Author: Cornelio Ash

Cornelio Ash is a senior equity analyst and member of the U.S. Focus List and the Global Focus List Committees, which approves all equity recommendations for developed, emerging, and frontier markets. He is also a lead for the Technology sector and specializes in the Americas region. Cornelio joined the firm in 2005 and received his B.A. in Finance from California State University, Northridge. He holds a Series 65 securities license.

Global Laggards

Posted on by Cornelio Ash

Highlighted Charts

U.S.: Quaker Houghton (KWR), Paccar (PCAR), Tencent Music (TME), New Oriental Education (EDU), Sonos (SONO), Digital Bridge (DBRG), Dominos Pizza (DPZ), NCR Voyix (VYX)

Developed: Bluescope Steel (BSL.AU), Anhui Conch Cement ‘H’ (ANH.HK; 914 HK), Skf B (SKFB.SE; SKFB SS), Ngk Spark Plug (KS@N.JP; 5334 JP), LVMH (LVMH.FR, MC FP), Husqvarna (HUSB.SE; HUSQB SS), Barry Callebaut (BARN.CH; BARN SW), Carlsberg (CAB.DK; CARLB DC), Wharf Holdings (HKWH.HK; 4 HK), J Front Retailing (MZYA.JP; 3086 JP)

Emerging: Micro-Star International (MSI.TW; 2377 TT)

Global Laggards

Posted on by Cornelio Ash

Highlighted Charts

U.S.: Celanese Corp (CE), Oshkosh Corporation (OSK), Advanced Drainage Systems (WMS), Intercontinental Hotels (IHG), Marriott International (MAR), Trip.com (TCOM), Warrior Met Coal (HCC), Teekay Tankers (TNK), Sunstone Hotel Investors (SHO), Charles River (CRL), Humana (HUM), Krispy Kreme (DNUT), Genuine Part Co (GPC), ON Semiconductor (ON), Tencent Music EntGrp ADS (TME).

Developed: Norsk Hydro (NHY.NO; NHY NO), Rexel (RXL.FR; RXL FP), Beiersdorf (BEIX.DE, BEI GR), Nissin Foods Holdings (NIFP.JP; 2897 JP), Julius Baer Gruppe (BAER.CH; BAER SW), A P Moller Maersk B (DSB.DK).

Emerging: Press Metal Aluminium Holdings (PMET.MY; PMAH MK), Hl Mando (MDX.KR; 204320 KS), Arcelik (ARC.TR, ARCLK TI), Tanla Platforms (LTA.IN; TANLA IN).

Global Laggards

Posted on by Cornelio Ash

Highlighted Charts

U.S.: Mcgrath Rentcorp (MGRC), Avery Dennison (AVY), Tesla (TSLA), Borgwarner (BWA), Archers Daniel Midland (ADM), Teekay Tankers Ltd Cl A (TNK), International Seaways (INSW), Digitalbridge group (DBRG), Henry Schein (HSIC), ACV Auctions (ACVA), Skyworks Solutions (SWKS), Roblox Corporation (RBLX).

Developed: Bhp Group (BHP.AU), Volvo B (VOBF.SE; VOLVB SS), Keppel Corporation (KEPP.SG; KEP SP), Wpp (WPP.GB; WPP LN), Lvmh (LVMH.FR; MC FP), Hermes International (RMS.FR; RMS FP), Moncler (MONC.IT; MONC IM), Diageo (DGE.GB; DGE LN), Nissin Food Holdings (NIFP.JP; 2897 JP), Auckland International Airport (AIAY.NZ; AIA NZ), Saizeriya (SAIZ.JP; 7581 JP).

Emerging: Indusind Bank (IBK.IN; IIB IN).

Global Laggards

Posted on by Cornelio Ash

Highlighted Charts

U.S.: Paccar (PCAR), Ford Motor Co (F), Gentex Corp (GNTX), P V H Corp (PVH), Marriott International (MAR), Chesapeake Energy (CHK), Charles Schwab (SCHW), Livanova (LIVN), Lululemon (LULU), Silicon Laboratories (SLAB), Alaska Air (ALK)

Developed: Bouygues (ENT.FR; EN FP), Dentsu (DENN.JP; 4324 JP), Accor (AC.FR; AC FP); Hermes International (RMS.FR; RMS FP), Diageo (DGE.GB; DGE LN), Nestle (NESN.CH; NESN SW), Julius Baer Gruppe (BAER.CH ; BAER SW), Kering (KER.FR; KER FP), Brunello Cucinelli (BC.IT; BC IM)

Emerging: Sahara International Petrochemical Company (SIP.SA; SIPCHEM AB)

Global Laggards

Posted on by Cornelio Ash

Highlighted Charts

U.S.: Nucor (NUE; NUE US), Constellium Se (CSTM), Interpublic Group of Cos (IPG), Sonos (SONO), Celsius Holdings (CELH), Coty (COTY), Occidental (OXY), Ke Holdings (BEKE), Idexx Laboratories (IDXX), Doordash (DASH), Yum! Brands (YUM), Microchip Tech (MCHP), Shopify (SHOP), Veeva Systems (VEEV)

Developed: Mitsubishi Materials (LM@N.JP; 5711 JP), Skf B (SKFB.SE; SKFB SS), Subaru (FJ@N.JP; 7270 JP), LVMH (LVMH.FR; MC FP), Moncler (MONC.IT; MONC IM), Kyushu Financial (KFGI.JP; 7180 JP), Cellnex Telecom (CLNX.ES; CLNX SM), Orient Overseas (OROC.HK, 316 HK)

Emerging: Poonawalla Fincorp (MMC.IN; POONAWAL IN), Synnex Tech (SYX.TW; 2347 TT)

Tencent Holdings

Posted on by Cornelio Ash

Key points:

 

  • New game release (Dungeon &Fighter) is exceeding expectations with good outlook in FY24
  • Game regulation has eased after years of heavy restrictions.
  • Ad and Fintech segments are recovering with improving margin profile.
  • The stock is forming the right side of a stage-one, eight-week flat base with pivot at HKD 400.2. Immediate support is along its rising 10-DMA (HKD 383.0) and 21-DMA (HKD 380.2). Buy.

Global Laggards

Posted on by Cornelio Ash

Highlighted Charts

U.S.: C F Industries Holdings (CF), Boise Cascade (BCC), Silgan Holdings (SLGN), IAC Inc (IAC), Harley Davidson Inc (HOG), Yeti Holdings Inc (YETI), Wynn Resorts Ltd (WYNN), Interparfums (IPAR), Howard Hughes Holding (HHH), Cooper Companies (COO), Yum Brands (YUM), Arrow Electronics (ARW), Vishay Intertechnology (VSH), Walt Disney Company (DIS), Union Pacific Corp (UNP), Norfolk Southern Corp (NSC).

Developed: CAE (CAE.CA;CAE CN), Autoliv Sdr (ALI.SE; ALIV SS), Yokohama Rubber (YORU.JP; 5101 JP), Moncler (MONC.IT; MONC IM), Viva Energy Group (VEA.AU; VEA AU), Glp J-Reit (GLPJ.JP; 3281 JP).

Emerging: Saudi Arabian Mining (SAM.SA), Kimberly Clark Mexico (KCA.MX; KIMBERA MM).

Global Laggards

Posted on by Cornelio Ash

Highlighted Charts

U.S.: GMS (GMS), Boise Cascade (BCC), I A C Inc (IAC), Stellantis N V (STLA), Middleby Corp (MIDD), Wynn Resorts Ltd (WYNN), Nomad Foods (NOMD), EQT Corp (EQT), Marketaxess Holdings (MKTX), Haemonetics (HAE), Starbucks (SBUX), Alibaba (BABA), Cisco (CSCO), Norfolk Southern Corp (NSC).

Developed: Lynas Rare Earths (LYC.AU), Airbus (AIRS.FR; AIR FP), Vinci (DG@F.FR; DG FP), Seek (SEK.AU; SEK AU), Anta Sports Products (ANIT.HK; 2020 HK), Wilmar International (EZYH.SG; WIL SP), Nongfu Spring (NONS.HK; 9633 HK), City Developements (CITY.SG; CIT SP).

Emerging: Alarko Holding (ALA.TR; ALARK TI), Sercomm (SCO.TW; 5388 TT).