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>We highlight several positive developments that have occurred since last week’s <em>Int’l Compass </em>report, all of which continue to support our overall constructive outlook. Last week we noted Europe’s STOXX 500 was on the cusp of a breakout above 4040; we got the breakout. WTI and Brent crude oil also broke above key multi-year resistance at $67 and $70, respectively. The MSCI ACWI, ACWI ex-US, and EAFE indexes each hit new all-time highs and remain in uptrends. The MSCI Emerging Markets index (EEM-US) bullishly inflected above short-term resistance at $55.35 and RS is reversing the downtrend. These are all bullish signals for global equities, and our constructive outlook remains appropriate.</p>

We highlight several positive developments that have occurred since last week’s Int’l Compass report, all of which continue to support our overall constructive outlook. Last week we noted Europe’s STOXX 500 was on the cusp of a breakout above 4040; we got the breakout. WTI and Brent crude oil also broke above key multi-year resistance at $67 and $70, respectively. The MSCI ACWI, ACWI ex-US, and EAFE indexes each hit new all-time highs and remain in uptrends. The MSCI Emerging Markets index (EEM-US) bullishly inflected above short-term resistance at $55.35 and RS is reversing the downtrend. These are all bullish signals for global equities, and our constructive outlook remains appropriate.

Major Breakouts For WTI and Brent Crude Oil. Actionable Themes: Energy, Manufacturing, Autos/Parts

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

External broker reports(aggregated public sources)

Equity Bottom-Up

Samvardhana Motherson International Ltd / Equity Bottom-Up

<p>Ready for the next leap</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Ready for the next leapContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Motherson Sumi Systems Ltd Rs Company Update

<p>Our outlook remains unchanged as the weight of the evidence continues to suggest a mixed, but overall constructive market. Cyclical value Sectors continue to be our favorite areas to overweight (i.e., Energy, Materials, Manufacturing, and Transportation), while defensive Sectors also continue to be worth a look (i.e., Staples, Health Care, and Real Estate). </p>

Our outlook remains unchanged as the weight of the evidence continues to suggest a mixed, but overall constructive market. Cyclical value Sectors continue to be our favorite areas to overweight (i.e., Energy, Materials, Manufacturing, and Transportation), while defensive Sectors also continue to be worth a look (i.e., Staples, Health Care, and Real Estate). 

Global Equity Strategy: Value Remains Leadership But Defensives Improving

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

Sona Blw Precision Forgings Lt / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/sona-blw-precision-forgings" target="_blank" data-smartkarma-citation="entities:32993:1" rel="noopener">Sona BLW Precision Forgings (SPF IN)</a>/Sona Comstar is one of India’s leading auto technology companies that designs, manufactures, and supplies highly engineered, mission-critical systems and components. Sona Comstar is looking to raise Rs60 billion ($820 million) through an IPO in India as soon as April, according to press reports. The offer comprises a primary raise of Rs3 billion ($41 million) and a secondary raise of Rs57 billion ($777 million). The selling shareholder is <a href="https://www.smartkarma.com/entities/blackstone-group-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone Group LP (BX US)</a>.  </p><div class="content-highlight"><p>Sona Comstar’s broad product portfolio which spans both conventional and electrified powertrains position it to gain from high growth auto industry trends (rising penetration of mild hybrids/full hybrids and battery electric vehicles) as well as various Government of India initiatives to spur the growth of the auto industry (such as recently announced Rs570 billion production-linked incentive scheme). Overall, we think that Sona Comstar is an attractive and alternative play on the electric vehicle market.</p></div>

Sona BLW Precision Forgings (SPF IN)/Sona Comstar is one of India’s leading auto technology companies that designs, manufactures, and supplies highly engineered, mission-critical systems and components. Sona Comstar is looking to raise Rs60 billion ($820 million) through an IPO in India as soon as April, according to press reports. The offer comprises a primary raise of Rs3 billion ($41 million) and a secondary raise of Rs57 billion ($777 million). The selling shareholder is Blackstone Group LP (BX US).  Sona Comstar’s broad product portfolio which spans both conventional and electrified powertrains position it to gain from high growth auto industry trends (rising penetration of mild hybrids/full hybrids and battery electric vehicles) as well as various Government of India initiatives to spur the growth of the auto industry (such as recently announced Rs570 billion production-linked incentive scheme). Overall, we think that Sona Comstar is an attractive and alternative play on the electric vehicle market.

Sona Comstar IPO Initiation: Shifting Gears

MSCI Emerging Markets Index / Technical Analysis

<p>Price and RS uptrends for the MSCI EM index continues to underpin our bullish outlook for emerging market equities -- remain overweight. We continue to attribute much of EM’s outperformance to the intact downtrend in the US dollar (DXY). As long as weakness in the DXY persists we believe EM’s outperformance is likely to continue.</p>

Price and RS uptrends for the MSCI EM index continues to underpin our bullish outlook for emerging market equities -- remain overweight. We continue to attribute much of EM’s outperformance to the intact downtrend in the US dollar (DXY). As long as weakness in the DXY persists we believe EM’s outperformance is likely to continue.

EM Remains Global Leadership -- Remain Overweight

India

Samvardhana Motherson International Limited manufactures and distributes automotive parts. The Company offers products such as HVAC systems, air intake manifolds, highway vehicle cabins, air compressors, and pedal box assembly. Samvardhana Motherson International markets its products worldwide.

Samvardhana Motherson International Ltd (MOTHERSO IN)

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Samvardhana Motherson International Ltd (MOTHERSO IN)

Major Breakouts For WTI and Brent Crude Oil. Actionable Themes: Energy, Manufacturing, Autos/Parts

Today we highlight several positive developments that have occurred since last week’s Int’l Compass report, all of which continue to support our...

Vermilion Research

Motherson Sumi Systems Ltd Rs Company Update

Ready for the next leap

Edelweiss

Global Equity Strategy: Value Remains Leadership But Defensives Improving

Cyclical value Sectors continue to be our favorite areas to overweight, while defensive Sectors also continue to be worth a look (i.e., Staples,...

Vermilion Research

Sona Comstar IPO Initiation: Shifting Gears

Sona Comstar is looking to raise Rs60 bn ($820 m) through an IPO in India. Overall, we think that Sona Comstar is an attractive and alternative...

Arun George

EM Remains Global Leadership -- Remain Overweight

Price and RS uptrends for the MSCI EM index continues to underpin our bullish outlook for emerging market equities -- remain overweight.

Vermilion Research

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