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

Rikki Malik

Equity Bottom-Up

COSCO SHIPPING Energy Transportation / Equity Bottom-Up

COSCO SHIPPING Energy Transportation (1138 HK)

<ul>
<li>The whole sector has been derated as the oil prices collapsed</li>
<li>The capital cycle story is still intact and gets stronger as time passes</li>
<li>There is a margin of safety in the current valuations</li>
</ul>


The whole sector has been derated as the oil prices collapsed
The capital cycle story is still intact and gets stronger as time passes
There is a margin of safety in the current valuations


Opportunities in Tankers (1138.HK) As the Sector Has Discounted Most of the Issues Facing It

Maritime, Commodities & Energy, Capital Link

Capital Link

Maritime, Commodities & Energy

Capital Link is a strategic advisory, investor relations and financial communications firm focusing on the maritime, energy and commodities sectors, Closed-End Funds & ETFs and emerging markets (Greece).

<ul><li>Scorpio Tankers: Product Tanker Outlasting Hormuz Crisis In this episode of Capital Link’s Trending News Podcast, Mr. Robert Bugbee, President & Director of Scorpio Tankers (NYSE: STNG) and Mr. James Doyle, Head of Corporate Development & IR discussed how the potential reopening of the Strait of Hormuz is about to affect an already strengthening market.</li><li> Evidently, the closure of the Strait has dominated shipping headlines in the past few months, but Mr. Doyle believes the strongest case for product tankers extends well beyond the latest geopolitical crisis.</li><li>In fact, he argues that a combination of refinery closures, shifting trade routes and the aging fleet are creating structural support for product tanker demand that could persist for years, even if Middle East tensions ease.</li></ul>

Scorpio Tankers: Product Tanker Outlasting Hormuz Crisis In this episode of Capital Link’s Trending News Podcast, Mr. Robert Bugbee, President & Director of Scorpio Tankers (NYSE: STNG) and Mr. James Doyle, Head of Corporate Development & IR discussed how the potential reopening of the Strait of Hormuz is about to affect an already strengthening market. Evidently, the closure of the Strait has dominated shipping headlines in the past few months, but Mr. Doyle believes the strongest case for product tankers extends well beyond the latest geopolitical crisis.In fact, he argues that a combination of refinery closures, shifting trade routes and the aging fleet are creating structural support for product tanker demand that could persist for years, even if Middle East tensions ease.

Scorpio Tankers: Product Tanker Outlasting Hormuz Crisis

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

VanEck Oil Services ETF / Technical Analysis

<ul>
<li>We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM).</li>
<li>As long as last Wednesday's (Aug. 12) bullish gaps remain unfilled and hold as support on semiconductors (SOXX, SMH), generative A.I. (CHAT), memory(DRAM), neoclouds(NCLD), and momentum(MTUM), bulls are in control</li>
<li>Specifically, we are bullish as long as price is above last Tuesday's highs on the aforementioned ETFs. On SPX, we will remain bullish as long as support at 7580-7629 holds.</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM).
As long as last Wednesday's (Aug. 12) bullish gaps remain unfilled and hold as support on semiconductors (SOXX, SMH), generative A.I. (CHAT), memory(DRAM), neoclouds(NCLD), and momentum(MTUM), bulls are in control
Specifically, we are bullish as long as price is above last Tuesday's highs on the aforementioned ETFs. On SPX, we will remain bullish as long as support at 7580-7629 holds.


Energy Improving; Levels to Watch on A.I. And Technology $SOXX $CHAT $DRAM $MTUM

Nasdaq-100 Stock Index / Technical Analysis

<ul>
<li>We will stay near-term bullish as long as crucial support levels of 6824 on SPX, $610 on QQQ, and $257 on IWM (up from $245) continue to hold.</li>
<li>We continue to see deterioration in market dynamics. While we expect a consolidation/pullback period, the aforementioned support levels would need to break to confirm the pullback has begun.</li>
<li>We will maintain our bullish intermediate-term outlook, and recommend buying pullbacks, as long as market dynamics remain constructive and the SPX is above 6480-6520 and IWM is above $245</li>
</ul>


We will stay near-term bullish as long as crucial support levels of 6824 on SPX, $610 on QQQ, and $257 on IWM (up from $245) continue to hold.
We continue to see deterioration in market dynamics. While we expect a consolidation/pullback period, the aforementioned support levels would need to break to confirm the pullback has begun.
We will maintain our bullish intermediate-term outlook, and recommend buying pullbacks, as long as market dynamics remain constructive and the SPX is above 6480-6520 and IWM is above $245


Monitoring for a Pullback; Still Near-Term Bullish Above 6824 on SPX, $610 on QQQ, and $257 on IWM

<ul>
<li>We had been near-term bullish on the S&amp;P 500 (SPX) since our 4/22/25 Compass, however, we are officially downgrading our near-term outlook to neutral</li>
<li>The SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM) are breaking below their 50-day MAs and are also violating their multi-month uptrends, signaling a consolidation period is here</li>
<li>Still, our intermediate-term outlook remains bullish (as of 5/14/25 report), and we'll maintain our bullish intermediate-term view as long as market dynamics remain constructive and the SPX is above 6200</li>
</ul>


We had been near-term bullish on the S&amp;P 500 (SPX) since our 4/22/25 Compass, however, we are officially downgrading our near-term outlook to neutral
The SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM) are breaking below their 50-day MAs and are also violating their multi-month uptrends, signaling a consolidation period is here
Still, our intermediate-term outlook remains bullish (as of 5/14/25 report), and we'll maintain our bullish intermediate-term view as long as market dynamics remain constructive and the SPX is above 6200


Coasting as We Stalk for Buying Opportunity; Downgrading Discretionary to Underweight

Monaco

Scorpio Tankers Inc. operates as a shipping company. The Company provides seaborne transportation of crude oil and other petroleum products. Scorpio Tankers serves customers worldwide.

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Scorpio Tankers (STNG US)

Opportunities in Tankers (1138.HK) As the Sector Has Discounted Most of the Issues Facing It

The current negative narrative around the sector of higher oil production, lessening of sanctions and an upcoming recession provides an opportunity

Rikki Malik

Scorpio Tankers: Product Tanker Outlasting Hormuz Crisis

Scorpio Tankers: Product Tanker Outlasting Hormuz Crisis In this episode of Capital Link’s Trending News Podcast, Mr. Robert Bugbee, President...

Capital Link

Energy Improving; Levels to Watch on A.I. And Technology $SOXX $CHAT $DRAM $MTUM

Energy $XLE $OIH $IEO Improving; Levels to Watch in A.I. and Technology Areas $CHAT $SOXX $MTUM $DRAM. Still bullish $SPX, but some reason for...

Vermilion Research

Monitoring for a Pullback; Still Near-Term Bullish Above 6824 on SPX, $610 on QQQ, and $257 on IWM

Monitoring for a Pullback; Still Near-Term Bullish Above 6824 on $SPX, $610 on $QQQ, and $257 on $IWM. We expect a period of consolidation...

Vermilion Research

Coasting as We Stalk for Buying Opportunity; Downgrading Discretionary to Underweight

Coasting as We Stalk for Buying Opportunity; Downgrading Near-Term Outlook to Neutral, But Still Bullish Intermediate-Term $SPX $QQQ; Downgrading...

Vermilion Research

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