Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

* Indian Exchange Announcement Really Hurts:  On February 9, 2018, the Indian stock exchanges collectively terminated Singapore Exchange's (SGX.SP) [SGX] market data licensing agreement.  Indian contracts appear to represent 5.5% of overall derivative revenue – or 10% or more of SGX bottom-line. * De-Listing Challenges:  SGX has robust initial public offering (IPO) pipeline in 2018, but it is not nearly enough to offset the trading volume and market-cap loss associated with the deluge of…

* Indian Exchange Announcement Really Hurts:  On February 9, 2018, the Indian stock exchanges collectively terminated Singapore Exchange's (SGX.SP) [SGX] market data licensing agreement.  Indian contracts appear to represent 5.5% of overall derivative revenue – or 10% or more of SGX bottom-line. * De-Listing Challenges:  SGX has robust initial public offering (IPO) pipeline in 2018, but it is not nearly enough to offset the trading volume and market-cap loss associated with the deluge of…

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

Overwhelmingly, and to take a line from our U.S. Compass report, recent declines have corrected the excess. Where many charts appeared stretched and even parabolic in some cases, recent downward pressure on global equities has allowed many stocks to return to solid entry points near various areas of support. In today’s report we review every global sector, highlighting actionable stocks within each.

Overwhelmingly, and to take a line from our U.S. Compass report, recent declines have corrected the excess. Where many charts appeared stretched and even parabolic in some cases, recent downward pressure on global equities has allowed many stocks to return to solid entry points near various areas of support. In today’s report we review every global sector, highlighting actionable stocks within each.

MSCI Emerging Markets Index / Technical Analysis

Big-picture technicals offer a compelling outlook for equities -- in the long-run. Despite arguably stretched trends, especially in the U.S. and EM, one indicator in particular keeps us optimistic: monthly charts.  What is clear right now is: (1) Europe is on the doorstep of breaking above secular resistance; (2) Japan is breaking out above secular resistance; (3) and EM already has. Speaking of EM, we view this as the place to be, or overweight, in 2018. The EM/EAFE’s 20-year chart (below) reveals an in-progress trend reversal (which developed at a secular trendline) in favor of EM.In today’s report we review every global sector, highlighting actionable stocks within each.

Big-picture technicals offer a compelling outlook for equities -- in the long-run. Despite arguably stretched trends, especially in the U.S. and EM, one indicator in particular keeps us optimistic: monthly charts.  What is clear right now is: (1) Europe is on the doorstep of breaking above secular resistance; (2) Japan is breaking out above secular resistance; (3) and EM already has. Speaking of EM, we view this as the place to be, or overweight, in 2018. The EM/EAFE’s 20-year chart (below) reveals an in-progress trend reversal (which developed at a secular trendline) in favor of EM.In today’s report we review every global sector, highlighting actionable stocks within each.

* Traditional fundamentals within the legacy Hong Kong Exchanges &amp; Clearing (HKEx) [388.HK] equities business continues on a positive upswing, with turnover steadily increasing;  * Launching a new iron ore futures contract, however, appears to be yet another foolish foray into the commodities space as HKEx continues to dig itself deeper into a hole with the London Metals Exchange (LME) business; and* HKEx has yet to earn a positive return on invested capital (ROIC) with the LME, by our calculation, and only nominal overall net returns since deal consummation. Given how HKEx is currently pressing to generate any form of revenue within this commodities unit, we fear that accountants and regulators will now push for a significant goodwill charge up to 2.2 years in pre-tax earnings, by our calculation.

* Traditional fundamentals within the legacy Hong Kong Exchanges &amp; Clearing (HKEx) [388.HK] equities business continues on a positive upswing, with turnover steadily increasing;  * Launching a new iron ore futures contract, however, appears to be yet another foolish foray into the commodities space as HKEx continues to dig itself deeper into a hole with the London Metals Exchange (LME) business; and* HKEx has yet to earn a positive return on invested capital (ROIC) with the LME, by our calculation, and only nominal overall net returns since deal consummation. Given how HKEx is currently pressing to generate any form of revenue within this commodities unit, we fear that accountants and regulators will now push for a significant goodwill charge up to 2.2 years in pre-tax earnings, by our calculation.    

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

Our Insight last week detailed the issues that we planned to highlight in our response to FCA's consultation paper (“<a href="https://www.fca.org.uk/publications/consultation-papers/reforming-availability-information-uk-equity-ipo-process" target="_blank">Reforming the availability of information in the UK equity IPO process</a>”).  After incorporating some of the feedback that we received, we have lodged our official response with FCA. Our answers to each of the questions are below. In addition, we have lodged a written response along the lines of our earlier Insight.With your support, we hope to take up the issue of equitable access to information and management for Independent Analysts with regulators in other jurisdictions across Asia. As always, we would love to hear any feedback or ideas that you may have either via the comments section below or a direct message to any of the Smartkarma Team.

Our Insight last week detailed the issues that we planned to highlight in our response to FCA's consultation paper (“Reforming the availability of information in the UK equity IPO process”).  After incorporating some of the feedback that we received, we have lodged our official response with FCA. Our answers to each of the questions are below. In addition, we have lodged a written response along the lines of our earlier Insight.With your support, we hope to take up the issue of equitable access to information and management for Independent Analysts with regulators in other jurisdictions across Asia. As always, we would love to hear any feedback or ideas that you may have either via the comments section below or a direct message to any of the Smartkarma Team.

Breaking the Bank: Time to End the IPO Rort - Our Official Response

United Kingdom

London Stock Exchange Group plc is the United Kingdom's primary stock exchange. The LSE provides markets that facilitate the raising of capital and the trading of corporate securities, access to a trading environment, as well as real-time pricing and reference information services worldwide.  Market coverage includes equities, derivatives and fixed-interest securities.

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

London Stock Exchange (LSEG LN)

Singapore Exchange – Not So NIFTY

* Indian Exchange Announcement Really Hurts: On February 9, 2018, the Indian stock exchanges collectively terminated Singapore Exchange's (SGX.SP)...

Thomas J. Monaco

Global Equity Strategy

Overwhelmingly, and to take a line from our U.S. Compass report, recent declines have corrected the excess. Where many charts appeared stretched...

Vermilion Research

Global Equity Strategy: Overweight EM

Big-picture technicals offer a compelling outlook for equities -- in the long-run. Despite arguably stretched trends, especially in the U.S. and...

Vermilion Research

HKEx – Not Leaving Well Enough Alone

* Traditional fundamentals within the legacy Hong Kong Exchanges & Clearing (HKEx) [388.HK] equities business continues on a positive upswing,...

Thomas J. Monaco

Breaking the Bank: Time to End the IPO Rort - Our Official Response

Our Insight last week detailed the issues that we planned to highlight in our response to FCA's consultation paper (“Reforming the availability of...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)