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

Big-picture technicals offer a compelling outlook for equities -- in the long-run. Despite arguably stretched trends, especially in the U.S. and EM, one indicator in particular keeps us optimistic: monthly charts.  What is clear right now is: (1) Europe is on the doorstep of breaking above secular resistance; (2) Japan is breaking out above secular resistance; (3) and EM already has. Speaking of EM, we view this as the place to be, or overweight, in 2018. The EM/EAFE’s 20-year chart (below) reveals an in-progress trend reversal (which developed at a secular trendline) in favor of EM.In today’s report we review every global sector, highlighting actionable stocks within each.

Big-picture technicals offer a compelling outlook for equities -- in the long-run. Despite arguably stretched trends, especially in the U.S. and EM, one indicator in particular keeps us optimistic: monthly charts.  What is clear right now is: (1) Europe is on the doorstep of breaking above secular resistance; (2) Japan is breaking out above secular resistance; (3) and EM already has. Speaking of EM, we view this as the place to be, or overweight, in 2018. The EM/EAFE’s 20-year chart (below) reveals an in-progress trend reversal (which developed at a secular trendline) in favor of EM.In today’s report we review every global sector, highlighting actionable stocks within each.

Macro & Asian equity Technical Strategies, BBSP Asia

Federico D'Inca

Macro & Asian equity Technical Strategies

BBSP Asia

Sony Financial Holdings / Technical Analysis

Mid Term Country Allocation (Tactical view) in terms of Relative Value vs MXAP • HSCEI/MXAP ratio is moving in a range pattern. Therefore downgrade HSCEI from increase exposure to hold. While HSI/MXAP ratio remains above a trend line support (preference for a tactical HSI outperformance over HSCEI). • Keep “overweight” position on HSI, Nikkei, ASX and TWSE. • Maintain “Hold for KOSPI and Nifty vs MXAPShould you have any questions and wish to speak with one of our analysts, please don’t hesitate to…

Mid Term Country Allocation (Tactical view) in terms of Relative Value vs MXAP • HSCEI/MXAP ratio is moving in a range pattern. Therefore downgrade HSCEI from increase exposure to hold. While HSI/MXAP ratio remains above a trend line support (preference for a tactical HSI outperformance over HSCEI). • Keep “overweight” position on HSI, Nikkei, ASX and TWSE. • Maintain “Hold for KOSPI and Nifty vs MXAPShould you have any questions and wish to speak with one of our analysts, please don’t hesitate to…

BBSP Equity Asia Weekly Research 10th January 2018

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Thematic (Sector/Industry)

<ul>
<li>Last month saw a spate of key auto sector news flow, from Honda and SenseTime collaborating on self-driving to BMW acquiring a solid state battery start-up and Toyota overhauling its EV strategy.</li>
<li>The lines between the technology and auto component sectors continue to blur, and will further as solid state/MEMS Lidar and AI software using vision sensors become key AV enabling technologies.</li>
<li>Previously mundane stocks in the vanguard such as Sunny Optical or Nexteer in HK featured in the AV stock…</li>
</ul>


Last month saw a spate of key auto sector news flow, from Honda and SenseTime collaborating on self-driving to BMW acquiring a solid state battery start-up and Toyota overhauling its EV strategy.
The lines between the technology and auto component sectors continue to blur, and will further as solid state/MEMS Lidar and AI software using vision sensors become key AV enabling technologies.
Previously mundane stocks in the vanguard such as Sunny Optical or Nexteer in HK featured in the AV stock…


Electrification/Autonomy Trends Begin Reshaping Global Auto Sector…

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

<ul><li>In 2017, refrigeration appliances records volume growth of 7% to reach 2.5 million units</li><li>Strong growth in construction sector boosts demand for refrigeration appliances</li><li>Electric wine coolers/chillers sees highest (9%) growth from a low base whilst the largest category fridge freezers records 7% growth in 2017</li><li>In 2017, the unit price of refrigeration appliances rises slightly by 1%</li><li>Haier Electrical Appliances Vietnam leads with a 34% volume share in 2017</li><li>Over the forecast period, this category is expected to see volume sales rise at a CAGR of 4%</li></ul>

In 2017, refrigeration appliances records volume growth of 7% to reach 2.5 million unitsStrong growth in construction sector boosts demand for refrigeration appliancesElectric wine coolers/chillers sees highest (9%) growth from a low base whilst the largest category fridge freezers records 7% growth in 2017In 2017, the unit price of refrigeration appliances rises slightly by 1%Haier Electrical Appliances Vietnam leads with a 34% volume share in 2017Over the forecast period, this category is expected to see volume sales rise at a CAGR of 4%

Sector Capsule: Refrigeration Appliances in Vietnam

Analyst - Japan Autos, Hirakata Office

Noriaki Hirakata, CFA

Analyst - Japan Autos

Hirakata Office

Toyota Motor and Panasonic announced an agreement to begin studying the feasibility of a joint automotive prismatic battery business.Both companies will work on defining details of the collaboration to achieve the best automotive prismatic battery in the industry which will ultimately contribute strongly to make Toyota's and other automakers' electrified vehicles more attractive to consumers.So, it just started and we couldn’t find a clear definition of development targets from this alliance…

Toyota Motor and Panasonic announced an agreement to begin studying the feasibility of a joint automotive prismatic battery business.Both companies will work on defining details of the collaboration to achieve the best automotive prismatic battery in the industry which will ultimately contribute strongly to make Toyota's and other automakers' electrified vehicles more attractive to consumers.So, it just started and we couldn’t find a clear definition of development targets from this alliance…

Toyota Motor and Panasonic Announced the Start of an Alliance in Battery Development

Japan

Panasonic Corporation manufactures electric and electronic products. The Company produces home appliances, car navigation systems, digital devices, computer peripherals, telecommunications, industrial equipment, and electronic parts. Panasonic has associated companies around the world.

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Panasonic Corp (6752 JP)

Global Equity Strategy: Overweight EM

Big-picture technicals offer a compelling outlook for equities -- in the long-run. Despite arguably stretched trends, especially in the U.S. and...

Vermilion Research

BBSP Equity Asia Weekly Research 10th January 2018

Mid Term Country Allocation (Tactical view) in terms of Relative Value vs MXAP• HSCEI/MXAP ratio is moving in a range pattern. Therefore downgrade...

BBSP Asia

Electrification/Autonomy Trends Begin Reshaping Global Auto Sector…

Last month saw a spate of key auto sector news flow, from Honda and SenseTime collaborating on self-driving to BMW acquiring a solid state battery...

Sean Maher

Sector Capsule: Refrigeration Appliances in Vietnam

In 2017, refrigeration appliances records volume growth of 7% to reach 2.5 million units Strong growth in construction sector boosts demand for...

Euromonitor International Ltd.

Toyota Motor and Panasonic Announced the Start of an Alliance in Battery Development

Toyota Motor and Panasonic announced an agreement to begin studying the feasibility of a joint automotive prismatic battery business.Both companies...

Noriaki Hirakata, CFA

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