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

Developed international equities (MSCI EAFE) have been underperforming relative to global equities (MSCI ACWI). However, within EAFE, SMID-caps tell a different story and are a great source of investment ideas within the EAFE region. In today’s report we use a bottom-up approach to highlight actionable charts, sorted by market cap (all buys at current levels).

Developed international equities (MSCI EAFE) have been underperforming relative to global equities (MSCI ACWI). However, within EAFE, SMID-caps tell a different story and are a great source of investment ideas within the EAFE region. In today’s report we use a bottom-up approach to highlight actionable charts, sorted by market cap (all buys at current levels).

Pullback opportunities are currently in limited supply. While most markets are advancing to 12+ month highs, including the U.S., Japan, and EM, Europe is still trading at its 200-day MA, as a result of its recent four-month decline. This presents an attractive entry point, especially for small-cap investors.  In this report we highlight opportunities in: steel companies, trucks/construction/farm machinery, auto parts manufacturers and energy companies.

Pullback opportunities are currently in limited supply. While most markets are advancing to 12+ month highs, including the U.S., Japan, and EM, Europe is still trading at its 200-day MA, as a result of its recent four-month decline. This presents an attractive entry point, especially for small-cap investors.  In this report we highlight opportunities in: steel companies, trucks/construction/farm machinery, auto parts manufacturers and energy companies.

Pullback Opportunities in European Small Caps

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

Value-focused bottom-up Asian equity research

NVB Asia Pte Ltd

Equity Bottom-Up

<ul><li>Valuetronics provides Integrated Electronics Manufacturing Services (EMS)</li><li>Focus on Consumer Electronics (CE) and Industrial &amp; Commerical Electronics (ICE)</li><li>Cyclical company but entry into automotive supply chain could be game changer</li><li>Consistently strong cash flow and dividend track record. Never loss making since 2004.</li><li>Management owns 26% of shares outstanding.</li><li>Net cash is 43% of market value, expected dividend yield of 6% for fiscal 2017.</li><li><a href="https://www.smartkarma.com/entities/8387" target="_blank" data-smartkarma-citation="entities:8387:1">Valuetronics Holdings Ltd (VALUE SP)</a> trading at (ex-cash) 6 times 2017 earnings estimate and 5x EV/EBITDA.</li><li>My estimate of Fair Value is 1.14 SGD per share, or 52% upside.</li></ul>

Valuetronics provides Integrated Electronics Manufacturing Services (EMS)Focus on Consumer Electronics (CE) and Industrial &amp; Commerical Electronics (ICE)Cyclical company but entry into automotive supply chain could be game changerConsistently strong cash flow and dividend track record. Never loss making since 2004.Management owns 26% of shares outstanding.Net cash is 43% of market value, expected dividend yield of 6% for fiscal 2017.Valuetronics Holdings Ltd (VALUE SP) trading at (ex-cash) 6 times 2017 earnings estimate and 5x EV/EBITDA.My estimate of Fair Value is 1.14 SGD per share, or 52% upside.

Discover Singapore: Valuetronics (VALUE SP), Not Your Typical S-Chip

Belgium

Melexis NV designs and manufactures advanced integrated semiconductors, sensor ICs, and programmable sensor IC systems that meet the requirements of the automotive industry. Headquartered in Belgium, the Company has locations in France, Germany, Switzerland, Bulgaria, Ukraine, and the United States.

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Melexis NV (MELE BB)

Focus on Outperforming EAFE SMID-Caps

Developed international equities (MSCI EAFE) have been underperforming relative to global equities (MSCI ACWI). However, within EAFE, SMID-caps...

Vermilion Research

Pullback Opportunities in European Small Caps

Pullback opportunities are currently in limited supply. While most markets are advancing to 12+ month highs, including the U.S., Japan, and EM,...

Vermilion Research

Discover Singapore: Valuetronics (VALUE SP), Not Your Typical S-Chip

Valuetronics provides Integrated Electronics Manufacturing Services (EMS) Focus on Consumer Electronics (CE) and Industrial & Commerical...

Nicolas Van Broekhoven

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52-week Range

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