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

Shanghai Stock Exchange Composite Index / Technical Analysis

<p>While there are always exceptions at the individual stock level, MSCI Emerging Markets (EEM-US) and Japan (TOPIX, TOPIX Small) have been some of the weaker areas to invest throughout 2021. We now see early signs of positive change and we recommend adding exposure to emerging markets and Japan.</p>

While there are always exceptions at the individual stock level, MSCI Emerging Markets (EEM-US) and Japan (TOPIX, TOPIX Small) have been some of the weaker areas to invest throughout 2021. We now see early signs of positive change and we recommend adding exposure to emerging markets and Japan.

Buying Opportunities Within Emerging Markets and Japan; US Dollar Failing At 93.50

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>We reduce our FY22/23/24 estimates on account of slower-than-expected recovery and revise our rating from BUY to HOLD with a revised TP of Rs 1,060/share (previous: 1,145/share) and value at a target PE multiple of 55x FY24E EPS.</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>

We reduce our FY22/23/24 estimates on account of slower-than-expected recovery and revise our rating from BUY to HOLD with a revised TP of Rs 1,060/share (previous: 1,145/share) and value at a target PE multiple of 55x FY24E EPS.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.

Relaxo Footwear: Weak Performance Amidst COVID 2.0

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

<p>Relaxo has, over the years, maintained balance sheet prudence with controlled working capital cycle (NWC days: 60 days), healthy asset turn of 2.5x and generating RoCE of 20%+...</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>

Relaxo has, over the years, maintained balance sheet prudence with controlled working capital cycle (NWC days: 60 days), healthy asset turn of 2.5x and generating RoCE of 20%+...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.

Relaxo Footwears: Long Term Story Remains Intact

<p>We continue to maintain BUY with a TP of Rs. 1,145/ share and we roll forward to FY24E numbers with a target PE multiple of 57x FY24E EPS.</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>

We continue to maintain BUY with a TP of Rs. 1,145/ share and we roll forward to FY24E numbers with a target PE multiple of 57x FY24E EPS.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.

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

ASA Capital Management

ASA Capital Management is a boutique Research and Investment Advisory firm focusing on primary research in India. ASA provides bespoke research services to Institutional Clients with a focus on due diligence backed with primary research, Field Trips & Channel Checks.

Thematic (Sector/Industry)

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<p>This insight aims to track data related to discretionary spends on consumer goods. It covers a range of aspects - from the adoption of new payment methods, consumer income growth and savings data, freight and travel, rural development and agriculture to the availability of finance and liquidity. </p>
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<p>The Indicators for the month of July indicate a further recovery in most aspects of the economy. The rural economy still continues to be the main engine and is expected to remain so.</p>
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<p>The data tracker is a joint initiative done along with insight provider <a href="https://www.smartkarma.com/profiles/nitin-mangal" target="_blank" data-smartkarma-citation="accounts:1988" rel="noopener">Nitin Mangal.</a></p>
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This insight aims to track data related to discretionary spends on consumer goods. It covers a range of aspects - from the adoption of new payment methods, consumer income growth and savings data, freight and travel, rural development and agriculture to the availability of finance and liquidity. 


The Indicators for the month of July indicate a further recovery in most aspects of the economy. The rural economy still continues to be the main engine and is expected to remain so.





The data tracker is a joint initiative done along with insight provider Nitin Mangal.








Alternative Data | India Consumer Tracker - Recovery Continues

India

Relaxo Footwears Ltd. is the marketing company for Relaxo Group.  The Group manufactures Hawai and lightweight chappals.

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Relaxo Footwears (RLXF IN)

Buying Opportunities Within Emerging Markets and Japan; US Dollar Failing At 93.50

MSCI Emerging Markets (EEM-US) and Japan (TOPIX, TOPIX Small) have been some of the weaker areas to invest throughout 2021. We now see early signs...

Vermilion Research

Relaxo Footwear: Weak Performance Amidst COVID 2.0

We reduce our FY22/23/24 estimates on account of slower-than-expected recovery and revise our rating from BUY to HOLD with a revised TP of Rs 1,060...

Axis Direct

Relaxo Footwears: Long Term Story Remains Intact

Relaxo has, over the years, maintained balance sheet prudence with controlled working capital cycle (NWC days: 60 days), healthy asset turn of 2.5x...

ICICI Securities Limited

Result Update:Relaxo Footwear

We continue to maintain BUY with a TP of Rs. 1,145/ share and we roll forward to FY24E numbers with a target PE multiple of 57x FY24E EPS.

Axis Direct

Alternative Data | India Consumer Tracker - Recovery Continues

This insight aims to track data related to discretionary spends on consumer goods. It covers a range of aspects - from the adoption of new payment...

Pranav Bhavsar

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Dividend (Yield)