European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Since mid-May, spreads have generally tightened across our liquid universe (13 have tightened, 6 widened).</li>
<li>Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.</li>
<li>Recommended trades long preferred / short ordinary shares: Carlsberg, Media-for-Europe, Sixt, VW, Grifols, Atlas Copco.</li>
</ul>


Since mid-May, spreads have generally tightened across our liquid universe (13 have tightened, 6 widened).
Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.
Recommended trades long preferred / short ordinary shares: Carlsberg, Media-for-Europe, Sixt, VW, Grifols, Atlas Copco.


Liquid Universe of European Ordinary and Preferred Shares: June‘23 Report

<ul>
<li>Since mid-April, spreads have generally widened across our liquid universe (12 have widened, 7 tightened). German spreads are tightening.</li>
<li>Recommended trades <strong>long ordinary / short preferred</strong> shares: Fuchs Petrolub, SSAB Svenska Stal, Roche.</li>
<li>Recommended trades <strong>long preferred / short ordinary</strong> shares: Carlsberg, Media-for-Europe, Sixt, VW, Grifols, Atlas Copco.</li>
</ul>


Since mid-April, spreads have generally widened across our liquid universe (12 have widened, 7 tightened). German spreads are tightening.
Recommended trades long ordinary / short preferred shares: Fuchs Petrolub, SSAB Svenska Stal, Roche.
Recommended trades long preferred / short ordinary shares: Carlsberg, Media-for-Europe, Sixt, VW, Grifols, Atlas Copco.


Liquid Universe of European Ordinary and Preferred Shares: May‘23 Report

<ul>
<li>Since mid-March, spreads have generally tightened across our liquid universe (6 have widened, 12 tightened, 1 at same level).</li>
<li>Possible trades long ordinary / short preferred shares: Fuchs Petrolub, Henkel, Handelsbanken, SSAB Svenska Stal.</li>
<li>Possible trades long preferred / short ordinary shares: Sixt, VW, Danieli, Grifols, Atlas Copco.</li>
</ul>


Since mid-March, spreads have generally tightened across our liquid universe (6 have widened, 12 tightened, 1 at same level).
Possible trades long ordinary / short preferred shares: Fuchs Petrolub, Henkel, Handelsbanken, SSAB Svenska Stal.
Possible trades long preferred / short ordinary shares: Sixt, VW, Danieli, Grifols, Atlas Copco.


Liquid Universe of European Ordinary and Preferred Shares: April ‘23 Report

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>On 30 March, it was announced that Hyun Jeong-Eun (Chairwoman of the Hyundai Group) lost a final lawsuit against the Schindler Group.</li>
<li>The Supreme Court upheld an appeal court ruling that Chairwoman Hyun needs to pay 170 billion won (US$131 million) and delayed interest payments to Hyundai Elevator. </li>
<li>Although this major lawsuit loss for Chairwoman Hyun is a tremendous catalyst, the downturn in the construction sector and uncertainty in the reduction in Chairwoman's stake remain key negatives. </li>
</ul>


On 30 March, it was announced that Hyun Jeong-Eun (Chairwoman of the Hyundai Group) lost a final lawsuit against the Schindler Group.
The Supreme Court upheld an appeal court ruling that Chairwoman Hyun needs to pay 170 billion won (US$131 million) and delayed interest payments to Hyundai Elevator. 
Although this major lawsuit loss for Chairwoman Hyun is a tremendous catalyst, the downturn in the construction sector and uncertainty in the reduction in Chairwoman's stake remain key negatives. 


Hyundai Elevator: Chairwoman Hyun Jeong-Eun Loses A Major Lawsuit Against Schindler Group

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>The pullback in global equities continues with the MSCI ACWI (ACWI-US) testing 1.5-month downtrend resistance while the STOXX Europe 50 tests resistance at 3800-3840.</li>
<li>We expect a rejection at the 1.5-month downtrend and for the stair-step lower to continue, with our targets being $84 (December 2022 low) and potentially $75-77 (the 2022 lows).</li>
<li>If ACWI-US is able to reverse above the 1.5-month downtrend, we still expect $93 to cap upside in 2023. Remain overweight Europe. Also highlighting individual stock buys on pullbacks.</li>
</ul>


The pullback in global equities continues with the MSCI ACWI (ACWI-US) testing 1.5-month downtrend resistance while the STOXX Europe 50 tests resistance at 3800-3840.
We expect a rejection at the 1.5-month downtrend and for the stair-step lower to continue, with our targets being $84 (December 2022 low) and potentially $75-77 (the 2022 lows).
If ACWI-US is able to reverse above the 1.5-month downtrend, we still expect $93 to cap upside in 2023. Remain overweight Europe. Also highlighting individual stock buys on pullbacks.


MSCI ACWI and EAFE Testing 1.5-Month Downtrends; Remain OW EU; Buys in Leading Sectors on Pullbacks

Switzerland

Schindler Holding AG manufactures and installs elevators, escalators, and moving walkways internationally.  The Company's products are used in airports, subway stations, railroad terminals, shopping centers, cruise ships, hotels, and office buildings.  Schindler also offers maintenance services.

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Schindler Holding (SCHN SW)

Liquid Universe of European Ordinary and Preferred Shares: June‘23 Report

Since mid-May, spreads have generally tightened across our liquid universe (13 have tightened, 6 widened). Some spreads are relatively large, such...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: May‘23 Report

Since mid-April, spreads have generally widened across our European liquid universe of ordinary and preferred (12 spreads have widened, whilst 7...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: April ‘23 Report

Since mid-March, spreads have generally tightened across our liquid universe (6 have widened, 12 tightened, 1 at same level).

Jesus Rodriguez Aguilar

Hyundai Elevator: Chairwoman Hyun Jeong-Eun Loses A Major Lawsuit Against Schindler Group

On 30 March, the Supreme Court upheld an appeal court ruling that Chairwoman Hyun needs to pay 170 billion won (US$131 million) and delayed...

Douglas Kim

MSCI ACWI and EAFE Testing 1.5-Month Downtrends; Remain OW EU; Buys in Leading Sectors on Pullbacks

Pullback in global equities continues with MSCI $ACWI testing 1.5-month downtrend resistance as $STOXX Europe 50 tests 3800-3840 resistance....

Vermilion Research

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