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

After failing to break above resistance, global equities (MSCI ACWI) have had a rough start to the third quarter. Continued weakness in global manufacturing and the U.S.-EU tariff escalation raises the potential for a breakdown in global equities, however our outlook remains neutral as long as the MSCI ACWI remains confined to its horizontal range. In today's report we highlight attractive and actionable set-ups within technology, construction and engineering, and real estate.

After failing to break above resistance, global equities (MSCI ACWI) have had a rough start to the third quarter. Continued weakness in global manufacturing and the U.S.-EU tariff escalation raises the potential for a breakdown in global equities, however our outlook remains neutral as long as the MSCI ACWI remains confined to its horizontal range. In today's report we highlight attractive and actionable set-ups within technology, construction and engineering, and real estate.

Global Equity Strategy: Prevailing Trends Persist

Most major indexes are currently trading at the lower end of their May trading ranges. Barring improving headlines regarding tariffs &amp; trade or comments from the Fed suggesting a potential rate cut on the horizon we believe global markets are vulnerable to further weakness. We review all major markets and highlight attractive opportunities within Japan, and global real estate developers, and consumer staples stocks.

Most major indexes are currently trading at the lower end of their May trading ranges. Barring improving headlines regarding tariffs &amp; trade or comments from the Fed suggesting a potential rate cut on the horizon we believe global markets are vulnerable to further weakness. We review all major markets and highlight attractive opportunities within Japan, and global real estate developers, and consumer staples stocks.

Major Indexes Testing Support & Vulnerable to Further Weakness

Global markets are holding at support levels and we reiterate, our neutral but constructive outlook . In today’s report we highlight actionable stocks within countries that are displaying bullish price and relative strength trends, including Japan, Hong Kong, Italy and Norway.

Global markets are holding at support levels and we reiterate, our neutral but constructive outlook . In today’s report we highlight actionable stocks within countries that are displaying bullish price and relative strength trends, including Japan, Hong Kong, Italy and Norway.

Global Equity Strategy: Overweight TOPIX, Hang Seng

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>CPI controls now 82.67% of the voting rights, with an additional acceptance period running until 18 November, at €22.85 adjusted offer price. CPI does not intend to seek a squeeze out/delisting.</li>
<li>I believe that ultimately CPI, Immofinanz and S IMMO will merge, potentially making CPI one of the largest players in Europe in a transformative deal.</li>
<li>A conservative valuation, economic profit-based, would be €24.7/share, 15% discount to EPRA NTA. It may be worth buying below the offer price and holding onto the shares. Gross spread: 0.22%.</li>
</ul>


CPI controls now 82.67% of the voting rights, with an additional acceptance period running until 18 November, at €22.85 adjusted offer price. CPI does not intend to seek a squeeze out/delisting.
I believe that ultimately CPI, Immofinanz and S IMMO will merge, potentially making CPI one of the largest players in Europe in a transformative deal.
A conservative valuation, economic profit-based, would be €24.7/share, 15% discount to EPRA NTA. It may be worth buying below the offer price and holding onto the shares. Gross spread: 0.22%.


<ul>
<li>CPI, directly and indirectly, owns 42.6% in S Immo and seeks to launch a €23.5 mandatory offer if a 15% voting cap in S IMMO's by-laws is removed.</li>
<li>CPI has Board support. AGM will take place on 1 June. Although S IMMO trades at a large discount to NAV, interloper risk is low.</li>
<li>Gross spread is 1.3%. Assuming clearances are obtained, and offer settled by 1 August, estimated annual return would be 5.5%. Long SPI AV.</li>
</ul>


CPI, directly and indirectly, owns 42.6% in S Immo and seeks to launch a €23.5 mandatory offer if a 15% voting cap in S IMMO's by-laws is removed.
CPI has Board support. AGM will take place on 1 June. Although S IMMO trades at a large discount to NAV, interloper risk is low.
Gross spread is 1.3%. Assuming clearances are obtained, and offer settled by 1 August, estimated annual return would be 5.5%. Long SPI AV.


CPI/S IMMO: Agreement Regarding EGM and Offer

Austria

S IMMO AG is a property investment company that invests in diversified real estate in Eastern Europe. The Company invests in prime real estate in Austria, Germany and countries in Central and Southeastern Europe. S IMMO's portfolio includes residential, office, retail space and hotels.

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S IMMO AG (SPI AV)

Global Equity Strategy: Prevailing Trends Persist

After failing to break above resistance, global equities (MSCI ACWI) have had a rough start to the third quarter. Continued weakness in global...

Vermilion Research

Major Indexes Testing Support & Vulnerable to Further Weakness

Most major indexes are currently trading at the lower end of their May trading ranges. Barring improving headlines regarding tariffs & trade or...

Vermilion Research

Global Equity Strategy: Overweight TOPIX, Hang Seng

Global markets are holding at support levels and we reiterate, our neutral but constructive outlook . In today’s report we highlight actionable...

Vermilion Research

CPI/S Immo: Additional Acceptance Period

CPI (R. Vitek) is succeeding where others have failed and controls S Immo (82.67% voting rights) and Immofinanz (76.86% voting rights). The...

Jesus Rodriguez Aguilar

CPI/S IMMO: Agreement Regarding EGM and Offer

The ned of the Austrian real estate takeover saga seems closer to an end. CPI may succeed where others have failed and may be able to merge CPI...

Jesus Rodriguez Aguilar

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)