Diversified Industries

Avi Dalfen

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

Thematic (Sector/Industry)

<ul>
<li>This is the first in a series of reports on the global Fuel Cell industry. Our focus in these reports will be on the publicly traded pure plays in the Fuel Cell industry.</li>
<li>In this report, we present our reasons why this sector should be of interest to investors at this time. In follow-up reports we will look at both the technology and those companies in the industry.</li>
<li>Fuel Cell industry pure plays have not yet reached profitability, or even positive cash flow. However, industry participants are now focusing on scaling-up production volumes, which is needed to achieve profitability. This is just one reason why we believe the global Fuel Cell industry is positively positioned for profitability.</li>
</ul>


This is the first in a series of reports on the global Fuel Cell industry. Our focus in these reports will be on the publicly traded pure plays in the Fuel Cell industry.
In this report, we present our reasons why this sector should be of interest to investors at this time. In follow-up reports we will look at both the technology and those companies in the industry.
Fuel Cell industry pure plays have not yet reached profitability, or even positive cash flow. However, industry participants are now focusing on scaling-up production volumes, which is needed to achieve profitability. This is just one reason why we believe the global Fuel Cell industry is positively positioned for profitability.


Global Fuel Cell Industry: Positively Positioned for Profitability

Equity Analyst

Gervin Gayan

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<p><strong>Few Positives on MES </strong></p>
<ul>
<li>Restructuring in Shipbuilding segment improving the cost structure to the point where breakeven is becoming visible</li>
<li>The potential for a recovery in shipbuilding demand in the medium term driven by tightening environmental regulations</li>
<li>A return to breakeven in the engineering segment</li>
<li>New orders for MODEC from a recovery in oil and gas investments</li>
</ul>

Few Positives on MES 

Restructuring in Shipbuilding segment improving the cost structure to the point where breakeven is becoming visible
The potential for a recovery in shipbuilding demand in the medium term driven by tightening environmental regulations
A return to breakeven in the engineering segment
New orders for MODEC from a recovery in oil and gas investments


Divestments in Ship Building, Improvement in Engineering and Outperforming MODEC to Drive Upside

Global Cross-Asset Energy Analyst, VAC Investments

Aaditya Chintalapati, CFA

Global Cross-Asset Energy Analyst

VAC Investments

<h2>Oil Price</h2><p>A seventh straight weekly drop for Crude Oil prices was seen last week, the longest losing streak in prices since 2015. WTI ended the week at USD 65.93/bbl, with Brent at USD 71.76/bbl, both down c.3% w/w. Continued price weakness was driven by API's estimate of record US Crude Oil (10.7 MMbbls) and NGLs production (4.4 MMbbls) in 2018, combined with modest production growth amongst OPEC countries such as Libya. Elsewhere, despite risks to as much as c.600K - 1.2Mbbls/day of Crude oil…</p>

Oil PriceA seventh straight weekly drop for Crude Oil prices was seen last week, the longest losing streak in prices since 2015. WTI ended the week at USD 65.93/bbl, with Brent at USD 71.76/bbl, both down c.3% w/w. Continued price weakness was driven by API's estimate of record US Crude Oil (10.7 MMbbls) and NGLs production (4.4 MMbbls) in 2018, combined with modest production growth amongst OPEC countries such as Libya. Elsewhere, despite risks to as much as c.600K - 1.2Mbbls/day of Crude oil…

<h2>Oil Price</h2>
<p>Crude oil prices fell for the sixth straight week, with WTI ending the week at USD 68.5/bbl and Brent at USD 73/bbl. Expectations of rising global demand for crude in the medium-term and potential supply disruptions from Iranian sanctions were overshadowed by market concerns around the risks of global trade disruptions from the US and China's ongoing dispute, likely downside risks to European crude demand from Turkey's crude imports given ongoing currency weakness and increased supply…</p>

Oil Price
Crude oil prices fell for the sixth straight week, with WTI ending the week at USD 68.5/bbl and Brent at USD 73/bbl. Expectations of rising global demand for crude in the medium-term and potential supply disruptions from Iranian sanctions were overshadowed by market concerns around the risks of global trade disruptions from the US and China's ongoing dispute, likely downside risks to European crude demand from Turkey's crude imports given ongoing currency weakness and increased supply…

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

<p>The MSCI ACWI and S&amp;P 500 have both achieved a higher high relative to mid-April prices, which we see as a potential early indication of a bullish trend change. Combine this with improving market internals and we are becoming incrementally more bullish. For the MSCI ACWI, one of the more concerning breadth indicators has been the percentage of stocks above their 200-day moving average. This indicator recently hit a higher high (see below, left), a positive development that confirms the market’s recent advance. In today's report we highlight opportunities within global Energy and Technology companies, two of our overweights.<strong> </strong></p>

The MSCI ACWI and S&amp;P 500 have both achieved a higher high relative to mid-April prices, which we see as a potential early indication of a bullish trend change. Combine this with improving market internals and we are becoming incrementally more bullish. For the MSCI ACWI, one of the more concerning breadth indicators has been the percentage of stocks above their 200-day moving average. This indicator recently hit a higher high (see below, left), a positive development that confirms the market’s recent advance. In today's report we highlight opportunities within global Energy and Technology companies, two of our overweights. 

Global Energy Shares Breaking Out; Technology Remains Attractive

United Kingdom

Shell PLC explores and refines petroleum products. The Company produces fuels, chemicals, and lubricants. Shell serves clients worldwide.

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Shell PLC (SHEL LN)

Global Fuel Cell Industry: Positively Positioned for Profitability

This is the first in a series of reports on the global Fuel Cell industry. Our focus in these reports will be on the publicly traded pure plays in...

Avi Dalfen

Divestments in Ship Building, Improvement in Engineering and Outperforming MODEC to Drive Upside

Few Positives on MES Restructuring in Shipbuilding segment improving the cost structure to the point where breakeven is becoming visible The...

Gervin Gayan

Global E&Ps: Energy Weekly Vol. 22

Oil PriceA seventh straight weekly drop for Crude Oil prices was seen last week, the longest losing streak in prices since 2015. WTI ended the week...

Aaditya Chintalapati, CFA

Global E&Ps: Energy Weekly Vol. 21

Oil Price Crude oil prices fell for the sixth straight week, with WTI ending the week at USD 68.5/bbl and Brent at USD 73/bbl. Expectations of...

Aaditya Chintalapati, CFA

Global Energy Shares Breaking Out; Technology Remains Attractive

The MSCI ACWI and S&P 500 have both achieved a higher high relative to mid-April prices, which we see as a potential early indication of a...

Vermilion Research

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