Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A monthly review of how the markets and our themes are currently performing</li>
<li>Analysing what went wrong and what went right in stocks and sectors</li>
<li>Highlighting positions added or removed from the thematic investment portfolio</li>
</ul>


A monthly review of how the markets and our themes are currently performing
Analysing what went wrong and what went right in stocks and sectors
Highlighting positions added or removed from the thematic investment portfolio


November Themes and Thematic Portfolio Review

Equity Bottom-Up

Cosco Shipping Energy Transportation Co. Ltd. (H) / Equity Bottom-Up

Cosco Shipping Energy Transportation Co. Ltd. (H)

<ul>
<li>Speculative liquidation of crude oil positions opens up an opportunity</li>
<li>A seasonally strong period for crude tanker rates coming up</li>
<li>Company option scheme for senior management approved. Strike above current price</li>
</ul>


Speculative liquidation of crude oil positions opens up an opportunity
A seasonally strong period for crude tanker rates coming up
Company option scheme for senior management approved. Strike above current price


Cosco Shipping Energy Transportation - Capitulation in Oil and Related Equities Almost Complete?

<ul>
<li>All the business fundamentals continue to trend in the right direction</li>
<li>The sector has sold off with the general commodity sell-off</li>
<li>Investors not giving the benefit of the doubt to future oil demand</li>
</ul>


All the business fundamentals continue to trend in the right direction
The sector has sold off with the general commodity sell-off
Investors not giving the benefit of the doubt to future oil demand


Recent Sell-Off in Tanker Stocks Provides an Opportunity in Cosco Shipping Energy - 1138.HK

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>The SPX gapped-up to reverse its 1-month downtrend on 5/3/24, followed by another upside gap on 5/6/24, and yet another on 5/15/24 on the breakout to all-time highs</li>
<li>All of these gaps remain unfilled which signals upside power, a very bullish sign. These gaps at 5250-5263, 5127-5142, and 5073-5101 are now areas to expect short-term support, if tested.</li>
<li>Market dynamics remain healthy and the S&amp;P 500, Nasdaq 100, and DJI are all breaking out to new all-time highs, helping validate our bullish outlook.</li>
</ul>


The SPX gapped-up to reverse its 1-month downtrend on 5/3/24, followed by another upside gap on 5/6/24, and yet another on 5/15/24 on the breakout to all-time highs
All of these gaps remain unfilled which signals upside power, a very bullish sign. These gaps at 5250-5263, 5127-5142, and 5073-5101 are now areas to expect short-term support, if tested.
Market dynamics remain healthy and the S&amp;P 500, Nasdaq 100, and DJI are all breaking out to new all-time highs, helping validate our bullish outlook.


New All-Time Highs Validates Our Bullish Outlook; Risk-On Signals Abound. Buys in Aluminum, Shippers

<ul>
<li>The SPX is at 4165-4200 support, and the Nasdaq 100 (QQQ) is at $350-$355 support. No "decisive" breakdowns quite yet as supports show signs of holding.</li>
<li>Russell 2000 (IWM) is testing 1.5-year support at $162-$163, making this a logical spot for small-caps to bounce and an attractive risk/reward for buyers</li>
<li>Continue to see signs of breadth possibly bottoming-out. Both the SPX and Russell 2000 and the % of stocks above their 50-day and 20-day MAs display bullish breadth divergences.</li>
</ul>


The SPX is at 4165-4200 support, and the Nasdaq 100 (QQQ) is at $350-$355 support. No "decisive" breakdowns quite yet as supports show signs of holding.
Russell 2000 (IWM) is testing 1.5-year support at $162-$163, making this a logical spot for small-caps to bounce and an attractive risk/reward for buyers
Continue to see signs of breadth possibly bottoming-out. Both the SPX and Russell 2000 and the % of stocks above their 50-day and 20-day MAs display bullish breadth divergences.


Bullish Breadth Divergences Persist; Russell 2000 Testing 1.5-Year Support; Buys in Education Svcs

United States

Teekay Tankers Ltd. provides oil transportation services through a fleet of mid-size tankers, including Suezmax and Aframax crude oil tankers and Long Range 2 product tankers. The Company's vessels are typically employed through a mix of short- or medium-term fixed-rate time charter contracts and spot tanker market trading.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Teekay Tankers Ltd Class A (TNK US)

November Themes and Thematic Portfolio Review

We review overall market performance, our investment themes, highlighting additions and substractions in the thematic portfolio.

Rikki Malik

Recent Sell-Off in Tanker Stocks Provides an Opportunity in Cosco Shipping Energy - 1138.HK

Despite positive business fundamentals, the sector is being dragged down by a general commodity sell-off as investors remain skeptical about...

Rikki Malik

New All-Time Highs Validates Our Bullish Outlook; Risk-On Signals Abound. Buys in Aluminum, Shippers

New All-Time Highs Validates Our Bullish Outlook $SPX $QQQ $DJI; Risk-On Signals Abound. Three SPX upside gaps in May signals bulls firmly in...

Vermilion Research

Bullish Breadth Divergences Persist; Russell 2000 Testing 1.5-Year Support; Buys in Education Svcs

$RTY $IWM $SPX $SPY and the % of stocks above their 50-day MAs (and 20-day MAs) display bullish breadth divergences. Similar bullish divergences in...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

November Themes and Thematic Portfolio Review

We review overall market performance, our investment themes, highlighting additions and substractions in the thematic portfolio.

Rikki Malik

Cosco Shipping Energy Transportation - Capitulation in Oil and Related Equities Almost Complete?

Although this piece timed the bottom to the day, there is more upside. It is still a laggard as it is "only" up ~40% from a depressed price....

Rikki Malik

Recent Sell-Off in Tanker Stocks Provides an Opportunity in Cosco Shipping Energy - 1138.HK

​Despite positive business fundamentals, the sector is being dragged down by a general commodity sell-off as investors remain skeptical about...

Rikki Malik

New All-Time Highs Validates Our Bullish Outlook; Risk-On Signals Abound. Buys in Aluminum, Shippers

New All-Time Highs Validates Our Bullish Outlook $SPX $QQQ $DJI; Risk-On Signals Abound. Three SPX upside gaps in May signals bulls firmly in...

Vermilion Research

Bullish Breadth Divergences Persist; Russell 2000 Testing 1.5-Year Support; Buys in Education Svcs

$RTY $IWM $SPX $SPY and the % of stocks above their 50-day MAs (and 20-day MAs) display bullish breadth divergences. Similar bullish divergences in...

Vermilion Research

Despite positive business fundamentals, the sector is being dragged down by a general commodity sell-off as investors remain skeptical about...