Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Thematic (Sector/Industry)

<ul>
<li>Year to date (July) US border crossing data paint a surprisingly mixed picture</li>
<li>Overall, total crossings at all points and by all modes are down -3.7% Y/Y</li>
<li>States facing Canada saw a -17.5% decline; air crossings into West up +3.7%</li>
</ul>


Year to date (July) US border crossing data paint a surprisingly mixed picture
Overall, total crossings at all points and by all modes are down -3.7% Y/Y
States facing Canada saw a -17.5% decline; air crossings into West up +3.7%


US Customs & Border Patrol Traveler Data Show Mixed Picture, Sharp Drop in Northern Border Crossings

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Chip tester Teradyne jumping on reports it has a new FA arm.</li>
<li>Intel admitting its now not even in the top-10 chipmakers anymore.</li>
<li>Estee lauder strength may help Shiseido with better trends in Hainan reported.</li>
</ul>


Chip tester Teradyne jumping on reports it has a new FA arm.
Intel admitting its now not even in the top-10 chipmakers anymore.
Estee lauder strength may help Shiseido with better trends in Hainan reported.


Japan Morning Connection: Airlines Surging After Delta Numbers Helping SPX Close at New Records

Equity Bottom-Up

<ul>
<li>As expected, a SAMR investigation depressed top-line growth and profitability in Q226 </li>
<li>Management offered no forward guidance on earnings call, but hinted at headwinds to come</li>
<li>We believe it may take a few quarters for Trip.com to regain momentum</li>
</ul>


As expected, a SAMR investigation depressed top-line growth and profitability in Q226 
Management offered no forward guidance on earnings call, but hinted at headwinds to come
We believe it may take a few quarters for Trip.com to regain momentum


Trip.com Q226 Results | Slow Top-Line & Adj EBITDA Met Low Expectations | No Quick Fix, in Our View

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 discussed last week (Feb. 27 Int'l Compass) how both ACWI-US and the S&amp;P 500 displayed false breakouts, and to look for near-term pullbacks</li>
<li>We said expect pullbacks to range supports at $116 on ACWI-US and 5770-5850 or 5600-5670 on the S&amp;P 500 in the coming weeks, where we would be buyers.</li>
<li>The S&amp;P 500 is testing the 5770-5850 range now, while ACWI-US is testing its 200-day MA at $117. It is possible ACWI-US finds support here. Upgrading Europe to overweight</li>
</ul>


We discussed last week (Feb. 27 Int'l Compass) how both ACWI-US and the S&amp;P 500 displayed false breakouts, and to look for near-term pullbacks
We said expect pullbacks to range supports at $116 on ACWI-US and 5770-5850 or 5600-5670 on the S&amp;P 500 in the coming weeks, where we would be buyers.
The S&amp;P 500 is testing the 5770-5850 range now, while ACWI-US is testing its 200-day MA at $117. It is possible ACWI-US finds support here. Upgrading Europe to overweight


Upgrading Europe to Overweight; Monitoring U.S. (S&P 500) For a Downgrade; Buy Gold Miners and More

<ul>
<li>Trip.com will finally report Q2 results after the US close on Tuesday, September 15</li>
<li>Earlier investigation, now concluded, was likely a drag on growth &amp; earnings in period</li>
<li>Management commentary could indicate pace of recovery from Trip.com's latest stumble</li>
</ul>


Trip.com will finally report Q2 results after the US close on Tuesday, September 15
Earlier investigation, now concluded, was likely a drag on growth &amp; earnings in period
Management commentary could indicate pace of recovery from Trip.com's latest stumble


Trip.com Q226 Earnings Preview | Impact of Investigation | Accommodation Segment | Q3 Guidance Key

Japan

Japan Airlines Co. Ltd. provides air transportation services. The Company offers a variety of scheduled  flights and unscheduled flights throughout the world as well as offers air courier services. Japan Airlines also provides tickets, resort hotels, and travel agencies services.

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Japan Airlines (9201 JP)

US Customs & Border Patrol Traveler Data Show Mixed Picture, Sharp Drop in Northern Border Crossings

Recently released US border crossing data show a mixed bag: total crossings at the US Northern and Southern borders are down YTD, but crossings by...

Tracking Traffic

Japan Morning Connection: Airlines Surging After Delta Numbers Helping SPX Close at New Records

Delta's earnings report causes airlines and cruise ships to jump. Tesla's plans for its robotaxi and Ai chatbot may be enough to help the...

Andrew Jackson

Trip.com Q226 Results | Slow Top-Line & Adj EBITDA Met Low Expectations | No Quick Fix, in Our View

Trip.com reported Q226 results that mostly met lowered expectations after SAMR's investigation into the platform's anti-competitive practices. We...

Tracking Traffic

Upgrading Europe to Overweight; Monitoring U.S. (S&P 500) For a Downgrade; Buy Gold Miners and More

Upgrading Europe to Overweight; Monitoring U.S. $SPX for a Downgrade to Market Weight. $ACWI and $SPX likely bottoming here at 200-day MAs. Bullish...

Vermilion Research

Trip.com Q226 Earnings Preview | Impact of Investigation | Accommodation Segment | Q3 Guidance Key

Trip.com will finally report Q2 results on Tuesday evening (US time). Expectations for Q2 are low but forward guidance could indicate how quickly...

Tracking Traffic

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