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>With the MSCI ACWI (ACWI-US) approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here, and we believe caution is warranted.</li>
<li>We want to remain overweight Europe and the UK, but we prefer to buy only on pullbacks.</li>
<li>The Hang Seng and MSCI China (MCHI-US) are both getting rejected at their important resistances discussed last week, and we would expect to see a basing process develop below resistance.</li>
</ul>


With the MSCI ACWI (ACWI-US) approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here, and we believe caution is warranted.
We want to remain overweight Europe and the UK, but we prefer to buy only on pullbacks.
The Hang Seng and MSCI China (MCHI-US) are both getting rejected at their important resistances discussed last week, and we would expect to see a basing process develop below resistance.


Caution Warranted; ACWI-US At $93 Resistance; Buys in Communications, Staples, Materials, Financials

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

Thematic (Sector/Industry)

<ul>
<li>Overall Dutch supermarket sales rose 2.3% year-on-year to EUR 5.1bn, driven entirely by price increases rather than higher volumes.</li>
<li>Market share shifts therefore translate directly into significant revenue changes, with each percentage point worth hundreds of millions of euros.</li>
<li>Albert Heijn (Ahold Delhaize) remains the clear market leader, benefiting from the largest store network and gaining 0.5%-pt of market share to 38.2%. </li>
</ul>


Overall Dutch supermarket sales rose 2.3% year-on-year to EUR 5.1bn, driven entirely by price increases rather than higher volumes.
Market share shifts therefore translate directly into significant revenue changes, with each percentage point worth hundreds of millions of euros.
Albert Heijn (Ahold Delhaize) remains the clear market leader, benefiting from the largest store network and gaining 0.5%-pt of market share to 38.2%. 


<ul>
<li>Ahold Delhaize / PostNL | bol sells Cycloon to owner of Intrapost Last Friday, Intrapost, Cycloon and Ahold Delahaize’s online platform bol announced that postal company Cycloon to will be bought by Den Hollander Holding B.V, a holding company with the same controlling shareholder as Intrapost: Mr. V.R. Den Hollander. bol and Cycloon are convinced that this is the best step for all parties with a view to the future.</li>
<li>Cycloon focuses on sorting and delivering letterbox mail.</li>
<li>The sales of these activities to Den Hollander Holding B.V, will bring Cycloon in a better position to benefit from the opportunities on the postal market and to continue to grow.</li>
</ul>


Ahold Delhaize / PostNL | bol sells Cycloon to owner of Intrapost Last Friday, Intrapost, Cycloon and Ahold Delahaize’s online platform bol announced that postal company Cycloon to will be bought by Den Hollander Holding B.V, a holding company with the same controlling shareholder as Intrapost: Mr. V.R. Den Hollander. bol and Cycloon are convinced that this is the best step for all parties with a view to the future.
Cycloon focuses on sorting and delivering letterbox mail.
The sales of these activities to Den Hollander Holding B.V, will bring Cycloon in a better position to benefit from the opportunities on the postal market and to continue to grow.


<ul>
<li>In an interview with Reuters, ING’s CEO Steven van Rijswijk said his bank is exploring acquisitions in major European markets, including Germany, Italy, and Spain, to expand its presence.</li>
<li>"We would be looking firstly at businesses that offer certain products, operate predominantly in geographical markets where we are already active and have a strong digital footprint," the CEO told Reuters.</li>
<li>Van Rijswijk declined to name any potential targets.</li>
</ul>


In an interview with Reuters, ING’s CEO Steven van Rijswijk said his bank is exploring acquisitions in major European markets, including Germany, Italy, and Spain, to expand its presence.
"We would be looking firstly at businesses that offer certain products, operate predominantly in geographical markets where we are already active and have a strong digital footprint," the CEO told Reuters.
Van Rijswijk declined to name any potential targets.


What's New(S) In Amsterdam - 4 February 2025 (ING | Fagron | TomTom | Bpostgroup)

Equity Bottom-Up

<ul><li>In this edition: • ING | clear beat of consensus across the board; new EUR 1.0bn share buyback • IMCD | revenue growth driven by acquisitions – organic performance negative • Arcadis | encouraging start to the year – reiterates guidance for the year • DHL | better than expected EBIT despite lower revenues • Dutch housing market | showing some early signs of cooling • Dutch CPI | up 0.1% YoY at 2.8%; sequential increase suggests acceleration though</li></ul>

In this edition: • ING | clear beat of consensus across the board; new EUR 1.0bn share buyback • IMCD | revenue growth driven by acquisitions – organic performance negative • Arcadis | encouraging start to the year – reiterates guidance for the year • DHL | better than expected EBIT despite lower revenues • Dutch housing market | showing some early signs of cooling • Dutch CPI | up 0.1% YoY at 2.8%; sequential increase suggests acceleration though

Netherlands

ING Groep N.V. offers financial services to individuals, corporations, and other institutions.  The Company offers corporate, investment, and private banking services, asset and portfolio management, treasury services, and insurance.  ING Groep has offices throughout the world.

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ING Groep NV (INGA NA)

Caution Warranted; ACWI-US At $93 Resistance; Buys in Communications, Staples, Materials, Financials

With the MSCI $ACWI approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here and believe caution is...

Vermilion Research

What's New in Amsterdam

Overall Dutch supermarket sales rose 2.3% year-on-year to EUR 5.1bn, driven entirely by price increases rather than higher volumes.

The IDEA!

What's News in Amsterdam

The sales of these activities to Den Hollander Holding B.V, will bring Cycloon in a better position to benefit from the opportunities on the postal...

The IDEA!

What's New(S) In Amsterdam - 4 February 2025 (ING | Fagron | TomTom | Bpostgroup)

In an interview with Reuters, ING’s CEO Steven van Rijswijk said his bank is exploring acquisitions in major European markets, including Germany,...

The IDEA!

IMCD Group NV - What's News in Amsterdam

In this edition: • ING | clear beat of consensus across the board; new EUR 1.0bn share buyback • IMCD | revenue growth driven by acquisitions –...

The IDEA!

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