Report
Dave Nicoski ...
  • Ross LaDuke
EUR 239.73 For Business Accounts Only

Vermilion Int'l Compass: Global Equity Strategy

MSCI EAFE inflecting, aided by strength in Japan

Developed international (MSCI EAFE, local currency) is displaying a change in trend, bullishly inflecting topside its downtrend and putting an end to the YTD pattern of lower highs. Despite this incrementally positive development, our outlook remains neutral for MSCI EAFE as there are still many additional resistance areas the index needs to overcome before we would turn outright bullish... see chart below.

• Japan: Not too late to add exposure. Improvements in Japan are leading broad developed int'l indexes higher. Last week we highlighted bullish price and RS inflections for Japan's TOPIX and Nikkei 225, suggesting investors add exposure. Both of these indexes have continued to improve, and now the TOPIX Small index is also bullishly inflecting... see page 2.

• Two Nordic countries remain attractive -- stay overweight. Norway's Oslo OBX continues to be a favorite of ours and is hitting new all-time price and RS highs yet again. Additionally, price and RS uptrends are intact for Sweden's OMX Stockholm Small and Mid Cap indexes... see page 3.

• Europe outlook; Energy Sector. Today we focus on opportunities within our Energy Sector, an attractive place to hide, especially in Europe where our outlook for the STOXX 600 remains uninspiring... see page 4.

• Broad index overviews. The MSCI ACWI remains attractive thanks to continued U.S. leadership and Japan's resurgence. We remain neutral on MSCI ACWI ex-U.S. and negative on MSCI EM, but both indexes are currently just below resistance; we are monitoring for potential breakouts... see page 5.
Underlyings
Acando AB Series B

Acando provides business development, ERP systems, and management and information technology consulting services to small businesses, corporations, and public authorities. Co. identifies and implements improvements to operations through information technology. It creates measurable improvements through the development of processes, organizations, and IT systems. Co. operates in Sweden, Germany, Lithuania, Romania, Serbia, and Estonia. Co. also serves manufacturing, telecom, and pharmaceutical industry segment in private sectors. Its partners include IBM, Microsoft, and SAP.

AKER BP ASA

Aker BP ASA engages in the exploration, development, and production of petroleum resources on the Norwegian Shelf. In addition, Co. has a separate Johan Sverdrup business unit to manage its interest.

Aker Solutions ASA

Aker Solutions is a provider of products, systems and services to the oil and gas industry. Through its subsidiaries, Co. is engaged in the field of engineering, design and technology aimed at improving production and recovery. Co. has 3 reportable segments which are the strategic business units of the group: Engineering Solutions (provides concept and front-end studies to oil companies), Product Solutions (delivers oilfield products for the entire upstream value chain, from reservoir through processing), and Field-Life Solutions (offers a range of services, which has the ultimate objective to increase oil and gas recovery from existing fields and extend the operating life of field assets).

Bank Of Iwate Ltd.

Bank of Iwate is a regional bank engaged in general banking services in the Tohoku region with total assets of Y3,552,478 million as of Mar 31 2017. Co. operates 107 branch offices. Co.'s principal services include handling of time deposits, saving deposits, multiple purpose account and foreign currency deposits; consumer and commercial loans; foreign exchange; sale of interest bearing government bonds and equities; underwriting of corporate bonds; electric banking transactions; and other services including ATM, debit card, automatic pension collection and telephone/Internet banking services. Co. also provides leasing, credit card and data processing services.

Beach Energy Limited

Beach Energy is engaged in oil and gas exploration, development and production and investment in the resources industry. Co.'s operating segments include Cooper Basin, which includes oil and gas sales from Australian production; Other Australia, which includes Co.'s interest in all on-shore and off-shore production and exploration tenements within Australia other than the Cooper Basin; and International interests, which includes Co.'s interests in all areas outside Australia and oil and gas sales from Egyptian production. As of June 30 2016, Co. had total proved and probable reserve estimate of 69.8 million barrels of oil equivalent.

Bure Equity AB

Bure Equity AB is an investment company. At Dec 31 2013, Co.'s portfolio consisted of seven companies, of which five are listed. These include: MedCap, which owns and develops companies in the life science sector; Micronic Mydata, which develops and manufactures laser-based pattern generators; PartnerTech, which develops and manufactures products in association with business-to-business companies; Vitrolife, which develops, produces and markets products for fertility treatment; and Xvivo Perfusion AB, which is a medical technology company; Investment AB Bure, which owns and manages leasing of locomotives; and Mercuri International, which provides sales and management training consultancy.

CellaVision AB

Cellavision is engaged in the development and sale of digital solutions for medical microscopy in hematology. Co. replaces manual microscopes with analyzers based on digital image analysis, artificial intelligence and IT. The solutions contribute both to more effective workflows and higher quality in laboratory medicine. Co. offers a number of tools for instructive training in blood cell morphology, adapted for both laboratory staff and students. The CellaVision Proficiency Software nd mobile app CellAtlas allow users interactively to continually test and improve their knowledge.

CMK Corporation

CMK and its subsidiaries are mainly engaged in the development, production and marketing of various types of printed wiring boards and electronic devices. Co.'s products include automotive printed wiring boards (PWBs) including single/double sided PWBs, multi-layer PWBs, and metal base PWBs; standards and rigid flex build-up PWBs for smart phones, tablet PCs, and notebook PCs; general-purpose PWBs including interstitial via hole multi-layer PWBs, multi-layer PWBs, and double-sided through hole PWBs; and PWBs for high heat dissipation and high current including aluminum and copper base substrates, copper core substrates and thick copper substrates.

Cosmo Energy Holdings Co. Ltd.

Cosmo Energy Holdings is an integrated oil business group based in Japan. Co.'s operations are organized along four operating divisions: Oil Exploration and Production segment is engaged in exploration and production of oil through three oil fields located in Abu Dhabi and Qatar; Petroleum segment operates three refineries and production of petroleum based products; Petrochemical segment is involved in development and production of petrochemical products such as para-xylene (PX) and mixed xylene (MX) for polyester fiber and polyethylene terephthalate (PET) bottles; and Other Businesses segment is predominately engaged in wind power generation and wind power generation facilities.

Daiwa Office Investment Corporation

Daiwa Office Investment is a real estate investment trust that invests in office buildings and is managed by Daiwa Real Estate Asset Management Co., Ltd. The office properties Co. invests are buildings with floor area over 2,000 sq. m. They are within walking distance of train stations in the city center. As of Nov 30 2017, Co.'s portfolio consisted of 580 tenants and total leasable 338,377.31 sq. m. of area. Approximately over 60% of total portfolio is located in the central five wards of Tokyo. The remaining is in the Tokyo metropolitan area, as well as Osaka and Nagoya areas.

Densan System Co. Ltd.

Densan System is engaged in the provision of information services and payment agency services. Co. operates in two business segments. The Information Services segment is engaged in the provision of information processing services, system solution services, and the sale of products including system equipment, office automation ("OA") equipment and software such as "The Daihanjo Cube" and "Dental Queen V3." The Payment Agency Services segment is engaged in the provision of agency receipt services at convenience stores, postal transfer agency services, credit card settlement agency services, Internet payment services, account transfer payment services and billing agency services.

Dialog Group Bhd.

Dialog Group is an investment holding company. Co. is principally engaged in providing integrated technical services to the oil, gas and petrochemical industry in Malaysia and other areas of the world. Through its subsidiaries, Co. is also engaged in the provision of other technical services and products, provision of engineering and construction, provision of plant maintenance and catalyst services, fabrication, provision of centralised tankage facilities, provision of upstream services, petroleum retailing and provision of ePayment technology and services.

DNB ASA

DnB Nor is a holding company. Through its subsidiaries, Co. is financial services group in Norway. Co. provides a range of financial services, including loans, savings, advisory services, real estate broking, insurance and pension products for personal and corporate customers. Co.'s operations are divided into six segments: Personal Banking Norway, Corporate Banking Norway, Large Corporates and International, Markets, Wealth Management, and Products. As of Dec 31 2013, Co. had total assets of NOK2,389,438,000,000 and total deposit of NOK867,904,000,000.

Enerflex

Enerflex is enagaged in supplying natural gas compression, oil and gas processing, refrigeration systems and power generation equipment and provides in-house engineering and mechanical services expertise. Co.'s in-house resources provide the capability to engineer, design, manufacture, construct, commission and service hydrocarbon handling systems. Co.'s expertise encompasses field production facilities, compression and natural gas processing plants, carbon dioxide processing plants, refrigeration systems and power generators serving the natural gas production industry.

Equinor ASA

Equinor is engaged in oil and gas exploration and production activities. Co. is primarily focused on exploration, development and production of oil and gas on the Norwegian continental shelf (NCS). Co.'s operations are organized into four segments. The Development and Production Norway and Development and Production International segments explore, develop, produce and extract crude oil, natural gas and natural gas liquids. The Marketing, Processing and Renewable Energy segment markets, trades, transports and processes oil and natural gas and renewable energy. The Other segment consists of global well and project delivery, research and develpoment, and business development.

Fuji Oil

Fuji Oil and its affiliates are mainly engaged in the petroleum and gas businesses. Co. is engaged in the exploration, development, production and sale of oil and natural gas; the purchase and sale of crude oil; as well as the financing business for the operations in the offshore divided zone between Kuwait and Saudi Arabia. Co. is also engaged in the refinement, storage, purchase and sale of petroleum, as well as the import, export and transportation of crude oil, petroleum products and other related products. In addition, Co. is engaged in the manufacture and sale of asphalt mixture, as well as the provision of industrial waste disposal services and petroleum engineering services.

GALP Energia SGPS SA Class B

Galp Energia is a holding company. Through its subsidiaries, Co. operates in the following segments: exploration and production, with activities relating to exploration, development and production of hydrocarbons, particularly in Angola, Brazil and Mozambique; refining and marketing, which owns refineries in Portugal and also includes activities relating to the retail and wholesale commercialization of oil products; and gas and power, which covers the purchasing, commercialization, distribution and storage of natural gas and electric and thermal power production. As of Dec 31 2014, Co. had proved and probable reserves of 638.0 million barrels of oil equivalent.

Grupa LOTOS S.A.

Grupa Lotos is an oil concern which deals with oil extraction and processing and trading of high quality oil products. Co. supplies the market with, unleaded petrol, diesel oil, fuel oil, aviation fuel, industrial oil, asphalt and paraffin, among other things. Co. is engaged in the production and sales of engine oils and bitumen in Poland. Co. maintains oil exploration and production activities in the Baltic, North Sea and Norwegian Sea and operates three refineries in Gdansk, Jaslo and Czechowice, Poland. Co. markets its products in wholesale markets, as well as in retail markets through a network of petrol stations.

Hansa Biopharma AB

Hansa Medical is a biopharmaceutical company focusing on novel immunomodulatory enzymes. The research project IdeS is an antibody-degrading enzyme in clinical development, with potential use in transplantation and rare autoimmune diseases. Additional projects focus on development of new antibody modulating enzymes, as well as HBP, a diagnostic biomarker for prediction of severe sepsis at emergency departments that is already introduced on the market. Co.'s business consists of research and development for production of pharmaceuticals.

Hitachi Capital Corp.

Hitachi Capital is mainly engaged in the provision of financial services in fields such as social infrastructure, eco- and energy- related, vehicle, local governments/public sector. Co. operates in six business segments: Account Solution, Vendor Solution, Europe, the Americas, China, and ASEAN. Co. provides leasing, factoring, installment financing, non-life insurance, trust and other financial services to corporates, public offices, agriculture and medical; leasing and installment financing services to its associated vendors; and financial services to customers and vendors in each area.

HOKKAN HOLDINGS

Hokkan Holdings is a holding company. Co., through its affiliates, operates in three business segments. The Containers segment is engaged in the manufacture and sale of cans and plastic containers for food products and beverages, as well as aerosol cans, artistic cans and aluminum cans. The Filling segment is engaged in contract filling of beverages in cans and plastic containers, including tea, coffee, juice, water and other soft drinks. The Machinery Manufacturing segment is involved in the manufacture and sale of cans making machinery, special machinery and various molds. In addition, Co. provides storage and transportation services for its semi-finished and finished products.

Husky Energy Inc.

Husky Energy is engaged in the exploration, development and production of oil and natural gas. Co.'s operations are located in Canada and United States. As of Dec. 31, 2011, Co. had total proved oil and natural gas reserves of 1,172.4 million barrels of oil equivalent (Mmboe) gross (1,010.7 Mmboe net).

Japan Best Rescue System

Japan Best Rescue System is mainly engaged in the daily life rescue services. Along with its subsidiaries, Co. is engaged in the provision of key replacement services, motorcycle-and automobile-related services, personal computer trouble and other life-related emergency services, members' daily problem solving services to its problem solving services, representative call center and customer support services to customers of collaborated corporations; the development and management of member stores and cooperation stores; the provision of underwriting services for small-amount and short-term insurances and repair services for detached houses, condominiums and others.

Japan Real Estate Investment Corp.

Japan Real Estate Investment is a real estate investment trust that invests in office buildings and other assets and is managed by Japan Real Estate Asset Management Co., Ltd. Co. also invests in real estate-related securities. As of Sept 30 2013, Co.'s portfolio consisted of 62 office buildings with 1,146 tenants and total rentable 713,180 sq. m. of area mainly in Central Tokyo and the Tokyo Metropolitan Area including Saitama and Kanagawa. Co.'s main portfolio includes Kitanomaru Square, Shiodome Building, Mitsubishi UFJ Trust and Banking Building, MM Park Building, Shibuya Cross Tower and Tokyo Opera City Building.

L E Lundbergforetagen AB Class B

L E Lundbergforetagen AB is an investment company that manages and develops a number of companies. The asset portfolio includes the wholly owned real estate company, Fastighets AB L E Lundberg, the publicly traded subsidiaries, Hufvudstaden and Holmen and the associated companies, Indutrade and Husqvarna. Co. also has major shareholdings in Industrivarden, Handelsbanken, Sandvik and Skanska. Co.'s subsidiary, L E Lundberg Kapitalforvaltning, is engages in securities trading. Operations consist of real estate operations, the manufacture and sale of printing paper, paperboard and sawn timber products, forest and power operations, and equity management (including securities trading).

Lec
Lec

LEC is mainly engaged in the design, manufacture and sale of daily miscellaneous products. Co. provides storage and interior products, including hooks, suction sheets and suction disks; sanitary goods, such as toilet goods; laundry articles, such as laundry net, hangers and laundry boots; cleaning goods, including floor, bathroom and toilet cleaning products; kitchen goods, such as auxiliary products for cooking, dishcloth and dishwashers, tabletop products, as well as baby and child products including child dish sets.

Lion Corporation

Lion is engaged in the manufacture and sale of health care and household products, and chemicals. Consumer Products segment manufactures and sells domestic commodities, over-the-counter drugs and functional food products in Japan. Industrial Products segment manufactures and sells chemical raw materials, industrial products and other items in Japan and overseas. Overseas segment manufactures and sells commodities and chemical raw materials in overseas. In addition, Co. is engaged in the transportation and storage of merchandise and finished products; the design, construction, and maintenance of storage facilities; the real estate management; and the provision of human resources services.

Maeda Kosen

Maeda Kosen is mainly engaged in the manufacture and sale of construction materials. Co. operates in three business segments: social infrastructure, industry infrastructure and human infrastructure. The Social Infrastructure segment manufactures and sells embankment reinforcement materials, civil engineering sheets, slope disaster prevention products, water pollution control films, and vegetation products. The Industrial Infrastructure segment provides services and products using cutting, twisting, and ultra-pure water cleaning technology. The Human Infrastructure segment manufactures and sells light alloy forged wheels for automobiles.

New Hope Corp. Ltd.

New Hope operates four reportable segments: Coal mining in Queensland (including mining related exploration, development, production, processing, transportation, port operations and marketing); Coal mining in New South Wales (including mining production, processing, transportation and marketing); Oil and gas (including oil and gas related exploration, development, production and processing); and Treasury and investments (including cash, held to maturity investments and available for sale financial assets).

Noritsu Koki Co. Ltd.

Noritsu Koki is a holding company. Co., through its affiliates, operates in six business segments: imaging, environment, food, medical care, senior life, and others. Co. is engaged in the development, manufacture and sale of photofinishing equipment, image processing systems, light-emitting diode ("LED") lighting systems, energy-efficient solutions, LED-UV curing systems and kitchen equipment; the producing and sale of fresh vegetables; the provision of preventative care related services and a remote diagnosis service by connecting radiologists and hospitals; the mail-order business; the cable television business; and the publishing of a magazine and catalogs for middle-aged and elderly.

Pacific Industrial Co. Ltd.

Pacific Industrial is mainly engaged in the manufacture and sale of automotive parts and electronics devices. Stamping and Molding Products segment provides stamping and molding products including automotive body parts, functional parts, engine peripheral products, wheel caps and interior components. Valve Products segment manufactures valve cores, tire valves and tire pressure monitoring systems for automobiles and motorcycles, as well as home electric products and electronic mechanical products including expansion valves, propeller fans and control devices. Co. is also engaged in the development of software and the provision of data processing services.

Painted Pony Energy

Painted Pony Energy is a junior oil company and is engaged in the acquisition, exploration, development and production of petroleum and natural gas resources in Western Canada.

Prosafe S.E.

Prosafe is a supplier of products and services in selected niches of the global oil and gas industry, specifically in the high end of the global offshore accommodation/service industry. Co.'s operations comprise a parent company and the business division Offshore Support Services, a global owner and operator of semi-sumbersible accommodation/service rigs. Co. owns 11 of 16 available units. These rigs serve charters with five units in the North Sea, five units in the Gulf of Mexico, and one unit in the Philippines. In addition, the division owns one jack-up accommodation/service rig.

PTT Exploration & Production Plc

PTT Exploration & Production Public is engaged in the exploration and production of petroleum in Thailand and overseas, foreign gas pipeline transportation, and investment in projects strategically connected to the energy business. Co. operates through the following business segments: Exploration and Production segment operates in oil and gas exploration and production both domestically and overseas; Overseas Pipelines segment has investments with its joint venture partners to operate pipelines to transport natural gas from the exploration and production projects; and Other operations consist mainly of investments in projects strategically connected to the energy business.

Riken Corp.

Riken and its affiliates are mainly engaged in the manufacture and sale of automotive parts, industrial machinery parts and other products. Co.'s principal products include piston rings for automobiles and motorcycles, steering knuckles, brake parts, camshafts, valve seats, valve lifters engine parts, split rings, oil drainage rings and cylinder heads. In addition, along with its subsidiaries, Co. is engaged in the manufacture and sale of fittings for iron/steel/stainless steel pipes, EMC products, and thermal engineering products; and the provision of construction contract works, and environmental improvement and building repair services.

S-Oil Corporation

S-Oil is engaged in the producing and marketing petroleum products, gas, lube base oils, lubricants, grease, petrochemical products and other related products; import and export of crude oil, petroleum products, gas, lube base oils, lubricants, grease, petrochemical products; and development, exploration and disposition of crude oil, gas and other energy resources. .

Shibaura Electronics

Shibaura Electronics is engaged in the manufacture and sale of electrical equipment, vacuum equipment and applied electric appliances. Co.'s principal products include motors for air conditioners, washing machines, water heaters, automatic doors, water pumps and communication equipment; semiconductor parts, electronic parts and optical device parts; and railroad maintenance equipment, electric tools, industrial robots, vending machines, ticket selling machines, entrance systems and environment related equipment. Co. is also engaged in the provision of engineering services of its products, as well as the provision of lease and real estate management services.

Showa Denko K.K.

Showa Denko is a chemical producer. Along with its affiliates Co. is mainly engaged in the manufacture and sale of petrochemicals, chemicals, electronics, inorganic materials and aluminum. Co.'s principal products include olefin, such as ethylene and propylene, as well as polyethylene and plastic products; industrial gases, including oxygen, nitrogen, argon and hydrogen gas; hard discs, compound semiconductors, rare earth magnetic alloys, and materials for lithium-ion battery; ceramics, such as alumina, abrasives and refractories; and carbons, such as graphite electrodes; ingots, sheets, extruded products, foils, beverage cans, building products and others.

Sinanen Co. Ltd.

Sinanen Holdings is a holding company. Co., through its affiliates, is mainly engaged in the wholesale of fuel products. Co. is engaged in the sale of liquefied petroleum("LP") gas and oil products and energy-related housing equipment, the distribution of city gas, the provision of security and transportation services of LP gas, the operation of gas stations, the development of power sources, the electricity retailing business, the solar power generation business, the energy saving solution business, the antibacterial business, the recycle business, the import and sale of bicycles, the computer system service business, the real estate management business, and the biomass business.

Sompo Holdings Inc.

Sompo Holdings is an insurance holding engaged in the management of P&C insurance companies, life insurance companies, and other companies controlled as subsidiaries pursuant to the Insurance Business Law, and other operations incidental thereto. Co.'s principal business segments are domestic property & casualty insurance, domestic life insurance, nursing care and healthcare, and overseas insurance. Co. is engaged in the underwriting and sale of casualty insurance products, such as "Telematics Insurance" offering a safe driving discount on new policy premiums, as well as life insurance products include "Shin Kenko no Omamori" and "Shin Kenko no Omamori Heart."

SpareBank 1 Nord-Norge

Sparebanken Nord-Norge is engaged in the provision of financial products and services in North Norway. In addition to loans, deposits, payments transmission services, leasing and factoring, such financial products and services also include most savings products as well as life-and non-life insurance. Co. is active within the areas of real estate brokerage, trading in securities, active investment management, value assessment and other corporate services. Co. has 81 branches throughout North Norway. As of Dec 31 2008, Co.'s total assets were NOK65,507,000,000 and its total deposits were NOK34,572,000,000.

Storebrand ASA

Storebrand ASA is the parent company in a financial group. Co. is a provider of pension savings. Co. provides range of products within life insurance, property and casualty insurance, asset management and banking, to companies, public sector entities and private individuals. Co.'s corporate organization includes the business areas of Savings, which comprises of non-guaranteed Defined Contribution in Norway and Sweden, Asset Management and Bank products to the retail market; Insurance, which includes Co.'s risk products; Guaranteed Pensions, which includes long-term pension savings products that give customers a guaranteed rate of return; and Other.

Svolder AB B

Tokio Marine Holdings Inc.

Tokio Marine Holdings is a holding company undertakes the domestic non-life insurance, domestic life insurance, international insurance and financial and general businesses. Co.'s principal business segments are casualty insurance services, life insurance services, and others. Co. is engaged in the underwriting property and casualty insurance and related investment activities in Japan; underwriting life insurance and related investment activities in Japan; underwriting casualty and life insurance in overseas; and securities investment advisory, securities investment trusts business, derivatives business, staffing business, real estate management business and elderly care business.

Toppan Printing Co. Ltd.

Toppan Printing is mainly engaged in the provision of commercial printing and related services as well as the manufacture of electronic materials. Information and Communication segment manufactures of investment security certificates, passbooks, product coupons, gift certificates, IC cards, and various types of other cards as well as provides commercial printing including catalogs, pamphlets, flyers, direct mails, magazines and books. Living & Industry segment is engaged in the packaging business including development, and production of flexible packaging materials, plastic molded goods, and paper containers. Electronics segment provides display-related and semiconductor-related materials.

Torigoe Co. Ltd.

Torigoe is mainly engaged in the food business. Co.'s operations are divided to three divisions: food, fodder, and others. The Food division is engaged in the manufacture and sale of flour products, including wheat flour, rye flour and bran, as well as the provision of premix flour, bread, confectionery and wheat products. The Fodder division provides fodder products through specialty stores. The Others division is engaged in the provision of storage services of agricultural products. This division also offers transportation and logistics services for Co.'s raw materials and products.

Tosho

Tosho is mainly engaged in the operation of sports clubs. Co. operates in three business segments. Sports Club segment is engaged in the operation of sports clubs under the names "Holiday Sports Club" throughout Japan and golf ranges called "Holiday Golf Garden" in Aichi Prefecture. Hotel segment is engaged in the operation of hotels called "AB Hotel." Real Estate segment is engaged in the leasing of condominium called "A City" and tenant buildings called "Tosho Building." In addition, Co. is engaged in the provision of management of condominiums and the construction of leasing condominium, as well as the construction of landscaping.

Toukei Computer

Toukei Computer is mainly engaged in the information processing and software development business. Along with its affiliates, Co. operates in three business segments. The Information Processing and Software Development segment is involved in the development of software, the operation of systems and the provision of facility services. The Equipment Sale segment is engaged in the sale of office servers, personal computers and other peripheral equipment. The Leasing and Others segment is engaged in the leasing and rental of office automation ("OA") equipment, as well as the leasing of real estate.

Traction AB B

Traction Holding is an investment company based in Sweden. Co. maintains a portfolio of wholly and partially owned companies and investments in other companies. Co.'s business is founded on its own methodology for development and refinement of companies where Co. is an owner. Co.'s ownership role is based on active and long-term engagement together with an entrepreneur or corporate management and other part owners.

ValueCommerce

ValueCommerce is mainly engaged in the provision of pay-per-performance Internet advertising distribution services. Along with its subsidiaries and associated company, Co. operates in two business segments: Adverting business and Customer Relationship Management (CRM) business. Co.'s advertising business segment includes affiliate marketing service (pay-per-performance internet advertising distribution service for e-commerce sites), storematch service (internet advertising distribution service), and ad networking services (advertising distribution service for smartphones). Co.'s CRM business includes marketing automation service is tool for personalized marketing to build customer loyalty.

Zenrin Co. Ltd.

Zenrin is mainly engaged in the production and sale of maps and map databases. The Map Database segment is engaged in the production and sale of printed residential maps, residential map databases, special-purpose maps (land information maps, public utilities maps, store location maps and commercial zones), 3D digital map software, map software for car navigation systems and online digital map and related services for PCs, smartphones and in-car navigation systems. The General Printing segment is engaged in the commercial printing. Co. is also engaged in the provision of digital signage services, as well as direct mail outsourcing and other direct marketing services.

Provider
Vermilion Research
Vermilion Research

Vermilion Research delivers timely, actionable, and unique research inputs to professional investors. Our research strategists highlight securities which we believe are at major inflection points, based on our various proprietary technical indicators, and offer asymmetric risk/return profiles. We believe our research methodology, which is not limited by industry sector or market capitalization, enables us to deliver superior investment recommendations.

Our process begins by organizing all actively traded stocks into coherent sectors, then into logical industry groups. We then apply our proprietary relative strength tools to identify developing price trends. Once attractive trends are identified within a selected sectors or groups, we screen for individual stocks which we believe offer the best risk/reward profile. Vermilion offers U.S. and global equity market research products. Vermilion’s research team, which has received numerous awards and accolades, has a combined 70 year of experience in the analysis of investment securities.

Analysts
Dave Nicoski

Ross LaDuke

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