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

Adding to last week’s concerns reiterated above, additional developments which have further dampened our overall outlook include a breakdown in the global Discretionary vs. Staples ratio, price and RS deterioration for mainland China, Germany, and European Technology, and new lows in the NASDAQ Global Automobile index. Aside from Germany, other major indexes remain above support in Europe/UK and Japan.  We highlight a number of attractive opportunities in “defensive” Financials including electronic exchanges/markets, insurance, commercial/consumer financing, and select asset managers.

Adding to last week’s concerns reiterated above, additional developments which have further dampened our overall outlook include a breakdown in the global Discretionary vs. Staples ratio, price and RS deterioration for mainland China, Germany, and European Technology, and new lows in the NASDAQ Global Automobile index. Aside from Germany, other major indexes remain above support in Europe/UK and Japan.  We highlight a number of attractive opportunities in “defensive” Financials including electronic exchanges/markets, insurance, commercial/consumer financing, and select asset managers.

Global Equity Strategy: More Cracks Begin to Show

Our outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward.  In additional to highlighting important technical levels across major markets, we reiterate our recommendation to add exposure to global financials, and highlight a number of attractive Financial stocks, with an emphasis on UK and European names.

Our outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward.  In additional to highlighting important technical levels across major markets, we reiterate our recommendation to add exposure to global financials, and highlight a number of attractive Financial stocks, with an emphasis on UK and European names. 

Global Equity Strategy: EU and UK Financial Stocks Are Attractive

Concerns over perceived U.S. central bank policy missteps have been somewhat alleviated following dovish takeaways from Fed Chair Powell’s comments this week. However, trade tensions remain a concern for global markets despite optimism surrounding the Trump/Xi meeting at the G20 summit this week. Therefore, our outlook remains cautious and we expect consolidation to continue as global equities enjoy a bounce off of recent lows. Ultimately, we will need to see more definitive signs of bottoming throughout Europe, Asia, and the U.S. before getting positive on global equities.  We provide a technical appraisal of major markets and highlight attractive set ups in global transportation, communications, and financial sectors

Concerns over perceived U.S. central bank policy missteps have been somewhat alleviated following dovish takeaways from Fed Chair Powell’s comments this week. However, trade tensions remain a concern for global markets despite optimism surrounding the Trump/Xi meeting at the G20 summit this week. Therefore, our outlook remains cautious and we expect consolidation to continue as global equities enjoy a bounce off of recent lows. Ultimately, we will need to see more definitive signs of bottoming throughout Europe, Asia, and the U.S. before getting positive on global equities.  We provide a technical appraisal of major markets and highlight attractive set ups in global transportation, communications, and financial sectors

Global Equity Strategy: Bouncing off Lows, China Perking Up

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Kokusai Electric  / Equity Capital Markets

<ul>
<li>KKR is looking to raise around US$960m through an accelerated secondary offering for around 10% of <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a>’s (KE) stock.</li>
<li>KE had seen a number of selldowns in the past from KKR and Applied Materials, with mixed results.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


KKR is looking to raise around US$960m through an accelerated secondary offering for around 10% of Kokusai Electric (6525 JP)’s (KE) stock.
KE had seen a number of selldowns in the past from KKR and Applied Materials, with mixed results.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Kokusai Electric Placement - Past Deals Have Been Mixed but Its a US$1bn Cleanup

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

Thematic (Sector/Industry)

With 3Q Earning Season basically done, we looked back to see which names have done well in the first 3Q and are well positioned to beat full-year guidance / consensus and which ones are not. We first screened for names that have already achieved more than 100% of current Net Income consensus estimates.<a href="https://www.smartkarma.com/entities/315" target="_blank" data-smartkarma-citation="entities:315:1">Softbank Group Corp (9984 JP)</a> tops this list having already achieved 266% of full-year consensus net income. As of 3 quarters, Softbank has achieved ¥1tn of Net Income. This is compared to…

With 3Q Earning Season basically done, we looked back to see which names have done well in the first 3Q and are well positioned to beat full-year guidance / consensus and which ones are not. We first screened for names that have already achieved more than 100% of current Net Income consensus estimates.Softbank Group Corp (9984 JP) tops this list having already achieved 266% of full-year consensus net income. As of 3 quarters, Softbank has achieved ¥1tn of Net Income. This is compared to…

With 3Q Earnings Pretty Much Done Which Names Are Best / Worst Position for Full-Year End....

Japan

Tokio Marine Holdings, Inc., through subsidiaries, offers property, casualty and life insurance, and asset management services.

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Tokio Marine Holdings (8766 JP)

Global Equity Strategy: More Cracks Begin to Show

Adding to last week’s concerns reiterated above, additional developments which have further dampened our overall outlook include a breakdown in the...

Vermilion Research

Global Equity Strategy: EU and UK Financial Stocks Are Attractive

Our outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. ...

Vermilion Research

Global Equity Strategy: Bouncing off Lows, China Perking Up

Concerns over perceived U.S. central bank policy missteps have been somewhat alleviated following dovish takeaways from Fed Chair Powell’s comments...

Vermilion Research

Aequitas: Kokusai Electric Placement - Past Deals Have Been Mixed but Its a US$1bn Cleanup

KKR is looking to raise around US$960m through an accelerated secondary offering for around 10% of Kokusai Electric (6525 JP)’s (KE) stock. In this...

Sumeet Singh

With 3Q Earnings Pretty Much Done Which Names Are Best / Worst Position for Full-Year End....

With 3Q Earning Season basically done, we looked back to see which names have done well in the first 3Q and are well positioned to beat full-year...

Custom Products Group

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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