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

MSCI Emerging Markets Index / Technical Analysis

Asia and the BRIC segment continue to outperform the broad EM universe. Based on technical breakouts in each of their relative strength trends (vs. MSCI EM), we see these trends continuing well into 2018.  Elsewhere, Russia is on the cusp of a breakout. The Philippines is breaking out. And Korea, a market that broke out earlier this year from a 6-year base, is a buy on weakness.  Today’s report includes a complete summary of our EM views as well as a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.

Asia and the BRIC segment continue to outperform the broad EM universe. Based on technical breakouts in each of their relative strength trends (vs. MSCI EM), we see these trends continuing well into 2018.  Elsewhere, Russia is on the cusp of a breakout. The Philippines is breaking out. And Korea, a market that broke out earlier this year from a 6-year base, is a buy on weakness.  Today’s report includes a complete summary of our EM views as well as a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.

EM Outlook: Bullish, Led by BRIC and Asia

Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<h2>FY2016 Results</h2>UG Healthcare ("UGHC") <a href="http://infopub.sgx.com/FileOpen/UG%20Healthcare%20FY2016%20Full%20Year%20Results_Final.ashx?App=Announcement&amp;FileID=418672" target="_blank">posted</a> FY2016 results last night, and in their <a href="http://infopub.sgx.com/FileOpen/UG%20Heatlhcare%20FY2016%20Results%20News%20Release_Final.ashx?App=Announcement&amp;FileID=418673" target="_blank">news release</a> the Group announced that they have:<ul>
<li>Achieved 72% increase in net profit to SGD 5.5m for FY 2016</li>
<li>Achieved planned production capacity of 1.9 billion gloves per annum, representing a 27% increase
</li>
<li>They have also proposes a final dividend of S$0.00587 per share amounting in aggregate to 20% of net profit of the Group for FY2016</li>
<li>80% of issued shares have committed to elect new shares in lieu of share dividend…</li>
</ul>

FY2016 ResultsUG Healthcare ("UGHC") posted FY2016 results last night, and in their news release the Group announced that they have:
Achieved 72% increase in net profit to SGD 5.5m for FY 2016
Achieved planned production capacity of 1.9 billion gloves per annum, representing a 27% increase

They have also proposes a final dividend of S$0.00587 per share amounting in aggregate to 20% of net profit of the Group for FY2016
80% of issued shares have committed to elect new shares in lieu of share dividend…


UG Healthcare - FY16 Results; Capacity Increase to Continue to Drive Growth

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Malaysian entrepreneur Tan Sri Dr Lim Wee Chai made his first foray into the business world by selling airconditioners at the age of 24.
Three years later, the Bachelor of Science graduate with Honours in Physics from University Malaya upgraded himself with a Master of Business Administration from Sul Ross State University in Texas.
"I learnt a lot selling air-cons in those early years, and the MBA helped me understand how to manage a business," recalled Lim, whose youthful appearance belies his 58 years.
Those marketing skills, coupled with his physics know-how, inspired Lim in 1991 to set up Top Glove Corporation Bhd with his wife Tong Siew Bee.

Malaysian entrepreneur Tan Sri Dr Lim Wee Chai made his first foray into the business world by selling airconditioners at the age of 24.
Three years later, the Bachelor of Science graduate with Honours in Physics from University Malaya upgraded himself with a Master of Business Administration from Sul Ross State University in Texas.
"I learnt a lot selling air-cons in those early years, and the MBA helped me understand how to manage a business," recalled Lim, whose youthful appearance belies his 58 years.
Those marketing skills, coupled with his physics know-how, inspired Lim in 1991 to set up Top Glove Corporation Bhd with his wife Tong Siew Bee.

Top Glove's Ambitions Firmly in Hand as Demand Grows

Award-winning Financial Journalist

Ashish Saxena

Last week, Bursa Malaysia-listed <a href="https://www.smartkarma.com/entities/20759" target="_blank" data-smartkarma-citation="entities:20759">Top Glove Corp Bhd</a> despatched a <a href="http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=175767&amp;name=EA_DS_ATTACHMENTS" target="_blank">circular</a> to its shareholders regarding the proposed amendments to the articles of association in order to facilitate a secondary listing on SGX.While the amendments to the AoA are subject to shareholders' approval at an EGM scheduled on June 24, the secondary listing on SGX doesn't require a shareholders' approval per se.As per the tentative timeline mentioned in the circular, the company expects to list on SGX by the end of this…

Last week, Bursa Malaysia-listed Top Glove Corp Bhd despatched a circular to its shareholders regarding the proposed amendments to the articles of association in order to facilitate a secondary listing on SGX.While the amendments to the AoA are subject to shareholders' approval at an EGM scheduled on June 24, the secondary listing on SGX doesn't require a shareholders' approval per se.As per the tentative timeline mentioned in the circular, the company expects to list on SGX by the end of this…

Top Glove: Almost There For A Secondary Listing On SGX

UG Healthcare (Mcap: US$42m) reported a 20.1% YoY increase in 1H16 revenue to S$30.1m and a 31.0% YoY increase in 1H16 Net Profits. <ul><li>1H16 results indicates a healthy performance as it managed to improve both top and bottom line over the last 6 months</li><li>The company is on track to achieve a production capacity of 1.9 billion gloves per annum by end FY 2016 (June 2016)</li><li>Management is targeting a further increase in annual production capacity of 400-500 million gloves per annum by FY 2017</li><li>UG has plans to further expand their surgical glove distribution in emerging markets, in order to increase share of premium products</li><li>Stock remains attractive versus peers who are trading at higher EV/EBITDA and PE multiples</li></ul>

UG Healthcare (Mcap: US$42m) reported a 20.1% YoY increase in 1H16 revenue to S$30.1m and a 31.0% YoY increase in 1H16 Net Profits. 1H16 results indicates a healthy performance as it managed to improve both top and bottom line over the last 6 monthsThe company is on track to achieve a production capacity of 1.9 billion gloves per annum by end FY 2016 (June 2016)Management is targeting a further increase in annual production capacity of 400-500 million gloves per annum by FY 2017UG has plans to further expand their surgical glove distribution in emerging markets, in order to increase share of premium productsStock remains attractive versus peers who are trading at higher EV/EBITDA and PE multiples

Bottom Line Delivers, Plans on the Anvil for Further Capacity Expansion and Premiumisation

Malaysia

Top Glove Corporation Bhd manufactures a wide range of latex gloves.  The Company's products include latex examination powdered, latex examination powderfree, nitrile examination gloves,soft nitrile examination gloves, vinyl examination gloves, surgical gloves, and other related products.

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Top Glove Corp (TOPG MK)

EM Outlook: Bullish, Led by BRIC and Asia

Asia and the BRIC segment continue to outperform the broad EM universe. Based on technical breakouts in each of their relative strength trends (vs....

Vermilion Research

UG Healthcare - FY16 Results; Capacity Increase to Continue to Drive Growth

FY2016 ResultsUG Healthcare ("UGHC") posted FY2016 results last night, and in their news release the Group announced that they have: Achieved 72%...

Crispin Francis

Top Glove's Ambitions Firmly in Hand as Demand Grows

Malaysian entrepreneur Tan Sri Dr Lim Wee Chai made his first foray into the business world by selling airconditioners at the age of 24. Three...

Singapore Exchange Ltd (SGX)

Top Glove: Almost There For A Secondary Listing On SGX

Last week, Bursa Malaysia-listed Top Glove Corp Bhd despatched a circular to its shareholders regarding the proposed amendments to the articles of...

Ashish Saxena

Bottom Line Delivers, Plans on the Anvil for Further Capacity Expansion and Premiumisation

UG Healthcare (Mcap: US$42m) reported a 20.1% YoY increase in 1H16 revenue to S$30.1m and a 31.0% YoY increase in 1H16 Net Profits. 1H16 results...

Crispin Francis

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