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

<ul><li>U.S. equity markets remain resilient. Led by strength in technology and biotech, the Nasdaq hit a new all-time high yesterday. Small-cap indexes are also hitting all-time highs. Moreover, the S&amp;P 500 has moved to a new high relative to May prices, providing new evidence that the market is likely to continue its trend higher. Given these developments, our outlook continues to move toward the bullish camp. In today’s report we highlight attractive and actionable stocks within Energy (Refiners) and Health Care (Cardiovascular Products, and Surgical Devices &amp; Equipment).</li></ul>

U.S. equity markets remain resilient. Led by strength in technology and biotech, the Nasdaq hit a new all-time high yesterday. Small-cap indexes are also hitting all-time highs. Moreover, the S&amp;P 500 has moved to a new high relative to May prices, providing new evidence that the market is likely to continue its trend higher. Given these developments, our outlook continues to move toward the bullish camp. In today’s report we highlight attractive and actionable stocks within Energy (Refiners) and Health Care (Cardiovascular Products, and Surgical Devices &amp; Equipment).

U.S. Equity Strategy: Opportunities in Refiners & Med Device Makers

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 Bottom-Up

Comparing <a href="https://www.smartkarma.com/entities/26755" target="_blank" data-smartkarma-citation="entities:26755:1">iQIYI Inc (IQ US)</a> to its key competitor, Tencent Video, is increasingly possible due to regular quarterly disclosure of certain financial metrics from <a href="https://www.smartkarma.com/entities/26" target="_blank" data-smartkarma-citation="entities:26:1">Tencent Holdings Ltd (700 HK)</a>. Tencent Video metrics disclosed in Tencent’s 1Q18 results on 16 May indicated that iQIYI is falling further behind because of :<ul>
<li>Tencent Video’s total revenue grew 75% YoY in 1Q18. In comparison, iQIYI’s total revenue grew 57% YoY.</li>
<li>All the main Chinese online video platforms are all moving gradually to a…</li>
</ul>

Comparing iQIYI Inc (IQ US) to its key competitor, Tencent Video, is increasingly possible due to regular quarterly disclosure of certain financial metrics from Tencent Holdings Ltd (700 HK). Tencent Video metrics disclosed in Tencent’s 1Q18 results on 16 May indicated that iQIYI is falling further behind because of :
Tencent Video’s total revenue grew 75% YoY in 1Q18. In comparison, iQIYI’s total revenue grew 57% YoY.
All the main Chinese online video platforms are all moving gradually to a…


IQIYI: Falling Further Behind Tencent Video

ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

<ul><li>Management conference call reveals that <a href="https://www.smartkarma.com/entities/26755" target="_blank" data-smartkarma-citation="entities:26755:1">iQIYI Inc (IQ US)</a> sees itself as "Netflix Plus".</li><li>Our penetration rate analysis suggests that subs could grow by 30% CAGR next few years.</li><li>The path to profitability lies in higher ARPU/pricing power (and a larger scale to a smaller extent), and our projection is that IQ would post a small profit only in 2021.</li><li>IQ trades at 3.8x 2018 P/S, a 16% discount to its closest global comp, <a href="https://www.smartkarma.com/entities/26772" target="_blank" data-smartkarma-citation="entities:26772:1">Spotify Technology SA (SPOT US)</a>.  </li></ul>

Management conference call reveals that iQIYI Inc (IQ US) sees itself as "Netflix Plus".Our penetration rate analysis suggests that subs could grow by 30% CAGR next few years.The path to profitability lies in higher ARPU/pricing power (and a larger scale to a smaller extent), and our projection is that IQ would post a small profit only in 2021.IQ trades at 3.8x 2018 P/S, a 16% discount to its closest global comp, Spotify Technology SA (SPOT US).  

IQIYI: Is There A (Clear) Path to Profitability?

Complete top-down and bottom-up technical analysis of the U.S. Consumer Discretionary Sector.  Charts highlighted:  AMZN, NFLX, COLM, PVH, UAA, FOSL, GOOS, GIII, TJX, BURL, AEO, ANF, BBY, M, URBN, RL, LUXTY, LE, NKE, WWW, DECK, SHOO, CROX, RCKY, WEYS, MAR, HLT, LQ, ILG, CHH, H, IHG, WYNN, LVS, MLCO, BYD, PNK, YUM, DPZ, TXRH, CAKE, NDLS, and DNKN.

Complete top-down and bottom-up technical analysis of the U.S. Consumer Discretionary Sector.  Charts highlighted:  AMZN, NFLX, COLM, PVH, UAA, FOSL, GOOS, GIII, TJX, BURL, AEO, ANF, BBY, M, URBN, RL, LUXTY, LE, NKE, WWW, DECK, SHOO, CROX, RCKY, WEYS, MAR, HLT, LQ, ILG, CHH, H, IHG, WYNN, LVS, MLCO, BYD, PNK, YUM, DPZ, TXRH, CAKE, NDLS, and DNKN.

U.S. Consumer Discretionary Sector: Complete Technical Analysis

Asia Ex Japan; Technology and Consumption.

Rohinee Sharma

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

If you have been an investor in <a href="https://www.smartkarma.com/entities/666" target="_blank" data-smartkarma-citation="entities:666:1">Apple Inc (AAPL US)</a> this year – it has certainly been a bumpy ride – well, at least until May 1st, 2018 when it declared its numbers. But despite all the muted predictions including amongst other things (like the world domination aspirations from other smartphone manufacturers):<ul>
<li>pessimism around iPhone X sales</li>
<li>the narrative moving from a great product company to being a cash generating machine -its current cash reserve stands at $267.2bn, $160bn in net cash (which…</li>
</ul>

If you have been an investor in Apple Inc (AAPL US) this year – it has certainly been a bumpy ride – well, at least until May 1st, 2018 when it declared its numbers. But despite all the muted predictions including amongst other things (like the world domination aspirations from other smartphone manufacturers):
pessimism around iPhone X sales
the narrative moving from a great product company to being a cash generating machine -its current cash reserve stands at $267.2bn, $160bn in net cash (which…


Paradigm Shift: A Bigger Slice of Apple's Service Pie

United States

Expedia Group, Inc. provides branded online travel services for leisure and small business travelers. The Company offers a wide range of travel shopping and reservation services, providing real-time access to schedule, pricing and availability information for airlines, hotels, and car rental companies.

Booking Holdings Inc. operates as an online travel company. The Company offers a platform that allows to make travel reservations with providers of travel services, as well as provides accommodation reservations, rentals cars, airline tickets, and vacation packages. Booking Holdings serves customers worldwide.

Etsy, Inc. provides e-commerce services. The Company offers handmade and vintage items, art, and supplies, as well as regular items such as clothing, housewares, paper goods, candles, bags and purses, music, and wood working items. Etsy serves users throughout the United States.

Wayfair Inc. retails household goods online. The Company offers bedroom, living room, kitchen and dining, home entertainment, home office, game room and bar, patio, hallway and entryway, and bathroom furniture. Wayfair offers products and services in the United States.

TripAdvisor Inc. is an online travel research company. The Company's travel research platform aggregates reviews and opinions of members about destinations, accommodations (including hotels, bed and breakfasts ("B&Bs"), specialty lodging and vacation rentals), restaurants and activities throughout the world.

1-800-FLOWERS.COM, Inc. is an e-commerce provider of floral products and gifts. The Company's product offerings, including fresh-cut and seasonal flowers, plants, floral arrangements, and home and garden merchandise, can be purchased online or by calling its toll-free telephone number.

Lands' End, Inc. manufactures men's, women's and children's apparel and accessories. The Company produces and distributes swimwear, clothing, bedding, totes, furniture, bath accessories, uniforms, outter wear and various related products. Lands' End offers its products through its catalog and website around the world.

Overstock.com, Inc. offers discounted brand-name merchandise for sale over the Internet. Products include bed-and-bath goods, kitchenware, jewelry, sporting goods, electronics, and designer accessories.

Stitch Fix, Inc. operates as an online subscription and personal shopping platform. The Company offers shirts, jackets, sweaters, blazers, leggings, vests, scarfs, jeans, loafers, and boots for men and women. Stitch Fix serves customers in the United States.

Porter Holding International, Inc. operates online to offline (O2O) business platforms for consumer manufacturing enterprises. The Company operates cloud platforms that provide Internet-based intelligent e-commerce information services.

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

Zomato Limited is an online restaurant guide and food ordering platform. The Company offers platform connects customers, restaurant partners and delivery partners to search and discover restaurants, read and write customer generated reviews, order food delivery, book a table, and make payments while dining-out at restaurants. Zomato serves customers worldwide.

Vipshop Holdings Ltd. retails branded products at discount over the Internet. The Company retails through flash sales, in which limited quantities of an item are sold at deep discount for a specified period of time.

ZOZO Inc operates internet shopping sites for apparel.  The Company also provides communication services relating to apparel such as blogs by fashion moguls and internet chat room for users.

Mango Excellent Media Co.,Ltd. offers television based services. The Company provides television shopping, online shopping, outbound shopping, and other services. Mango Excellent Media also operates new media platform operation.

Momo.com Inc is an e-commerce services company. The Company offers TV shopping and Internet shopping services, including beauty products, clothing, leather goods and food shops.

Webjet Limited provides branded online travel services for travelers.  The Company offers one-stop travel shopping and reservation services, providing real-time access to schedule, pricing, and availability information for airlines hotels, and major car rental companies.

Ocado Group PLC distributes a wide range of retail consumer products.  The Company provides home delivery of a wide range of products including food and drink, toiletries and baby, household, pet care, and holiday products.

zooplus AG retails pet supplies over the Internet.

Netflix Inc. is an Internet subscription service for watching tv shows and movies. Subscribers can instantly watch unlimited TV shows and movies streamed over the Internet to their TVs, computers and mobile devices and in the United States, subscribers can receive standard definition DVDs and Blu-ray Discs delivered to their homes.

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Netflix Inc (NFLX US)

U.S. Equity Strategy: Opportunities in Refiners & Med Device Makers

U.S. equity markets remain resilient. Led by strength in technology and biotech, the Nasdaq hit a new all-time high yesterday. Small-cap indexes...

Vermilion Research

IQIYI: Falling Further Behind Tencent Video

Comparing iQIYI Inc (IQ US) to its key competitor, Tencent Video, is increasingly possible due to regular quarterly disclosure of certain financial...

Arun George

IQIYI: Is There A (Clear) Path to Profitability?

Management conference call reveals that iQIYI Inc (IQ US) sees itself as "Netflix Plus". Our penetration rate analysis suggests that subs could...

Johannes Salim, CFA

U.S. Consumer Discretionary Sector: Complete Technical Analysis

Complete top-down and bottom-up technical analysis of the U.S. Consumer Discretionary Sector. Charts highlighted: AMZN, NFLX, COLM, PVH,...

Vermilion Research

Paradigm Shift: A Bigger Slice of Apple's Service Pie

If you have been an investor in Apple Inc (AAPL US) this year – it has certainly been a bumpy ride – well, at least until May 1st, 2018 when it...

Rohinee Sharma

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