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

<p>The broad global indexes (MSCI ACWI, ACWI ex-US, and EAFE) remain near logical resistance as investors await monetary policy decisions from the ECB and Federal Reserve. Considering overhead resistance and continued mixed economic and market signals, we remain squarely in the neutral camp.  We outline important technical levels across major indexes and highlight attractive opportunities within the Manufacturing, Transportation, and Materials Sectors, most of which hail from Europe and Japan.</p>

The broad global indexes (MSCI ACWI, ACWI ex-US, and EAFE) remain near logical resistance as investors await monetary policy decisions from the ECB and Federal Reserve. Considering overhead resistance and continued mixed economic and market signals, we remain squarely in the neutral camp.  We outline important technical levels across major indexes and highlight attractive opportunities within the Manufacturing, Transportation, and Materials Sectors, most of which hail from Europe and Japan.

Global Equity Strategy: Overhead Resistance Looms

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

Value-focused bottom-up Asian equity research

NVB Asia Pte Ltd

Thematic (Sector/Industry)

<ul><li>Last week I spent two days in Dongguan (Guangdong province)</li><li>Visited factories of both <a href="https://www.smartkarma.com/entities/528" target="_blank" data-smartkarma-citation="entities:528:1">Nine Dragons Paper Holdings (2689 HK)</a> and <a href="https://www.smartkarma.com/entities/529" target="_blank" data-smartkarma-citation="entities:529:1">Lee &amp; Man Paper Manufacturing Ltd (2314 HK)</a></li><li>According to China Paper Association 2016 annual report there are 2,757 pulp &amp; paper companies in China</li><li>Sector is heavily polluting and sector leaders such as Nine Dragons and Lee &amp; Man Paper are helped by government crackdown on environmental offenders</li><li>Both companies should continue to win market share and have increased bargaining power</li><li>ASP is rising; helping profits rebound substantially</li><li>Both companies trade below 9x 2017 PE</li></ul>

Last week I spent two days in Dongguan (Guangdong province)Visited factories of both Nine Dragons Paper Holdings (2689 HK) and Lee &amp; Man Paper Manufacturing Ltd (2314 HK)According to China Paper Association 2016 annual report there are 2,757 pulp &amp; paper companies in ChinaSector is heavily polluting and sector leaders such as Nine Dragons and Lee &amp; Man Paper are helped by government crackdown on environmental offendersBoth companies should continue to win market share and have increased bargaining powerASP is rising; helping profits rebound substantiallyBoth companies trade below 9x 2017 PE

China Pulp & Paper: Factory Visits in Dongguan at Nine Dragons (2689 HK) And Lee Man Paper (2314 HK)

Finland

Metso OYJ is a process performance provider, with customers in the mining, construction and oil & gas industries. The Company's focus is on the continuous development of intelligent solutions that improve sustainability and profitability. Metso's shares are listed on the NASDAQ OMX Helsinki Ltd . The Company employs around 16,000 professionals in 50 countries.

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Metso OYJ (MEO1V FH)

Global Equity Strategy: Overhead Resistance Looms

The broad global indexes (MSCI ACWI, ACWI ex-US, and EAFE) remain near logical resistance as investors await monetary policy decisions from the ECB...

Vermilion Research

China Pulp & Paper: Factory Visits in Dongguan at Nine Dragons (2689 HK) And Lee Man Paper (2314 HK)

Last week I spent two days in Dongguan (Guangdong province) Visited factories of both Nine Dragons Paper Holdings (2689 HK) and Lee & Man...

Nicolas Van Broekhoven

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)