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

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.

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

Equity Bottom-Up

<ul><li>In this edition: • ING | rumoured to the preparing offer on Spanish asset manager Singular Bank • KPN | wins EUR 74m cloud contract from the City of Amsterdam • RELX/Wolters Kluwer | Elsevier strengthens position in CDS with Wellsheet acquisition • Universal Music Group | repurchased 14.2m shares from Pershing Square Funds • SBM Offshore | intends to sell a 45% stake in the SPVs controlling FSO Chalchi</li></ul>

In this edition: • ING | rumoured to the preparing offer on Spanish asset manager Singular Bank • KPN | wins EUR 74m cloud contract from the City of Amsterdam • RELX/Wolters Kluwer | Elsevier strengthens position in CDS with Wellsheet acquisition • Universal Music Group | repurchased 14.2m shares from Pershing Square Funds • SBM Offshore | intends to sell a 45% stake in the SPVs controlling FSO Chalchi

What's New(s) in Amsterdam - 5 June (ING | KPN | RELX/Wolters Kluwer | UMG | SBMO)

<ul><li>In this edition: • SBM Offshore | signs contracts for two FPSOs (SEAP I and II) for Petrobras • Universal Music Group | to reject merger proposal submitted by Pershing Square • CSG | to pursue stake in KNDS</li></ul>

In this edition: • SBM Offshore | signs contracts for two FPSOs (SEAP I and II) for Petrobras • Universal Music Group | to reject merger proposal submitted by Pershing Square • CSG | to pursue stake in KNDS

What's New(s) in Amsterdam - 1 June (SBM Offshore | Universal Music Group | CSG)

<ul><li>In this edition: • Adyen | CFO Ethan Tandowsky to step down • Aegon | agreement with Vereniging Aegon; proposal for US-aligned governance framework • Ahold Delhaize | TikTok to launch social commerce in Belgium • KPN | announces strategic alliance with STACKIT in sovereign cloud services • Universal Music Group | Bolloré rejects takeover attempt of Pershing Square • Bnode | bpost and the unions appear close long-awaited collective labour agreement • E-commerce & Logistics | Ceconomy deal investigation based on consumer data protection</li></ul>

In this edition: • Adyen | CFO Ethan Tandowsky to step down • Aegon | agreement with Vereniging Aegon; proposal for US-aligned governance framework • Ahold Delhaize | TikTok to launch social commerce in Belgium • KPN | announces strategic alliance with STACKIT in sovereign cloud services • Universal Music Group | Bolloré rejects takeover attempt of Pershing Square • Bnode | bpost and the unions appear close long-awaited collective labour agreement • E-commerce & Logistics | Ceconomy deal investigation based on consumer data protection

Koninklijke Ahold Delhaize NV / Equity Bottom-Up

<ul>
<li>Ahold Delhaize | Lidl main beneficiary of shift in consumer behaviour on rising fuel costs Accurat’s location-based footfall analysis of the Dutch supermarkets (weeks 6–13) reveals an immediate, measurable shift in consumer behaviour following the first energy-price shock linked to the Iran conflict.</li>
<li>Discount formats have gained ground at the expense of the mid-to-high price segment: Lidl has emerged as the clear national winner in visitor share, Aldi has posted modest gains, and Jumbo has remained stable.</li>
<li>Albert Heijn recorded the sharpest decline, losing the largest number of customers primarily to Lidl, with secondary leakage to Aldi and Jumbo. Plus and Dirk also ceded traffic to Lidl.</li>
</ul>


Ahold Delhaize | Lidl main beneficiary of shift in consumer behaviour on rising fuel costs Accurat’s location-based footfall analysis of the Dutch supermarkets (weeks 6–13) reveals an immediate, measurable shift in consumer behaviour following the first energy-price shock linked to the Iran conflict.
Discount formats have gained ground at the expense of the mid-to-high price segment: Lidl has emerged as the clear national winner in visitor share, Aldi has posted modest gains, and Jumbo has remained stable.
Albert Heijn recorded the sharpest decline, losing the largest number of customers primarily to Lidl, with secondary leakage to Aldi and Jumbo. Plus and Dirk also ceded traffic to Lidl.


Netherlands

Universal Music Group N.V. operates as an entertainment company. The Company produces and distributes music contents. Universal Music Group serves customers worldwide.

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Universal Music Group NV (UMG NA)

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

What's New(s) in Amsterdam - 5 June (ING | KPN | RELX/Wolters Kluwer | UMG | SBMO)

In this edition: • ING | rumoured to the preparing offer on Spanish asset manager Singular Bank • KPN | wins EUR 74m cloud contract from the City...

The IDEA!

What's New(s) in Amsterdam - 1 June (SBM Offshore | Universal Music Group | CSG)

In this edition: • SBM Offshore | signs contracts for two FPSOs (SEAP I and II) for Petrobras • Universal Music Group | to reject merger proposal...

The IDEA!

What's New(s) in Amsterdam 28 May (Adyen | Aegon | Ahold Delhaize | KPN | Universal Media Group | Bnode | E-commerce & Logistics)

In this edition: • Adyen | CFO Ethan Tandowsky to step down • Aegon | agreement with Vereniging Aegon; proposal for US-aligned governance...

The IDEA!

What's News in Amsterdam

Albert Heijn recorded the sharpest decline, losing the largest number of customers primarily to Lidl, with secondary leakage to Aldi and Jumbo....

The IDEA!

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