Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.</li>
<li>As long as these base supports hold, we would use any election-related pullback as an opportunity to add exposure.</li>
<li>Following the election, we see a high probability of significant upside going into year-end.</li>
</ul>


Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.
As long as these base supports hold, we would use any election-related pullback as an opportunity to add exposure.
Following the election, we see a high probability of significant upside going into year-end.


Bullish Outlook Intact on MSCI ACWI & SPX; Buys in Services, Technology, Discretionary, Gold Miners

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

<ul>
<li>The sales volume growth rate began to accelerate in August.</li>
<li>Geely’s revenue grew strongly by 39% YoY in 2Q24 and 47% YoY in 1H24.</li>
<li>The operating margin had improved YoY for the past one year and a half.</li>
</ul>


The sales volume growth rate began to accelerate in August.
Geely’s revenue grew strongly by 39% YoY in 2Q24 and 47% YoY in 1H24.
The operating margin had improved YoY for the past one year and a half.


Geely (175 HK): Sales Volume Accelerated in August

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Geely Automobile Holdings Ltd announced that it is to raise its 2024 export target to 380,000 units from 330,000 units, after reporting a 67% year-on-year growth in vehicle exports in the first half of this year.</li><li>Gan Jiayue, Geely Auto Group’s CEO, highlighted the company’s impressive export performance, saying it was driven by aggressive expansion into emerging markets such as Africa, where sales surged over 400%.</li><li>There had also been significant growth in Central Asia, Mexico and other regions such as the Middle East, Eastern Europe and Southeast Asia, with Geely targeting further expansion in these markets, Gan said.</li></ul>

Geely Automobile Holdings Ltd announced that it is to raise its 2024 export target to 380,000 units from 330,000 units, after reporting a 67% year-on-year growth in vehicle exports in the first half of this year.Gan Jiayue, Geely Auto Group’s CEO, highlighted the company’s impressive export performance, saying it was driven by aggressive expansion into emerging markets such as Africa, where sales surged over 400%.There had also been significant growth in Central Asia, Mexico and other regions such as the Middle East, Eastern Europe and Southeast Asia, with Geely targeting further expansion in these markets, Gan said.

Geely Auto Raises Export Target After 67% Growth in First Half of Year 

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Maintain BUY. Geely’s 1H24 core earnings beat our prior forecast by 18% even with a lower R&amp;D capitalization ratio.</li><li>We are of the view that the Galaxy E5 BEV based on the GEA platform could be a sales volume driver with better margins than previous Galaxy models.</li><li>Zeekr’s plan to roll out hybrid models could also make it more competitive. We also think Geely’s current valuation is attractive.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Maintain BUY. Geely’s 1H24 core earnings beat our prior forecast by 18% even with a lower R&amp;D capitalization ratio.We are of the view that the Galaxy E5 BEV based on the GEA platform could be a sales volume driver with better margins than previous Galaxy models.Zeekr’s plan to roll out hybrid models could also make it more competitive. We also think Geely’s current valuation is attractive.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geely Automobile (175 HK) - Solid 1H24 Earnings, Better NEV Outlook

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight inflows into Alibaba, Xiaomi, SMIC, Geely, CCB and outflows from Meituan.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight inflows into Alibaba, Xiaomi, SMIC, Geely, CCB and outflows from Meituan.


Hong Kong Connect Flows (October): $12 Bn Inflows

Hong Kong

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

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Geely Auto (175 HK)

Bullish Outlook Intact on MSCI ACWI & SPX; Buys in Services, Technology, Discretionary, Gold Miners

Bullish Outlook Intact on MSCI $ACWI and $SPX as they hold above their respective bases at $117 and 5650-5670; Buys in Services, Technology,...

Vermilion Research

Geely (175 HK): Sales Volume Accelerated in August

The sales volume growth rate began to accelerate in August. Geely’s revenue grew strongly by 39% YoY in 2Q24. The operating margin had improved YoY...

Ming Lu

Geely Auto Raises Export Target After 67% Growth in First Half of Year

Geely Automobile Holdings Ltd. announced that it is to raise its 2024 export target to 380,000 units from 330,000 units, after reporting a 67%...

Caixin Global

Geely Automobile (175 HK) - Solid 1H24 Earnings, Better NEV Outlook

Zeekr’s plan to roll out hybrid models could also make it more competitive. We also think Geely’s current valuation is attractive.

CMB International

Hong Kong Connect Flows (October): $12 Bn Inflows

We analyzed the Hong Kong Connect Scheme for October and highlighted flows for Alibaba, Xiaomi, SMIC, Geely, CCB, and Meituan.

Ke Yan, CFA, FRM

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