Report
Dave Nicoski ...
  • Ross LaDuke
EUR 233.15 For Business Accounts Only

Int'l Insights: Bullish Developed Markets Stocks

Overweight Global Technology & Industrials

The absence of breakdowns in both the US dollar (DXY) and the MSCI EAFE vs. EM ratio along with the positive correlation between the two allows us to continue sticking with EAFE over EM... see charts below. As long as the DXY's uptrend remains intact, we expect EAFE to continue outperforming EM.

Below we highlight attractive and actionable themes within developed int'l markets:

• Technology and Industrial Manufacturing. Technology and Industrials continue to be two of the most attractive Sectors globally -- overweight. These two Sectors account for half of today's individual recommendations -- use the recent consolidation for global equities as an opportunity to add exposure to two of our favorite Sectors... see page 2.

• Japan, Switzerland, France. Countries that are (1) developing positively in terms of price and RS and (2) have significant representation in this report include: Japan (TOPIX), Switzerland (SMI), and France (CAC 40)... see page 3.

Outside of the above themes, a bottoms-up approach is required to uncover attractive and actionable stocks. On page 4 we include a table of all stocks highlighted in this report.
Underlyings
Air Liquide SA

L'Air Liquide is engaged in the market of gases for industry, health and the environment. Oxygen, nitrogen, hydrogen, and rare gases make up Co.'s core activities. Co. structures its activities in three segments: Gas and Services, Engineering and Technology, and Other activities. The Gas and Services segment comprises four business lines: Industrial Merchant, Large Industries, Healthcare and Electronics; Engineering and Technology designs, develops and builds industrial gas production plants for Co. and third parties; and the Other Activities segment develops welding and cutting edge technologies, and markets deep-sea diving and swimming equipment to professionals and privates individuals.

ALSO Holding AG

Also Holding is a holding company. Through its subsidiaries, Co. is one of the European companies in the wholesale and logistics sector for information technology and consumer electronics (ICE). Co. specializes in ICE distribution and logistics services. As part of its ICE distribution activities, Co. works with well-known manufacturers of hardware and software, and provides additional services in value-added sectors such as high-end-servers, storage, security and networks.

Altice Europe NV Class A

Altice Europe is a provider of cable, fiber, mobile, telecommunications, content and media in Western Europe (comprising France, Portugal, Belgium, Luxembourg1 and Switzerland), the United States of America (U.S.), Israel, the Dominican Republic and the French overseas territories (comprising Guadeloupe, Martinique, French Guiana, La Reunion and Mayotte). Through its various business operations, Co. provides fixed services, mobile telephony services (other than in the U.S.) and media and advertising services to B2C and B2B customers in all of the geographies in which it operates. In addition, Co. offers a variety of wholesale and other services.

Aristocrat Leisure Limited

Aristocrat Leisure is a provider of gaming solutions. Co. is engaged in the design, development and distribution of gaming content, platforms and systems. Co.'s products and services include electronic gaming machines and casino management systems. Co. also operates within the online social gaming and real money wager markets.

AT & S Austria Technologie & Systemtechnik Aktiengesellschaft

AT&S Austria Technologie und Systemtechnik is engaged in the production of printed circuit boards. Co. has three core printed circuit board businesses: Mobile Devices, Automotive and Industrial. Co.'s product assortment ranges from single and double-sided printed circuit boards to multilayer, flexible and rigid, insulated metallic substrate, nucleus, to laser drilled circuit boards. Co.'s products are used as electromechanical linking elements, mainly in the telecommunication sector, automobile industry and medical technology applications, defense and aerospace.

AVEVA Group plc

Aveva Group is a holding company. Through its subsidiaries, Co. is engaged in the licensing of the rights to use its software products directly to end users and to a lesser extent indirectly through resellers. Co.'s services consist primarily of consultancy, implementation services and training, and are performed under separate service arrangements. Co.'s products are most applicable in industries that include Oil and Gas, Marine, Power, Petrochemical and Chemical, and other markets such as AEC Fabrication, Paper and Pulp, Mining and Pharmaceuticals.

AXA
AXA

AXA is a holding company. Through its subsidiaries, Co. is engaged in insurance and assets management. Co. operates primarily in Europe, North America, the Asia-Pacific Region and, to a lesser extent, in other regions including the Middle East, Africa, and Latin America. Co. has five operating business segments: Life & Savings, Property & Casualty, International Insurance, Asset Management, and Banking. In addition, various holding companies within the AXA Group conduct certain non-operating activities. As of Dec 31 2013, Co. had total assets of Euro757,143,000,000.

BNP Paribas SA Class A

BNP Paribas is engaged in the provision of banking and financial services. Co.'s business activities are divided into two segments: Retail Banking & Services and Corporate and Investment Banking. The Retail Banking and Services business includes domestic markets and international financial services. The Corporate and Institutional Banking comprises of corporate banking, global markets, and securities services. Other activities include principal investments, which related to Co.'s central treasury function, some costs related to crossbusiness projects, the residential mortgage lending business of personal finance, and certain investments.

Boohoo group Plc

boohoo.com is a holding company. Co. is an online fashion group. Co.'s brands include BOOHOO, BOOHOOMAN, PRETTYLITTLETHING AND NASTY GAL. Co. designs, sources, markets and sells clothing, shoes, accessories and beauty products targeted at 16 to 30 year old consumers in the U.K. and internationally.

Bossard Holding AG

Bossard Holding AG is a Switzerland-based holding company of the Bossard Group specialized in the procurement and sale of fastening elements. Through its operating entities, the Company focuses on the procurements of fasteners, including sales, technical and engineering support and inventory management. The Company's business model covers three strategic areas: Product Solutions, providing product line, which covers standard parts, components developed in-house, branded products, as well as special parts; Application Engineering, which includes technical advice, and Customer Logistics, which offers logistic solutions. The Company has approximately 50 locations worldwide. The Company's products include Bossard ecosyn, screws and fastening elements, standard fasteners, custom-made screws, nut and bolts for special uses and brand-name fasteners. The Company operates through its subsidiaries in Europe, America and Aisia.

Chiba Bank Ltd.

Chiba Bank is a regional bank engaged in the general banking services operating with total assets of Y14,095,743 million and 159 branches mainly in Chiba Prefecture and Tokyo Metropolitan as of Mar 31 2017. Co.'s services include accepting deposits; mortgage lending; commercial/individual loans; asset management and domestic/foreign bonds; bill collection; foreign exchanges; utility bill payments and other banking services. Through its subsidiaries, Co. is engaged in the securities underwriting, sales and investments; leasing, loans, housing-loan guarantees and collateral appraisal services; asset management service; business consulting service; and the computer systems development.

Cogeco Inc.

COGECO is a holding corporation, engaged in the communications and media sectors. Through its subsidiary, Cogeco Cable Inc. (Cogeco Cable), Co. provides its residential and business customers with video, Internet and telephony services through its two-way broadband fibre networks. Through its subsidiary, Cogeco Peer 1 Inc., Cogeco Cable provides information technology services, including colocation, network connectivity, managed hosting, cloud services and managed IT services, through data centers, FastFiber Network™ and points-ofpresence in North America and Europe. Co. also owns and operates radio stations with complementary radio formats as well as Cogeco News.

Constellation Software Inc.

Constellation Software is engaged in the provision of enterprise software solutions serving a variety of vertical markets. Co. is organized in two reportable segments: (i) the public sector segment, which primarily includes businesses focused on government and government-related customers; and (ii) the private sector segment, which primarily includes businesses focused on commercial customers.

Conzzeta AG

CRH Plc

CRH is a diversified international building materials company. Co. is engaged in the manufacture and distribution of a range of building materials products from the fundamentals of heavy materials and elements to construct the frame, through value-added products that complete the building envelope, to distribution channels which service construction fit-out and renewal. Co. operates seven operating segments: Europe Heavyside, Europe Lightside, Europe Distribution, Americas Materials, Americas Products, Americas Distribution and Asia.

Daetwyler Holding AG

Daetwyler Holding is a holding company. Through its subsidiaries, Co. is an international multi-niche player dedicated to industrial component supply and distribution of engineering and electronic components. Co. focuses on the manufacturing, pharmaceutical and datacom industries through its four divisions: Technical Components, Pharma Packaging, Cabling Solutions and Sealing Technologies.

Dialog Semiconductor plc

Dialog Semiconductor is engaged in creating and marketing mixed signal integrated circuits for personal, portable, hand-held devices, low energy short-range wireless, LED solid-state lighting and automotive applications. Co. has four segments: Mobile Systems, which includes its power management and audio chips for the wireless systems markets; Automotive and Industrial, which markets products that address the safety, management and control of electronic systems in cars and for industrial applications; Connectivity, with activities that include short-range wireless, digital cordless, Bluetooth and VoIP technology; and Power Conversion, which includes its AC/DC converter solutions.

EDP Renovaveis SA

EDP Renovaveis is a renewable energy company based in Spain. Co. is engaged in activities related to the electricity sector, namely the planning, construction, operation and maintenance of electricity generating power stations, especially hydroelectric, mini-hydroelectric, wind, solar, thermal solar, photovoltaic, biomass and waste plants, among others. Co. designs, develops, manages and operates power plants. Co. generates electricity using renewable energy sources mostly wind energy. Co. owns EDP Renewables Europe that operates in several European countries and Horizon Wind Energy, which operates in the United States. Co. is a part of the Energias de Portugal group.

Energix Renewable Energies

Energix Renewable Energies Ltd is an Israel-based Company engaged in the alternative energy sector. The Company invests in wind energy projects.

Enghouse Systems Ltd.

Enghouse Systems is a provider of enterprise software solutions serving a range of vertical markets. Co. is organized around two business segments: the Interaction Management Group, which focuses on customer interaction software and services including contact center, attendant console, interactive voice response, agent performance optimization and analytics that support any telephony environment, deployed on-premise or in the cloud; and the Asset Management Group, which provides products including Operations Support Systems, Business Support Systems, Mobile Value Added Services solutions and data conversion services to telecom service providers, utilities and the oil and gas industry.

Eurofins Scientific Societe Europeenne

Eurofins Scientific is an international life sciences company operating in food & pharmaceutical products testings. Co. provides analytical testing services to clients from various industries including pharmaceutical, food, and environmental sectors. Co. offers analytical methods for evaluating the authenticity, origin, safety, identity, composition, and purity of biological substances & products. Co. verifies authenticity of products analyzed to detect dangerous components (pathogens, prions, pesticides, asbestos, mycotoxins, dioxins, toxic substances, etc.). Co. operates in Benelux, France, Germany, North America, Scandinavia, British Isles (U.K. & Republic of Ireland), & other countries.

Formula Systems (1985) Ltd.

Formula Systems (1985) is a global IT solutions and services company. Co. is principally engaged in providing software consulting services, developing proprietary software products and providing computer-based business solutions. Co. delivers its solutions in over 50 countries worldwide to customers with complex IT services needs. Co. operates in two principal business areas: IT services and proprietary software solutions. Co. designs and implements IT solutions. In delivering its IT services, Co. at times uses proprietary software. Co. designs, develops and markets proprietary software solutions for sale in selected niche markets worldwide.

Genmab A/S

Genmab is a biotechnology company specializing in the creation and development of differentiated human antibody therapeutics focused on the treatment of cancer. Co.'s product pipeline includes one marketed product, Arzerra, daratumumab in late stage clinical development, four antibodies in clinical development, and over 20 in-house and partnered pre-clinical programs. Co.'s Arzerra (ofatumumab) is a human monoclonal antibody which targets an epitope on the CD20 molecule. Co.'s proprietary technologies include the DuoBody technology, which creates antibodies that can target two molecules at once, and the HexaBody technology, which allows for the creation of more potent antibodies.

GMO Internet Inc.

GMO Internet is mainly engaged in the provision of Internet services. Along with its subsidiaries, Co. is engaged in the provision of services including domain registration, Web hosting, SaaS base services for online stores, a marketplace operation, EC support, Website construction, Internet security, credit card settlement, consumer Internet provider, online advertising, advertising space on Co.'s own media properties, Search Engine Optimization, and Internet research. Co. is also engaged in the provision of online securities and foreign exchange margin trading businesses, and venture capital business, and the development and operation of games for smartphone as well as online games.

Hisamitsu Pharmaceutical Co. Inc.

Hisamitsu Pharmaceutical is a pharmaceutical company. Co.'s principal divisions are pharmaceuticals and related products, and other. Co. is engaged in the manufacture and sale of pharmaceuticals and related products in Japan and overseas. Co.'s principal brands are called "SALONPAS," "Air Salonpas," "ByeBye Fever," "Lifecella Gel Mask," "MOHRUS PATCH," and "KEPLAT." Co. is also involved in the urban cable television broadcasting business and Internet connection service business; the sale and rearing of experimental animals; and the provision of non-life insurance agency services and advertising agency services.

Hulic Reit Inc.

Hulic Reit, Inc. is a Japan-based real estate investment trust (REIT). The Trust aims to achieve sustainable growth in assets and stable earnings from mid- to long-term perspectives. The Trust invests mainly in real estate properties, including office buildings and commercial facilities. The Trust's targeted investment areas are major cities and the surrounding areas throughout Japan, with a focus on commercial facilities and office properties located in Tokyo and the major cities around Tokyo. Its property portfolios include Hulic Kamiyacho Building, Hulic Kudan Building, Lapiross Roppongi, Oimachi Redevelopment Building No.2, Hulic Jingumae Building, Trust Garden Yoga no Mori and Ikebukuro Network Center. The asset management company is Hulic REIT Management Inc.

Kanematsu Electronics Ltd.

Kanematsu Electronics is mainly engaged in the domestic trading of electronic information processing-related equipment, as well as the development and maintenance of software and hardware. Co. has two business segments. The System segment is engaged in the design and construction of information system, the provision of operation and consultation services for information system, the sale and leasing of software and information technology ("IT") system, the development and sale of software, as well as the maintenance and operation of information system. The Service & Support segment provides system-related consulting and educational services as well as maintenance services.

Katitas Co LTD

Katitas is primarily involved in the secondhand housing regeneration business. Co. is engaged in the remodeling, renovation and sale of secondhand housing purchased at low cost through court auctions and short sales. Co. sells secondhand housing for investment purposes; leases real estate properties such as apartment houses; manages and collects debts, mainly housing loans; as well as provides housing loans for individual clients.

Kikkoman Corporation

Kikkoman is a holding company engaged in the manufacture and sale of soy sauce and food products. Domestic Foods Manufacturing and Sales segment manufactures soy sauce, foods products, beverages and liquor including soy sauce, Tsuyu (soy sauce soup base), seasoning mixes, Del Monte seasonings and beverages, soy milk beverages and wines in the domestic market. Domestic Others segment is engaged in the biochemical, chemical and logistics businesses. Overseas Foods Manufacturing and Sales segment offers soy sauce, Del Monte products and healthy foods in overseas markets. Overseas Foods Wholesales segment is engaged in the purchase and sale of oriental foods in domestic and overseas markets.

Kinaxis Inc.

Kinaxis Inc. is a Canada-based company that provides cloud-based, software-as-a-service (SaaS) solutions. The Company's subscription software enables its customers to analyze and make decisions across their supply chain operations. Its solutions include sales and operations planning, integrated project management, live lens, capacity planning (Constraints), capacity planning (CRP), demand planning, order fulfillment, inventory management, inventory planning and optimization, self-healing supply chain, aggregate supply planning, distribution requirements planning, master production scheduling, supply action management, supplier collaboration and engineering change management. The Company serves various industries, such as aerospace and defense, automotive, consumer products, industrial and life sciences.

Kurita Water Industries Ltd.

Kurita Water Industries and its subsidiaries are engaged in the manufacture and sale of water treatment chemicals and systems. Water Treatment Chemicals segment provides boiler water treatment chemicals, cooling water treatment chemicals, wastewater treatment chemicals and process treatment chemicals. Water Treatment Facilities segment provides ultra pure water production systems, water treatment systems for general industrial use, wastewater treatment systems, wastewater reclamation systems, and condensate demineralizers. Co. also provides operation and maintenance of water treatment facilities, chemical cleaning, tool cleaning, and soil and groundwater remediation services.

Lintec Corporation

Lintec is mainly engaged in the manufacture and sale of adhesive and paper products. Along with its subsidiaries and associated companies, Co. operates in three business segments: printing and industrial materials products, electronic and optical products, and paper and converted products. Co.'s principal products include adhesive products, label printing machines, photovoltaic ("PV") backsheets, semiconductor-related tapes and equipment, coated films for multilayer ceramic capacitor ("MLCC") production, touch panel related products, color papers for envelopes, colored construction papers, special function papers, high-grade printing papers, high-grade papers for paper products, and others.

Matsumotokiyoshi Holdings Co. Ltd.

Matsumotokiyoshi Holdings is a holding company. Co., through its affiliates, operates in three business segments. The Retail segment is engaged in the sale of drugs and medicines, cosmetics, food, miscellaneous daily goods, commodities and others through nationwide stores. The Wholesale segment provides commodities to its affiliates and franchisee. The Management Support segment is engaged in the construction and repairing of stores, the management of corporate groups and indirect business trust, the non-life and life insurance agency businesses, as well as the distribution of newspaper advertising fliers. As of Mar 31 2017, Co. operates total 1,555 stores throughout Japan.

Mitsubishi Gas Chemical Company Inc.

Mitsubishi Gas Chemical is engaged in the manufacture and sale of organic and inorganic chemicals and advanced materials. Natural Gas Chemicals segment offers methanol, formalin, methanol synthesis catalyst, ammonia, amine and dimethyl ether. Aromatic Chemicals segment offers metaxylene, metaxylenediamini, aromatic aldehydes and plasticizers. Specialty Chemicals segment offers inorganic chemicals, organic titanates, water treatment agents, monomers and adamantane derivatives, as well as engineering plastics including polycarbonate lupilon, polyacetal lupital and high-performance polyamide. Information & Advance Materials segment offers electronic materials and oxygen absorbers.

National Bank of Canada

National Bank of Canada is a provider of financial services that include banking and investment solutions for individuals and businesses as well as securities brokerage, insurance and wealth management services. Co. operates in three business segments: Personal and Commercial, which encompasses the banking, financing, and investing services; Wealth Management, which comprises investment solutions, trust services, banking services, lending services and other wealth management solutions; and Financial Markets, which encompasses banking services, investment banking services and financial solutions. At Oct 31 2017, Co. had total assets of C$245.83 billion and total deposits of C$156.67 billion.

NGK Insulators Ltd.

NGK Insulators and its affiliates are mainly engaged in the manufacture and sale of electric power related equipment as well as industrial ceramic and beryllium copper products; and the provision of plant engineering. Co.'s principal products include insulators, hardware for insulator assemblies, current-limiting arching horn, bushing shells, fuse cut-outs, line arrester, NAS (sodium-sulfur) batteries, automotive ceramics, corrosion-resistant ceramic apparatuses, gas analyzer, industrial heating system, refractory products, radioactive waste treatment system, beryllium copper wrought products, molds and ceramic components for electronics and semiconductor manufacturing equipment.

Nichicon Corporation

Nichicon is mainly engaged in the manufacture and sale of various kinds of capacitors for electronics, electric apparatuses and power utilities. Co.'s principal products sectors are capacitors for electronics; capacitors for electric apparatus and power utilities, capacitor applied systems, and circuit products. Co.'s principal products are aluminum electrolytic capacitors, plastic film capacitors, and positive thermistors; smoothing capacitors and special equipment that employs capacitors and high-voltage/large current control technology; and switching power supplies, electronic components such as LSI, capacitors, and semiconductors.current control technology.

Nidec Corporation

NIDEC and its subsidiaries are primarily engaged in the design, development, manufacture and marketing of small precision motors, mid-size motors, machinery, electronic and optical components, and other products. Co.'s principal products are spindle motors for hard disk drives, motors for optical disk drives, small precision fans and other small motors; mid-size motors; test systems, measuring equipment, power transmission equipment, factory automation systems, card readers and industrial robots; camera shutters, camera lens units, switches, trimmer potentiometers, motor driven actuator units, processing and precision plastic mold products; and auto parts and pivot assemblies.

Nihon M&A Center Inc.

Nihon M&A Center is mainly engaged in the mediation business for merger and acquisition ("M&A"). Along with its subsidiary and associated companies, Co. operates in two business segments: M&A mediation and others. The M&A Mediation segment is involved in the marketing, introducing and contract of M&A for Japan-based mid-sized and small-to-medium sized companies. It is also engaged in the corporate revival, corporate restructuring and management buyout ("MBO") businesses. The Others segment is engaged in the operation of the membership organization of regional M&A centers.

Nippon Building Fund Inc.

Nippon Building Fund is a real estate investment trust that invests in office properties and is managed by Nippon Building Fund Management Ltd. Co. employs funds raised through shareholder subscriptions and borrowing to invest in real estate, real estate-backed securities, trust beneficiary rights and other assets. As of Dec 31 2013, Co.'s portfolio consisted of 71 properties with 1,116 tenants and total leasable 1,038,549 sq. m. of area. 86% of total portfolio is in Central Tokyo and the Tokyo Metropolitan area including Kanagawa, Chiba, Saitama, Ibaraki, and Tochigi Prefectures, Japan. The remaining is in the regional cities, such as Sapporo, Sendai, Fukushima, and Niigata, Japan.

Nippon Telegraph and Telephone Corporation

Nippon Telegraph and Telephone and its subsidiaries conduct the following main business activities: regional communications (domestic intra-prefectural communication services and incidental services), principally operated by Nippon Telegraph and Telephone East Corporation and Nippon Telegraph and Telephone West Corporation; long-distance and international communications (domestic inter-prefectural communication services, international communication services and incidental services), principally operated by NTT Communications Corporation; mobile communications, principally operated by NTT DOCOMO, Inc.; and data communications, principally operated by NTT DATA CORPORATION.

NSD
NSD

NSD is mainly engaged in the provision of information technology services. Co. operates in two business segments. System Solution Services segment is engaged the consulting and development of business systems and software for various industries including financial, manufacturing, telecommunications, and distribution; the operation and maintenance of IT systems; and the sale of packaged software and system equipment. Co. conducts its business in Japan, the U.S. and China. Real Estate Services segment is engaged in the brokerage and leasing of apartments and condominiums.

Obayashi Corporation

Obayashi is a general contractor engaged in the provision of building construction and civil engineering works at domestic and overseas. Co.'s principal business segments are construction (including domestic and overseas civil engineering and building construction), real estate, and others. Co.'s principal contracts include construction of government buildings, office buildings, educational and cultural facilities, hotels, commercial buildings, and sports and leisure facilities; and civil engineering projects, including tunnels, bridges, dams, river works, urban infrastructure, railroads.

Panasonic Corporation

Panasonic offers a range of products, systems and components for consumer, business and industrial use based on electronics and precision technology, expanding to building materials and equipment, and housing business. Co. divides its businesses into five segments: Appliances, Eco Solutions, Connected Solutions, Automotive & Industrial Systems and Other. Co.'s principal products include home appliances such as refrigerators, room air conditioners, washing machines and vacuum cleaners; lighting fixtures and electric lamps, video and audio equipment, electrical components, batteries, semiconductors and optical devices.

Parco Co. Ltd.

PARCO is mainly engaged in the operation of shopping complexes and specialty stores. Co. operates 26 shopping complexes and 201 specialty stores throughout Japan as of Feb 28 2017. Shopping Complex Business segment is engaged in the development, management and operation of shopping complexes under the name of "PARCO" and "ZERO GATE." Retail Business segment is involved in the development and operation of specialty stores offering wristwatches, eyeglasses, cosmetics, accessories and sundry goods. Space Engineering and Management Business segment is engaged in the design, planning, construction, management and maintenance of shopping centers and commercial facilities.

Reply S.p.A.

Reply is engaged in the provision of consulting, system integration and digital services, dedicated to the creation, design and implementation of solutions based on new communication channels and digital media. Co. is consisting of a network of specialist companies, supports European industries belonging to the Telco & Media, Manufacturing & Retail, Bank & Insurances and Public Administration segments, in defining and developing new business models utilizing Big Data, Cloud Computing, CRM, Mobile, Social Media and Internet of Things paradigms.

Rohm Co. Ltd.

ROHM is mainly engaged in the manufacture and sale of electronic components. ICs segment offers analog switches, multiplexers, logic ICs, memory ICs, amplifiers, clocks and timers, sensor ICs, data converters, interface ICs communication LSIs, audio and video ICs and other ICs. The segment also provides foundry services. Discrete Semiconductor Devices segment offers diodes, transistors, light emitting diodes and laser diodes. Modules segment offers print heads, optical modules and power modules. Co. is also engaged in the manufacture and sale of resistors and tantalum capacitors.

Saab AB Class B

Saab is a technology company, with main operations in defence, aviation and civil security. Co.'s operations are primarily focused on areas in defence electronics and missile systems as well as military and commercial aviation. Co. also provides technical services and maintenance. Co. has six operating segments: Aeronautics, Dynamics, Electronic Defence Systems, Security and Defence Solutions, Support and Services, and Combitech, AB, Co.'s subsidiary. Aeronotics provides a product portfolio comprising the Gripen fighter system unmanned aerial systems and components for Co.'s own aircraft and for passenger aircraft manufactured by others.

SMS Co. Ltd.

SMS and its affiliates are mainly engaged in the daily and non-daily businesses in nursing care, healthcare and active senior fields mainly through Internet in domestic and overseas. Co.'s services include recruiting agent for care managers, recruiting advertisements for care workers, certification course information service, online community for care workers and care managers, nursing care insurance claim systems for small-sized nursing care operators, recruiting agent for nurses, recruiting ads for nurses, recruiting ads for newly-graduated nurses, and online community for nurses and nursing students. Co. also provides health-related online community for active-senior market.

Societe Generale S.A. Class A

Societe Generale is a universal banking and financial services group based in France. Co. is engaged in operations in areas such as retail banking, corporate and investment banking, financial services, insurance, private banking and asset management. Co.'s three segments are: French Retail Banking (FRB); International Retail Banking & Financial Services (IBFS); and Global Banking and Investor Solutions (GBIS). FRB offers products and services to individual, professional and business customers; IBFS comprises banking networks and consumer finance activities; and GBIS covers global activities of Corporate and Investment Banking. Co. maintains operations across 76 countries globally.

Thomson Reuters

Thomson Reuters provides source of news and information. Co. operates three business: Financial & Risk, a provider of news, information and analytics, enabling transactions and connecting communities of trading, investment, financial and corporate professionals, as well as a provider of regulatory and operational risk management solutions; Legal, a provider of online and print information, decision tools, software and services that support legal, investigation, business and government professionals; and Tax & Accounting, a provider of integrated tax compliance and accounting information, software and services for professionals in accounting firms, corporations, law firms and government.

Tower Semiconductor Ltd

Tower Semiconductor is a pure-play independent specialty foundry dedicated to the manufacturing of semiconductors. Typically, pure-play foundries do not offer products of their own, but focus on producing integrated circuits based on the design specifications of their customers. Co. manufactures semiconductors using advanced production processes for Co.'s customers primarily based on third party designs and Co.'s own proprietary designs. Co. offers the manufacture of integrated circuits with geometries ranging from 1.0 to 45-nanometers. Co. also provides design support and complementary technical services.

Trend Micro Incorporated

Trend Micro is engaged in the development and sale of computer security products. Co. offers security and protection products for data centers, cloud computing, networks, endpoints and gateways, email, webs and SaaS applications for enterprises, small business and governments. Co. also provides enterprise ransomware protection products, regulatory compliance products, healthcare security products and point-of-sale protection products. In addition, Co offers security software and cleanup and other related services for home networks, PCs, tablet computers and smartphones for individual users.

Vifor Pharma AG

Vifor Pharma is a holding company. Through its subsidiaries, Co. develops, manufactures and markets pharmaceutical products, runs pharmacies, provides logistical and database services and sets up networks. Pharma markets pharmaceutical iron-based products and offers a broad range of OTC products, prescription products, herbal remedies and parapharmaceutical products. Logistics delivers supplies to pharmacies, physicians, drugstores and hospitals and also handles and coordinates the purchase, sale, warehousing and distribution of products for third parties. Healthcare Information provides ways of networking the healthcare market. Retail runs pharmacies and participates in Coop Vitality.

VONTOBEL HOLDING AG

Vontobel Holding is a holding company. Through its subsidiaries, Co. is a traditional Swiss private banking group offering financial services to clients around the world. Co. is divided into three business divisions: Private Banking, Investment Banking, and Asset Management, as well as the Corporate Center (comprises Operations, Finance & Risk and Group Services). As of December 31, 2008 Co.'s total assets amounted to SFr15,531,800,000.

Wizz Air Holdings Plc

Wizz Air Holding is a European airline. As of Mar 31 2017, Co. provided more than 500 routes from 28 bases, connecting 141 destinations across 42 countries. Co. has two reportable segments: the airline and the tour operator business units, marketed under the Wizz Air and Wizz Tours brand names, respectively. Wizz Air sells flight tickets and related services to external customers and, to an extent, to Wizz Tours. Wizz Tours sells travel packages to external customers covering the network of Wizz Air.

Zardoya Otis S.A.

Zardoya Otis and its subsidiaries are engaged in the manufacture and installation of elevators, the provision of related maintenance services, and export of equipment for its installation abroad.

Zeon Corporation

Zeon is the parent company of a group engaged in the manufacture and sale of chemical products. Along with its affiliates, Co. operates in three business segments: elastomer, specialty materials, and others. Co.'s principal products include synthetic rubbers; synthetic latices; chemicals, such as C5 petroleum resins and thermoplastic elastomers; specialty chemicals, such as synthetic aroma chemicals and industrial chemicals; information materials, such as elastromics materials and polymerized toners; specialty plastics, such as cyclo-olefin polymers; optical materials; medical products; RIM formulations; RIM products; paints; butadiene extraction technology; housing materials; and others.

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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