Market Sending Mixed Signals; Stick With Value The market continues to send a mix of risk-on and risk-off signals, though most of the risk-on signals are centered around value Sectors such as Energy, Financials, Manufacturing/Industrials, and Materials (currently our favorite areas). Meanwhile, some of our big picture "lines in the sand" are being violated, including the Russell Micro Caps index (IWC) which is breaking below $134 as the Russell 2000 index (IWM) tests critical support at $207.50...
The independent financial analyst theScreener just lowered the general evaluation of CORE LABORATORIES (US), active in the Oil Equipment & Services industry. As regards its fundamental valuation, the title still shows 2 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date December 31, 2021...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
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.
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.
Upgrading Financials To Overweight, Downgrading Technology & Consumer Discretionary The recent rate surge has upset the picture for growth stocks and, consequently, the S&P 500 is going through a consolidation phase. While we cannot say precisely how deep this pullback will be or if the lows are already in, ongoing positive market dynamics tell us the pullback is likely to be contained and therefore should be viewed as a buying opportunity. With that said, a break below 3789 would signal additi...
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.
Market Too Good To Be True? Our outlook remains bullish and we continue to recommend adding exposure on pullbacks. At the moment it is difficult to point to any problems in the market aside from increasingly bullish sentiment from market participants and the worry that things are getting overheated and over-extended. Of course, at some point this almost too good to be true scenario is likely to result in a 7-15% pullback, but for now we see no signs of this rally letting up. Additionally, this ...
Whereas 3Q20 EBIT was higher than expected we believe the current outlook remains unpredictable given the oil price and slow recovery of capex by CLB's clients. There could be some improvement next year but Covid-19 and oil price weakness continue to hurt the speed of improvement, and thus we expect a slow recovery for CLB. Given the upside against continued risk, we keep CLB as a HOLD rated stock at a 10% discount to its DCF of US$18.9 or with a target price of US$17.0, providing an upside of 1...
BE Semiconductor Industries: Good 3Q20 update, promising partnership with AMAT. Core Laboratories: Challenges remain after 3Q20. Deceuninck: Impressive 3Q20 calls for a material upward revision to consensus. Flow Traders: Americas fails to impress. Sligro: Hotter summer and colder winter Unilever: Magic WDP: Positive and reassuring Q3 conference call
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.
Aalberts: Flexing its muscles. Accell: Preview – well, these are unusual times. Core Laboratories: Ahead of expectations. Fugro: No escape from the downturn in 2Q20. KPN: 2Q20 preview. Marel: Substantial recovery in Poultry unit margin. Melexis: 2Q20 preview Orange Belgium: 2Q20 preview Sligro: Bumpy road on recovery triggers €60m impairment Unilever: Pulling a rabbit from the hat
Core Laboratories is impacted by the fall in oil price that has hit US onshore oil and gas, in particular. Based on oil price development we believe 2Q20 is the trough. While a recovery is underway, it will be slow due to the significant decline in oil & gas capex. Based on our estimates, our DCF comes is US$23.4 per share. As the risk in the market has increased and the balance sheet risk is greater, we believe it is justified to apply a discount to DCF of 10% which leads to our revised target ...
Core Laboratories: 1Q not as bad as feared but challenges remain. Groupe Bruxelles Lambert: Fish or cut bait. Orange Belgium: EBITDal, cable adds reasonable, mobile weak, dividend trimmed Ordina: 1Q20 review - strong quality, nice beat Sligro: Better than feared 1Q, but only a slow and gradual recovery expected in 2H TKH: Covid-19/1Q20 trading update Unilever: Conviction pays dividends
The ING Benelux equity research team has performed a Covid-19 scenario analysis in order to provide a reference point for investors and to test if stocks: (a) have been relatively oversold in comparison to their earnings risk; (b) still provide downside risk; and/or have balance issues in a Covid-19 scenario; and (c) could bounce sharply if a vaccine is found; or (d) benefit relatively from the crisis. Our analysis results in lists of stocks that we consider: (1) low earnings risk, with attracti...
BESI: Interview of the CEO in FD. Beter Bed: Financial position better than expected, coronavirus ruins quick recovery. Core Laboratories: Takes measures to keep cash. D'Ieteren: New experienced CEO for Moleskine. Euronext: Appoints Georges Lauchard as COO. FNG: Closing Belgian outlets until further notice
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
The coronavirus continues to dominate the news headlines and in terms of number of infections has already exceeded the SARS number from 2003. What the impact will be on equity prices is uncertain and very much dependent on how rapidly the virus can be controlled and contained. Meantime, the measures being taken to control the spread are hitting world trade. Although the SARS outbreak saw only a temporary and limited impact, we feel with: (1) China now much more dominant in world trade; (2) faste...
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