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

YTD sideways congestion for the MSCI ACWI ex-US and an intact downtrend for the MSCI EM index continue to point to a risk-off environment for international equity markets, and supports our neutral outlook. We continue to recommend avoiding broad indexed exposure in favor of selectivity. In today’s report we highlight actionable country- and Sector-specific themes within Norway, India, Japan and Australia.

YTD sideways congestion for the MSCI ACWI ex-US and an intact downtrend for the MSCI EM index continue to point to a risk-off environment for international equity markets, and supports our neutral outlook. We continue to recommend avoiding broad indexed exposure in favor of selectivity. In today’s report we highlight actionable country- and Sector-specific themes within Norway, India, Japan and Australia.

Global Ex-U.S. & EM Continue to Point to Risk-Off Environment

Asia-Focused Industry Research, Speeda Research

Speeda

Asia-Focused Industry Research

Speeda Research

Speeda Research analysts cover China, Japan, India and SEA on the latest trends and topics. We have analysts of diverse nationalities who are able to access information in their respective local languages to provide customers with comprehensive reports. With access to private company data in these regions, Speeda Research is also able to provide insights into niche sectors which are not usually covered by other parties. We are also able to undertake ad hoc company and industry research reports.

Thematic (Sector/Industry)

During our visit to New Delhi in December 2016, we had to defend ourselves from demonetization and the city’s choking air pollution. Even as India staggers to find a solution to the latter, four of its cities are among the world's top ten worst-ranked cities for air pollution. We wondered if the environment in the South would meet a similar fate and decided to look at steps taken in the North to curtail the calamity. While we have already spoken in detail about the status of piped natural gas in India in <a href="https://www.smartkarma.com/insights/falling-natural-gas-production-and-poor-import-infra-make-png-a-distant-dream-for-most-indians" target="_blank" data-smartkarma-citation="insights:9432">Falling Natural Gas Production and Poor Import Infra Make PNG a Distant Dream for Most Indians</a>, we will look at the CNG segment in this report and how it can make a difference.

During our visit to New Delhi in December 2016, we had to defend ourselves from demonetization and the city’s choking air pollution. Even as India staggers to find a solution to the latter, four of its cities are among the world's top ten worst-ranked cities for air pollution. We wondered if the environment in the South would meet a similar fate and decided to look at steps taken in the North to curtail the calamity. While we have already spoken in detail about the status of piped natural gas in India in Falling Natural Gas Production and Poor Import Infra Make PNG a Distant Dream for Most Indians, we will look at the CNG segment in this report and how it can make a difference. 

New CGD Networks Give South India the Potential to Lead CNG Growth in Second Half of the Decade

In July 2015, the Indian government set a target of 10 million PNG (piped natural gas) connections to be made within two years. But as of September 2016, the government was 7 million short of its goal with the odds of achieving it in less than a year seeming very low. Increasing PNG and CNG (compressed natural gas) connections are part of the government’s wider plan to more than double the share of natural gas in India’s energy mix to 20% by 2025. To achieve this goal, the government needs to ramp up transmission infrastructure and increase capacity of import infrastructure to cater to the expected surge in natural gas imports, apart from introducing key policies with regards to pricing, taxation and regulation. Based on past evidence and the information provided within this report, we think the government will fall short of its energy mix targets, just like it did in the PNG segment.

In July 2015, the Indian government set a target of 10 million PNG (piped natural gas) connections to be made within two years. But as of September 2016, the government was 7 million short of its goal with the odds of achieving it in less than a year seeming very low. Increasing PNG and CNG (compressed natural gas) connections are part of the government’s wider plan to more than double the share of natural gas in India’s energy mix to 20% by 2025. To achieve this goal, the government needs to ramp up transmission infrastructure and increase capacity of import infrastructure to cater to the expected surge in natural gas imports, apart from introducing key policies with regards to pricing, taxation and regulation. Based on past evidence and the information provided within this report, we think the government will fall short of its energy mix targets, just like it did in the PNG segment.

Falling Natural Gas Production and Poor Import Infra Make PNG a Distant Dream for Most Indians

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Mahanagar Gas's (MGL) two main shareholders, <a href="https://www.smartkarma.com/entities/15263" target="_blank" data-smartkarma-citation="entities:15263">Gail India Ltd</a> and British Gas, plan to raise US$150m through this IPO by selling 12.5% stake each. We looked at the deal earlier, <a href="https://www.smartkarma.com/insights/mahanagar-gas-pre-ipo-review-needs-to-come-in-at-a-discount-to-igl" target="_blank" data-smartkarma-citation="insights:3998">Mahanagar Gas Pre-IPO Review - Needs to Come in at a Discount to IGL</a>, the title of our earlier insight pretty much sums up our thoughts on the IPO. The price range was announced earlier this week and it duly offers a discount to its larger peer. In this insight, we run the deal through our framework and provide our…

Mahanagar Gas's (MGL) two main shareholders, Gail India Ltd and British Gas, plan to raise US$150m through this IPO by selling 12.5% stake each. We looked at the deal earlier, Mahanagar Gas Pre-IPO Review - Needs to Come in at a Discount to IGL, the title of our earlier insight pretty much sums up our thoughts on the IPO. The price range was announced earlier this week and it duly offers a discount to its larger peer. In this insight, we run the deal through our framework and provide our…

Mahanagar Gas IPO - Provides Enough Discount but Might Not Be a High-Flyer

Mahanagar Gas Limited (MGL), a city gas distributor for Mumbai and its neighbouring region, plans to raise US$150-200m through its IPO. The IPO will be via a secondary sell down by its co-owners GAIL and British Gas and is expected to be launched later this month. In this insight, we look at:<ul><li>The company's past financial performance</li><li>A few issues that investors need to be aware of</li><li>How it stacks up versus its main listed peer <a href="https://www.smartkarma.com/entities/6969" target="_blank" data-smartkarma-citation="entities:6969">Indraprastha Gas Ltd</a> </li></ul>We will follow-up with another insight to look at valuations, once the deal is launched.

Mahanagar Gas Limited (MGL), a city gas distributor for Mumbai and its neighbouring region, plans to raise US$150-200m through its IPO. The IPO will be via a secondary sell down by its co-owners GAIL and British Gas and is expected to be launched later this month. In this insight, we look at:The company's past financial performanceA few issues that investors need to be aware ofHow it stacks up versus its main listed peer Indraprastha Gas Ltd We will follow-up with another insight to look at valuations, once the deal is launched.

Mahanagar Gas Pre-IPO Review - Needs to Come in at a Discount to IGL

India

Indraprastha Gas Limited processes and distributes compressed natural gas and liquefied petroleum gas. The Company has been jointly promoted by Bharat Petroleum Corporation and Gas Authority of India.

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Indraprastha Gas (IGL IN)

Global Ex-U.S. & EM Continue to Point to Risk-Off Environment

YTD sideways congestion for the MSCI ACWI ex-US and an intact downtrend for the MSCI EM index continue to point to a risk-off environment for...

Vermilion Research

New CGD Networks Give South India the Potential to Lead CNG Growth in Second Half of the Decade

During our visit to New Delhi in December 2016, we had to defend ourselves from demonetization and the city’s choking air pollution. Even as India...

Speeda Research

Falling Natural Gas Production and Poor Import Infra Make PNG a Distant Dream for Most Indians

In July 2015, the Indian government set a target of 10 million PNG (piped natural gas) connections to be made within two years. But as of September...

Speeda Research

Mahanagar Gas IPO - Provides Enough Discount but Might Not Be a High-Flyer

Mahanagar Gas's (MGL) two main shareholders, Gail India Ltd and British Gas, plan to raise US$150m through this IPO by selling 12.5% stake each. We...

Sumeet Singh

Mahanagar Gas Pre-IPO Review - Needs to Come in at a Discount to IGL

Mahanagar Gas Limited (MGL), a city gas distributor for Mumbai and its neighbouring region, plans to raise US$150-200m through its IPO. The IPO...

Sumeet Singh

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52-week Range

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