reports
- 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.
- 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
- Chris Hoare
- 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
- Chris Hoare
EM Tower Trends Q2 CY25 review: Stable; Upgrade IHS and Helios price...
Tower revenue trends were stable at a slower pace across the board except for India’s Indus Tower as it benefited from VIL’s network catch up spend. However, EBITDA margins continue to generally improve except in Indonesia which faces the near-term pressure of the XL-Smartfren consolidation. We continue to see IHS as our preferred EM Towerco as it recovers from the numerous challenges of the past few years. We have upgraded our price targets for HIS (to US$10) and Helios (to £1.80).
- 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)
- Chris Hoare
- Chris Hoare
Global EM Towers - A Consistent Approach to EFCF and Shareholder Remun...
Following a similar note we published on the EM Telco sector, we apply the same consistent approach to Equity FCF for Global EM Towers. We have preferred Telcos over Towers for some time, as the drivers of upside for the Telcos (consolidation and declining capital intensity) is a headwind for the Towers.
- Chris Hoare
EM Towers Q1 CY25 review: Steady as she goes
Tower revenue trends were slower across the board except for India’s Indus Tower as it benefited from VIL’s network catch up spend. However, EBITDA margins are improving except in Indonesia which faces the near-term pressure of the XL-Smartfren consolidation.
- Heidi Mo Jinghui
Construction – Laying The Groundwork: Infrastructure Upcycle And Margi...
Singapore’s construction sector is entering a new growth phase, underpinned by major infrastructure projects such as Changi T5 (S$5.75b in awarded contracts), Tuas Mega Port, and the Marina Bay Sands expansion. Falling material and labour costs are easing margin pressures, improving the profitability outlook for contractors. Maintain OVERWEIGHT on the sector.
- Pierre FerraguÊ
The Tech Infrastructure Quarterly Bible 1Q25
We publish today our comprehensive quarterly bible: 237 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.
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
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.
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
- Chris Hoare
GEM Telcos: Consolidation – THE theme driving improved trends for EM T...
Earlier this month we published on how Global EM Telco Capex is falling rapidly, in large part driven by consolidation. On average EM Telco markets have fallen from a peak of 7 players to under 3. We expect many to end up with 2, or even a single network. How much further far might this cut capex?
- Chris Hoare
IHS Towers (Buy, TP: $7.7, +41%) – Q1 25: Strong start to the year; Rw...
IHS Towers has reported a strong set of result. Revenue and EBITDA came in above consensus by quite some margin and Q1 numbers trended above the FY25 guide across the board. The company has also announced the sale of its Operations in Rwanda.
- Chris Hoare
MTN (Buy, TP: ZAR190, +54%) MTN Nigeria – Q1 25 Quick Take, and read ...
MTN Nigeria has reported a strong set of Q1 results across all metrics. Price increases were only implemented from March which suggests further sharp improvements going forward. The company maintained FY25 guidance, but in our view is tracking ahead.
- Chris Hoare
- Chris Hoare
IHS (Buy, TP: US$7.7, +80%) - Investor Call Feedback - 31st March 2025
We had a bullish call last week with IHS CFO, Steve Howden, and Head of IR Robert Berg. Despite tariff-related chaos the stock has performed well recently (+50% ytd) reflecting the better environment in Nigeria as well as action the company itself has taken to improve value, but we still think it looks undervalued and retain our Buy recommendation and US$7.7 price target.
- Chris Hoare
Nigerian Telcos Zero to Hero, AAF price target to £3, MTN to ZAR 190;...
Local currency growth was in the mid-30s again in Q4 and likely to accelerate driven by the 50% price increase approval, and stabilising macro. We have updated our MTN and AAF models for the Naira, diesel and mobile tariffs; our target prices go to ZAR190 and £3 from ZAR130 and £2 respectively and we maintain our Buy recommendations.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Johnny Yum
- Kampon Akaravarinchai
- Singapore Research Team
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Meeting Notes: Tuesday, April 08, 2025
GREATER CHINA Strategy China And Hong Kong Property & Hong Kong Landlord Tariffs curtail US rate cuts, thereby hindering the recovery of Hong Kong property and tourism; Maintain OVERWEIGHT on China property. INDONESIA Strategy Alpha Picks: Outperform In Mar 25 Remove BBNI, BBRI, ASII, JSMR and KLBF; add BBCA, ICBP, ERAA and BUKA. MALAYSIA Update Pekat Group (PEKAT MK/BUY/RM1.08/Target: RM1.45) Good earnings visibility over 2025...
FR FIRST INDUSTRIAL REALTY TRUST INC.
AES AES CORPORATION
OU8 CENTURION
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
CC3 STARHUB LTD
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
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.
SCNR SUNAC CHINA HOLDINGS LTD.
N2IU MAPLETREE COMMERCIAL TRUST
RLF LONGFOR GROUP HOLDINGS LTD.
AJBU KEPPEL DC REIT
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
GFPT GFPT
00014 HYSAN DEVELOPMENT CO. LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
BBCA PT BANK CENTRAL ASIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
ICBP PT INDOFOOD CBP SUKSES MAKMUR TBK
ERAA ERAJAYA SWASEMBADA
Q5T FAR EAST HOSPITALITY TRUST
MIKA MITRA KELUARGA KARYASEHAT
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
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
PMAH PRESS METAL ALUMINIUM HOLDIN
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
00017 NEW WORLD DEVELOPMENT CO. LTD.
SE US SEA LIMITED
BUKA BUKALAPAK.COM PT TBK
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
EXCL XL AXIATA TBK PT
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
BTG BETAGRO PUBLIC COMPANY LIMITED
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
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