reports
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
EM Remains In Favor; Shanghai Comp Breaking Out A weakening US dollar (DXY) continues to be a major tailwind for both EM equities and the commodity Sectors. Improving price and RS trends for these risk-on areas of the market are among the many characteristics consistent with historical bull markets. Therefore, we continue to label this a bull market and we believe global equities are still in the early innings of a broad-based advance. • EM Equities. Price action has remained weak for the US...
SCCO SOUTHERN COPPER CORPORATION
STERV STORA ENSO OYJ CLASS R
FMG FORTESCUE METALS GROUP LTD
FUR FUGRO NV CERT OF SHS
KCO KLOECKNER & CO SE
120110 KOLON INDUSTRIES
MEG. MEG ENERGY CORP.
ARX. ARC RESOURCES LTD.
ELM ELEMENTIS PLC
VCT VICTREX PLC
FR. FIRST MAJESTIC SILVER CORP.
8030 CHUO GYORUI
5714 DOWA HOLDINGS CO. LTD.
4182 MITSUBISHI GAS CHEMICAL COMPANY INC.
NVA NUVISTA ENERGY LTD.
8097 SAN-AI OIL CO. LTD.
PAAS PAN AMERICAN SILVER CORP.
YRI YAMANA GOLD INC.
KCHOL KOC HOLDING A.S.
C44 CHINA RESOURCES CEMENT HOLDINGS LIMITED
LKOH OIL COMPANY LUKOIL PJSC
603799 ZHEJIANG HUAYOU COBALT CO. LTD. CLASS A
600583 OFFSHORE OIL ENGINEERING CO. LTD. CLASS A
JINDALSTEL JINDAL STEEL & POWER LTD.
4099 SHIKOKU CHEMICALS CORP.
3101 TOYOBO CO. LTD.
4208 UBE INDUSTRIES LTD.
BHARATFORG BHARAT FORGE LTD
03323 CHINA NATIONAL BUILDING MATERIAL CO. LTD. CLASS H
1605 INPEX CORPORATION
002318 ZHEJIANG JIULI HI-TECH METALS (A)
5021 COSMO ENERGY HOLDINGS CO. LTD.
LUCK LUCKY CEMENT LTD.
0914 ANHUI CONCH CEMENT COMPANY LIMITED CLASS H
VALE. COMPANHIA VALE DO RIO DOCE CEDEAR
GOAU3 METALURGICA GERDAU S/A ORD
SSRM SSR MINING INC
CGG CGG
300618 NANJING HANRUI COBALT (A)
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
MSCI ACWI hitting multi-month highs, U.S. remains leadership Note: This week's report is presented in an abbreviated format, as we are publishing the June International Macro Vision book this week (available next Tues. AM). Over the past several weeks we have outlined the case for our increasingly bullish outlook, noting that market internals remain favorable and S&P 500 and MSCI ACWI price trends are showing evidence of early-stage uptrend formations. In today's report we provide an overview o...
HTHT CHINA LODGING GROUP ADS (N SHARES)
K3SD BAIDU INC SPONSORED ADR CLASS A
ATHM AUTOHOME INC. SPONSORED ADR CLASS A
OXB OXFORD BIOMEDICA PLC
ABC ABCAM PLC
UTG UNITE GROUP PLC
VCT VICTREX PLC
COPEC EMPRESAS COPEC S.A.
ALICORI1 ALICORP SA
00308 CHINA TRAVEL INTERNATIONAL INVESTMENT HONG KONG LIMITED
00011 HANG SENG BANK LIMITED
EMBR3 EMBRAER S.A.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
4HQ WANT WANT CHINA HOLDINGS LIMITED
01299 AIA GROUP LIMITED
NLMK NOVOLIPETSK STEEL
01308 SITC INTERNATIONAL HOLDINGS
NMC NMC HEALTH PLC
CRDA CRODA INTERNATIONAL PLC
00003 HONG KONG & CHINA GAS CO. LTD.
4403 NOF CORPORATION
4091 NIPPON SANSO HOLDINGS CORPORATION
7459 MEDIPAL HOLDINGS CORPORATION
9987 SUZUKEN CO. LTD.
8129 TOHO HOLDINGS CO. LTD.
4043 TOKUYAMA CORPORATION
AKER AKER ASA CLASS A
SAFE SAFESTORE HOLDINGS PLC
MULTIFOO MULTIEXPORT FOODS
3BD BOSIDENG INTERNATIONAL HOLDINGS LIMITED
4503 ASTELLAS PHARMA INC.
0914 ANHUI CONCH CEMENT COMPANY LIMITED CLASS H
QGEPF ENAUTA PARTICIPACOES SA
FIBR3 FIBRIA CELULOSE S.A.
GOAU3 METALURGICA GERDAU S/A ORD
0338 SINOPEC SHANGHAI PETROCHEMICAL CO. LTD. CLASS H
RAIL3 RUMO SA
01112 HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED
- Dave Nicoski
- Ross LaDuke
Int'l Insights: EM Strategy
Highlighted themes and actionable charts: • Emerging markets (MSCI EM) versus Developed international (MSCI EAFE). Recent USD strength has weighed on EM's relative performance. Given (1) strength in commodity prices (sans precious metals), (2) the potential for some backing-and-filling of the USD, and (3) MSCI EM price and relative strength support levels continuing to hold, we see recent weakness as a buying opportunity... see below, left • Actionable countries. The MSCI BRIC index has re...
HTHT CHINA LODGING GROUP ADS (N SHARES)
K3SD BAIDU INC SPONSORED ADR CLASS A
CDR CD PROJEKT S.A.
1326 FORMOSA CHEMICALS & FIBRE CORPORATION
JSWSTEEL JSW STEEL LIMITED
00883 CNOOC LIMITED
COPEC EMPRESAS COPEC S.A.
1102 ASIA CEMENT CORPORATION
00308 CHINA TRAVEL INTERNATIONAL INVESTMENT HONG KONG LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
009150 SAMSUNG ELECTRO-MECHANICS CO. LTD
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
HEXAWARE HEXAWARE TECHNOLOGIES
KEI KEI INDUSTRIES
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
4HQ WANT WANT CHINA HOLDINGS LIMITED
TATN TATNEFT PJSC
NLMK NOVOLIPETSK STEEL
ASIANPAINT ASIAN PAINTS LTD.
0968 XINYI SOLAR HOLDINGS LTD.
1402 FAR EASTERN NEW CENTURY CORPORATION
HEG HEG
INKP PT INDAH KIAT PULP & PAPER TBK
PTBA PT BUKIT ASAM TBK
6274 TAIWAN UNION TECHNOLOGY
AMOC ALEXANDRIA MINERAL OILS
MULTIFOO MULTIEXPORT FOODS
3BD BOSIDENG INTERNATIONAL HOLDINGS LIMITED
EDELWEISS EDELWEISS FINANCIAL SERVICES
5183 PETRONAS CHEMICALS GROUP BHD.
103H PPC LTD
0914 ANHUI CONCH CEMENT COMPANY LIMITED CLASS H
WEGE3 WEG S.A.
QGEPF ENAUTA PARTICIPACOES SA
FIBR3 FIBRIA CELULOSE S.A.
SFUN FANG HOLDINGS LIMITED SPONSORED ADR CLASS A
GOAU3 METALURGICA GERDAU S/A ORD
RAIL3 RUMO SA
BRAP3 BRADESPAR S/A ORD
GGBR3 GERDAU ORD
RLOG3 COSAN LOGISTICA SA
- Please Change Name Mattos
- Please Change Name Mattos
Gerdau S.A.: Gerdau S.A.: Annual Update
CORPORATES CREDIT OPINION 8 February 2017 Update RATINGS Gerdau S.A. Domicile Porto Alegre, Rio Grande do Sul, Brazil Long Term Rating Ba3 Type LT Corporate Family Ratings - Dom Curr Outlook Negative Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Analyst Contacts Barbara Mattos, CFA
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