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

Most major indexes are currently trading at the lower end of their May trading ranges. Barring improving headlines regarding tariffs &amp; trade or comments from the Fed suggesting a potential rate cut on the horizon we believe global markets are vulnerable to further weakness. We review all major markets and highlight attractive opportunities within Japan, and global real estate developers, and consumer staples stocks.

Most major indexes are currently trading at the lower end of their May trading ranges. Barring improving headlines regarding tariffs &amp; trade or comments from the Fed suggesting a potential rate cut on the horizon we believe global markets are vulnerable to further weakness. We review all major markets and highlight attractive opportunities within Japan, and global real estate developers, and consumer staples stocks.

Major Indexes Testing Support & Vulnerable to Further Weakness

Shanghai Stock Exchange Composite Index / Technical Analysis

The MSCI EM index continues to develop positively from a price perspective and we expect higher prices ahead. China remains leadership -- overweight. At the same time we recommend selectivity in new purchases considering many Chinese equities are extended. In this report we highlight a number of attractive stocks from Chines markets as well as opportunities within Greece, South Africa, India, and Taiwan.

The MSCI EM index continues to develop positively from a price perspective and we expect higher prices ahead. China remains leadership -- overweight. At the same time we recommend selectivity in new purchases considering many Chinese equities are extended. In this report we highlight a number of attractive stocks from Chines markets as well as opportunities within Greece, South Africa, India, and Taiwan.

EM Equity Strategy: Remain Overweight China

Over 25-yrs in Global Materials & Soft Commodities

Charles Spencer

Equity Bottom-Up

INVESTMENT VIEW:  Management sounded confident that they could list its China operations at ~20x PER and unlock value in <a href="https://www.smartkarma.com/entities/172" target="_blank" data-smartkarma-citation="entities:172:1">Wilmar International (WIL SP)</a> shares by 1) paying a special dividend from the listing proceeds, and 2) investors using the SOTP valuation to see deep value in the ex-China portion of the business.  However, our review of Wilmar-China’s listed A-share peers highlights significant vulnerability in management’s key assumption on its potential listing multiple.  We recommend investors take profits from the recent rally in the shares and expect them to trade back towards the lower end of its recent trading range.

INVESTMENT VIEW:  Management sounded confident that they could list its China operations at ~20x PER and unlock value in Wilmar International (WIL SP) shares by 1) paying a special dividend from the listing proceeds, and 2) investors using the SOTP valuation to see deep value in the ex-China portion of the business.  However, our review of Wilmar-China’s listed A-share peers highlights significant vulnerability in management’s key assumption on its potential listing multiple.  We recommend investors take profits from the recent rally in the shares and expect them to trade back towards the lower end of its recent trading range. 

Wilmar: China Listing at ~20x Might Prove Too Optimistic.

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.

Thematic (Sector/Industry)

<h2>Headlines­</h2><ul>
<li>In 2016, off-trade sales of bottled water increase by 8% in volume terms and 11% in current value terms, to reach 42.1 billion litres and CNY137.9 billion, respectively</li>
<li>Retail channel development drives volume and value sales growth</li>
<li>Current value sales of bottled water increase by 6% on-trade in 2016 compared with 11% off-trade</li>
<li>Shenzhen C’est Bon Food &amp; Beverage Co Ltd replaces Nongfu Spring Co Ltd and ranks as number one player in bottled water in 2016 with an off-trade value share of 9%</li>
<li>…</li>
</ul>

Headlines­
In 2016, off-trade sales of bottled water increase by 8% in volume terms and 11% in current value terms, to reach 42.1 billion litres and CNY137.9 billion, respectively
Retail channel development drives volume and value sales growth
Current value sales of bottled water increase by 6% on-trade in 2016 compared with 11% off-trade
Shenzhen C’est Bon Food &amp; Beverage Co Ltd replaces Nongfu Spring Co Ltd and ranks as number one player in bottled water in 2016 with an off-trade value share of 9%
…


Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

Should we be concerned that a Chinese pork producer is buying the largest hog producer in the US? Growing concerns over food safety and problems with antibiotic resistance due to misuse should be taken seriously.

Should we be concerned that a Chinese pork producer is buying the largest hog producer in the US? Growing concerns over food safety and problems with antibiotic resistance due to misuse should be taken seriously.

China

Foshan Haitian Flavouring & Food Company Ltd. manufactures food seasonings. The Company develops, produces, and distributes condiments including soy sauce, oyster sauce, vinegar, flavoring sauce, chicken stock, monosodium glutamate, and oil.

Foshan Haitian Flavouring & Food (603288 CH)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Foshan Haitian Flavouring & Food (603288 CH)

Major Indexes Testing Support & Vulnerable to Further Weakness

Most major indexes are currently trading at the lower end of their May trading ranges. Barring improving headlines regarding tariffs & trade or...

Vermilion Research

EM Equity Strategy: Remain Overweight China

The MSCI EM index continues to develop positively from a price perspective and we expect higher prices ahead. China remains leadership --...

Vermilion Research

Wilmar: China Listing at ~20x Might Prove Too Optimistic.

INVESTMENT VIEW: Management sounded confident that they could list its China operations at ~20x PER and unlock value in Wilmar International (WIL...

Charles Spencer

Sector Capsule: Bottled Water in China

Headlines In 2016, off-trade sales of bottled water increase by 8% in volume terms and 11% in current value terms, to reach 42.1 billion litres...

Euromonitor International Ltd.

Issues Raised by WH Group and US Pork

Should we be concerned that a Chinese pork producer is buying the largest hog producer in the US? Growing concerns over food safety and problems...

Bixmoor

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Major Indexes Testing Support & Vulnerable to Further Weakness

Most major indexes are currently trading at the lower end of their May trading ranges. Barring improving headlines regarding tariffs & trade or...

Vermilion Research

EM Equity Strategy: Remain Overweight China

The MSCI EM index continues to develop positively from a price perspective and we expect higher prices ahead. China remains leadership --...

Vermilion Research

Wilmar: China Listing at ~20x Might Prove Too Optimistic.

INVESTMENT VIEW: Management sounded confident that they could list its China operations at ~20x PER and unlock value in Wilmar International (WIL...

Charles Spencer

Sector Capsule: Bottled Water in China

Headlines­ In 2016, off-trade sales of bottled water increase by 8% in volume terms and 11% in current value terms, to reach 42.1 billion litres...

Euromonitor International Ltd.

Issues Raised by WH Group and US Pork

Should we be concerned that a Chinese pork producer is buying the largest hog producer in the US? Growing concerns over food safety and problems...

Bixmoor

Headlines In 2016, off-trade sales of bottled water increase by 8% in volume terms and 11% in current value terms, to reach 42.1 billion litres...