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 ACWI ETF / Technical Analysis

<ul>
<li>Global equities under pressure; we discussed in our August 3,2023 <em>Int'l Compass</em> how it could be the start of a ~15% pullback in $ACWI, which would put it at $84-$85.</li>
<li>We also discussed how it is possible that this is a normal 3%-6% pullback to the major $93 support level (which it tested today).</li>
<li>If the 10-year Treasury yield and DXY remain below their respective resistance levels, we remain buyers on this pullback to $93 on ACWI-US.</li>
</ul>


Global equities under pressure; we discussed in our August 3,2023 Int'l Compass how it could be the start of a ~15% pullback in $ACWI, which would put it at $84-$85.
We also discussed how it is possible that this is a normal 3%-6% pullback to the major $93 support level (which it tested today).
If the 10-year Treasury yield and DXY remain below their respective resistance levels, we remain buyers on this pullback to $93 on ACWI-US.


10-Yr Treasury Yield and DXY at Key Inflection Points; $ACWI Testing $93; Energy/HC/Tech/CD Buys

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

InterGlobe Aviation Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a>’s co-founder Rakesh Gangwal’s 29%+ stake was released from lock-up today.</li>
<li>He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. </li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN)’s co-founder Rakesh Gangwal’s 29%+ stake was released from lock-up today.
He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. 
In this note, we will talk about the lockup dynamics and possible placement.


Interglobe Aviation (Indigo) Lockup - Time for Another Selldown, This Time Could Touch US$900m

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samhi-hotels-ltd" target="_blank" data-smartkarma-citation="entities:28359:1" rel="noopener">SAMHI Hotels (SAMHI IN)</a>  plans to raise around US$200m (estimated) in its Indian IPO.</li>
<li>Samhi is India’s third-largest hotel asset owner, by number of keys, with a portfolio of 25 operating hotel assets comprising 3,839 keys, as of Feb 2023.</li>
<li>In this note, we look at its updated filings and discuss the changes since its last filing in 2019.</li>
</ul>



SAMHI Hotels (SAMHI IN)  plans to raise around US$200m (estimated) in its Indian IPO.
Samhi is India’s third-largest hotel asset owner, by number of keys, with a portfolio of 25 operating hotel assets comprising 3,839 keys, as of Feb 2023.
In this note, we look at its updated filings and discuss the changes since its last filing in 2019.


Samhi Hotels Pre-IPO - Refiling Updates - Bigger Portfolio, Smaller Deal

Taiwan Semiconductor (TSMC) / Technical Analysis

<ul>
<li>Global equities (MSCI ACWI) continue to hold above $93 on ACWI-US, a level that, since January, we had anticipated would cap upside in 2023. </li>
<li>While ACWI-US remains below $96-$97 (a target we discussed was possible in our April 18, 2023 Int’l Macro Vision), we could easily see $93 act as support moving forward.</li>
<li>Therefore, we are bullish on global equities as long as ACWI-US is above $93, targeting $110.29. This is the measured move price target following the inverse head-and-shoulders breakout.</li>
</ul>


Global equities (MSCI ACWI) continue to hold above $93 on ACWI-US, a level that, since January, we had anticipated would cap upside in 2023. 
While ACWI-US remains below $96-$97 (a target we discussed was possible in our April 18, 2023 Int’l Macro Vision), we could easily see $93 act as support moving forward.
Therefore, we are bullish on global equities as long as ACWI-US is above $93, targeting $110.29. This is the measured move price target following the inverse head-and-shoulders breakout.


MSCI ACWI-US Bullish Above $93; EURO STOXX 50 Holding At Uptrend; Buys in Discretionary, Tech, Svcs.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bikaji-foods-international-ltd" target="_blank" data-smartkarma-citation="entities:36502:1" rel="noopener">Bikaji Foods (BIKAJI IN)</a>, an ethnic snacks company, raised approximately US$107m in its India IPO. The stock was listed on 16th Nov 2022, its six-month lockup will expire soon.</li>
<li>Bikaji was the third largest ethnic snacks company in India and the second fastest growing company in the Indian organized snacks market in FY22, as per Frost &amp; Sullivan (F&amp;S).</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Bikaji Foods (BIKAJI IN), an ethnic snacks company, raised approximately US$107m in its India IPO. The stock was listed on 16th Nov 2022, its six-month lockup will expire soon.
Bikaji was the third largest ethnic snacks company in India and the second fastest growing company in the Indian organized snacks market in FY22, as per Frost &amp; Sullivan (F&amp;S).
In this note, we will talk about the lock-up dynamics and updates since our last note.


Bikaji Foods IPO Lock-Up - Small Expiry with a Chance to Lift the Overhang

India

Titan Co. Ltd. manufactures and retails jewelry and watches. The Company also produces perfume for men and women.

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Titan Co Ltd (TTAN IN)

10-Yr Treasury Yield and DXY at Key Inflection Points; $ACWI Testing $93; Energy/HC/Tech/CD Buys

Test of Key Supports: $93 on $ACWI, $47.50 on $ACWX, $70 on $EFA, 4200 on EURO $STOXX 50. As long as 10-Yr Treasury Yield $TNX and $DXY remain...

Vermilion Research

Interglobe Aviation (Indigo) Lockup - Time for Another Selldown, This Time Could Touch US$900m

A deal worth US$450m has just been launched. Its very well flagged, as one can tell from our prior note, although the deal size is somewhat smaller...

Sumeet Singh

Samhi Hotels Pre-IPO - Refiling Updates - Bigger Portfolio, Smaller Deal

SAMHI Hotels (SAMHI IN) plans to raise around US$200m (estimated) in its Indian IPO. In this note, we talk about the updates from its recent filing.

Sumeet Singh

MSCI ACWI-US Bullish Above $93; EURO STOXX 50 Holding At Uptrend; Buys in Discretionary, Tech, Svcs.

MSCI $ACWI Bullish Above $93, inverse head-and-shoulders breakout targets $110; EURO $STOXX 50 Holding At the Uptrend; Buys in Consumer...

Vermilion Research

Bikaji Foods IPO Lock-Up - Small Expiry with a Chance to Lift the Overhang

Bikaji Foods (BIKAJI IN), an ethnic snacks company, raised approximately US$107m in its India IPO. The stock was listed on 16th Nov 2022, its six...

Sumeet Singh

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