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 ETF / Technical Analysis

<ul>
<li>On March 2 we discussed how the pullback in global equities was in full swing as Europe/UK indexes displayed 4.5-month uptrend breaks, joining the pullback in the MSCI ACWI.</li>
<li>At the time, we expected this pullback in the MSCI ACWI (ACWI-US) to move down to $86-87 at minimum, and potentially $84 (December 2022 low) or $75-77 (the 2022 lows).</li>
<li>ACWI-US broke below $86 and is approaching $84. $84 will be an important support level to monitor, but if it breaks, the $75-77 level is still firmly in the cards.</li>
</ul>


On March 2 we discussed how the pullback in global equities was in full swing as Europe/UK indexes displayed 4.5-month uptrend breaks, joining the pullback in the MSCI ACWI.
At the time, we expected this pullback in the MSCI ACWI (ACWI-US) to move down to $86-87 at minimum, and potentially $84 (December 2022 low) or $75-77 (the 2022 lows).
ACWI-US broke below $86 and is approaching $84. $84 will be an important support level to monitor, but if it breaks, the $75-77 level is still firmly in the cards.


Global Pullback Continues; Focus on Defensives: Buys in Staples, Utilities, Precious Metals Miners

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Weilong Delicious Global Holdi / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weilong-delicious-global-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33378:1" rel="noopener">Weilong Delicious Global (WDG HK)</a>, a leading spicy snack food company in China, has launched its IPO to raise up to US$141 million. </li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/weilong-delicious-ipo-remains-in-a-pickle" target="_blank" data-smartkarma-citation="insights:84959" rel="noopener">Weilong Delicious IPO: Remains in a Pickle</a>, <a href="https://www.smartkarma.com/insights/weilong-delicious-ipo-in-a-pickle" target="_blank" data-smartkarma-citation="insights:72098" rel="noopener">Weilong Delicious IPO: In a Pickle</a>, <a href="https://www.smartkarma.com/insights/weilong-delicious-ipo-mixed-update" target="_blank" data-smartkarma-citation="insights:61217" rel="noopener">Weilong Delicious IPO: Mixed Update</a>, <a href="https://www.smartkarma.com/insights/weilong-delicious-ipo-initiation-tasty-bite" target="_blank" data-smartkarma-citation="insights:60830" rel="noopener">Weilong Delicious IPO Initiation: Tasty Bite</a>. </li>
<li>In this note, we present our forecasts and look at valuation. Weilong is unattractively valued at the IPO price range. We would pass on the IPO.</li>
</ul>



Weilong Delicious Global (WDG HK), a leading spicy snack food company in China, has launched its IPO to raise up to US$141 million. 
We previously discussed the IPO in Weilong Delicious IPO: Remains in a Pickle, Weilong Delicious IPO: In a Pickle, Weilong Delicious IPO: Mixed Update, Weilong Delicious IPO Initiation: Tasty Bite. 
In this note, we present our forecasts and look at valuation. Weilong is unattractively valued at the IPO price range. We would pass on the IPO.


Weilong Delicious IPO: Valuation Insights

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weilong-delicious-global-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33378:1" rel="noopener">Weilong Delicious Global (WDG HK)</a>  a spicy snack food company in China, aims to raise around US$140m in its Hong Kong IPO.</li>
<li>According to F&amp;S, WDG ranked first among spicy snack food enterprises in China, with a market share of 6.2%, and in the seasoned flour product and spicy vegetable snacks categories.</li>
<li>We have covered various aspects of the deal in our previous notes, in this note, we will talk about  the final valuations.</li>
</ul>



Weilong Delicious Global (WDG HK)  a spicy snack food company in China, aims to raise around US$140m in its Hong Kong IPO.
According to F&amp;S, WDG ranked first among spicy snack food enterprises in China, with a market share of 6.2%, and in the seasoned flour product and spicy vegetable snacks categories.
We have covered various aspects of the deal in our previous notes, in this note, we will talk about  the final valuations.


Weilong Delicious Global IPO - Tepid Recent Performance Still Makes It Look Expensive

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weilong-delicious-global-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33378:1" rel="noopener">Weilong Delicious Global (WDG HK)</a> has refiled (again) its PHIP with an aim to raise US$200 million, materially below its original ambition to raise US$1 billion. </li>
<li>We have previously discussed the IPO in <a href="https://www.smartkarma.com/insights/weilong-delicious-ipo-in-a-pickle" target="_blank" data-smartkarma-citation="insights:72098" rel="noopener">Weilong Delicious IPO: In a Pickle</a>, <a href="https://www.smartkarma.com/insights/weilong-delicious-ipo-mixed-update" target="_blank" data-smartkarma-citation="insights:61217" rel="noopener">Weilong Delicious IPO: Mixed Update</a> and <a href="https://www.smartkarma.com/insights/weilong-delicious-ipo-initiation-tasty-bite" target="_blank" data-smartkarma-citation="insights:60830" rel="noopener">Weilong Delicious IPO Initiation: Tasty Bite</a>.</li>
<li>The latest PHIP highlights Weilong’s floundering attempt of putting in price increases to protect margins but without tanking demand. We would pass on the IPO.  </li>
</ul>



Weilong Delicious Global (WDG HK) has refiled (again) its PHIP with an aim to raise US$200 million, materially below its original ambition to raise US$1 billion. 
We have previously discussed the IPO in Weilong Delicious IPO: In a Pickle, Weilong Delicious IPO: Mixed Update and Weilong Delicious IPO Initiation: Tasty Bite.
The latest PHIP highlights Weilong’s floundering attempt of putting in price increases to protect margins but without tanking demand. We would pass on the IPO.  


Weilong Delicious IPO: Remains in a Pickle

<ul>
<li>Giant Biogene (GB) is now looking to raise around US$80m in its Hong Kong IPO, down from its earlier target of US$500m raising.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>We had looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we’ll talk about valuations and other deal dynamics.</li>
</ul>


Giant Biogene (GB) is now looking to raise around US$80m in its Hong Kong IPO, down from its earlier target of US$500m raising.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
We had looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we’ll talk about valuations and other deal dynamics.


Giant Biogene IPO - Reasonable Valuation but in Unreasonable Markets

China

Uni-President China's products include beverages and food. 

The Group recorded a revenue of RMB22,761.8 million in 2020, representing an increase of 3.4% as compared with that of the corresponding period last year, and profits after tax of RMB1,625.7 million, representing an increase of 19.0% as compared with that of last year. 

We recorded a double-digit growth in the food business as the increasing brand value of daily-consumed noodles “Soup Daren（湯達人）” was highly recognized by consumers and the brand philosophy of the high-end Chinese cuisine “Kai Xiao Zao （開小灶）” was continuously promoted to create and extend the consumption scenarios, thereby contributing to such multifold growth in revenue. 

The beverages business was gradually recovering despite the impacts caused by the epidemic. “Uni Assam Milk Tea（統一阿薩姆奶茶）” was favoured by consumers as
usual with a unwavering leading position in the milk tea market and positive growth in revenue. Sugar-free tea “Chai Li Won（茶裏王）” aligned with consumers’ lifestyle concept of “sugar-free” to improve its brand recognition. On its road to value marketing, the Group remained steadfast in developing brands that are loved and trusted by consumers.

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Uni President China (220 HK)

Global Pullback Continues; Focus on Defensives: Buys in Staples, Utilities, Precious Metals Miners

Europe/UK STOXX Europe 50/FTSE 100 with concerning breakdowns below 3800 and 7700, joining the pullback that had already started in the MSCI ACWI....

Vermilion Research

Weilong Delicious IPO: Valuation Insights

In this note, we present our forecasts and look at valuation. Weilong is unattractively valued at the IPO price range. We would pass on the IPO.

Arun George

Weilong Delicious Global IPO - Tepid Recent Performance Still Makes It Look Expensive

Weilong Delicious Global, a spicy snack food company in China, aims to raise around US$140m in its Hong Kong IPO. In this note, we talk about the...

Sumeet Singh

Weilong Delicious IPO: Remains in a Pickle

The latest PHIP highlights Weilong’s floundering attempt of putting in price increases to protect margins but without tanking demand. We would pass...

Arun George

Giant Biogene IPO - Reasonable Valuation but in Unreasonable Markets

Giant Biogene is now looking to raise around US$80m in its Hong Kong IPO, down from its earlier target of US$500m raising.

Sumeet Singh

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