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 Emerging Markets / Technical Analysis

<ul>
<li>The bullish outlook we initiated in early November 2023 remains intact. The SPX and QQQ still refuse to close below their 20-day MAs/21-day EMAs for more than 2-3 consecutive days.</li>
<li>Even if/when they do, important supports are close by, including 4983-5050 on the S&amp;P 500 and $425-$433 on QQQ (gap supports from 2/22/24). Anything above 4800 SPX is a buy.</li>
<li>We continue to get an ever-increasing number of global indexes/Sectors with long-term breakouts, the latest being the MSCI Emerging Market and Frontier indexes. Clearly risk-on behavior.</li>
</ul>


The bullish outlook we initiated in early November 2023 remains intact. The SPX and QQQ still refuse to close below their 20-day MAs/21-day EMAs for more than 2-3 consecutive days.
Even if/when they do, important supports are close by, including 4983-5050 on the S&amp;P 500 and $425-$433 on QQQ (gap supports from 2/22/24). Anything above 4800 SPX is a buy.
We continue to get an ever-increasing number of global indexes/Sectors with long-term breakouts, the latest being the MSCI Emerging Market and Frontier indexes. Clearly risk-on behavior.


Long-Term Breakouts for Emerging and Frontier Markets; Treasury Yields and Commodities Rising YTD

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Salesforce announced its Q4 and full year results for fiscal 2024, reporting a strong performance across all its key metrics.</li><li>This signifies an exceptional year for the company, with revenue, margin, earnings per share (EPS), cash flows, and current remaining performance obligations (cRPO) all recording increased growth.</li><li>The overall transformation seen in Salesforce and its industry has been noted to be substantive, primarily driven by the surge in artificial intelligence.</li></ul>

Salesforce announced its Q4 and full year results for fiscal 2024, reporting a strong performance across all its key metrics.This signifies an exceptional year for the company, with revenue, margin, earnings per share (EPS), cash flows, and current remaining performance obligations (cRPO) all recording increased growth.The overall transformation seen in Salesforce and its industry has been noted to be substantive, primarily driven by the surge in artificial intelligence.

salesforce.com Inc: Can The Spiff Acquisition Truly Enhance Their Offerings & Create Synergies? - Major Drivers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank</a> raised around US$4.9bn via selling some of its stake in <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a>’ US IPO. Its remaining 90% stake will be released from its IPO linked lockup soon.</li>
<li>ARM develops and licenses high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Softbank raised around US$4.9bn via selling some of its stake in ARM Holdings (ARM US)’ US IPO. Its remaining 90% stake will be released from its IPO linked lockup soon.
ARM develops and licenses high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


ARM Holdings IPO Lock-Up Expiry - A US$127bn Lockup Release Might Be Too Tempting to Pass On

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Salesforce reported 4QFY24 financial results: total revenue was up 10.8% YoY to US$9.29bn, in line with consensus estimate of US$9.22bn.</li><li>FY24 total revenue was up 11.2% YoY to US$34.9bn. Non-GAAP operating income grew by 19.3% YoY to US$2.92bn in 4QFY24, also in line with consensus estimate.</li><li>Full-year non-GAAP operating income delivered strong growth of 50.4% YoY to US$10.6bn in FY24, mainly attributable to Salesforce’s initiatives to drive productivity and efficiency across business lines. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Salesforce reported 4QFY24 financial results: total revenue was up 10.8% YoY to US$9.29bn, in line with consensus estimate of US$9.22bn.FY24 total revenue was up 11.2% YoY to US$34.9bn. Non-GAAP operating income grew by 19.3% YoY to US$2.92bn in 4QFY24, also in line with consensus estimate.Full-year non-GAAP operating income delivered strong growth of 50.4% YoY to US$10.6bn in FY24, mainly attributable to Salesforce’s initiatives to drive productivity and efficiency across business lines. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Salesforce (CRM US) - 4Q Results In-Line; Eye on AI Development

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Macroeconomics

<ul>
<li>Some recent US data has been stronger than expected especially on the inflation front.</li>
<li>Japanese domestic economy confirmed to be  in recession as we expected</li>
<li>Both markets remain buoyant – the question is for how long?</li>
</ul>


Some recent US data has been stronger than expected especially on the inflation front.
Japanese domestic economy confirmed to be  in recession as we expected
Both markets remain buoyant – the question is for how long?


Strong US and Weak Japanese Data Shifts Interest Rate Expectations – Implications for Stock Markets?

United States

salesforce.com, inc. provides software on demand. The Company supplies a customer relationship management service to businesses worldwide providing a technology platform for customers and developers to build and run business applications. Clients use salesforce.com to manage their customer, sales and operational data.

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Salesforce.Com Inc (CRM US)

Long-Term Breakouts for Emerging and Frontier Markets; Treasury Yields and Commodities Rising YTD

Long-Term Breakouts for Emerging and Frontier Markets $EEM $FM; Bullish Outlook Intact on $SPX $QQQ; Treasury Yields and Commodities Rising YTD has...

Vermilion Research

salesforce.com Inc: Can The Spiff Acquisition Truly Enhance Their Offerings & Create Synergies? - Major Drivers

Salesforce announced its Q4 and full year results for fiscal 2024, reporting a strong performance across all its key metrics. This signifies an...

Baptista Research

ARM Holdings IPO Lock-Up Expiry - A US$127bn Lockup Release Might Be Too Tempting to Pass On

Softbank raised around US$4.9bn via selling some of its stake in ARM Holdings (ARM US)’ US IPO. Its remaining 90% stake will be released from its...

Sumeet Singh

Salesforce (CRM US) - 4Q Results In-Line; Eye on AI Development

Salesforce reported 4QFY24 financial results: total revenue was up 10.8% YoY to US$9.29bn, in line with consensus estimate of US$9.22bn.

CMB International

Strong US and Weak Japanese Data Shifts Interest Rate Expectations – Implications for Stock Markets?

US data stronger than expected, Japanese economy in recession as predicted, markets remain buoyant but uncertainty looms.

Rikki Malik

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Long-Term Breakouts for Emerging and Frontier Markets; Treasury Yields and Commodities Rising YTD

Long-Term Breakouts for Emerging and Frontier Markets $EEM $FM; Bullish Outlook Intact on $SPX $QQQ; Treasury Yields and Commodities Rising YTD has...

Vermilion Research

salesforce.com Inc: Can The Spiff Acquisition Truly Enhance Their Offerings & Create Synergies? - Major Drivers

Salesforce announced its Q4 and full year results for fiscal 2024, reporting a strong performance across all its key metrics. This signifies an...

Baptista Research

ARM Holdings IPO Lock-Up Expiry - A US$127bn Lockup Release Might Be Too Tempting to Pass On

Softbank raised around US$4.9bn via selling some of its stake in ARM Holdings (ARM US)’ US IPO. Its remaining 90% stake will be released from its...

Sumeet Singh

Salesforce (CRM US) - 4Q Results In-Line; Eye on AI Development

Salesforce reported 4QFY24 financial results: total revenue was up 10.8% YoY to US$9.29bn, in line with consensus estimate of US$9.22bn.

CMB International

Strong US and Weak Japanese Data Shifts Interest Rate Expectations – Implications for Stock Markets?

​US data stronger than expected, Japanese economy in recession as predicted, markets remain buoyant but uncertainty looms.

Rikki Malik

US data stronger than expected, Japanese economy in recession as predicted, markets remain buoyant but uncertainty looms.