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>We believe a 1-4-month pullback/consolidation is ongoing, and we would look for an important low to be made near the U.S. election.</li>
<li>Supports to watch continue to be $110 on $ACWI and $41-42 on MSCI EM $EEM, and whether these levels hold or not will determine the severity of the pullback.</li>
<li>Primary reasons for this bearish expectation include major bullish RS inflections for defensive Sectors, and bearish price action in the U.S. (SPX), Japan (TOPIX/Nikkei 225), and Europe (EURO STOXX 50)</li>
</ul>


We believe a 1-4-month pullback/consolidation is ongoing, and we would look for an important low to be made near the U.S. election.
Supports to watch continue to be $110 on $ACWI and $41-42 on MSCI EM $EEM, and whether these levels hold or not will determine the severity of the pullback.
Primary reasons for this bearish expectation include major bullish RS inflections for defensive Sectors, and bearish price action in the U.S. (SPX), Japan (TOPIX/Nikkei 225), and Europe (EURO STOXX 50)


Pullback Continues $ACWI; Stick With Defensives; More Countries With Improving Price and RS Trends

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>In Q1FY25, <a href="https://www.smartkarma.com/entities/cipla-ltd" target="_blank" data-smartkarma-citation="entities:3918:1" rel="noopener">Cipla Ltd (CIPLA IN)</a> posted 7% YoY revenue growth to INR66.9B. Despite surging R&amp;D expenditure, EBITDA increased 26% YoY to INR17.2B, leading to 154bps margin expansion to 25.6%.</li>
<li>Record high quarterly revenue in the U.S. market, double-digit revenue growth in India branded prescription business, and continued strong momentum in South Africa drove overall performance.</li>
<li>Cipla is well-positioned for mid-to-high single-digit revenue growth through FY27. Sitting on a robust cash balance of INR90B, Cipla is eyeing on M&amp;A. Valuation still looks reasonable.</li>
</ul>


In Q1FY25, Cipla Ltd (CIPLA IN) posted 7% YoY revenue growth to INR66.9B. Despite surging R&amp;D expenditure, EBITDA increased 26% YoY to INR17.2B, leading to 154bps margin expansion to 25.6%.
Record high quarterly revenue in the U.S. market, double-digit revenue growth in India branded prescription business, and continued strong momentum in South Africa drove overall performance.
Cipla is well-positioned for mid-to-high single-digit revenue growth through FY27. Sitting on a robust cash balance of INR90B, Cipla is eyeing on M&amp;A. Valuation still looks reasonable.


Cipla (CIPLA IN): Starts FY25 On Firm Note; EBITDA Margin Ahead of Guidance Range

Sun Pharmaceutical Industries / Technical Analysis

<ul>
<li>Our long-term bullish outlook (since early-November 2023) remains intact. With that said, we believe a 1-3-month pullback has likely begun.</li>
<li>Supports to watch are at $110 on MSCI ACWI (ACWI-US) and $41-42 on MSCI EM (EEM-US), and whether these levels hold or not will determine the severity of the pullback.</li>
<li>The S&amp;P 500 is violating its 20-day MA, Europe's EURO STOXX 50 is breaking below 4884, and Japan's TOPIX appears to be staging a false breakout at the 2800-2815 level</li>
</ul>


Our long-term bullish outlook (since early-November 2023) remains intact. With that said, we believe a 1-3-month pullback has likely begun.
Supports to watch are at $110 on MSCI ACWI (ACWI-US) and $41-42 on MSCI EM (EEM-US), and whether these levels hold or not will determine the severity of the pullback.
The S&amp;P 500 is violating its 20-day MA, Europe's EURO STOXX 50 is breaking below 4884, and Japan's TOPIX appears to be staging a false breakout at the 2800-2815 level


Pullback Underway; Getting Defensive; Long-Term RS Bottoms for Defensives Is a Reason for Caution

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Akums Drugs and Pharmaceuticals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akums-drugs-and-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:40915:1" rel="noopener">Akums Drugs and Pharmaceuticals (0200361D IN)</a> is looking to raise up to US$222m in its upcoming India IPO.</li>
<li>Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.</li>
<li>In our previous note, we talked about the company’s historical performance. In this note, we talk about its RHP updates and share our quick thoughts on peer comparison and valuation.</li>
</ul>



Akums Drugs and Pharmaceuticals (0200361D IN) is looking to raise up to US$222m in its upcoming India IPO.
Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.
In our previous note, we talked about the company’s historical performance. In this note, we talk about its RHP updates and share our quick thoughts on peer comparison and valuation.


Akums Drugs and Pharmaceuticals IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akums-drugs-and-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:40915:1" rel="noopener">Akums Drugs and Pharmaceuticals (0200361D IN)</a> is looking to raise up to US$239m in its upcoming India IPO. </li>
<li>Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Akums Drugs and Pharmaceuticals (0200361D IN) is looking to raise up to US$239m in its upcoming India IPO. 
Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.
In this note, we talk about the company’s historical performance.


Akums Drugs and Pharmaceuticals Pre-IPO - Profitable but Needs to Scale up More

India

Sun Pharmaceutical Industries Limited manufactures and markets pharmaceuticals for domestic and international distribution. The Company's pharmaceutical portfolio includes drugs in the areas of diabetes, cardiology, neurology, psychiatry and  gastroenterology.

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Sun Pharmaceutical Industries (SUNP IN)

Pullback Continues $ACWI; Stick With Defensives; More Countries With Improving Price and RS Trends

Pullback Continues $ACWI; Stick With Defensives. We continue to believe a 1- to 4-month pullback/consolidation is ongoing, and would look for an...

Vermilion Research

Cipla (CIPLA IN): Starts FY25 On Firm Note; EBITDA Margin Ahead of Guidance Range

In Q1FY25, Cipla posted 7% YoY revenue growth to INR66.9B. EBITDA increased 26% YoY to INR17.2B, leading to 154bps margin expansion to 25.6%, ahead...

Tina Banerjee

Pullback Underway; Getting Defensive; Long-Term RS Bottoms for Defensives Is a Reason for Caution

Pullback Underway $ACWI $SPX; Getting Defensive; Long-Term RS Bottoms for Defensive Sectors is a Reason for Caution. Buys in Health Care,...

Vermilion Research

Akums Drugs and Pharmaceuticals IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

Akums Drugs and Pharmaceuticals is looking to raise up to US$222m in its upcoming India IPO. In this note, we talk about its RHP updates and share...

Ethan Aw

Akums Drugs and Pharmaceuticals Pre-IPO - Profitable but Needs to Scale up More

Akums Drugs and Pharmaceuticals (0200361D IN) is looking to raise up to US$239m in its upcoming India IPO. In this note, we talk about the...

Ethan Aw

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