Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

This week I briefly look at recent bifurcations in: <a href="https://www.smartkarma.com/entities/21536" target="_blank" data-smartkarma-citation="entities:21536:1">Renault SA (RNO FP)</a> wherein the French government reduced its stake to 15.1% from 19.8%;  <a href="https://www.smartkarma.com/entities/8122" target="_blank" data-smartkarma-citation="entities:8122:1">Kingboard Chemical Holdings (148 HK)</a>, which sold its entire 9.6% stake in <a href="https://www.smartkarma.com/entities/243" target="_blank" data-smartkarma-citation="entities:243:1">Cathay Pacific Airways (293 HK)</a> to Qatar Airways; amongst others.These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed as a % - of at least 20%.A detailed NAV for a number of these parent/holding relationships highlighted can be found in our holdco monitor.

This week I briefly look at recent bifurcations in: Renault SA (RNO FP) wherein the French government reduced its stake to 15.1% from 19.8%;  Kingboard Chemical Holdings (148 HK), which sold its entire 9.6% stake in Cathay Pacific Airways (293 HK) to Qatar Airways; amongst others.These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed as a % - of at least 20%.A detailed NAV for a number of these parent/holding relationships highlighted can be found in our holdco monitor.

StubWorld - Set-Up & Unwind Extremes: Renault, Kingboard

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

All regions—both geographic and economic—share a common through-line: bullish technicals. And we expect this trend to continue, an outlook supported by a cast of multi-year base patterns (esp. in Europe and Japan), weakness in defensive sectors, and strength in cyclicals. In today’s report we highlight the follow themes:<ul><li>Buy energy, miners. Discussed above... see pages 3-6</li><li>Autos are strengthening. Developed market auto stocks, a lagging group for the past three years, present an opportunity. Names like BMW (BMW-DE), Ford (F), Peugeot (UG-FR), and Toyota (TM) are breaking out/bullishly inflecting... see pages 7-8</li></ul>

All regions—both geographic and economic—share a common through-line: bullish technicals. And we expect this trend to continue, an outlook supported by a cast of multi-year base patterns (esp. in Europe and Japan), weakness in defensive sectors, and strength in cyclicals. In today’s report we highlight the follow themes:Buy energy, miners. Discussed above... see pages 3-6Autos are strengthening. Developed market auto stocks, a lagging group for the past three years, present an opportunity. Names like BMW (BMW-DE), Ford (F), Peugeot (UG-FR), and Toyota (TM) are breaking out/bullishly inflecting... see pages 7-8

Int'l Compass: Inflation Trade Is Gathering Steam -- Buy Energy, Miners, Autos; Stay Overweight EM

MSCI Emerging Markets Index / Technical Analysis

In developed markets, Europe offers textbook pullback opportunities, with indices like the STOXX 600 and DAX (below) testing 200-day moving averages. Japan, too, exhibits a pullback opportunity, though much shallower in depth (a sign of strength).Now pan to emerging markets and you’ll find where leadership is concentrated, where the MSCI EM Index is breaking out to all-time highs, and where its relative strength trend is bottoming versus the U.S. and international markets.In short, the technical environment remains bullish, and so does our outlook.

In developed markets, Europe offers textbook pullback opportunities, with indices like the STOXX 600 and DAX (below) testing 200-day moving averages. Japan, too, exhibits a pullback opportunity, though much shallower in depth (a sign of strength).Now pan to emerging markets and you’ll find where leadership is concentrated, where the MSCI EM Index is breaking out to all-time highs, and where its relative strength trend is bottoming versus the U.S. and international markets.In short, the technical environment remains bullish, and so does our outlook.

EM Continues to Escort Int'l Markets Higher

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Equity Bottom-Up

Peugeot SA has agreed to take over the Opel/Vauxhall brand from General Motors (GM), with the deal valued at EUR2.2 billion. Both companies are in the final stages of negotiations, with GM hinting that the takeover could be wrapped up by 31 July. Euromonitor International discusses key implications that the deal will have on both the Western European new car market and automotive industry.

Peugeot SA has agreed to take over the Opel/Vauxhall brand from General Motors (GM), with the deal valued at EUR2.2 billion. Both companies are in the final stages of negotiations, with GM hinting that the takeover could be wrapped up by 31 July. Euromonitor International discusses key implications that the deal will have on both the Western European new car market and automotive industry.

Peugeot-Opel Merger: Implications for Western European Car Market and Industry Production

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

<h2>Street Bike</h2>One unit of <a href="https://www.smartkarma.com/entities/19627" target="_blank" data-smartkarma-citation="entities:19627:1">DRB-Hicom Bhd (DRB MK)</a>, the motorcycle unit or commonly known as Modenas (Motosikal dan Enjin Nasional) was reported to seek a foreign strategic partner for higher growth from the international market rather than domestic market only. A few days ago it was reported that Modenas is set to enter the Malaysian street bike segment through a collaboration with <a href="https://www.smartkarma.com/entities/3613" target="_blank" data-smartkarma-citation="entities:3613:1">Bajaj Auto Ltd (BJAUT IN)</a>. Last November, Modenas teamed-up with Kymco in the scooter segment which was well-received…

Street BikeOne unit of DRB-Hicom Bhd (DRB MK), the motorcycle unit or commonly known as Modenas (Motosikal dan Enjin Nasional) was reported to seek a foreign strategic partner for higher growth from the international market rather than domestic market only. A few days ago it was reported that Modenas is set to enter the Malaysian street bike segment through a collaboration with Bajaj Auto Ltd (BJAUT IN). Last November, Modenas teamed-up with Kymco in the scooter segment which was well-received…

France

Peugeot S.A. manufactures automobiles and light commercial vehicles.  The Company, through subsidiaries, also manufactures automobile components and motorcycles, and provides logistics and financing services.

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Peugeot SA (UG FP)

StubWorld - Set-Up & Unwind Extremes: Renault, Kingboard

This week I briefly look at recent bifurcations in: Renault SA (RNO FP) wherein the French government reduced its stake to 15.1% from...

David Blennerhassett

Int'l Compass: Inflation Trade Is Gathering Steam -- Buy Energy, Miners, Autos; Stay Overweight EM

All regions—both geographic and economic—share a common through-line: bullish technicals. And we expect this trend to continue, an outlook...

Vermilion Research

EM Continues to Escort Int'l Markets Higher

In developed markets, Europe offers textbook pullback opportunities, with indices like the STOXX 600 and DAX (below) testing 200-day moving...

Vermilion Research

Peugeot-Opel Merger: Implications for Western European Car Market and Industry Production

Peugeot SA has agreed to take over the Opel/Vauxhall brand from General Motors (GM), with the deal valued at EUR2.2 billion. Both companies are in...

Euromonitor International Ltd.

DRB Hi-Com: More FSPs Please!

Street BikeOne unit of DRB-Hicom Bhd (DRB MK), the motorcycle unit or commonly known as Modenas (Motosikal dan Enjin Nasional) was reported to seek...

Henry Soediarko

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