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

Foxconn Industrial Internet / Technical Analysis

<ul>
<li>Not much has changed since our latest Int'l Compass from May 31, 2024 titled "Buy the Pullback." </li>
<li>We were buyers of the pullback in global equities (MSCI ACWI, ACWI ex-US, EAFE, EM, Europe, Japan, Taiwan, etc.) with important supports holding, combined with ongoing healthy market dynamics.</li>
<li>Supports are holding, and our bullish outlook (since early-November 2023) remains intact. Continue to buy dips.</li>
</ul>


Not much has changed since our latest Int'l Compass from May 31, 2024 titled "Buy the Pullback." 
We were buyers of the pullback in global equities (MSCI ACWI, ACWI ex-US, EAFE, EM, Europe, Japan, Taiwan, etc.) with important supports holding, combined with ongoing healthy market dynamics.
Supports are holding, and our bullish outlook (since early-November 2023) remains intact. Continue to buy dips.


Downgrading Europe to Market Weight; Europe Indexes Still Bullish (Price); Bullish Outlook Intact

Taiwan Semiconductor (TSMC) / Technical Analysis

<ul>
<li>New multi-year highs on the MSCI ACWI, ACWI ex-US, EAFE, and EM indexes -- combined with overwhelmingly healthy market dynamics -- validates our bullish outlook on global equities.</li>
<li>We continue to view the latest 5-6% pullback on $ACWI as healthy and normal within the ongoing bull market, and we expect higher prices ahead.</li>
<li>Global Energy Sector appears to be topping, and Materials could be next. We highlight buys in Technology (quickly becoming leadership again) and Consumer Discretionary/Retail </li>
</ul>


New multi-year highs on the MSCI ACWI, ACWI ex-US, EAFE, and EM indexes -- combined with overwhelmingly healthy market dynamics -- validates our bullish outlook on global equities.
We continue to view the latest 5-6% pullback on $ACWI as healthy and normal within the ongoing bull market, and we expect higher prices ahead.
Global Energy Sector appears to be topping, and Materials could be next. We highlight buys in Technology (quickly becoming leadership again) and Consumer Discretionary/Retail 


Global MSCI Indexes at Multi-Year Highs; Global Energy Sector Deteriorating, Is Materials Next?

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of May 17th which has an aggregated holding worth USD545.3bn.</li>
<li>We estimate that foreign flows to be inflows of USD720mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Sk Hynix (000660 KS),  Samsung Electronics (005930 KS).</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of May 17th which has an aggregated holding worth USD545.3bn.
We estimate that foreign flows to be inflows of USD720mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Sk Hynix (000660 KS),  Samsung Electronics (005930 KS).


KRX Foreign Holding Weekly (May 17th): Sk Hynix, Samsung Electronics

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Thematic (Sector/Industry)

<ul>
<li>Recent trends in the most viewed local brokerage research reports by Korean institutions, compiled by FnGuide, offer insights into current investor interests.</li>
<li>Notable resurgence in local institution interest in the semiconductor sector, especially with the temporal gap until May when the Value-up momentum materializes, notably evident in the AI semiconductor rally companies.</li>
<li>Local institutions typically follow stocks of their interest with a slight lag. This suggests potential positive flows in the listed semiconductor companies until the Value-up momentum solidifies in May.</li>
</ul>


Recent trends in the most viewed local brokerage research reports by Korean institutions, compiled by FnGuide, offer insights into current investor interests.
Notable resurgence in local institution interest in the semiconductor sector, especially with the temporal gap until May when the Value-up momentum materializes, notably evident in the AI semiconductor rally companies.
Local institutions typically follow stocks of their interest with a slight lag. This suggests potential positive flows in the listed semiconductor companies until the Value-up momentum solidifies in May.


Introducing a Data Source for Korean Local Institutions' Interests

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

<ul>
<li>In this insight, we analyze the top 10 performing stocks in KOSPI in each of the past five years (2019-2023) as well as for this entire period.</li>
<li>The top 10 performing stocks in KOSPI were up on average 310% in 2023, sharply outperforming KOSPI which was up 19%. </li>
<li>There are some important takeaways from a review of the top 10 performing stocks in each of the five years in KOSPI, including market cap, sector rotation, and turnarounds.</li>
</ul>


In this insight, we analyze the top 10 performing stocks in KOSPI in each of the past five years (2019-2023) as well as for this entire period.
The top 10 performing stocks in KOSPI were up on average 310% in 2023, sharply outperforming KOSPI which was up 19%. 
There are some important takeaways from a review of the top 10 performing stocks in each of the five years in KOSPI, including market cap, sector rotation, and turnarounds.


KOSPI Superperformance Stocks (2019-2023)

South Korea

IsuPetasys Co., Ltd. manufactures printed circuit boards (PCBs) specializing in high multilayer PCBs.  The Company exports its products to Cisco Systems, Brocade Communications Systems, and Sun Microsystems in the United States.

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Isupetasys (007660 KS)

Downgrading Europe to Market Weight; Europe Indexes Still Bullish (Price); Bullish Outlook Intact

Downgrading Europe to Market Weight $FEZ $STOXX; Europe Still Bullish From a Price Perspective; Bullish Outlook Intact on $ACWI $EEM; Supports...

Vermilion Research

Global MSCI Indexes at Multi-Year Highs; Global Energy Sector Deteriorating, Is Materials Next?

There are few things more bullish than Global MSCI Indexes at Multi-Year Highs $ACWI $ACWX $EFA $EEM; Buys in Tech $TSM; Global Energy Sector...

Vermilion Research

KRX Foreign Holding Weekly (May 17th): Sk Hynix, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sk Hynix, Samsung Electronics.

Ke Yan, CFA, FRM

Introducing a Data Source for Korean Local Institutions' Interests

This post introduces a data source that offers precise insights into the preferences of local institutions regarding stocks.

Sanghyun Park

KOSPI Superperformance Stocks (2019-2023)

There are some important takeaways from a review of the top 10 performing stocks in each of the five years in KOSPI, including market cap, sector...

Douglas Kim

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