Report
Dave Nicoski ...
  • Ross LaDuke
EUR 240.20 For Business Accounts Only

Vermilion Int'l Compass: Global Equity Strategy

Our outlook remains neutral - bordering on cautious - on the MSCI ACWI ex-U.S. index (local currency) on an absolute basis with horizontal support continuing to hold for now. Our concern stems from the recent pattern of lower highs and continued underperformance relative to MSCI ACWI - remain underweight... see chart below.

• Bullish developments in Japan. We have been fairly downbeat recently on Japan given the TOPIX's descending triangle pattern and underperformance relative to the MSCI ACWI. However, both the TOPIX and Nikkei 225 now exhibit bullish price and RS inflections. Add exposure... see page 2.

• Pullback opportunity in India; EM update. India's SENSEX continues to be the most attractive country-specific index within the broad EM realm as price and RS uptrends remain intact. We recommend using recent weakness to add exposure. As for broad EM (MSCI EM index), the opposite is true, i.e., price and RS downtrends remain intact. Avoid/remain underweight broad EM... see page 3.

• Additional index overviews. Sideways price consolidation continues for Europe's STOXX 600, but RS is at all-time lows - remain underweight. While RS bottoms continue to develop positively for Australia's ASX All Ordinaries and Israel's TA-100, Canada‘s S&P TSX has not been as fortunate - be selective. On a more positive note, Norway's Oslo OBX and New Zealand's NZX 50 remain attractive - stay overweight... see page 4.

• Sectors. Today we put the spotlight on opportunities within our Communications and Transportation Sectors, where RS has consistently improved in recent months... see page 5 for overviews and actionable stocks.
Underlyings
AIA Engineering

AIA Engineering Limited manufactures and markets a range of high chromium consumable wear parts (mill internals). The Company employs alloy-casting process for manufacture of the products, which entails designing and choosing the high-chrome alloy composition in relation to the end application. The Company produces a range of high chrome mill internals, which are used as wear parts in the process of crushing/grinding in the cement, mining, utility, thermal power and aggregate industries. The Company's services include mill audits, turnkey installation and commissioning projects, stock assessment and management, and performance monitoring. The Company manufactures and supplies Grinding media, Shell liners and Diaphragms (partition wall, discharge diaphragms, drying chamber diaphragms and dopple rotator diaphragms) for tube mill applications. In addition to grinding media, it also provides shell liners for ball mills. The Company has its operations in approximately 120 countries.

Aica Kogyo Company Limited

Aica Kogyo and its subsidiaries are mainly engaged in the manufacture and sale of chemical products, construction materials, housing fixtures and materials, and others. Co.'s principal products includes external and internal finishing coatings, epoxy, urethane floor coatings, urea resin wood adhesive, resin adhesives for industrial use, organic molecule, preserving agent, melamine facing plates, coated plywood boards, front doors, floors, closets, counters, staircases, fireproofing dressed lumbers, as well as other interior products for homes, condominiums, offices, department stores, hotels, hospitals and schools.

Alpha Systems Inc.

Alpha Systems is engaged in the development and sale of software. Node systems unit offers switch systems and transmission systems. Mobile Network Systems unit develops base transceiver stations ("BTS"), radio network controllers ("RNC") and cell phones. Network Management Systems unit develops network monitoring systems. Open Systems unit develops open systems and encompassing systems. Embedded Systems unit develops embedded software systems for office automation ("OA") equipment and industrial machines. In addition, Co. is engaged in the system integration business and the maintenance and operation of systems, and the sale of network-related/security-related products.

Asahi Kasei Corporation

Asahi Kasei is a holding company. Co., through its affiliates, operates in three principal business segments. Material segment manufactures and sells petrochemicals, synthetic rubber, performance materials, household products (plastic wrap and storage bags), cleaning agents, elastic polyurethane filament, and battery separators. Homes segment is engaged in the development, construction and sale of unit houses and apartment buildings; and the provision of construction materials. Health Care segment manufactures and sells pharmaceuticals, diagnostic reagents, and critical care devices. In addition, Co. is engaged in the electricity supply, engineering, and employment agency businesses.

Ashtead Group plc

Ashtead Group is an international equipment rental company. Co. rents a range of construction and industrial equipment across a variety of applications to a diverse customer base. Co.'s equipment can be used to lift, power, generate, light, move, dig, compact, drill, support, access, scrub, pump, direct, heat and ventilate. Co.'s rental fleet ranges from hand-held tools to construction equipment. As of Apr 30 2017, Co. had 612 stores in 47 states in the U.S. and 17 stores in Canada, and 179 stores in the U.K. Co. operates as Sunbelt in North America and as A-Plant in the U.K.

Astral Poly Technik Ltd.

Astral Poly Technik Limited is engaged in the production of plastic products. The Company and its subsidiaries are engaged in the business of manufacturing and trading of pipes, fittings and adhesive solutions. Its product range includes pipe category for plumbing, industrial, drainage, fire protection, agriculture, electrical conduit and ancillary, and adhesive category for construction, maintenance, wood care and automotive. The Company has its manufacturing facilities in India and abroad, and sells across the globe. Its pipe manufacturing facilities offer products, such as chlorinated polyvinyl chloride (CPVC) piping system for plumbing, industrial and fire protection; unplasticized PVC (UPVC) piping system for plumbing; manholes/chambers; PVC piping system for drainage; electrical conduit pipes; cyanoacrylates; solvent cements; tile adhesives; silicone sealant; putty; construction chemicals; polyurethane; acrylics; silicone sealants; waterproofing solutions, and silicone tapes.

Auckland International Airport Limited

Auckland International Airport provides airport facilities and supporting infrastructure in Auckland, New Zealand. Co. and its subsidiaries have three reportable segments: Aeronautical, which provides services that facilitate the movement of aircraft, passengers and cargo, and provides utility services that support the airport; Retail, which provides services to the retailers within the terminals and provides car parking facilities for airport staff, visitors and passengers; and Property, which is engaged in the rental of space on airport land outside the terminals including cargo buildings, hangars and stand-alone investment properties.

Bajaj Holdings & Investment

Bajaj Holdings & Investment is engaged in the manufacture, sale, and export of motorized two wheelers and three wheelers up to 350 CC engine capacity that include scooters, motorcycles, three-wheelers (autorikshaws), mopeds and related spare parts.

Bangkok Expressway and Metro (Fgn)

Canadian Pacific Railway Limited

Canadian Pacific Railway operates a transcontinental railway in Canada and the U.S. Co.'s business mix includes bulk commodities, merchandise freight and intermodal traffic, serving the principal business centers of Canada from Montreal, Quebec, to Vancouver, British Columbia, and the U.S. Northeast and Midwest regions. As of Dec 31 2016, Co. operated on a network of approximately 12,400 miles of track, of which CP owns 10,800 miles and has access to 1,600 miles under trackage rights and lease agreements. Of the total mileage operated, about 5,600 miles were located in western Canada, 2,000 miles in eastern Canada, 4,400 miles in the U.S. Midwest and 400 miles in the U.S. Northeast.

Citic Telecom International Holdings

CITIC Telecom International Holdings is an investment holding company. Through its subsidiaries, Co. is primarily engaged in the provision of financial and operational support; the provision of telecommunications leasing and technology services; the provision of telecommunications consultancy services; the provision of content services to licensed telecoms operators; the provision of systems integration services; the provision of systems integration and maintenance services; property investment and equipment holding. As of Dec 31 2011, Co. conducted its operations through the following segments: voice services, short message services and other telecommunications services.

Com Hem Holding AB

Com Hem Holding operates as a holding company. Through its subsidiaries, Co. provides cable television, digital television, HD television, broadband, and Internet protocol telephony services in Sweden. Operations are conducted through three subsidiaries: Com Hem AB, Phonera Foretag AB and iTUX Communication AB. Phonera Foretag AB is a provider of B2B services ofering broadband and telephony services. iTUX Communication AB is Co.'s communications operator that manages open fibre local area networks (LANs).

CTT - Correios de Portugal SA

CTT Correios de Portugas, S.A. operates through the following companies: CTT Expresso, Postal services and Logistics, which specializes in courier services, urgent mail and merchandise; Mailtec, which addresses the needs of management of written communication between suppliers and customers ensuring the production of physical and hybrid mail and the electronic management of documents; Payshop, which enables the payment of several services and utilities through a national network of more than 4,000 agents; PostContacto Advertising Mail, which provides services related to the distribution of advertising mail; and Tourline Express, which focuses on courier service and urgent mail transport.

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.

Fuji Media Holdings Inc.

Fuji Media Holdings is a holding company engaged in the television broadcasting. Broadcasting segment is engaged in the television and radio broadcasting. Production segment is engaged in the planning, production and sale of television programs, movies and other video contents. Video and Music segment distributes DVDs and CDs. Life Information segment is engaged in the mail-order marketing business. Advertising segment operates advertising agencies and produces advertisements. Urban Development segment is engaged in the leasing and management of office buildings, the real estate development, and the operation of hotels and leisure facilities.

HKT Trust and HKT Ltd

HKT is a telecommunications service provider. Co.'s segments include: Telecommunications Services, a provider of telecommunications products and services including local telephony, broadband access services, local and international data, international direct dial, sales of equipment, technical, maintenance and subcontracting services and teleservices businesses; Mobile, which includes Co.'s mobile telecommunications businesses in Hong Kong; and Other, which comprise of Unihub China Information Technology Company Limited that provides network integration and related services to telecommunications operators.

IHI Corporation

IHI is engaged in the manufacture and sale of heavy machinery. Resources, Energy and Resources segment offers boilers, power systems, motors for land and marine use, large marine motors and gas storage facilities and process plants. Social Infrastructure and Offshore Facilities segment offers bridges, water gates, steel structures, floating LNG storage facilities and offshore structures. Industrial Systems and General-purpose Machinery segment offers marine machinery, logistics systems, parking systems, steel manufacturing equipment and heat/surface treatment machinery. Aero Engine, Space and Defense segment provides aero engines, rocket systems, and defense systems.

JAPAN POST HOLDINGS Co. Ltd.

Japan Post Holdings is engaged in the provision of a variety of products and services, mainly its postal, banking and insurance products and services, which represent Co.'s three core businesses (Japan Post Co., Japan Post Bank Co. and Japan Post Insurance Co.) that operate through its nationwide post office network. Co.'s principal business segments are Postal & domestic logistics, Financial Window, International Logistics, Banking, Life Insurance, and others. Co. maintains a network of 20,158 post office locations, covering all of Japan's cities, towns, and villages. These post offices serve as bases for various postal, banking, and insurance services that are offered by the group.

Jet2 PLC

Dart Group is a leisure travel and distribution and logistics group specializing in: Leisure Travel, which consists of the provision of ATOL licensed Package Holidays by Co.'s tour operator, Jet2holidays® and scheduled leisure flights by its airline, Jet2.com®, to holiday destinations in the Mediterranean, the Canary Islands and to European Leisure Cities; and Distribution and Logistics, which consists of the distribution, by Fowler Welch®, of produce, and temperature-controlled and ambient products throughout the U.K., on behalf of retailers, processors, growers and importers.

KT Corporation

KT is a provider of telecommunications services in the Republic of Korea (the "ROK", South Korea). Co. provides telephone services, Internet phone services, mobile phone services, Internet services and Internet protocol television services. Its telephone services include local, domestic and international long-distance fixed-line telephone services. Its Internet phone services include voice over Internet protocol services. Its mobile phone services include mobile telecommunication services and third generation mobile phone telecommunication services. Its Internet services include fiber to the home services.

Kyowa Exeo Corporation

Kyowa Exeo is engaged in the planning, design, construction, execution and maintenance works in electrical communications facilities and equipment, civil engineering and related-projects, environment-related facilities and equipment, telecommunications systems, software products and solutions, as well as construction related to distribution, security and consulting. Co. is involved in the construction of carrier exchanges and mobile phone base stations; the construction, operation and maintenance of environmental plants and air-conditioning facilities; the electrical and telecommunications cable works; and the construction of security, Internet and business applications.

Lupin Limited

Lupin is a pharmaceutical company. Co. produces, develops, and markets a range of branded and generic formulations and active pharmaceutical ingredients (APIs) in India, the United States, and Japan. Co. offers various formulations for use in the areas of cephalosporin, cardiovascular (CVS), central nervous system (CNS), anti-asthma, anti-tuberculosis, diabetology, dermatology, gastro intestinal, and other therapy segments; and APIs for use in therapeutic areas of antibiotics, anti-tuberculosis, CVS, CNS, analgesics, and anti-gout. Co. also develops and out-licenses its drug delivery technologies and platforms; and creates and develops biosimilars for various therapeutic indications.

Macquarie Telecom Group

Macquarie Telecom provides telecommunication and hosting services to corporate and government customers. Co.'s Hosting division focuses on providing scalable, co-location, hosting and private and public cloud services for its customers' applications. Co.'s Data Network division provides network service availability to support its customers' business application environments through Internet Protocol data network services. Co.'s Voice division provides telephony applications that addresses the business requirements of its customers. Co.'s Mobiles division provides mobile applications across multiple networks together with a range of enhancement management, reporting and cost control tools.

Mitsubishi Corporation

Mitsubishi is a trading company. Co. is engaged in the manufacture and market a wide range of products, including energy, metals, machinery, chemicals and living essentials through Co.'s domestic and overseas network. Co. is involved in diverse businesses by actively investing in areas, such as natural resources development and infrastructure; and the finance businesses. Co. is engaged in diversified businesses, such as creating new business models in the fields of new energy and the environment. Co.'s principal business segments are global environmental & infrastructure, industrial finance logistics & development, energy, metals, machinery, chemicals, living essentials, and others.

NTT DoCoMo Inc.

NTT DOCOMO is a mobile telecommunications carrier. Co. has three operating segments. The telecommunications segment includes mobile phone services (LTE(Xi) services and FOMA services), optical-fiber broadband service, satellite mobile communications services, international services and the equipment sales related to these services. The smart life segment includes video and music distribution, electronic books and other services offered through DOCOMO's "dmarket" portal, as well as finance/payment services, shopping services and various other services. The others segment primarily includes "Mobile Device Protection Service," as well as development, sales and maintenance of IT systems.

Oji Holdings Corp.

Oji Holdings and its subsidiaries are engaged in the manufacturing, processing, and sale of paper products with packaging function and wiping function. Co.'s principal products and services include duplex board, packaging materials, containerboard, folding carton, paper bag, corrugated container, and household products; newsprint, printing and writing paper, and communication paper; imaging media, specialty paper, adhesive products, and functional film; and lumber, tree planting, pulp, renewable energy, and raw material and fuel. Co., through its subsidiaries, also provides real estate, logistic and warehousing services, as well as civil construction and engineering services.

Page Industries Limited

Page Industries is a garment manufacturing group based in India. Co. is the exclusive licensee of JOCKEY International for manufacture and distribution of the JOCKEY® brand Innerwear/Leisurewear for Men and Women in India, Sri Lanka, Bangladesh, Nepal and United Arab Emirates. Co. is also the exclusive licensee of Speedo International for the manufacture, marketing and distribution of the Speedo brand in India (products include swimwear, water shorts, apparel, equipment and footwear). Co. maintains manufacturing operations spread over 9 complexes in Bangalore and Hassan in addition to 25,000 plus retail outlets in 1,200 cities and towns across India.

Pidilite Industries Limited

Pidilite Industries is engaged in the manufacturing and selling of consumer and bazaar products and speciality industrial chemical. Co.'s business is divided into three major segments: consumer & bazaar products, industrial products and other segments. Consumer & bazaar products consist of mainly adhesives, sealants, art materials and construction chemicals. Industrial products consists of organic pigments, industrial resins and industrial adhesives. Other segments consist of VAM manufacturing unit of Vinyl Chemicals (India) Ltd.

Piramal Enterprises Ltd.

Piramal Enterprises is a pharmaceutical group based in India. Co. is engaged in the production, packaging, marketing, sale, import, and export of pharmaceutical products in the form of tablets, capsules, liquids, powders, creams, ointments, granules and bulk drug. Co. is engaged in the manufacture of glass containers. Co.'s brands include Phensedyl, Haemaccel, Stemetil, Paraxin, Phenergan, Gardenal, Pentids, Tixylix, Supradyn and Tenormin. Co. maintains over 295 issued patents plus 808 pending patent applications, spread across categories such as compositions of matter, methods of treatments, biomarkers, diagnostics, pharmaceutical compositions and drug delivery systems.

RBL Bank

RBL Bank Limited is a banking company. The Bank is engaged in providing a range of banking and financial services, including commercial banking, retail banking, agriculture finance and financial inclusion, treasury operations and other banking related activities. The Bank's segments include Corporate/Wholesale Banking, which includes lending, deposits and other banking services provided to corporate customers of the Bank; Retail Banking, which includes lending, deposits and other banking services provided to retail customers of the Bank through branch network or other approved delivery channels; Treasury, which includes investments, all financial markets activities undertaken on behalf of the Bank's customers, trading, maintenance of reserve requirements and resource mobilization from other Banks and financial Institutions, and Other Banking Operations segment, which includes para banking activities, such as Bancassurance and credit cards.

Rogers Communications Inc. Class B

Rogers Communications is a holding company operating as a communications and media company. Co. has four segments: Wireless, which provides wireless telecommunications operations; Cable, which provides cable telecommunications, including internet, television, and telephony services; Business Solutions, which provides network connectivity through its fibre network and data centre assets to support voice, data, networking, hosting, and cloud-based services for businesses, governments, and other telecommunications providers; and Media, which consist of media properties, including television and radio broadcasting, shopping, publishing, sports media and entertainment, and digital media.

Sankyu Inc.

Sankyu is mainly engaged in the provision of Logistics and Plant Engineering services. Logistics segment includes harbor transportation, trucking, domestic containership, heavy haulage, plant transportation, warehousing, inventory management, as well as cargo and freight arrangement. Plant Engineering segment is engaged in the design, manufacture, installation and maintenance of plants; the transportation of oversized and heavy equipment; and the design and construction of plant facilities. In addition, Co. is involved in the provision of outsourcing services including information system, staffing, insurance and welfare programs; civil engineering works of bridges and others.

SG Holdings Co. Ltd.

Shibuya

Shibuya Kogyo is engaged in the manufacture and sale of packaging systems and mechatronics systems. Packaging Plant segment offers beverage bottling systems, packaging systems (cartoning machines, case sealing systems, case forming machines and pouch/cup filling machines), pharmaceutical manufacturing systems (isolator systems, sterilization/decontamination systems and filling systems) and regenerative medicine manufacturing systems. Mechatronics System segment offers laser cutting machines, laser welding machines and laser ablation machines; semiconductor manufacturing systems; and medical equipment. Agricultural Equipment segment offers fruit and vegetable sorting and grading systems.

Shoppers Stop

Shoppers Stop Limited is a holding company. The Company is engaged in the business of retailing a range of household and consumer products through departmental stores. It operates through approximately 80 such departmental stores located in approximately 40 cities. Its products include apparels and non-apparels. Its non-apparel category includes cosmetics, personal accessories and leather goods, home wares, electronics, books and music. The Company, through its Website, Shoppersstop.com, offers international and national brands in men's, women's and kids apparel; gifts and fashion accessories, such as ladies watches, men's watches, artificial jewelry, fine jewelry, handbags, fragrances, men's and women's footwear, home furnishing and decor products. It has over six private brands namely STOP, Kashish, Life, Haute Curry, Velorio Fratini and Elliza Donatein. It offers First Citizen Loyalty Program for customers. Its application is available on Google Play Store and Apple App Store.

Sierra Wireless Inc.

Sierra Wireless is engaged in the provision of wireless solutions for the machine-to-machine ("M2M") and mobile computing markets. Co. develops and markets a range of products that include wireless modems for mobile computers, embedded modules and software for original equipment manufacturers ("OEMs"), intelligent wireless gateway solutions for industrial, commercial and public safety applications, and an innovative platform for delivering device management and end-to- end application services. Co. also offers services to OEM customers during their product development and launch process.

Sojitz Corp.

Sojitz is a holding company engaged in the trading business. Along with its affiliates, Co. is mainly engaged in the import, export, and wholesale of machinery, energy and metals, chemical and plastics, and consumer lifestyle products. Co.'s principal products include automobiles, information and industrial machineries, aerospace, ships, information technology related products, telecommunication products, oil, gas, offshore gas field processing facilities, chemical products, fertilizer, pharmaceuticals, cosmetics, polypropylene, textile materials, leather products, carbon fiber, plastic optical fiber, unwoven cloth, sewed products, grains and feed materials, marine products, and others.

Spark New Zealand Limited

Spark New Zealand of New Zealand is the supplier of telecommunications and information, communication and technology (ICT) services in New Zealand and Australia. Co. provides telecommunications and ICT products and services, including local, national, international and telephone services; mobile services, data, broadband and internet services; information technology (IT) consulting, implementation and procurement, equipment sales; and installation services. The Co.'s portfolio of IT services include Cloud computing services, managed IT services, IT outsourcing, IT software and hardware procurement, and professional services to assist organizations with business and technology investments.

Sun Pharmaceutical Industries Limited

Sun Pharmaceutical and its subsidiaries are principally engaged in developing, manufacturing and marketing generic pharmaceutical products and bulk drugs. Co.'s products are mainly for the following therapy areas: psychiatrists, neurologists, gastroenterologists, diabetologists, chest physicians, consultant physicians, orthopedics, oncologists, gynecologists, ophthalmologists and cardiologists. Generic names of three principal products of Co. is Pentoxifyline, Pentoparzole Sodium, and Metformin Hydrochloride. Co.'s business can be divided into four segments: Indian branded generics, U.S. generics, international branded generics (ROW) and Active Pharmaceutical Ingredients (API).

Sunrise Communications Group Ltd.

Sunrise Communications Group AG is a Switzerland-based company that provides telecommunication services. The Company provides services in the area of mobile communications, fixed network, Internet and digital television (TV). Sunrise Communications AG also provides Prepaid Cards, Contract Extension, Help and Support services. It offers mobile phones, tablets, modems and Apple-products, as well as accessories such as chargers or phone headphones. Sunrise Communications AG provides its services to its various clients in the private and public sectors across the Swiss market. The Company's brands include Sunrise, Business Sunrise, Gif Me More, yallo, ortel Mobile and Lebara.

Taiwan High Speed Rail Corporation

Taiwan High Speed Rail Corporation is a Taiwan-based company principally engaged in the operation of high-speed railways and ancillary businesses. The Company mainly provides high-speed rail passenger services. The Company is also involved in commercial space rental, station attached parking, media sales, retailing, cart sales and other ancillary businesses. The Company operates its businesses in domestic market.

Telefonaktiebolaget LM Ericsson Class B

Ericsson provides communications technology and services. Co.'s services, software and infrastructure – especially in mobility, broadband and the cloud – enable the telecom industry and other sectors to do business, increase efficiency, improve the user experience and capture new opportunities. Co. has more than 110,000 professionals and customers in more than 180 countries. Co. provides support for networks with more than 2.5 billion subscribers. Co.'s core business areas are called Radio, Core and Transmission and Telecom Services. Co. divides its operations into three business segments: Networks, Global Services and Support Solutions.

Telia Company AB

Telia Company provides telecommunication services in the Nordic and Baltic countries, the markets of Eurasia, including Russia, Turkey and Spain. Co. has three business segments: Mobility Services, which comprises operations in Sweden, Finland, Norway, Denmark, Lithuania, Latvia, Estonia and Spain; Broadband Services, which comprises operations in Sweden, Finland, Denmark, Lithuania, Latvia (49.0%), Estonia and international carrier operations; and Eurasia, which comprises mobile operations in Kazakhstan, Azerbaijan, Uzbekistan, Tajikistan, Georgia, Moldova and Nepal. The business area also includes Co.'s shareholdings in OAO MegaFon, Russia and Turkcell Iletisim Hizmetleri A.S., Turkey.

TELUS Corporation

TELUS is a telecommunications company providing a range of communications products and services, including wireless and wireline voice and data. Data services include: internet protocol; television; hosting, managed information technology, security and cloud-based services; healthcare solutions; and business process outsourcing. As of Dec 31 2017, Co. had approximately 13.1 million subscriber connections, including 8.9 million wireless subscribers, 1.7 million high-speed Internet subscribers, 1.3 million residential network access lines, and 1.1 million TELUS TV® customers.

TFI International Inc.

TFI International is involved in the provision of transportation and logistics services across Canada and the U.S. Co.'s business segments include: Package and Courier, which is involved in the pickup, transport and delivery of items across North America; Less-Than-Truckload, which is involved in the pickup, consolidation, transport and delivery of smaller loads; Truckload, which is involved in full loads carried directly from the customer to the destination, including expedited transportation, flatbed, container and dedicated services; and Logistics, which is involved in the provision of a range of logistics services.

Vision Inc. ( Japan)

VISION INC. is a Japan-based company principally engaged in the global WiFi business, and the information and communication services business. The Company operates in two segments. The Global WiFi segment is engaged in the rental of mobile WiFi routers in Japan and other countries. The Information and Communication Services segment is engaged in the fixed communication services business, the sale of mobile communication equipment and office automation (OA) equipment, as well as the creation of homepages. The Company is also engaged in the higher time sharing services business, the media business and the mail order business.

Westshore Terminals Investment

Westshore Terminals Investment, through its wholly-owned subsidiary owns all of the limited partnership units of Westshore Terminals Limited Partnership. The Partnership operates a coal storage and loading terminal at Roberts Bank, British Columbia.

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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