run the deal through our IPO framework.

Godrej Agrovet plans to raise up to US$175m through a mix of primary and secondary issuance in its IPO. The company is already on its way to being a conglomerate given its operations across five verticals. Although the verticals don't seem to provide many synergies across the businesses. However, it does have one of the best brand names in the country going for it.In this insight, we will analyse the companies past performance, especially so after adjusting the revenue for acquisition assisted growth. We also try to figure out the upside using a few valuation methods. In addition, we will also run the deal through our IPO framework.

Godrej Agrovet IPO - Has A Lot of Potential but Not a Lot of Upside at These Valuations

Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

Expectations on economic reforms from Modi government are running high after the big win in Uttar Pradesh. Political analysts are expecting this win to ease Modi's chances for another term at national elections in 2019 and that would give him total 7 year period to push for reforms (In his victory speech Modi himself said he is now looking for delivering by 2022 - the 75th year of Indian Independence). Amidst the euphoria of Modi's victory, we would like to highlight some of the ground realities…

Expectations on economic reforms from Modi government are running high after the big win in Uttar Pradesh. Political analysts are expecting this win to ease Modi's chances for another term at national elections in 2019 and that would give him total 7 year period to push for reforms (In his victory speech Modi himself said he is now looking for delivering by 2022 - the 75th year of Indian Independence). Amidst the euphoria of Modi's victory, we would like to highlight some of the ground realities…

Investors Need To Be Patient With Reform Momentum Even As Modi Win Ensures Policy Continuity

India

Godrej Industries Limited manufactures a variety of specialty chemical products like Alpha Olefin Sulphonate, Fatty Acids, Glycerin and Fatty Alcohols. The company also manufactures edible oils and processed foods and has finance and investment activities as part of their operations.

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Godrej Industries (GDSP IN)

Global Ex-U.S. & EM Continue to Point to Risk-Off Environment

YTD sideways congestion for the MSCI ACWI ex-US and an intact downtrend for the MSCI EM index continue to point to a risk-off environment for...

Vermilion Research

India: Government In "RURAL" Overdrive, Risks and the Opportunities

The Support for BJP and Modi has shrunk in Rural areasIn last three and a half years, the Narendra Modi Govt has been disciplined about spending....

Pankaj Sharma

India: The Capital City and the Entire Northern Region Is Choking on Smog, The Implications

The pollution crisis has become an emergency in Indian capital city of Delhi and several other towns and the Air Quality is reflecting severe...

Pankaj Sharma

Godrej Agrovet IPO - Has A Lot of Potential but Not a Lot of Upside at These Valuations

Godrej Agrovet plans to raise up to US$175m through a mix of primary and secondary issuance in its IPO. The company is already on its way to being...

Sumeet Singh

Investors Need To Be Patient With Reform Momentum Even As Modi Win Ensures Policy Continuity

Expectations on economic reforms from Modi government are running high after the big win in Uttar Pradesh. Political analysts are expecting this...

Asia Advisors

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