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>Our outlook remains bullish and the significant end-of-year rally that we have been expecting since mid-October is in progress.</li>
<li>There is little to do besides continue to ride the trend higher following our 11/5/24 and 11/19/24 Compass reports which both had "Buy the Pullback" in the title</li>
<li>We also continue to expect to see support at the 20-day MAs on the Russell 2000 (IWM), S&amp;P 500, and Nasdaq 100 (QQQ)</li>
</ul>


Our outlook remains bullish and the significant end-of-year rally that we have been expecting since mid-October is in progress.
There is little to do besides continue to ride the trend higher following our 11/5/24 and 11/19/24 Compass reports which both had "Buy the Pullback" in the title
We also continue to expect to see support at the 20-day MAs on the Russell 2000 (IWM), S&amp;P 500, and Nasdaq 100 (QQQ)


Improving Market Dynamics; Outlook Remains Bullish; MSCI EAFE, ACWI Ex-US, Europe to Join the Party?

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/reliance-worldwide-corp-ltd" target="_blank" data-smartkarma-citation="entities:22690:1" rel="noopener">Reliance Worldwide Corp (RWC AU)</a> disclosed a non-binding proposal from Brookfield at A$4.75, a 31.6% premium to the undisturbed price.</li>
<li>The Board has entered into a process deed providing Brookfield with exclusivity for four weeks, from 17 August to 15 September.</li>
<li>The timing is opportunistic (given depressed earnings and the outlook) and is light relative to peers' multiples. However, the lack of a credible alternative path suggests low resistance from shareholders.</li>
</ul>



Reliance Worldwide Corp (RWC AU) disclosed a non-binding proposal from Brookfield at A$4.75, a 31.6% premium to the undisturbed price.
The Board has entered into a process deed providing Brookfield with exclusivity for four weeks, from 17 August to 15 September.
The timing is opportunistic (given depressed earnings and the outlook) and is light relative to peers' multiples. However, the lack of a credible alternative path suggests low resistance from shareholders.


Reliance Worldwide (RWC AU): Brookfield’s NBIO Is Light but Likely Done

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

Thematic (Sector/Industry)

<ul><li>When considering future investment opportunities, the renewable energy transition continues to be an exciting space to investors given its enormous potential total addressable market coupled with climate change legislation that is acting as a tailwind in virtually every G-20 country.</li><li>Almost every month, there continues to be a steady drumbeat of new rules issued locally and across the globe which results in faster timelines to transition to battery storage and other clean energy as well as tighter restrictions to ultimately phase out traditional gas powered transportation and coal power.</li><li>For example, while California has already passed rules requiring all new cars, pickup trucks and SUVs sold to be electric or hydrogen by 2035, California approved rules last week which will require all new medium heavy-duty truck and bus sales sold in the state in 2036 to be zero-emission</li></ul>

When considering future investment opportunities, the renewable energy transition continues to be an exciting space to investors given its enormous potential total addressable market coupled with climate change legislation that is acting as a tailwind in virtually every G-20 country.Almost every month, there continues to be a steady drumbeat of new rules issued locally and across the globe which results in faster timelines to transition to battery storage and other clean energy as well as tighter restrictions to ultimately phase out traditional gas powered transportation and coal power.For example, while California has already passed rules requiring all new cars, pickup trucks and SUVs sold to be electric or hydrogen by 2035, California approved rules last week which will require all new medium heavy-duty truck and bus sales sold in the state in 2036 to be zero-emission

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Kurita Water Industries / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kurita-water-industries-ltd" target="_blank" data-smartkarma-citation="entities:3870:1" rel="noopener">Kurita Water Industries (6370 JP)</a> is an indirect beneficiary of the growing AI CapEx spending, and as a result, it trades at a discount to its global peers.  </li>
<li>The management is committed to doing a share buyback of around USD 220 million from now to mid-next year, which will provide some floor for the share price. </li>
<li>It is also less volatile and less correlated with the other large caps within the AI CapEx spending beneficiaries such as TSMC, and SK Hynix. </li>
</ul>



Kurita Water Industries (6370 JP) is an indirect beneficiary of the growing AI CapEx spending, and as a result, it trades at a discount to its global peers.  
The management is committed to doing a share buyback of around USD 220 million from now to mid-next year, which will provide some floor for the share price. 
It is also less volatile and less correlated with the other large caps within the AI CapEx spending beneficiaries such as TSMC, and SK Hynix. 


Kurita Water (6370): Stable AI CapEx Beneficiary

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

<ul><li>Skellerup (SKL) has upgraded FY26 NPAT guidance by +8% at the midpoint, reflecting continued strong demand in its key US markets and a robust NZ dairy maintenance season, as well as lower tariff costs and a weaker NZD.</li><li>SKL continues to track well against its target of doubling earnings over the next five- to seven-year period, through: (1) increasing share of wallet with existing customers; (2) new products; (3) increasing global market share; and (4) ongoing productivity improvements.</li><li>As such, we see the risk—reward as more balanced and downgrade our rating from OUTPERFORM to NEUTRAL on valuation grounds.</li></ul>

Skellerup (SKL) has upgraded FY26 NPAT guidance by +8% at the midpoint, reflecting continued strong demand in its key US markets and a robust NZ dairy maintenance season, as well as lower tariff costs and a weaker NZD.SKL continues to track well against its target of doubling earnings over the next five- to seven-year period, through: (1) increasing share of wallet with existing customers; (2) new products; (3) increasing global market share; and (4) ongoing productivity improvements.As such, we see the risk—reward as more balanced and downgrade our rating from OUTPERFORM to NEUTRAL on valuation grounds.

Skellerup Holdings Thriving Earnings, Fair Valuation—Neutral

United States

Pentair PLC delivers services and solutions for its customer's diverse needs in water and other fluids, thermal management and equipment protection. The Company is organized as three operating segments: Water & Fluid Solutions; Valves & Controls; and Technical Solutions. Pentair manufactures and distributes its products worldwide.

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Pentair Plc (PNR US)

Improving Market Dynamics; Outlook Remains Bullish; MSCI EAFE, ACWI Ex-US, Europe to Join the Party?

Improving Market Dynamics; Outlook Remains Bullish $SPX $IWM $QQQ; MSCI EAFE $EFA, ACWI ex-US $ACWX, and Europe $HEDJ $FEZ to Join the Party?...

Vermilion Research

Reliance Worldwide (RWC AU): Brookfield’s NBIO Is Light but Likely Done

The timing is opportunistic (given depressed earnings and the outlook) and is light relative to peers' multiples. However, the lack of a credible...

Arun George

Weekly Stock Bullfinder - Week of 5/1

When considering future investment opportunities, the renewable energy transition continues to be an exciting space to investors given its enormous...

Weekly Stock Bull Finder

Kurita Water (6370): Stable AI CapEx Beneficiary

Kurita Water Industries benefits from AI CapEx spending, trades at discount to peers, plans share buyback to support share price.

Henry Soediarko

Skellerup Holdings Thriving Earnings, Fair Valuation—Neutral

Skellerup (SKL) has upgraded FY26 NPAT guidance by +8% at the midpoint, reflecting continued strong demand in its key US markets and a robust NZ...

Forsyth Barr

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52-week Range

Market Cap (USDm)

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Improving Market Dynamics; Outlook Remains Bullish; MSCI EAFE, ACWI Ex-US, Europe to Join the Party?

Improving Market Dynamics; Outlook Remains Bullish $SPX $IWM $QQQ; MSCI EAFE $EFA, ACWI ex-US $ACWX, and Europe $HEDJ $FEZ to Join the Party?...

Vermilion Research

Reliance Worldwide (RWC AU): Brookfield’s NBIO Is Light but Likely Done

The timing is opportunistic (given depressed earnings and the outlook) and is light relative to peers' multiples. However, the lack of a credible...

Arun George

Weekly Stock Bullfinder - Week of 5/1

When considering future investment opportunities, the renewable energy transition continues to be an exciting space to investors given its enormous...

Weekly Stock Bull Finder

Kurita Water (6370): Stable AI CapEx Beneficiary

​Kurita Water Industries benefits from AI CapEx spending, trades at discount to peers, plans share buyback to support share price.

Henry Soediarko

Skellerup Holdings Thriving Earnings, Fair Valuation—Neutral

Skellerup (SKL) has upgraded FY26 NPAT guidance by +8% at the midpoint, reflecting continued strong demand in its key US markets and a robust NZ...

Forsyth Barr

Kurita Water Industries benefits from AI CapEx spending, trades at discount to peers, plans share buyback to support share price.