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 maintain our SOTP based TP to Rs 990 (Rs 790, previously) and maintain our current rating to HOLD given the negative impact of the second COVID-19 wave leading to lockdowns across states.</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 maintain our SOTP based TP to Rs 990 (Rs 790, previously) and maintain our current rating to HOLD given the negative impact of the second COVID-19 wave leading to lockdowns across states.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.

Trent: Lockdown Impacts Operations; Recovery Stands Protracted

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

ICICI Securities Limited

<p>On track to achieve rapid revenue recovery. consumer categories (400+ stores). Inherent strength of brands (Westside, Zudio, Star, Zara) and accelerated store additions has led Trent to be among the fastest...</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>

On track to achieve rapid revenue recovery. consumer categories (400+ stores). Inherent strength of brands (Westside, Zudio, Star, Zara) and accelerated store additions has led Trent to be among the fastest...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.

Trent Ltd: On Track to Achieve Rapid Revenue Recovery

<p>Minimised discounting with lower EOSS days in FY21 (gross margin for Zudio, Westside improved 100 bps, 150 bps YoY to 40%, 58%, respectively What should investors do? Trent has been an exceptional performer with the...</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>

Minimised discounting with lower EOSS days in FY21 (gross margin for Zudio, Westside improved 100 bps, 150 bps YoY to 40%, 58%, respectively What should investors do? Trent has been an exceptional performer with the...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.

Trent Ltd: Resilient Business Model to Enable Sharp Recovery

<p>Since the acquisition in FY18, revenues from value fashion brand Zudio, have grown from Rs 144 crore to Rs 507 crore as on FY20, translating into robust CAGR of 88%. Despite a washout in Q1FY21 (revenue decline by 80% YoY), Zudio displayed a resilient show from H2FY21 onwards. The like for like (LFL) recovery rate got enhanced sharply to 91% in Q3FY21 and 100% in Q4FY21. Revenue decline was restricted to 5% YoY at Rs 480 crore in FY21. The fact that Zudio is not promoted as Westside or a Tata brand signifies the inherent strength of the business model.</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>

Since the acquisition in FY18, revenues from value fashion brand Zudio, have grown from Rs 144 crore to Rs 507 crore as on FY20, translating into robust CAGR of 88%. Despite a washout in Q1FY21 (revenue decline by 80% YoY), Zudio displayed a resilient show from H2FY21 onwards. The like for like (LFL) recovery rate got enhanced sharply to 91% in Q3FY21 and 100% in Q4FY21. Revenue decline was restricted to 5% YoY at Rs 480 crore in FY21. The fact that Zudio is not promoted as Westside or a Tata brand signifies the inherent strength of the business model.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.

Trent Ltd: Well Placed to Benefit from Demand Revival

India

Trent Limited operates a chain of retail stores that sell fashion apparel, cosmetics, perfumery products and toiletry items. The Company sells apparel for men, women and children. Trent sells its cosmetics products under the "Westside" and "Trent" brand names.

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Trent Ltd (TRENT 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

Trent: Lockdown Impacts Operations; Recovery Stands Protracted

We maintain our SOTP based TP to Rs 990 (Rs 790, previously) and maintain our current rating to HOLD given the negative impact of the second COVID...

Axis Direct

Trent Ltd: On Track to Achieve Rapid Revenue Recovery

On track to achieve rapid revenue recovery. consumer categories (400+ stores). Inherent strength of brands (Westside, Zudio, Star, Zara) and...

ICICI Securities Limited

Trent Ltd: Resilient Business Model to Enable Sharp Recovery

Minimised discounting with lower EOSS days in FY21 (gross margin for Zudio, Westside improved 100 bps, 150 bps YoY to 40%, 58%, respectively

ICICI Securities Limited

Trent Ltd: Well Placed to Benefit from Demand Revival

Since the acquisition in FY18, revenues from value fashion brand Zudio, have grown from Rs 144 crore to Rs 507 crore as on FY20, translating into...

ICICI Securities Limited

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