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

MSCI Emerging Markets Index / Technical Analysis

Today’s report provides a top-down synopsis of the technical condition of emerging markets across the globe, and includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.

Today’s report provides a top-down synopsis of the technical condition of emerging markets across the globe, and includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.

Emerging Markets: Technical Strategy & Reccommendations

India - Politics, Industrials, IT and Large Caps, EMAlpha

Pankaj Sharma

India - Politics, Industrials, IT and Large Caps

Equity Bottom-Up

<h2>It has been a struggle to find money making ideas in Indian large cap space</h2>Indian markets have done well in CY17 with BSE SENSEX delivering approximately 20% return so far. There are several mid cap and small cap ideas which have also done phenomenally well. However, investors have not been equally lucky with all the large cap names across the board. For example, if we look at the thirty constituents of BSE SENSEX:<ol><li>Information Technology (IT) sector is experiencing severe headwinds and that…</li></ol>

It has been a struggle to find money making ideas in Indian large cap spaceIndian markets have done well in CY17 with BSE SENSEX delivering approximately 20% return so far. There are several mid cap and small cap ideas which have also done phenomenally well. However, investors have not been equally lucky with all the large cap names across the board. For example, if we look at the thirty constituents of BSE SENSEX:Information Technology (IT) sector is experiencing severe headwinds and that…

India: After Maruti Suzuki and Reliance Industries, Will Larsen & Toubro Outperform the Markets Now?

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

<a href="https://www.smartkarma.com/entities/3014" target="_blank" data-smartkarma-citation="entities:3014:1">Daiichi Sankyo (4568 JP)</a> has been seen as leading something of a charmed life in recent months, most notably when <a href="https://www.smartkarma.com/entities/98" target="_blank" data-smartkarma-citation="entities:98:1">Sun Pharmaceutical (SUNP IN)</a> paid up for Ranbaxy. However, 2017 has seen something of a change in fortune for the company, particularly on the drug development front.Last week, DSK produced a split set of results for its Phase III trials for anti-pain treatment mirogabalin. While the Asian P3 trial for use in post-herpetic neuralgia met its primary endpoint, the global P3 trial for…

Daiichi Sankyo (4568 JP) has been seen as leading something of a charmed life in recent months, most notably when Sun Pharmaceutical (SUNP IN) paid up for Ranbaxy. However, 2017 has seen something of a change in fortune for the company, particularly on the drug development front.Last week, DSK produced a split set of results for its Phase III trials for anti-pain treatment mirogabalin. While the Asian P3 trial for use in post-herpetic neuralgia met its primary endpoint, the global P3 trial for…

Daiichi Sankyo (4568) - Is Luck Running Out?

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

We analyse the stock allocations of 124 global emerging market equity long only funds from 2011 to today. All Funds are actively managed and the majority benchmark the MSCI Emerging Markets Index. The current fund sample has a combined AUM of $265bn and the latest filings were taken as of 31st May 2017. In this report, we look at the continuing decline in Indian Healthcare allocations within global emerging market equity funds. Across a number of metrics, the picture looks bleak, with negative cash flows, funds closing positions, average fund weights hitting multi-year lows and an underweight position close to a 6 year low versus the benchmark MSCI EM Index

We analyse the stock allocations of 124 global emerging market equity long only funds from 2011 to today. All Funds are actively managed and the majority benchmark the MSCI Emerging Markets Index. The current fund sample has a combined AUM of $265bn and the latest filings were taken as of 31st May 2017. In this report, we look at the continuing decline in Indian Healthcare allocations within global emerging market equity funds. Across a number of metrics, the picture looks bleak, with negative cash flows, funds closing positions, average fund weights hitting multi-year lows and an underweight position close to a 6 year low versus the benchmark MSCI EM Index

GEM Fund Positioning:  Indian Healthcare - Condition Worsening

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Capital Markets

Eris Lifesciences / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/24180" target="_blank" data-smartkarma-citation="entities:24180:1">Eris Lifesciences Limited (0113824Z IN)</a> is an India-focused pharmaceutical company that produces and markets branded generic drugs. The company will be one of only a handful of listed companies that is a pure play on the Indian pharmaceutical market and the only one that is not a subsidiary of a multi-national.  Eris has filed with SEBI to list on the BSE and NSE through an offering of up to 28,875,500 secondary shares (no proceeds to the company). The bid period starts on 16 June and closes on 20 June. The price band of Rs 600-603 values the company at 34x trailing EPS, a small discount to the other pure plays. This Insight briefly discusses the business, industry, financials, and valuation.We think the valuation is reasonable; the business is attractive and would take the deal.

Eris Lifesciences Limited (0113824Z IN) is an India-focused pharmaceutical company that produces and markets branded generic drugs. The company will be one of only a handful of listed companies that is a pure play on the Indian pharmaceutical market and the only one that is not a subsidiary of a multi-national.  Eris has filed with SEBI to list on the BSE and NSE through an offering of up to 28,875,500 secondary shares (no proceeds to the company). The bid period starts on 16 June and closes on 20 June. The price band of Rs 600-603 values the company at 34x trailing EPS, a small discount to the other pure plays. This Insight briefly discusses the business, industry, financials, and valuation.We think the valuation is reasonable; the business is attractive and would take the deal. 

Eris Lifesciences: Ask Some Questions, Take the Deal

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)

Emerging Markets: Technical Strategy & Reccommendations

Today’s report provides a top-down synopsis of the technical condition of emerging markets across the globe, and includes a wide variety of...

Vermilion Research

India: After Maruti Suzuki and Reliance Industries, Will Larsen & Toubro Outperform the Markets Now?

It has been a struggle to find money making ideas in Indian large cap spaceIndian markets have done well in CY17 with BSE SENSEX delivering...

Pankaj Sharma

Daiichi Sankyo (4568) - Is Luck Running Out?

Daiichi Sankyo (4568 JP) has been seen as leading something of a charmed life in recent months, most notably when Sun Pharmaceutical (SUNP IN) paid...

Pelham Smithers Associates

GEM Fund Positioning: Indian Healthcare - Condition Worsening

We analyse the stock allocations of 124 global emerging market equity long only funds from 2011 to today. All Funds are actively managed and the...

Steven Holden

Eris Lifesciences: Ask Some Questions, Take the Deal

Eris Lifesciences Limited (0113824Z IN) is an India-focused pharmaceutical company that produces and markets branded generic drugs. The company...

Kemp Dolliver, CFA

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