reports
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 5 December 2025
All major indexes on the Bulgarian Stock Exchange advanced on Thursday, reflecting renewed buying interest following fresh corporate updates and strong financial results. The upcoming transition from BGN to EUR remained in focus, prompting investors more frequently to “halve” prices to gauge their euro-equivalent levels. SOFIX (1 095.44, +0.67%) led the advance with a fresh 18-year high, supported once again by the continued surge in Doverie (DUH, BGN 10.60, +6.21%), whose standalone strength ha...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 3 December 2025
The broad indexes BGBX40 (195.46, +0.16%) and BGTR30 (951.52, +0.14%) captured modest gains as retail investors reacted positively to the latest financial results from Telelink Business Services (TBS, BGN 9.85), easily pushing the stock up 16.38% amid a thin sell-side order book. SOFIX (1 089.49) finished unchanged, as choppy price action in Bulgarian Stock Exchange (BSE, BGN 11.50, -3.36%) and Central Cooperative Bank (CCB, BGN 1.75, +2.94%) offset each other, allowing the benchmark to confirm ...
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Back to Near-Term Bullish on SPX and QQQ We downgraded our near-term outlook on the S&P 500 (SPX) and Nasdaq 100 (QQQ) to neutral last week (11/19/25 Compass), after being bullish since our 4/22/25 Compass, while maintaining our intermediate-term bullish outlook (as of our 5/14/25 Compass). Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are right back to being near-term bullish as long as these support levels continue to hold. Just know that SPX could see...
WAT WATERS CORPORATION
VCYT VERACYTE INC
TMO THERMO FISHER SCIENTIFIC INC.
RGEN REPLIGEN CORPORATION
PACB PACIFIC BIOSCIENCES OF CALIFORNIA INC.
IDXX IDEXX LABORATORIES INC.
HALO HALOZYME THERAPEUTICS INC.
EXEL EXELIXIS INC.
CRL CHARLES RIVER LABORATORIES INTERNATIONAL INC.
BRKR BRUKER CORPORATION
ASND ASCENDIS PHARMA A/S SPONSORED ADR
ANGO ANGIODYNAMICS INC.
BIO BIO-RAD LABORATORIES INC. CLASS A
IONS IONIS PHARMACEUTICALS INC.
PKI PERKINELMER INC.
UTHR UNITED THERAPEUTICS CORPORATION
FLGT FULGENT GENETICS
MDGL MADRIGAL PHARMACEUTICALS
CELC CELCUITY
DNLI DENALI THERAPEUTICS INC
STE STERIS PLC
CSTL CASTLE BIOSCIENCES
TXG 10X GENOMICS INC CLASS A
VIR VIR BIOTECHNOLOGY
RPRX ROYALTY PHARMA PLC CLASS A
ADPT ADAPTIVE BIOTECHNOLOGIES
PRPO PRECIPIO INC.
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 24 November 2025
Bulgarian equities ended the week firmly on the negative side, with most major indices posting declines as investors reassessed their positions amid heightened volatility across global markets. The local blue-chip index SOFIX slipped by 0.7% to close at 1 071.8 points, as the broader BGBX40 (192.56, -0.8%) and BGTR30 (941.65, -0.7%) mirrored the overall downward trend. Among the stocks we track, the top performers were Trace Group Hold (T57, BGN 5.20, +4.0%), the consistently strong Shelly Group...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 21 November 2025
The Bulgarian equity market extended its rebound on Thursday with SOFIX (1 083.94, +0.77%) adding to the recovery seen earlier in the week. Central Cooperative Bank (CCB, BGN 1.69, +3.05%), Advance Terrafund (ATER, BGN 2.75, +3.00%), Chimimport (CHIM, BGN 0.70, +2.94%), and Doverie (DUH, BGN 9.28, +2.20%) led the advance, though the strength came somewhat unexpectedly given the light trading volumes and absence of fresh corporate catalysts. Market activity remained moderate for the season and co...
- Dave Nicoski
- Ross LaDuke
Vital Signs: Actionable charts
n this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.
SHOO STEVEN MADDEN LTD.
NTRA NATERA
MMS MAXIMUS INC.
ISRG INTUITIVE SURGICAL INC.
HOO HERBALIFE NUTRITION LTD.
HIG HARTFORD FINANCIAL SERVICES GROUP INC.
CPSI COMPUTER PROGRAMS & SYSTEMS INC.
BIIB BIOGEN INC.
ADMA ADMA BIOLOGICS INC
D4V G. WILLI-FOOD INTERNATIONAL LTD.
LZB LAZBOY INCORPORATED
HOFT HOOKER FURNITURE CORP.
TNDM TANDEM DIABETES CARE
RCUS ARCUS BIOSCIENCES
CSTL CASTLE BIOSCIENCES
TXG 10X GENOMICS INC CLASS A
NRIX NURIX THERAPEUTICS
ADPT ADAPTIVE BIOTECHNOLOGIES
TYRA TYRA BIOSCIENCES INC
GFR GREENFIRE RESOURCES LTD
SOLV_w SOLVENTUM CORPORATION
PACS PACS GROUP INC
NUTX NUTEX HEALTH INC
BBNX BETA BIONICS
KLRS KALARIS THERAPEUTICS INC
CCHH CCH HOLDINGS LTD
FBRX FORTE BIOSCIENCES INC
- Dave Nicoski
- Ross LaDuke
Vital Signs: Actionable charts
In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.
ATNI ATN INTERNATIONAL INC.
35G GENPACT LIMITED
EXPE EXPEDIA GROUP INC.
CRK COMSTOCK RESOURCES INC.
AXTI AXT INC.
ALB ALBEMARLE CORPORATION
ACRE ARES COMMERCIAL REAL ESTATE
AGO ASSURED GUARANTY LTD.
HRTG HERITAGE INSURANCE HOLDINGS INC.
DRH DIAMONDROCK HOSPITALITY COMPANY
ELY CALLAWAY GOLF COMPANY
FLGT FULGENT GENETICS
DK DELEK US HOLDINGS INC
TALO TALOS ENERGY INC.
LASR NLIGHT
GLOB GAZIT-GLOBE LTD.
ARVN ARVINAS HOLDING
PLMR PALOMAR HOLDINGS
BW BABCOCK & WILCOX ENTERPRISES
TXG 10X GENOMICS INC CLASS A
PGNY PROGYNY
AMPY AMPLIFY ENERGY
EOSE EOS ENERGY ENTERPRISES INC (A)
MSGE MADISON SQUARE GARDEN ENTERTAINMENT
DOCN DIGITALOCEAN HLDGS INC
DSGN DESIGN THERAPEUTICS INC
FIGS FIGS INC
YOU ONTO INNOVATION INC.
PPTA CLEAR SECURE INC
AMPX PERPETUA RESOURCES CORP
OS AMPRIUS TECHNOLOGIES INC
SNDK ONESTREAM INC
CSIOX SANDISK CORP
BALY CATALYST PERINI STRATEGIC INCOM ORD
HOII BALLY'S CORPORATION
REX HOOD GROWTH & INCOME ETF
- Dave Nicoski
- Ross LaDuke
Vital Signs: Actionable charts
In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.
YNDX YANDEX NV CLASS A
WDC WESTERN DIGITAL CORPORATION
TTMI TTM TECHNOLOGIES INC.
RUN SUNRUN INC.
OSIS OSI SYSTEMS INC.
OHI OMEGA HEALTHCARE INVESTORS INC.
NWPX NORTHWEST PIPE CO.
MMSI MERIT MEDICAL SYSTEMS INC.
LPTH LIGHTPATH TECHNOLOGIES INC. CL A
LOCO EL POLLO LOCO HOLDINGS INC
KWR QUAKER CHEMICAL CORPORATION
HNRG HALLADOR ENERGY CO.
GALT GALECTIN THERAPEUTICS
EXPO EXPONENT INC.
BRKR BRUKER CORPORATION
AXTI AXT INC.
ASPN ASPEN AEROGELS
GASS STEALTHGAS
BJRI BJ'S RESTAURANTS INC.
AUP AURINIA PHARMACEUTICALS INC.
NVT NINH VAN BAY REAL ESTATE
ATEC ALPHATEC HOLDINGS INC.
BIO BIO-RAD LABORATORIES INC. CLASS A
FSLR FIRST SOLAR INC.
LPLA LPL FINANCIAL HOLDINGS INC.
TWLO TWILIO INC. CLASS A
HCC WARRIOR MET COAL INC.
BTU PEABODY ENERGY CORPORATION
NEXA NEXA RESOURCES S.A.
AMRX AMNEAL PHARMACEUTICALS INC. CLASS A
OPXSD OPTEX SYSTEMS HOLDINGS INC
CSTL CASTLE BIOSCIENCES
TXG 10X GENOMICS INC CLASS A
TVTX TRAVERE THERAPEUTICS INC
AMR ALPHA METALLURGICAL RESOURCES INC
CGEM CULLINAN ONCOLOGY INC
MMED MIND MEDICINE MINDMED
MRVL MARVELL TECHNOLOGY INC
DAWN DAY ONE BIOPHARMACEUTICALS INC
NVTS NAVITAS SEMICONDUCTOR CORP
APG API GROUP CORP
JOBY JOBY AVIATION INC
SPXC SPX TECHNOLOGIES INC
IE IVANHOE ELECTRIC INC
AMPX AMPRIUS TECHNOLOGIES INC
DUOT DUOS TECHNOLOGIES GROUP INC
IMPP IMPERIAL PETE INC
LAES SEALSQ CORP
LXEO LEXEO THERAPEUTICS INC
METC RAMACO RESOURCES INC.
RAPP RAPPORT THERAPEUTICS INC
TOYO TOYO CO LTD
CLNN CLENE INC
FCEL FUELCELL ENERGY INC.
QUIK QUICKLOGIC CORP
GSAT GLOBALSTAR INC.
ACA ALDA CAPITAL CORP COM
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 30 October 2025
Trading on the Bulgarian equity market remained subdued, with light volumes and mixed movements across the major indexes. Investor sentiment was cautious, resulting in modest price changes. First Investment Bank (FIB, BGN 5.26, +1.15%) continued to attract attention following its recently published agenda, which helped the stock advance by 1.15% and along with Sopharma (SFA, BGN 2.74, +1.48%) and Doverie (DUH, BGN 9.46, +1.07%) supported the SOFIX index, which closed 0.25% higher at 1 072.11 poi...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 28 October 2025
The Bulgarian equity market lost momentum on Monday, sending the main indexes in mixed directions. SOFIX (1 069.46, -0.33%) slipped as weakness in the tech sector, led by Shelly Group (SLYG, EUR 52.80, -0.75%), Sirma Group (SGH, BGN 1.53, -0.65%), and Wiser Technologies (WISR, BGN 5.00, -0.99%), weighed on the benchmark. The broader BGTR30 (946.97, +0.21%) outperformed, supported by Synthetica (SYN, BGN 84.50, +11.18%), which surged after a block trade was registered at BGN 81.00. Tchaikapharma ...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 24 October 2025
The Bulgarian equity market opened on a lower note on Friday, pressured by the placement of a 2.5% stake in Bulgarian Stock Exchange (BSE, BGN 10.80, -4.42%) at a price well below the market level. The discount-driven sale widened declines through the session, sending the major indexes lower. SOFIX (1 068.14) slipped below its 50-day moving average, as a 2.30% gain in Shelly Group (SLYG, EUR 53.40, +2.30%) was not enough to offset losses elsewhere. Trading activity remained subdued, with BSE alo...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 22 October 2025
The Bulgarian equities market extended its midterm uptrend on Tuesday. The major indexes advanced between 0.11% and 0.54%, with SOFIX (1 082.77, +0.54%) leading the gains, driven by Sopharma (SFA, BGN 2.77, +2.21%) and Sirma Group (SGH, BGN 1.51, +1.34%), while Advance Terrafund (ATER, BGN 2.93, -0.34%) weighed on BGREIT (228.64, -0.07%). Bulgarian Stock Exchange (BSE, BGN 11.50, -0.86%) saw cooling demand after its price outpaced the proposed dividend, while Agria Group (AGH, BGN 15.00, -3.85%)...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 23 September - 26 September 2025
The Bulgarian stock market showed a modest performance over the past week, with all major indexes ending nearly flat on Friday. The benchmark SOFIX edged up by 0.1% to close at 1 066.97, while the other key indexes also finished in positive territory, posting gains between 0.1% and 0.5%. Trading activity remained subdued, as block deals and bond trades contributed to a higher-than-average weekly turnover (+29.34%), despite a significant year-to-date decline in volumes (-71.9%). Gradus (GR6, BGN ...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 24 September 2025
The Bulgarian equities opened the shorter week on firmer footing, supported by broad-based buying. All major indexes gained between 0.13% and 0.47%, with advancers outnumbering decliners by a 7-to-5 margin. SOFIX was boosted by Bulgarian Stock Exchange (BSE, BGN 9.85, +3.14%), alongside strength in Elana Agrocredit (EAC, BGN 1.06, +1.92%), which rejoined the index, and Advance Terrafund (ATER, BGN 2.96, +1.37%). Additional gains in Stara Planina Hold (SPH, BGN 10.10, +3.06%) and Speedy (SPDY, BG...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 23 September 2025
Bulgarian equities closed lower on Friday after a volatile session marked by sharp price swings. SOFIX (1 065.52, -0.30%) was pressured by heavyweight Shelly Group (SLYG, EUR 52.00, -3.35%), which posted wide intraday moves before settling with a steep loss. Gains in Telematic Interactive (TIB, BGN 22.60, +2.73%) and Sopharma (SFA, BGN 2.70, +2.27%) helped cushion the decline. The broader indexes also retreated, with the BGBX40 (192.86, -0.32%) and BGTR30 (949.21, -0.48%) additionally dragged do...
- Pierre FerraguÊ
The Tech Infrastructure Quarterly Bible 2Q25
We publish today our comprehensive quarterly bible: 229 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides. Please follow the link below for more details.
TSLA TESLA INC
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
LRCX LAM RESEARCH CORPORATION
NOKIA NOKIA OYJ
2330 TSMC
SOI SOITEC SA
CSCO CISCO SYSTEMS INC.
ASML ASML HOLDING NV
MBLY MOBILEYE NV
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
AVGO BROADCOM INC.
IFX INFINEON TECHNOLOGIES AG
TXG 10X GENOMICS INC CLASS A
ERIC-B ERICSSON LM-B SHS
0084207D UBER TECHNOLOGIES INC
ME 23ANDME HLDG CO
GRAB GRAB HLDGS LTD
ARM ARM HOLDINGS PLC
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Market Strategy - Yield-ing To Temptation: Yields Over Bonds
Attractive yield differentials. With Singapore government bond yields trending lower, the yield differential between fixed income and equities has narrowed in 2025, thus reinforcing the relative appeal of companies offering high, sustainable dividend payouts. Equity yields in the 4-6% range now offer a compelling pickup versus the 10-year Singapore Government Bond yield (1.8579% as at 4 Sep 25), while also providing potential for capital gains. In our view, this widening yield gap should support...
AES AES CORPORATION
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 22 August 2025
The Bulgarian equity market extended its decline on Thursday, with SOFIX (1 052.98, -0.72%) posting the steepest loss among the main indexes. Technology names weighed heavily, led by weakness in Shelly Group (SLYG, EUR 53.60, -2.19%) and Sirma Group Holding (SGH, BGN 1.35, -2.88%). The pullback mirrored the softer global tone and was largely driven by large-cap stocks, while much of the broader market remained flat or inactive. Turnover was thin, with daily volumes at just 39% of the three-month...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 21 July - 25 July 2025
Weekly turnover of BGN 32m doubled last week compared to the average YTD, while almost all local indexes remained unchanged except BGREIT 323.91 (+0.8%), which registered an insignificant positive move. Vacation season and the forthcoming release of H1 financial reports restrained investors’ activity, while the block trades and cash management ruled the trading. This week we will be closely monitoring the financial reports that are due to be published by Thursday, especially the industrial compa...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 25 July 2025
Bulgarian stocks were little changed in Thursday’s quiet session with light volumes keeping the main indexes flat. SOFIX slipped 0.05% to 1 043.42, with turnover at just 14% of the 3-month average. Sirma Group (SGH, BGN 1.44, +2.13%) and Smart Organic (SO, BGN 31.00, -1.90%) led the individual movers. Broader indexes BGBX40 (191.49, -0.04%) and BGTR30 (951.34, -0.04%) were also marginally lower, as losses in Bulmetal (BMTL, BGN 9.10, -2.15%) offset gains in Hydraulic Elements and Systems (HES, B...
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