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

iShares MSCI ACWI ex US ETF / Technical Analysis

<ul>
<li>The bear market rally we have discussed since our Sept. 29 Int'l Compass has managed to surpass our price targets, which were the YTD downtrends on the ACWX-US and EFA-US.</li>
<li>As you will see below, many countries are reversing topside their 6.5-month to YTD downtrends.</li>
<li>As a result of these bullish reversals and breakdowns on the US dollar (DXY) and 10-year Treasury yield, we are upgrading our outlook to neutral. Buy on pullbacks.</li>
</ul>


The bear market rally we have discussed since our Sept. 29 Int'l Compass has managed to surpass our price targets, which were the YTD downtrends on the ACWX-US and EFA-US.
As you will see below, many countries are reversing topside their 6.5-month to YTD downtrends.
As a result of these bullish reversals and breakdowns on the US dollar (DXY) and 10-year Treasury yield, we are upgrading our outlook to neutral. Buy on pullbacks.


Positive Character Changes; MSCI ACWI Ex-US, EAFE, STOXX 50, Countless Others Reversing Downtrends

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Alibaba driven gains largely offset record losses from Q1 although this has been widely expected as were updates on the timing of ARM's IPO from FY22 (Mar23) to calendar 2023</li>
<li>With Q2 losses, Vision Fund is clearly in the red for the first time since Q4 19 driven by downside for both public and private investments</li>
<li>Buybacks are over and what appears to be renewed macro enthusiasm is offset by a stronger yen and a low discount to NAV</li>
</ul>


Alibaba driven gains largely offset record losses from Q1 although this has been widely expected as were updates on the timing of ARM's IPO from FY22 (Mar23) to calendar 2023
With Q2 losses, Vision Fund is clearly in the red for the first time since Q4 19 driven by downside for both public and private investments
Buybacks are over and what appears to be renewed macro enthusiasm is offset by a stronger yen and a low discount to NAV


Softbank Group Q2 22 Results Reaction: Alibaba Gains Offset VF Losses but Buybacks Over

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/guangzhou-r-f-properties-h' target='_blank' rel='noopener'>Guangzhou R&F Properties</a></li><li><a href='/entities/sunac-china-holdings-ltd' target='_blank' rel='noopener'>Sunac China Holdings</a></li><li><a href='/entities/china-evergrande-group' target='_blank' rel='noopener'>Evergrande</a></li><li><a href='/entities/central-china-real-estate-ltd' target='_blank' rel='noopener'>Central China Real Estate</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:China Jinmao HoldingsGuangzhou R&F PropertiesSunac China HoldingsEvergrandeCentral China Real Estateand more...

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>
 Good Morning Japan: We strive to provide the very best breaking macro, stock and thematic overnight news and market moves that will impact the trading day in Japan.</li>
<li>
US stock rally fizzles as Red Wave  downgraded to a mere ripple. Bitcoin meltdown takes center stage as market suddenly cares. Disney hit hard but META +5% on job cuts </li>
<li>NKY futs  indicate-70bp vs cash.  8th COVID Wave - but no restrictions. S&amp;I sells Seibu &amp; Sogo; PE bid for Uzabase; Speculation of Softbank going private; Big NEXON buyback</li>
</ul>



 Good Morning Japan: We strive to provide the very best breaking macro, stock and thematic overnight news and market moves that will impact the trading day in Japan.

US stock rally fizzles as Red Wave  downgraded to a mere ripple. Bitcoin meltdown takes center stage as market suddenly cares. Disney hit hard but META +5% on job cuts 
NKY futs  indicate-70bp vs cash.  8th COVID Wave - but no restrictions. S&amp;I sells Seibu &amp; Sogo; PE bid for Uzabase; Speculation of Softbank going private; Big NEXON buyback


Good Morning Japan | Crypto Thursday - Crash Continues

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>In Nov 2021, PB Fintech raised around US$793m in its India IPO, via selling a mix of primary and secondary shares.  The lock-up on its pre-IPO shareholder will expire soon.</li>
<li>The company operates two platforms: Policybazaar operates in India’s online insurance product and service industry; and Paisabazaar platform operates in India’s online credit industry. </li>
<li>In this note, we will talk about the upcoming lockup expiry.</li>
</ul>


In Nov 2021, PB Fintech raised around US$793m in its India IPO, via selling a mix of primary and secondary shares.  The lock-up on its pre-IPO shareholder will expire soon.
The company operates two platforms: Policybazaar operates in India’s online insurance product and service industry; and Paisabazaar platform operates in India’s online credit industry. 
In this note, we will talk about the upcoming lockup expiry.


PB Fintech (Policy Bazaar) Lockup Expiry - US$1bn+, Stock Down 60% but Everyone Is in the Money

Japan

SoftBank Group Corp. provides telecommunication services. The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

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Softbank Group (9984 JP)

Positive Character Changes; MSCI ACWI Ex-US, EAFE, STOXX 50, Countless Others Reversing Downtrends

MSCI ACWI ex-US $ACWX and EAFE $EFA reversing their YTD downtrends, with countless other countries doing the same. This is a clear character...

Vermilion Research

Softbank Group Q2 22 Results Reaction: Alibaba Gains Offset VF Losses but Buybacks Over

Softbank’s Q2 gains largely offset record Q1 losses although VF weakness remains. Equity markets are showing signs of life again but a weaker yen,...

Kirk Boodry

Weekly Wrap - 11 Nov 2022

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Good Morning Japan | Crypto Thursday - Crash Continues

Good Morning Japan: We strive to provide the very best breaking macro, stock and thematic overnight news and market moves that will impact the...

Mark Chadwick

PB Fintech (Policy Bazaar) Lockup Expiry - US$1bn+, Stock Down 60% but Everyone Is in the Money

In Nov 2021, PB Fintech raised around US$793m in its India IPO, via selling a mix of primary and secondary shares. The lock-up on its pre-IPO...

Sumeet Singh

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