Director, RaaS Research Group, Research as a Service (RaaS)

RaaS Research Group (RaaS)

Director, RaaS Research Group

Insightful Financial Models and Research Analysis

Research as a Service (RaaS)

Connect to the right investors through smart and insightful financial models and research analysis.

Equity Bottom-Up

<ul><li>Select Harvests Ltd (ASX:SHV) is one of Australia’s largest almond growers, processors and sellers, with an extensive orchard footprint (Riverland, Sunraysia and Riverina) and increasing third-party volume processing.</li><li>We recently initiated coverage on SHV (RaaS July-26), and focus further on the competitive cost-positioning and export dynamic, which we see supporting SHV’s growth.</li><li>This is based on its lower-quartile almond growing costs of $7.33/kg (normalised estimate), vs. California ~9.69/kg.</li></ul>

Select Harvests Ltd (ASX:SHV) is one of Australia’s largest almond growers, processors and sellers, with an extensive orchard footprint (Riverland, Sunraysia and Riverina) and increasing third-party volume processing.We recently initiated coverage on SHV (RaaS July-26), and focus further on the competitive cost-positioning and export dynamic, which we see supporting SHV’s growth.This is based on its lower-quartile almond growing costs of $7.33/kg (normalised estimate), vs. California ~9.69/kg.

Select Harvests Ltd - Driving the competitive positioning

<ul><li>Select Harvests Ltd (ASX:SHV) is one of Australia’s largest almond growers, processors and sellers, with extensive orchards through the Riverina (S.A.), Riverland (Vic.) and Griffith (NSW).</li><li>SHV is predominantly an exporter of almonds (80%) to global markets including China, India and Middle East.</li><li>Almonds are grown in limited locations in the world, due to the specific farming requirements and climatic conditions (including initial bloom), with the market dominated by the US which represents ~75% of total supply.</li></ul>

Select Harvests Ltd (ASX:SHV) is one of Australia’s largest almond growers, processors and sellers, with extensive orchards through the Riverina (S.A.), Riverland (Vic.) and Griffith (NSW).SHV is predominantly an exporter of almonds (80%) to global markets including China, India and Middle East.Almonds are grown in limited locations in the world, due to the specific farming requirements and climatic conditions (including initial bloom), with the market dominated by the US which represents ~75% of total supply.

Select Harvests Ltd - Gaining momentum into almond strength

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

We remain cautious as the number of bearish-leaning developments continue to pile up. As a result we continue to believe global equities are vulnerable to a breakdown. We recap important technical levels across markets and highlight Actionable Themes within Services, Consumer Staples, and Health Care. We also highlight attractive set ups in H&amp;M Hennes &amp; Mauritz AB Class B (HM.B-SE).

We remain cautious as the number of bearish-leaning developments continue to pile up. As a result we continue to believe global equities are vulnerable to a breakdown. We recap important technical levels across markets and highlight Actionable Themes within Services, Consumer Staples, and Health Care. We also highlight attractive set ups in H&amp;M Hennes &amp; Mauritz AB Class B (HM.B-SE).

Global Equity Strategy: Bearish-Leaning Developments Continue; Europe/UK Holding Above Support.

Over 25-yrs in Global Materials & Soft Commodities

Charles Spencer

Thematic (Sector/Industry)

New Pricing Forecasts:We included this month our new commodity price forecast table, which ranks key commodities based on their price potential to our 2020 forecasts.  In summary, we are relatively more positive on the commodities which have lagged during the past year including Agriculture &amp; Precious Metals, but relatively more cautious on the Energy and Metals &amp; Minerals. Our current stock recommendations include <a href="https://www.smartkarma.com/insights/select-harvests-ltd-pricing-growth-adding-to-our-list-of-five-year-doubles" target="_blank" data-smartkarma-citation="insights:18339">Select Harvests Ltd: Pricing + Growth; Adding to Our List of Five Year Doubles</a> an…

New Pricing Forecasts:We included this month our new commodity price forecast table, which ranks key commodities based on their price potential to our 2020 forecasts.  In summary, we are relatively more positive on the commodities which have lagged during the past year including Agriculture &amp; Precious Metals, but relatively more cautious on the Energy and Metals &amp; Minerals. Our current stock recommendations include Select Harvests Ltd: Pricing + Growth; Adding to Our List of Five Year Doubles an…

Commodity Prices Bounce in April Led Again by Energy & Metals

Our Recommendation – Narrow Focus to Select Commodities: Commodity pricing, which had been in a bullish trend since 1Q16, is being challenged by escalating trade concerns and weakening PMI reports. For example, the price of US soybeans and corn have dropped by ~4% this morning on the State Council's announcement that it would impose additional tariffs of 25 percent on US products including soybeans, cars, and chemicals, on a date to be decided after the US imposed its own tariffs on Chinese…

Our Recommendation – Narrow Focus to Select Commodities: Commodity pricing, which had been in a bullish trend since 1Q16, is being challenged by escalating trade concerns and weakening PMI reports. For example, the price of US soybeans and corn have dropped by ~4% this morning on the State Council's announcement that it would impose additional tariffs of 25 percent on US products including soybeans, cars, and chemicals, on a date to be decided after the US imposed its own tariffs on Chinese…

Commodity Prices Mixed in March on Escalating Trade Concerns; Recommend a Narrower Focus

Australia

Select Harvests Limited grows, processes, packages and distributes almonds from its almond orchards. The Company also packages and distributes edible nuts, dried fruits, seeds and natural health foods. Select Harvests also manufactures chemically based pelletized and grain based pesticide products including snail baits and rodenticides for the Australasian market.

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Select Harvests (SHV AU)

Select Harvests Ltd - Driving the competitive positioning

Select Harvests Ltd (ASX:SHV) is one of Australia’s largest almond growers, processors and sellers, with an extensive orchard footprint...

Research as a Service (RaaS)

Select Harvests Ltd - Gaining momentum into almond strength

Select Harvests Ltd (ASX:SHV) is one of Australia’s largest almond growers, processors and sellers, with extensive orchards through the Riverina...

Research as a Service (RaaS)

Global Equity Strategy: Bearish-Leaning Developments Continue; Europe/UK Holding Above Support.

We remain cautious as the number of bearish-leaning developments continue to pile up. As a result we continue to believe global equities are...

Vermilion Research

Commodity Prices Bounce in April Led Again by Energy & Metals

New Pricing Forecasts:We included this month our new commodity price forecast table, which ranks key commodities based on their price potential to...

Charles Spencer

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Select Harvests Ltd - Driving the competitive positioning

Select Harvests Ltd (ASX:SHV) is one of Australia’s largest almond growers, processors and sellers, with an extensive orchard footprint...

Research as a Service (RaaS)

Select Harvests Ltd - Gaining momentum into almond strength

Select Harvests Ltd (ASX:SHV) is one of Australia’s largest almond growers, processors and sellers, with extensive orchards through the Riverina...

Research as a Service (RaaS)

Global Equity Strategy: Bearish-Leaning Developments Continue; Europe/UK Holding Above Support.

We remain cautious as the number of bearish-leaning developments continue to pile up. As a result we continue to believe global equities are...

Vermilion Research

Commodity Prices Bounce in April Led Again by Energy & Metals

New Pricing Forecasts:We included this month our new commodity price forecast table, which ranks key commodities based on their price potential to...

Charles Spencer

Commodity Prices Mixed in March on Escalating Trade Concerns; Recommend a Narrower Focus

Our Recommendation – Narrow Focus to Select Commodities: Commodity pricing, which had been in a bullish trend since 1Q16, is being challenged by...

Charles Spencer