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

Our outlook remains neutral for global ex-U.S. markets while horizontal consolidation continues on the MSCI ACWI ex-U.S. index.  In today’s report we take a bottoms-up view on developed ex-U.S. equities, highlighting stocks that present attractive buy opportunities within the Communications, Health Care, Manufacturing, Materials, Technology, Transportation, and Utilities Sectors

Our outlook remains neutral for global ex-U.S. markets while horizontal consolidation continues on the MSCI ACWI ex-U.S. index.  In today’s report we take a bottoms-up view on developed ex-U.S. equities, highlighting stocks that present attractive buy opportunities within the Communications, Health Care, Manufacturing, Materials, Technology, Transportation, and Utilities Sectors

Bottoms-Up View on Developed Markets: Actionable Stocks, Part 2

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Thematic (Sector/Industry)

Dry bulk normalisation continues; Tankers trend down in line with our expectations, Introduce Offshore sector<ul><li>Dry bulk stocks impacted by market malaise and company-specific events</li><li>Tide is turning for tanker operators; port sector transitioning to value play</li><li>Rally in offshore stocks could be a dead cat bounce; retracement in oil prices affect gas shipping</li></ul>

Dry bulk normalisation continues; Tankers trend down in line with our expectations, Introduce Offshore sectorDry bulk stocks impacted by market malaise and company-specific eventsTide is turning for tanker operators; port sector transitioning to value playRally in offshore stocks could be a dead cat bounce; retracement in oil prices affect gas shipping

DMER - Maritime Financial Insights -  July 2016

Since the GFC, the global port operators have been under-performing the MSCI world index. The divergence has increased in the last 18 months and is now reaching an extreme. Does this make the sector a buy? We believe the industry dynamics are changing and the sector is pricing in  a structural slowdown in global trade. The growth industry has matured and is now more akin to valuations given to a utilities business i.e. P/E compression is in play despite still strong margins and earnings. We believe that ports sector on a macro basis is moving from a growth stock to a value stock which commands stable but lower P/E.  Wider implications for this would be the investor profile for the ports will change as more value investors get in and growth investors move away. We expect Chinese operators to get aggressive on M&amp;A and cheapest valuation in the sector in years on account of structural weakness to drive M&amp;A.

Since the GFC, the global port operators have been under-performing the MSCI world index. The divergence has increased in the last 18 months and is now reaching an extreme. Does this make the sector a buy? We believe the industry dynamics are changing and the sector is pricing in  a structural slowdown in global trade. The growth industry has matured and is now more akin to valuations given to a utilities business i.e. P/E compression is in play despite still strong margins and earnings. We believe that ports sector on a macro basis is moving from a growth stock to a value stock which commands stable but lower P/E.  Wider implications for this would be the investor profile for the ports will change as more value investors get in and growth investors move away. We expect Chinese operators to get aggressive on M&amp;A and cheapest valuation in the sector in years on account of structural weakness to drive M&amp;A. 

Port Operators - Valuations Downshift on Structural Changes

Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Transition from the Irish Stock Exchange to the London Stock ExchangeDragon Capital’s fund <a href="https://www.smartkarma.com/entities/22754" target="_blank" data-smartkarma-citation="entities:22754">Vietnam Enterprise Investments Limited</a>, which currently trades on the Irish Stock Exchange, may trade on the main market of the London Stock Exchange next month.  The company plans to hold an Extraordinary General Meeting on June the 21st to vote on the approval of this transfer, which is expected to potentially take place next month.  The fund currently manages over $850 million, and is most notable for…

Transition from the Irish Stock Exchange to the London Stock ExchangeDragon Capital’s fund Vietnam Enterprise Investments Limited, which currently trades on the Irish Stock Exchange, may trade on the main market of the London Stock Exchange next month.  The company plans to hold an Extraordinary General Meeting on June the 21st to vote on the approval of this transfer, which is expected to potentially take place next month.  The fund currently manages over $850 million, and is most notable for…

Dragon Capital's VEIL Fund: A 3rd London Listing for Vietnam May Emerge Next Month

Last year saw a record amount of container-ship capacity hit the water. We take a look at which operators accepted delivery and which trades they deployed them in. Record delieveries, record maximum ship size.  Last year was full of records in the container shipping industry, but unfortunately for carriers they were mostly of the unwanted variety. One such record (made by bad by virtue of the second worst ever demand growth) was a record intake of new ships. There were 209 new ships that hit the…

Last year saw a record amount of container-ship capacity hit the water. We take a look at which operators accepted delivery and which trades they deployed them in. Record delieveries, record maximum ship size.  Last year was full of records in the container shipping industry, but unfortunately for carriers they were mostly of the unwanted variety. One such record (made by bad by virtue of the second worst ever demand growth) was a record intake of new ships. There were 209 new ships that hit the…

Container Shipping - 2015 Full of Records, Big Ships, Super Size Me and It Ain't Over Yet

United Kingdom

Ashtead Group Plc is an international equipment rental company servicing customers nationwide in the US and the UK. The Company rents construction and industrial equipment. Ashtead generates approximately 85% of its revenue in the US through its subsidiary, Sunbelt Rentals with 388 locations across the US. The Group's UK business, A-Plant, has 106 locations nationwide.

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Ashtead (AHT LN)

Bottoms-Up View on Developed Markets: Actionable Stocks, Part 2

Our outlook remains neutral for global ex-U.S. markets while horizontal consolidation continues on the MSCI ACWI ex-U.S. index. In today’s report...

Vermilion Research

DMER - Maritime Financial Insights - July 2016

Dry bulk normalisation continues; Tankers trend down in line with our expectations, Introduce Offshore sector Dry bulk stocks impacted by market...

Drewry Maritime Financial Research

Port Operators - Valuations Downshift on Structural Changes

Since the GFC, the global port operators have been under-performing the MSCI world index. The divergence has increased in the last 18 months and is...

Drewry Maritime Financial Research

Dragon Capital's VEIL Fund: A 3rd London Listing for Vietnam May Emerge Next Month

Transition from the Irish Stock Exchange to the London Stock ExchangeDragon Capital’s fund Vietnam Enterprise Investments Limited, which currently...

Nomadic Equity

Container Shipping - 2015 Full of Records, Big Ships, Super Size Me and It Ain't Over Yet

Last year saw a record amount of container-ship capacity hit the water. We take a look at which operators accepted delivery and which trades they...

Drewry Maritime Financial Research

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