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

<ul>
<li>Our outlook remains bullish on global equities (MSCI ACWI). We've been bullish since early-November 2023, save for a two month period from late-July to late-September 2024 when we were neutral.</li>
<li>We also believe the U.S. dollar (DXY) and Treasury yields have put in major tops, which is a crucial risk-on signal for global equities.</li>
<li>With more and more countries breaking out, we remain bullish as long as ACWI-US is above $116, S&amp;P 500 is above 5770-5850, and EURO STOXX 50 is above 5030.</li>
</ul>


Our outlook remains bullish on global equities (MSCI ACWI). We've been bullish since early-November 2023, save for a two month period from late-July to late-September 2024 when we were neutral.
We also believe the U.S. dollar (DXY) and Treasury yields have put in major tops, which is a crucial risk-on signal for global equities.
With more and more countries breaking out, we remain bullish as long as ACWI-US is above $116, S&amp;P 500 is above 5770-5850, and EURO STOXX 50 is above 5030.


Major Top for the U.S. Dollar (DXY) = Risk-On; Bullish Outlook Despite Near-Term Downside Risk

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Brokers' top stock picks include CLAR, CICT, CNMC Goldmine, KORE, Wilmar, Parkway Life REIT, FLCT, and ST Engineering.</li><li>Analysts recommend buying Digital Core REIT due to increased rents and leasing strength, while optimistic about Oiltek's new orders for FY2025.</li><li>CGSI optimistic about Seatrium with new MOU for second bp FPU; OCBC boosts fair value. Citi downgrades SGX to 'sell'. PhillipCapital maintains 'accumulate' rating on BRC Asia, raises TP to $3.15. Maybank Securities maintains 'buy' rating on SingPost. DBS upgrades Elite UK REIT to 'buy'.</li></ul>

Brokers' top stock picks include CLAR, CICT, CNMC Goldmine, KORE, Wilmar, Parkway Life REIT, FLCT, and ST Engineering.Analysts recommend buying Digital Core REIT due to increased rents and leasing strength, while optimistic about Oiltek's new orders for FY2025.CGSI optimistic about Seatrium with new MOU for second bp FPU; OCBC boosts fair value. Citi downgrades SGX to 'sell'. PhillipCapital maintains 'accumulate' rating on BRC Asia, raises TP to $3.15. Maybank Securities maintains 'buy' rating on SingPost. DBS upgrades Elite UK REIT to 'buy'.

Singapore Market Roundup (14-Feb-2025): Brokers' top picks: CLAR, CICT, CNMC, KORE, Wilmar, Parkway Life, FLCT, ST Engineering.

<ul><li>DBS emphasizes TSV project as a significant initiative for GVT, showcasing its strategic importance for growth and development.</li><li>CGSI forecasts robust earnings for companies like Sembcorp, Seatrium, iFast, FLCT, Singtel, and SIA, indicating a positive outlook for the market.</li><li>DBS reaffirms its positive outlook on OUE REIT, citing improved operating performance as a key factor in maintaining a 'buy' rating for the company.</li></ul>

DBS emphasizes TSV project as a significant initiative for GVT, showcasing its strategic importance for growth and development.CGSI forecasts robust earnings for companies like Sembcorp, Seatrium, iFast, FLCT, Singtel, and SIA, indicating a positive outlook for the market.DBS reaffirms its positive outlook on OUE REIT, citing improved operating performance as a key factor in maintaining a 'buy' rating for the company.

Singapore Market Roundup (24-Jan-2025): DBS TSV project key for GVT.

<ul>
<li>DBS chooses CapitaLand Ascott Trust as top choice for 2025, no property market bubble, no need for cooling measures.</li>
<li>Medical tourism drives growth in Asean hospitals, RHB suggests looking beyond index for strong performance.</li>
<li>DBS maintains 'buy' rating on CapitaLand Investment, OCBC predicts support for DBS shares, tips retail REITs for 2025.</li>
</ul>


DBS chooses CapitaLand Ascott Trust as top choice for 2025, no property market bubble, no need for cooling measures.
Medical tourism drives growth in Asean hospitals, RHB suggests looking beyond index for strong performance.
DBS maintains 'buy' rating on CapitaLand Investment, OCBC predicts support for DBS shares, tips retail REITs for 2025.


Singapore Market Roundup (17-Dec-2024): By 2025, Singapore Hotels Moderate

<ul>
<li>CGS International predicts significant growth in ASEAN hospitals due to medical tourism boosting the industry</li>
<li>DBS retains 'buy' rating and $3.85 target price for CapitaLand Investment after $200M Wingate deal</li>
<li>UOB Kay Hian sees Hong Leong Asia as undervalued with two growth engines, advising investors to consider the stock opportunity</li>
</ul>


CGS International predicts significant growth in ASEAN hospitals due to medical tourism boosting the industry
DBS retains 'buy' rating and $3.85 target price for CapitaLand Investment after $200M Wingate deal
UOB Kay Hian sees Hong Leong Asia as undervalued with two growth engines, advising investors to consider the stock opportunity


Singapore Market Roundup (16-Dec-2024): Medical Tourism Boosts ASEAN Hospitals

Singapore

ST Engineering is a global technology, defence and engineering group with offices across Asia, Europe, the Middle East and the U.S., serving customers in more than 100 countries. The Group uses technology and innovation to solve real-world problems and improve lives through its diverse portfolio of businesses across the aerospace, smart city, defence and public security segments. Headquartered in Singapore, ST Engineering reported revenue of $7.9b in FY2019 and it ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, MSCI Singapore, iEdge SG ESG Transparency Index and iEdge SG ESG Leaders Index.

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ST Engineering (STE SP)

Major Top for the U.S. Dollar (DXY) = Risk-On; Bullish Outlook Despite Near-Term Downside Risk

Major Top for the U.S. Dollar $DXY = Risk-On; Bullish Outlook Intact on $ACWI despite near-term downside risk. We remain bullish if $ACWI > $116,...

Vermilion Research

Singapore Market Roundup (14-Feb-2025): Brokers' top picks: CLAR, CICT, CNMC, KORE, Wilmar, Parkway Life, FLCT, ST Engineering.

Analysts recommend buying Digital Core REIT and are optimistic about Oiltek and Seatrium's new orders, while Citi downgrades SGX, PhillipCapital...

Singapore Market Roundup

Singapore Market Roundup (24-Jan-2025): DBS TSV project key for GVT.

DBS emphasizes TSV project for GVT, CGSI projects strong earnings for Sembcorp, Seatrium, iFast, FLCT, Singtel, and SIA, maintains 'buy' rating on...

Singapore Market Roundup

Singapore Market Roundup (17-Dec-2024): By 2025, Singapore Hotels Moderate

In 2025, Singapore hotels and property market expected to remain steady, with DBS recommending CapitaLand Ascott Trust and office S-REITs as top...

Singapore Market Roundup

Singapore Market Roundup (16-Dec-2024): Medical Tourism Boosts ASEAN Hospitals

CGS International predicts significant growth in ASEAN hospitals due to medical tourism boosting the industry. DBS retains 'buy' rating and $3.85...

Singapore Market Roundup

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