Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>We built a large cap, a mid cap and a small cap portfolio of twenty stocks each. The constituents are based on how technical publications score and rank their innovations </li>
<li>Only algo driven scores were considered to pick the stocks. Metrics like sales and profit growth, cashflow, leverage, returns, margins, valuations, estimates, news flow, price momentum were NOT considered</li>
<li>The portfolios are market cap weighted. We avoided including the mega caps Apple, Microsoft, Amazon and Google, due to the significant skew their weights will have on the portfolio</li>
</ul>


We built a large cap, a mid cap and a small cap portfolio of twenty stocks each. The constituents are based on how technical publications score and rank their innovations 
Only algo driven scores were considered to pick the stocks. Metrics like sales and profit growth, cashflow, leverage, returns, margins, valuations, estimates, news flow, price momentum were NOT considered
The portfolios are market cap weighted. We avoided including the mega caps Apple, Microsoft, Amazon and Google, due to the significant skew their weights will have on the portfolio


Portfolios Built Based on Innovation Score by Datamining Technical Publications

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

Taiwan Stock Exchange Weighted Index / Technical Analysis

Taiwan Stock Exchange Weighted Index (TWSE INDEX)

<ul>
<li>The bear market rally that we have discussed since our Sept. 29 Int'l Compass has managed to surpass our price targets, which were YTD downtrends on the ACWX-US and EFA-US.</li>
<li>As a result of these bullish reversals and breakdowns on the US dollar (DXY) and 10-year Treasury yield, we are upgrading our outlook to neutral.</li>
<li>Buy ideas on a pullback in: Consumer Discretionary, Energy, and Technology/Tech Services</li>
</ul>


The bear market rally that we have discussed since our Sept. 29 Int'l Compass has managed to surpass our price targets, which were YTD downtrends on the ACWX-US and EFA-US.
As a result of these bullish reversals and breakdowns on the US dollar (DXY) and 10-year Treasury yield, we are upgrading our outlook to neutral.
Buy ideas on a pullback in: Consumer Discretionary, Energy, and Technology/Tech Services


Bullish Reversals Continue: TAIEX, KOSPI, AEX, Hang Seng, CSI 300. Buy Cyclicals/Growth on Pullbacks

iShares MSCI EAFE ETF / Technical Analysis

<ul>
<li>We continue to believe that a bearish intermediate-term outlook is appropriate as long as the YTD downtrends remain intact on MSCI ACWI (ACWI-US), MSCI ACWI ex-US (ACWX-US), and EAFE (EFA-US).</li>
<li>We would turn bullish only on reversals of those downtrends. With that said, a bear market rally has officially begun, something that we have discussed since our Sept.29 Int'l Compass</li>
<li>We expect to see rallies to their respective YTD downtrends (ACWX, EFA, etc.). We highlight buys that are likely to outperform on this bear market rally.</li>
</ul>


We continue to believe that a bearish intermediate-term outlook is appropriate as long as the YTD downtrends remain intact on MSCI ACWI (ACWI-US), MSCI ACWI ex-US (ACWX-US), and EAFE (EFA-US).
We would turn bullish only on reversals of those downtrends. With that said, a bear market rally has officially begun, something that we have discussed since our Sept.29 Int'l Compass
We expect to see rallies to their respective YTD downtrends (ACWX, EFA, etc.). We highlight buys that are likely to outperform on this bear market rally.


Bear Market Rally in Progress as DXY, Global Sovereign 10-Yr Yields Fall; Buy Ideas Within Leaders

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.

Equity Bottom-Up

<ul><li>Briscoes Group (BGP) reported a solid 2Q27 sales update though its 1H27 NPAT guidance of &#8220;no less than NZ$27m&#8221; was slightly below expectations.</li><li>Rebel Sports sales increased +4.8% on the prior year in 2Q27, supported by significant sporting events including the Fifa World Cup, Auckland FC&#8217;s A-league win, Warriors NRL campaign and All Blacks Nations Championship.</li><li>BGP&#8217;s 1H27 NPAT guidance of &#8220;not less than NZ$27m&#8221; is slightly below our 1H27 estimate of ~NZ$29m.</li></ul>

Briscoes Group (BGP) reported a solid 2Q27 sales update though its 1H27 NPAT guidance of &#8220;no less than NZ$27m&#8221; was slightly below expectations.Rebel Sports sales increased +4.8% on the prior year in 2Q27, supported by significant sporting events including the Fifa World Cup, Auckland FC&#8217;s A-league win, Warriors NRL campaign and All Blacks Nations Championship.BGP&#8217;s 1H27 NPAT guidance of &#8220;not less than NZ$27m&#8221; is slightly below our 1H27 estimate of ~NZ$29m.

Briscoes Group (BGP) - 2Q27 Trading Update

<ul><li>Serko’s (SKO) 1Q27 update should ease investor concerns over room-night growth and the risk that the Middle East conflict has materially disrupted trading.</li><li>Booking.com for Business (B4B) continues to broaden, with a large active customer base and a modest increase in booking frequency driving robust room-night growth.</li><li>With FY27 total income and spend guidance unchanged, the update implies potential for upside to our forecast revenue growth if current implied commission revenue run-rates persist.</li></ul>

Serko’s (SKO) 1Q27 update should ease investor concerns over room-night growth and the risk that the Middle East conflict has materially disrupted trading.Booking.com for Business (B4B) continues to broaden, with a large active customer base and a modest increase in booking frequency driving robust room-night growth.With FY27 total income and spend guidance unchanged, the update implies potential for upside to our forecast revenue growth if current implied commission revenue run-rates persist.

Serko 1Q27 B4B Revenue Climbs Despite Tiering

Germany

SAP SE is a multinational software company. The Company develops business software, including e-business and enterprise management software, consults on organizational usage of its applications software, and provides training services. SAP markets its products and services worldwide.

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SAP (SAP GR)

Portfolios Built Based on Innovation Score by Datamining Technical Publications

We publish a small cap, midcap and large cap portfolio each comprising of twenty stocks, built entirely based on innovations scores by datamining...

Pyari Menon

Bullish Reversals Continue: TAIEX, KOSPI, AEX, Hang Seng, CSI 300. Buy Cyclicals/Growth on Pullbacks

Bullish reversals: Taiwan $TAIEX, Korea $KOSPI, Netherlands' $AEX reversing YTD downtrends, while Hang Seng $HSI and China's CSI 300 are reversing...

Vermilion Research

Bear Market Rally in Progress as DXY, Global Sovereign 10-Yr Yields Fall; Buy Ideas Within Leaders

Bear Market Rally in Progress as $DXY, Global Sovereign 10-Year Yields Decline. Italy FTSE MIB with a bullish YTD downtrend reversal, Switzerland...

Vermilion Research

Briscoes Group (BGP) - 2Q27 Trading Update

Briscoes Group (BGP) reported a solid 2Q27 sales update though its 1H27 NPAT guidance of “no less than NZ$27m” was slightly below...

Forsyth Barr

Serko 1Q27 B4B Revenue Climbs Despite Tiering

Serko’s (SKO) 1Q27 update should ease investor concerns over room-night growth and the risk that the Middle East conflict has materially disrupted...

Forsyth Barr

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