External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Equity Bottom-Up

<ul><li>Medicare Advantage e-broker industry caused high churn rates and financial challenges for EHTH</li><li>Exit of competitors and improvements in technological capabilities and financial position have positioned EHTH for significant stock rerating</li><li>EHTH's return to cash profitability and low valuation compared to liquidation value suggest significant potential upside for investors; potential price target of $13.70 per share representing ~200% increase from current levels</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Medicare Advantage e-broker industry caused high churn rates and financial challenges for EHTHExit of competitors and improvements in technological capabilities and financial position have positioned EHTH for significant stock reratingEHTH's return to cash profitability and low valuation compared to liquidation value suggest significant potential upside for investors; potential price target of $13.70 per share representing ~200% increase from current levelsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

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

<ul>
<li>The S&amp;P 500 is 1% above the 4300-4325 area which we anticipated would cap upside for 2023.</li>
<li>Our view since our 5/30/23 ETF Pathfinder is that we cannot be bearish if the SPX is above 4050, and we subsequently moved that line-in-the-sand up to 4165-4200 on 6/6/23.</li>
<li>We are moving that threshold up to 4300, which is short-term support to watch; a break below it could bring selling pressure.</li>
</ul>


The S&amp;P 500 is 1% above the 4300-4325 area which we anticipated would cap upside for 2023.
Our view since our 5/30/23 ETF Pathfinder is that we cannot be bearish if the SPX is above 4050, and we subsequently moved that line-in-the-sand up to 4165-4200 on 6/6/23.
We are moving that threshold up to 4300, which is short-term support to watch; a break below it could bring selling pressure.


Consolidation Likely, But Little Reason to Be Bearish; Buys Within Biotech, Latin American Banks

VanEck Gold Miners ETF/USA / Technical Analysis

<ul>
<li>Since late-January/early-February we've recommended shifting to defensives considering our belief that 4165-4200 will cap upside on the $SPX in 2023, while also conceding that a reach to 4300-4325 is possible.</li>
<li>Considering limited upside in both scenarios, we continue to recommend shifting to defensives and believe that now is the time to be tactically overweight defensives</li>
<li>Defensive Sectors including Health Care (XLV), Utilities (XLU), and Staples (XLP) are hitting 2+ month RS highs, and are staging bullish price and RS reversals, as are gold miners (GDX). </li>
</ul>


Since late-January/early-February we've recommended shifting to defensives considering our belief that 4165-4200 will cap upside on the $SPX in 2023, while also conceding that a reach to 4300-4325 is possible.
Considering limited upside in both scenarios, we continue to recommend shifting to defensives and believe that now is the time to be tactically overweight defensives
Defensive Sectors including Health Care (XLV), Utilities (XLU), and Staples (XLP) are hitting 2+ month RS highs, and are staging bullish price and RS reversals, as are gold miners (GDX). 


Defensive Areas Starting to Lead; 10-Yr Treasury Yield Testing Support at 3.35-3.4%

<ul>
<li>SPX is holding above its 200-day MA/3940 coinciding with its prior downtrend from 2022 near 3915; 3915-3940 remains critical support, and is the gateway to a much deeper pullback.</li>
<li>Additionally, the Nasdaq 100 (QQQ) is breaking back above $297, another important line in the sand for us.</li>
<li>The SPX holding at 3915-3940 could be the spark that allows another run toward YTD highs, but we continue to expect 4165-4200 to cap upside on the S&amp;P 500.</li>
</ul>


SPX is holding above its 200-day MA/3940 coinciding with its prior downtrend from 2022 near 3915; 3915-3940 remains critical support, and is the gateway to a much deeper pullback.
Additionally, the Nasdaq 100 (QQQ) is breaking back above $297, another important line in the sand for us.
The SPX holding at 3915-3940 could be the spark that allows another run toward YTD highs, but we continue to expect 4165-4200 to cap upside on the S&amp;P 500.


Still Expecting 4165-4200 on S&P 500 to Cap Upside; Buys Within Insurance and Steel/Metals

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/policybazaar-insurance-web-aggregator" target="_blank" data-smartkarma-citation="entities:33470:1" rel="noopener">Policybazaar Insurance Web Aggregator (1569999D IN)</a>/PB Fintech operates the Policybazaar and Paisabazaar platforms in India. Policybazaar is India’s largest digital insurance marketplace with a 93.4% market share based on the number of policies sold in FY20, according to Frost &amp; Sullivan. Paisabazaar is India’s largest digital consumer credit marketplace with a 53.7% market share, based on disbursals in FY21, according to Frost &amp; Sullivan. PB Fintech’s shareholders include SoftBank Vision Fund, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, Tiger Global and <a href="https://www.smartkarma.com/entities/info-edge-india-ltd" target="_blank" data-smartkarma-citation="entities:14461:1" rel="noopener">Info Edge India (INFOE IN)</a>.   PB Fintech will launch its IPO on 01 November at an indicative price range of Rs940-980. The IPO comprises a primary raise of Rs37,500 million ($502 million) and a secondary raise up to Rs19,600 million ($262 million). The main secondary seller is SoftBank Vision Fund which aims to sell up to Rs18,750 million ($250 million) worth of shares. In <a href="https://www.smartkarma.com/insights/pb-fintech-policybazaar-ipo-initiation-insurance-policy" target="_blank" data-smartkarma-citation="insights:55735" rel="noopener">PB Fintech (Policybazaar) IPO Initiation: Insurance Policy</a>, we stated that Policybazaar, which is India’s largest digital consumer credit marketplace, is a direct play on the rising insurance penetration rates in India. PB Fintech operates an asset-light capital model and does not underwrite any insurance or retain any credit risk on loans. The business is well-positioned to benefit from the post-COVID-19 recovery in insurance policies sales and loan disbursals by its partners. Helped by strong brand recognition and retention rates, the favourable unit economics also suggest that medium-term profitability is within reach. <div class="content-highlight">In this note, we look at the updated prospectus which outlines the 1QFY22 results (for the quarter ending June) and recent developments. Overall, the recent results reinforce our view that PB Fintech has attractive fundamentals. We will discuss valuation in our next note.  </div>

Policybazaar Insurance Web Aggregator (1569999D IN)/PB Fintech operates the Policybazaar and Paisabazaar platforms in India. Policybazaar is India’s largest digital insurance marketplace with a 93.4% market share based on the number of policies sold in FY20, according to Frost &amp; Sullivan. Paisabazaar is India’s largest digital consumer credit marketplace with a 53.7% market share, based on disbursals in FY21, according to Frost &amp; Sullivan. PB Fintech’s shareholders include SoftBank Vision Fund, Tencent (700 HK), Tiger Global and Info Edge India (INFOE IN).   PB Fintech will launch its IPO on 01 November at an indicative price range of Rs940-980. The IPO comprises a primary raise of Rs37,500 million ($502 million) and a secondary raise up to Rs19,600 million ($262 million). The main secondary seller is SoftBank Vision Fund which aims to sell up to Rs18,750 million ($250 million) worth of shares. In PB Fintech (Policybazaar) IPO Initiation: Insurance Policy, we stated that Policybazaar, which is India’s largest digital consumer credit marketplace, is a direct play on the rising insurance penetration rates in India. PB Fintech operates an asset-light capital model and does not underwrite any insurance or retain any credit risk on loans. The business is well-positioned to benefit from the post-COVID-19 recovery in insurance policies sales and loan disbursals by its partners. Helped by strong brand recognition and retention rates, the favourable unit economics also suggest that medium-term profitability is within reach. In this note, we look at the updated prospectus which outlines the 1QFY22 results (for the quarter ending June) and recent developments. Overall, the recent results reinforce our view that PB Fintech has attractive fundamentals. We will discuss valuation in our next note.  

PB Fintech (Policybazaar) IPO: Signs of Life

United States

eHealth, Inc. sells health insurance over the Internet.  The Company serves individuals, families, and small businesses.

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Ehealth Inc (EHTH US)

Ehealth Inc (EHTH) - Friday, Aug 2, 2024

Exit of competitors and improvements in technological capabilities and financial position have positioned EHTH for significant stock rerating

Value Investors Club

Consolidation Likely, But Little Reason to Be Bearish; Buys Within Biotech, Latin American Banks

$SPX is 1% above 4300-4325 which we anticipated would cap upside for 2023. Our view since May 30 (ETF Pathfinder) is we cannot be bearish if SPX is...

Vermilion Research

Defensive Areas Starting to Lead; 10-Yr Treasury Yield Testing Support at 3.35-3.4%

Defensive Sectors including Health Care $XLV, Utilities $RYU $XLU, and Staples $XLP are hitting 2+ month RS highs, and are staging bullish price...

Vermilion Research

Still Expecting 4165-4200 on S&P 500 to Cap Upside; Buys Within Insurance and Steel/Metals

The $SPX holding at 3915-3940 could be the spark that allows another run toward YTD highs, but we continue to expect 4165-4200 to cap upside and...

Vermilion Research

PB Fintech (Policybazaar) IPO: Signs of Life

PB Fintech (Policybazaar) will launch its IPO on 01 November to raise up to $764m. The updated prospectus reinforce our view that PB Fintech has...

Arun George

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