Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
  <li>Unicaja has solidified its position as a leading bank in its core Spanish regions following the successful integration of Liberbank, creating the fifth-largest bank in Spain by assets.</li>
  <li>The bank is demonstrating robust financial performance, with significant growth in net income and dividends, driven by an improved profitability structure and a favorable interest rate environment.</li>
  <li>Future growth is contingent on the successful execution of its 2025-2027 Strategic Plan, which prioritizes digital transformation, customer experience, and sustainable growth, while navigating intense competition and macroeconomic risks in Spain.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Unicaja has solidified its position as a leading bank in its core Spanish regions following the successful integration of Liberbank, creating the fifth-largest bank in Spain by assets.
  The bank is demonstrating robust financial performance, with significant growth in net income and dividends, driven by an improved profitability structure and a favorable interest rate environment.
  Future growth is contingent on the successful execution of its 2025-2027 Strategic Plan, which prioritizes digital transformation, customer experience, and sustainable growth, while navigating intense competition and macroeconomic risks in Spain.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Unicaja Banco SA (UNI SM) - Aug 2026

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 remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 (up from 5700-5785) and $119-$121.</li>
<li>$128, $125-$126, and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 (up from 5700-5785) and $119-$121.
$128, $125-$126, and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.


Continue Adding Exposure to China; Short-Term Supports to for This ACWI-US Pullback

EURO STOXX 50 Price EUR / Technical Analysis

<ul>
<li>It appears the recent pullback is over, and we could see the MSCI ACWI (ACWI-US) test YTD highs at $93. We still expect $93 to cap upside in 2023.</li>
<li>Overweight Europe/UK and non-U.S., we are buyers on pullbacks as long as FTSE 100 is above 7700, STOXX Europe 50 is above 3800, and EURO STOXX 50 is above 4000.</li>
<li>As long as these support levels are holding, we are constructive from a price perspective</li>
</ul>


It appears the recent pullback is over, and we could see the MSCI ACWI (ACWI-US) test YTD highs at $93. We still expect $93 to cap upside in 2023.
Overweight Europe/UK and non-U.S., we are buyers on pullbacks as long as FTSE 100 is above 7700, STOXX Europe 50 is above 3800, and EURO STOXX 50 is above 4000.
As long as these support levels are holding, we are constructive from a price perspective


Remain Overweight Europe/UK & Non-US Equities; Pullback Over?; Buys in Industrials and Financials

iShares MSCI China ETF / Technical Analysis

<ul>
<li>We remain neutral on global equities (MSCI ACWI), we believe upside remains limited with the MSCI ACWI (ACWI-US), S&amp;P 500, and several European indexes still below major resistance.</li>
<li>We continue to expect rangebound price action in the months ahead on the MSCI ACWI.</li>
<li>And, rangebound price action could very well be the theme for all of 2023 (with resistance at $93 and support at $75-77 on ACWI-US)</li>
</ul>


We remain neutral on global equities (MSCI ACWI), we believe upside remains limited with the MSCI ACWI (ACWI-US), S&amp;P 500, and several European indexes still below major resistance.
We continue to expect rangebound price action in the months ahead on the MSCI ACWI.
And, rangebound price action could very well be the theme for all of 2023 (with resistance at $93 and support at $75-77 on ACWI-US)


Hang Seng and MSCI China Bottoming -- Add; Europe Still Leading; Shift From U.S. To Non-U.S.

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Siemens Gamesa Renewable Energy, S.A. / Event-Driven

Siemens Gamesa Renewable Energy, S.A. (SGRE SM)

<ul>
<li>After the end of the offer period, Siemens Energy will hold 631,538,509 shares of Siemens Gamesa, representing 92.72% of the share capital (below the 96.71% squeeze-out threshold condition).</li>
<li>Siemens Energy will execute plan B: a standing purchase order beginning 23 December followed by an EGM that will approve delisting.</li>
<li>Unicaja Banco SA (UNI SM) will replace Siemens Gamesa in the Ibex 35 index. Talgo (TLGO SM) will replace Unicaja in the Ibex Medium Cap.</li>
</ul>


After the end of the offer period, Siemens Energy will hold 631,538,509 shares of Siemens Gamesa, representing 92.72% of the share capital (below the 96.71% squeeze-out threshold condition).
Siemens Energy will execute plan B: a standing purchase order beginning 23 December followed by an EGM that will approve delisting.
Unicaja Banco SA (UNI SM) will replace Siemens Gamesa in the Ibex 35 index. Talgo (TLGO SM) will replace Unicaja in the Ibex Medium Cap.


Spain

Unicaja Banco, S.A. provides banking services. The Bank offers deposits, personal loans, e-banking, trade finance, foreign exchange, pension plans, securities, cards, insurance, and asset management services. Unicaja Banco serves customers in Spain.

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Unicaja Banco SA (UNI SM)

Primer: Unicaja Banco SA (UNI SM) - Aug 2026

Unicaja has solidified its position as a leading bank in its core Spanish regions following the successful integration of Liberbank, creating...

αSK Primers

Continue Adding Exposure to China; Short-Term Supports to for This ACWI-US Pullback

Continue Adding Exposure to China; $ACWI Short-Term Supports for this pullback: $128, $125-$126, and $123-$123.50. Pullbacks = buy opportunities,...

Vermilion Research

Remain Overweight Europe/UK & Non-US Equities; Pullback Over?; Buys in Industrials and Financials

Remain overweight Europe/UK and non-US equities; we are buyers on pullbacks as long as the FTSE 100 is above 7700, the STOXX Europe 50 is above...

Vermilion Research

Hang Seng and MSCI China Bottoming -- Add; Europe Still Leading; Shift From U.S. To Non-U.S.

We remain neutral on global equities $ACWI and expect rangebound price action in the months (possibly year) ahead. Specific $ACWI trading range we...

Vermilion Research

Siemens Energy/Siemens Gamesa: Delisting

After the end of the offer period, Siemens Energy will hold 631,538,509 shares of Siemens Gamesa, representing 92.72% of the share capital (below...

Jesus Rodriguez Aguilar

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