Founder & CEO. Oil markets macro-analysis., Vanda Insights

Vandana Hari

Founder & CEO. Oil markets macro-analysis.

Vanda Insights

Vanda Insights is a Singapore-based boutique provider of intelligence on the global energy markets, launched in September 2016. The venture was born out of a desire to extract the signal from the noise in the complex and often volatile oil markets. Our succinct and clear macro analysis is relied upon by thousands of readers globally, including those doing business directly or indirectly in the physical commodity and derivatives markets; wealth managers; governments, regulatory bodies and think-tanks; as well as trade organizations and educational institutions.

Global Energy Markets

Commodities

Crude futures were firming early Thursday in Asia after closing weaker on Wednesday — WTI more so than Brent — in response to a surprising and substantial across-the-board rise in US oil stocks reported by the Energy Information Administration. Latest developments on Venezuelan crude exports and US sanctions against Iran have again brought fears of supply tightness back centre-stage.Venezuela’s PDVSA is considering declaring force majeure on some crude exports owing to a sharp decline in…

Crude futures were firming early Thursday in Asia after closing weaker on Wednesday — WTI more so than Brent — in response to a surprising and substantial across-the-board rise in US oil stocks reported by the Energy Information Administration. Latest developments on Venezuelan crude exports and US sanctions against Iran have again brought fears of supply tightness back centre-stage.Venezuela’s PDVSA is considering declaring force majeure on some crude exports owing to a sharp decline in…

Crude Becomes Bipolar Amid Suspense over OPEC/Non-OPEC Supply Plans

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

MSCI Emerging Markets Index / Technical Analysis

Sector trends are telling a bullish narrative. Cyclical sectors continue to lead, with tech at the helm, and defensive segments still exhibit lagging relative strength trends. Combined, this relationship is visible in the consumer discretionary/staples ratio, which is breaking out to multi-year highs. In today’s report we highlight the following themes:<ul><li>Auto stocks are breaking out -- buy. Highlighted charts include: Daimler (DAI-DE), Ford (F), Hyundai Motor (005380-KR), Peugeot (UG-FR), Renault (RNO-FR), and Volkswagen (VOW-DE). Increase exposure... see page 4-5</li><li>Energy is bottoming -- buy (reiteration). We highlight a wide selection of actionable names, both small- and large-caps, developed and emerging... see page 6-9</li></ul>

Sector trends are telling a bullish narrative. Cyclical sectors continue to lead, with tech at the helm, and defensive segments still exhibit lagging relative strength trends. Combined, this relationship is visible in the consumer discretionary/staples ratio, which is breaking out to multi-year highs. In today’s report we highlight the following themes:Auto stocks are breaking out -- buy. Highlighted charts include: Daimler (DAI-DE), Ford (F), Hyundai Motor (005380-KR), Peugeot (UG-FR), Renault (RNO-FR), and Volkswagen (VOW-DE). Increase exposure... see page 4-5Energy is bottoming -- buy (reiteration). We highlight a wide selection of actionable names, both small- and large-caps, developed and emerging... see page 6-9

Int'l Equity Strategy: Buy Energy, Global Autos

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Nobody "named" having &gt;5.0% in <a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing (2427 JP)</a>; no public noise, the stock down; people won't be fighting for a bump unless the delay and impairment are truly meaningless.</li>
<li>Stay long <a href="https://www.smartkarma.com/entities/mgm-china-holdings-ltd" target="_blank" data-smartkarma-citation="entities:472:1" rel="noopener">MGM China Holdings (2282 HK)</a> as its FY23 top line surpasses pre-Covid levels.</li>
<li>Investors and risk arbitrageurs who are worried about the potential loss of the case to RF SUNY should simply avoid, or sell then avoid <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a> shares.</li>
</ul>


Nobody "named" having &gt;5.0% in Outsourcing (2427 JP); no public noise, the stock down; people won't be fighting for a bump unless the delay and impairment are truly meaningless.
Stay long MGM China Holdings (2282 HK) as its FY23 top line surpasses pre-Covid levels.
Investors and risk arbitrageurs who are worried about the potential loss of the case to RF SUNY should simply avoid, or sell then avoid JSR Corp (4185 JP) shares.


Last Week in Event SPACE: Outsourcing Ltd, MGM China, JSR Corp, Dissentient Blues

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>The Morattis have agreed to sell their 40% stake in <a href="https://www.smartkarma.com/entities/saras-spa" target="_blank" data-smartkarma-citation="entities:21226:1" rel="noopener">Saras SpA (SRS IM)</a> to Vitol at €1.75/share (implied equity value €1,664 million), which will trigger a mandatory takeover offer.</li>
<li>Saras has only an asset, the largest refinery in Italy, based in Sardinia, which should add scale to Vitol. At 12.5x Fwd P/E, the offer represents a premium to peers.</li>
<li>Considering the unimpressive stock market performance of Saras since listing, and potential Trafigura overhang, it's a good time to cash in. Spread is 1.54%/8.58% (gross/annualised, assuming settlement by 23 April). Long.</li>
</ul>


The Morattis have agreed to sell their 40% stake in Saras SpA (SRS IM) to Vitol at €1.75/share (implied equity value €1,664 million), which will trigger a mandatory takeover offer.
Saras has only an asset, the largest refinery in Italy, based in Sardinia, which should add scale to Vitol. At 12.5x Fwd P/E, the offer represents a premium to peers.
Considering the unimpressive stock market performance of Saras since listing, and potential Trafigura overhang, it's a good time to cash in. Spread is 1.54%/8.58% (gross/annualised, assuming settlement by 23 April). Long.


Italy

Saras S.p.A. is an Italian energy multinational corporation involved in petroleum refining, marketing, transportation, and power generation. The company operates one of the largest refineries in the Mediterranean and also produces electricity from natural gas and wind farms. Saras S.p.A. was founded in 1962 and is headquartered in Milan, Italy, with its main production plants located in Sarroch, Sardinia.

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Saras (S7A GR)

Crude Becomes Bipolar Amid Suspense over OPEC/Non-OPEC Supply Plans

Crude futures were firming early Thursday in Asia after closing weaker on Wednesday — WTI more so than Brent — in response to a surprising and...

Vandana Hari

Int'l Equity Strategy: Buy Energy, Global Autos

Sector trends are telling a bullish narrative. Cyclical sectors continue to lead, with tech at the helm, and defensive segments still exhibit...

Vermilion Research

Last Week in Event SPACE: Outsourcing Ltd, MGM China, JSR Corp, Dissentient Blues

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Vitol/Saras: Time to Bid Farewell

The Morattis sell their stake in Saras SpA to Vitol, triggering a mandatory takeover offer. The offer represents a premium to peers and comes at a...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Crude Becomes Bipolar Amid Suspense over OPEC/Non-OPEC Supply Plans

Crude futures were firming early Thursday in Asia after closing weaker on Wednesday — WTI more so than Brent — in response to a surprising and...

Vandana Hari

Int'l Equity Strategy: Buy Energy, Global Autos

Sector trends are telling a bullish narrative. Cyclical sectors continue to lead, with tech at the helm, and defensive segments still exhibit...

Vermilion Research

Last Week in Event SPACE: Outsourcing Ltd, MGM China, JSR Corp, Dissentient Blues

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Vitol/Saras: Time to Bid Farewell

​The Morattis sell their stake in Saras SpA to Vitol, triggering a mandatory takeover offer. The offer represents a premium to peers and comes at a...

Jesus Rodriguez Aguilar

The Morattis sell their stake in Saras SpA to Vitol, triggering a mandatory takeover offer. The offer represents a premium to peers and comes at a...