Beneteau

Key points from this report:

 

  • Buy. Shares are breaking out of a double bottom after a beat-and-raise first half. The strong order book (+55%) brings excellent visibility for the upcoming quarters as demand remains well oriented. Management raised its FY21 guidance and expects operating profit to grow more than 100%, versus 90% previously.

Welspun India

What’s happened? Welspun India declared Q1 FY22 results during market
hours yesterday. Revenue grew 83% y/y, beating estimates by 9%, driven by
demand in the U.S. and Europe. The stock broke out of a consolidation base in
early July, and is currently extended from an ideal buy point. Hence, we
recommend that investors hold on to positions now and wait for a pullback to
its 21-DMA (INR 124.7) before accumulating.

Puma

What’s happened? Puma reported full H1 FY21 results today, before market
open. It had pre-announced Q2 results on July 16, with revenue and EBIT
beating estimates by 10% and 34%, respectively. The stock is currently extended
from an ideal buy point and hence we would recommend that investors hold
positions.

European Weekly Summary

Key points from this week’s report:

Please refer to the attached PDF for the full report.

 

  • The Stoxx 600 gained 143bps last week and was shifted back to a Confirmed Uptrend after reclaiming its prior rally high. Of the 17 indices we cover, seven are in a Confirmed Uptrend and ten in an Uptrend Under Pressure. The Netherlands was also upgraded to a Confirmed Uptrend, while Belgium was downgraded to an Uptrend Under Pressure.
  • All the sectors, except for Consumer Staple, closed in positive. Sectors like Capital Equipment, Retail, Consumer Cyclical, and Financial gained the most. Our rotation chart continues to highlight improving short-term momentum among Health Care and Technology, while deteriorating among Utility, Finance, Basic Material, and Energy.
  • Focus List update: we removed Barco (BAR.BE), Terna Energy (TEN.GR), and Fevertree Drinks (FEVR.GB) from the European Focus List. Actionable names in the focus list include Alphawave IP Group (AWE.GB), Soitec (SOI.FR), YouGov (YOU.GB), Halma (HLMA.GB), and Teleperformance (ROFR.FR).

MIPS

Commentary:
The company reported revenue growth of 115% y/y (organic growth was 139%)
to SEK 142M, beating expectations by 8% and EPS grew by 243% y/y to SEK
2.08, beating estimates by 7%. The growth in sales was mainly from the Sport
category, led by high demand for solutions for bicycle helmets. Demand was
also strong for the motorcycle segment. The safety segment, which is a new
segment, saw great interest and the company expects that both the number of
brands and volume will increase during the year.

European Weekly Summary

Key points from this week’s report:

Please refer to the attached PDF for the full report.

  • Yesterday, the Stoxx 600 was moved to an Uptrend Under Pressure after the index breached its 50-DMA. Of the 17 indices
    we cover, six are in a Confirmed Uptrend and eleven in an Uptrend Under Pressure. Distribution in the region increased
    to 7.8 on average versus 4, two weeks ago, and 2, three weeks ago. Investors should stay cautious as markets are
    breaking their key support levels with a rising distribution.
  • Our rotation chart continues to highlight improving momentum among Health Care, Staple, and Technology. Utility,
    Finance, Basic Material, and Energy continue to show weakness over the short term and are underperforming over the
    long term (26 weeks), whereas Retail and Consumer Staple have been outperforming in the last 26 weeks and improving
    over the past four weeks.
  • European Focus List update: Alphawave Group (AWE.GB) was added. Voltalia (VLTS.FR), Terna TE.GR), and Barco BAR.BE)
    were removed.
  • Focus List Actionable Ideas include Sartorius (SRT3X.DE), YouGov (YOU.GB), Halma (HLMA.GB), Soitec (SOI.FR), ASML
    (ASML.NL), and Teleperformance (ROFR.FR).
  • Stocks with RS line at new high within the list include: Straumann (STMN.CH), Nordic Semiconductor (NOD.NO), Eurofins
    (EUF.FR), Imcd (IMCD.NL), Dechra Pharmaceuticals (DPH.GB), Interpump (IP.IT), Dassault Systems (DSY.FR), Carl Zeiss
    Meditech (AFXX.DE), Vitrolife (VITR.SE) and Indutrade (INDT.SE).

European Weekly Summary

Key points from this week’s report:

Please refer to the attached PDF for the full report.

 

  • We maintain a positive view of the overall market as several markets continue to hold trend, but increasing distribution is to be monitored.
  • Of the 17 indices we cover, eight are in a Confirmed Uptrend and nine in an Uptrend Under Pressure. We upgraded Sweden to a Confirmed Uptrend and downgraded Italy, Germany, and France to an Uptrend Under Pressure last week. The average distribution day count has risen to 5.88 from 4.35 last week.
  • Our rotation chart continues to show strong momentum from Health Care, Technology, and Consumer Staple sectors while Utility, Finance, Basic Material, and Energy are lagging.
  • We did not make any changes to our Focus List this week. Actionable names in the Focus List include Sartorius ( SRT3X.DE ), Indutrade ( INDT.SE ), Soitec ( SOI.FR ), Zooplus ( ZO1X.DE ), Mips ( MIPS.SE ), Paragon Banking Group ( PAG.GB ), YouGov ( YOU.GB ), Airbus ( AIRS.FR ), Interroll ( INRN.CH ), Asml ( ASML.NL ), Halma ( HLMA.GB ), Beneteau ( CHBE.FR ), and Teleperformance ( ROFR.FR ).
  • Refer to page 4 for our Watch List.