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>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>In our prior Int'l Compass (Oct. 16) we discussed how the pullback was testing the uptrend, and we were buyers; this worked out well with indexes back at all-time highs.</li>
<li>Taiwan, China, Korea, and the U.S. remain our only overweights, but India is becoming more attractive as well -- add selective exposure. Many buy ideas highlighted in these countries.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
In our prior Int'l Compass (Oct. 16) we discussed how the pullback was testing the uptrend, and we were buyers; this worked out well with indexes back at all-time highs.
Taiwan, China, Korea, and the U.S. remain our only overweights, but India is becoming more attractive as well -- add selective exposure. Many buy ideas highlighted in these countries.


India Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<ul>
<li>The Materials sector stands out as a key recovery candidate: low positioning but strong positive rotation across the GEM active universe.</li>
<li>Early inflows are being driven by China &amp; HK and South Africa, with rising fund participation and narrowing underweights.</li>
<li>Stock-Level rotation is visible in Gold Fields, Zijin Mining, and Anglo American, alongside a growing set of lightly held rising stars.</li>
</ul>


The Materials sector stands out as a key recovery candidate: low positioning but strong positive rotation across the GEM active universe.
Early inflows are being driven by China &amp; HK and South Africa, with rising fund participation and narrowing underweights.
Stock-Level rotation is visible in Gold Fields, Zijin Mining, and Anglo American, alongside a growing set of lightly held rising stars.


External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Upstream Aluminium resilient: Upstream EBITDA/t grew by 15% YoY (down 13% QoQ) to $1,467/t, despite lower LME Aluminium (averaged at $2,444/t, down 3%/7% YoY/QoQ) and third-party shipments at 219 kt, down 6%/9% YoY/QoQ.</li><li>This was driven by lower CoP, which fell by 3% QoQ in Q1FY26 due to higher linkage coal usage (63% in fuel mix).</li><li>Q2FY26 CoP is expected to rise 3% QoQ on monsoon impact and higher CP Coke prices.</li></ul>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.

Upstream Aluminium resilient: Upstream EBITDA/t grew by 15% YoY (down 13% QoQ) to $1,467/t, despite lower LME Aluminium (averaged at $2,444/t, down 3%/7% YoY/QoQ) and third-party shipments at 219 kt, down 6%/9% YoY/QoQ.This was driven by lower CoP, which fell by 3% QoQ in Q1FY26 due to higher linkage coal usage (63% in fuel mix).Q2FY26 CoP is expected to rise 3% QoQ on monsoon impact and higher CP Coke prices.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.

Hindalco Industries Ltd - Indian Operations Continue to Outperform

<ul><li>Strong performance at upstream Aluminium: Upstream EBITDA/t grew by 74%/14% YoY/QoQ to $1,684/t on account of lower input costs and higher LME Aluminium price (up 19%/2% YoY/QoQ), partially offset by lower third-party shipments, which stood at 240 kt, down 3% YoY/QoQ each.</li><li>In Q4FY25, aluminium CoP was down 1% QoQ, and in Q1FY26, it could stay flat or move up by 1% QoQ, as CP coke prices have inched up while coal prices are flat.</li><li>Aluminium downstream EBITDA/t rose sharply by 45%/34% YoY/QoQ to $240/t, while shipments stood flat YoY (up 6% QoQ), driven by better product mix comprising foil stock and packaging.</li></ul>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.

Strong performance at upstream Aluminium: Upstream EBITDA/t grew by 74%/14% YoY/QoQ to $1,684/t on account of lower input costs and higher LME Aluminium price (up 19%/2% YoY/QoQ), partially offset by lower third-party shipments, which stood at 240 kt, down 3% YoY/QoQ each.In Q4FY25, aluminium CoP was down 1% QoQ, and in Q1FY26, it could stay flat or move up by 1% QoQ, as CP coke prices have inched up while coal prices are flat.Aluminium downstream EBITDA/t rose sharply by 45%/34% YoY/QoQ to $240/t, while shipments stood flat YoY (up 6% QoQ), driven by better product mix comprising foil stock and packaging.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.

Hindalco Industries Ltd - Robust Q4: Indian Operations Continue to Deliver Strong Performance

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Novelis posted $1.8B EBITDA on 3.76Mt volume, with weakness in North America offset by aerospace and packaging recovery in Europe and Asia.</li>
<li>Management withheld guidance citing demand uncertainty; Bay Minette capex rose to $4.1B with commissioning now in 2H FY26.</li>
<li>Scrap supply tightness and tariff pressures may hit margins; company expects prolonged impact despite mitigation efforts underway.</li>
</ul>


Novelis posted $1.8B EBITDA on 3.76Mt volume, with weakness in North America offset by aerospace and packaging recovery in Europe and Asia.
Management withheld guidance citing demand uncertainty; Bay Minette capex rose to $4.1B with commissioning now in 2H FY26.
Scrap supply tightness and tariff pressures may hit margins; company expects prolonged impact despite mitigation efforts underway.


Novelis: Cautious Outlook Amid Heavy U.S. Capex and Scrap Volatility

India

Hindalco Industries Limited is an integrated aluminum manufacturer. The Company mines bauxite and refines it into alumina. The Company's other operations include the smelting of alumina into aluminum, the manufacture of semi-fabricated rolled and extruded products. The Company's products include aluminum ingots, steel rods and rolled flat steel products.

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Hindalco Industries (HNDL IN)

India Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.

India's $SENSEX Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.; Bullish Outlook Intact on $ACWI; Actionable...

Vermilion Research

EM Materials: The Recovery Trade

Materials is emerging from deep under-ownership, combining low positioning with the strongest positive rotation in GEM. Inflows into China and S....

Steven Holden

Hindalco Industries Ltd - Indian Operations Continue to Outperform

Upstream Aluminium resilient: Upstream EBITDA/t grew by 15% YoY (down 13% QoQ) to $1,467/t, despite lower LME Aluminium (averaged at $2,444/t, down...

Axis Direct

Hindalco Industries Ltd - Robust Q4: Indian Operations Continue to Deliver Strong Performance

Aluminium: Upstream EBITDA/t grew by 74%/14% YoY/QoQ to $1,684/t on account of lower input costs and higher LME Aluminium price (up 19%/2% YoY/QoQ)

Axis Direct

Novelis: Cautious Outlook Amid Heavy U.S. Capex and Scrap Volatility

Novelis reports strong EBITDA but faces uncertainty and challenges ahead due to demand fluctuations, capex increase, and potential margin pressures.

Rahul Jain

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52-week Range

Market Cap (USDm)

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India Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.

India's $SENSEX Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.; Bullish Outlook Intact on $ACWI; Actionable...

Vermilion Research

EM Materials: The Recovery Trade

Materials is emerging from deep under-ownership, combining low positioning with the strongest positive rotation in GEM. Inflows into China and S....

Steven Holden

Hindalco Industries Ltd - Indian Operations Continue to Outperform

Upstream Aluminium resilient: Upstream EBITDA/t grew by 15% YoY (down 13% QoQ) to $1,467/t, despite lower LME Aluminium (averaged at $2,444/t, down...

Axis Direct

Hindalco Industries Ltd - Robust Q4: Indian Operations Continue to Deliver Strong Performance

Aluminium: Upstream EBITDA/t grew by 74%/14% YoY/QoQ to $1,684/t on account of lower input costs and higher LME Aluminium price (up 19%/2% YoY/QoQ)

Axis Direct

Novelis: Cautious Outlook Amid Heavy U.S. Capex and Scrap Volatility

​Novelis reports strong EBITDA but faces uncertainty and challenges ahead due to demand fluctuations, capex increase, and potential margin pressures.

Rahul Jain

Novelis reports strong EBITDA but faces uncertainty and challenges ahead due to demand fluctuations, capex increase, and potential margin pressures.