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

Singtel (Singapore Telecommunications) / Technical Analysis

<ul>
<li>Our bullish outlook (since early-November 2023) remains intact. We continue to recommend buying dips as long as MSCI $ACWI and $EEM remain above important supports at $110 and $41-$42, respectively.</li>
<li>We are reiterating Japan as an Overweight -- Add Exposure; Nikkei 225, TOPIX, TOPIX Small All Breaking Out. And 2+ year RS uptrends remain intact on TOPIX and Nikkei 225</li>
<li>We take a break from recommending Technology (though we are still bullish) and highlight buys within global Energy, Health Care, Telecommunications, and Utilities</li>
</ul>


Our bullish outlook (since early-November 2023) remains intact. We continue to recommend buying dips as long as MSCI $ACWI and $EEM remain above important supports at $110 and $41-$42, respectively.
We are reiterating Japan as an Overweight -- Add Exposure; Nikkei 225, TOPIX, TOPIX Small All Breaking Out. And 2+ year RS uptrends remain intact on TOPIX and Nikkei 225
We take a break from recommending Technology (though we are still bullish) and highlight buys within global Energy, Health Care, Telecommunications, and Utilities


Reiterating Japan Overweight -- Add Exposure; Nikkei 225, TOPIX, TOPIX Small All Breaking Out

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Quantitative Analysis

<ul>
<li>SOUTHBOUND was again a net buyer, for HK$24.1bn this week, on smallish two-way volumes. Banks, Tech, Energy, and Materials all saw inflows.</li>
<li>It is not clear how much of this is H/A discounts, expected dividend tax removal, shareholder return KPIs for SOE CEOs, upcoming Third Plenum policy, or national team buying...</li>
<li>But valuations are acceptable. Flows are good. Policy changes are afoot. SOUTHBOUND may continue to see inflows - national team and otherwise.</li>
</ul>


SOUTHBOUND was again a net buyer, for HK$24.1bn this week, on smallish two-way volumes. Banks, Tech, Energy, and Materials all saw inflows.
It is not clear how much of this is H/A discounts, expected dividend tax removal, shareholder return KPIs for SOE CEOs, upcoming Third Plenum policy, or national team buying...
But valuations are acceptable. Flows are good. Policy changes are afoot. SOUTHBOUND may continue to see inflows - national team and otherwise.


HK Connect SOUTHBOUND Flows (To 21 June 2024); Every Day A Net Buy; Banks, Energy, and Utes

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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 Capital Markets

SenseTime Group  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sensetime-group-inc" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group (20 HK)</a>  aims to raise up to US$263m via selling around 4.5% stake.</li>
<li>Sensetime hasn’t had the best of times since listing, however, the shares have rebounded recently on generative AI buzz around the stock.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



SenseTime Group (20 HK)  aims to raise up to US$263m via selling around 4.5% stake.
Sensetime hasn’t had the best of times since listing, however, the shares have rebounded recently on generative AI buzz around the stock.
In this note, we will talk about the placement and run the deal through our ECM framework.


Sensetime Placement - Seems Highly Opportunistic

<ul>
<li>SOUTHBOUND was again a net buyer, for HK$27.0bn this week, on small two-way volumes. Energy, banks, utilities, tech all saw inflows. </li>
<li>It is not clear how much of this is H/A discounts, expected dividend tax removal, KPIs for SOE CEOs to raise prices and payout ratios, or upcoming Third Plenum policy...</li>
<li>But valuations are acceptable. Flows are good. Policy changes are afoot. SOUTHBOUND may continue to see inflows - national team and otherwise.</li>
</ul>


SOUTHBOUND was again a net buyer, for HK$27.0bn this week, on small two-way volumes. Energy, banks, utilities, tech all saw inflows. 
It is not clear how much of this is H/A discounts, expected dividend tax removal, KPIs for SOE CEOs to raise prices and payout ratios, or upcoming Third Plenum policy...
But valuations are acceptable. Flows are good. Policy changes are afoot. SOUTHBOUND may continue to see inflows - national team and otherwise.


HK Connect SOUTHBOUND Flows (To 14 June 2024); Energy/Utes/Banks/Tech Bought Bigly

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 14th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for China Mobile, BOC, CNOOC, China Shenhua Energy, CCB.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 14th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, BOC, CNOOC, China Shenhua Energy, CCB.


Hong Kong Connect Flows (Jun 14th): China Mobile, BOC, CNOOC, China Shenhua Energy, CCB

Hong Kong

China Mobile Limited provides telecommunication services. The Company offers wireline voice, broadband, roaming, and other related services. China Mobile serves customers in Hong Kong.

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China Mobile (941 HK)

Reiterating Japan Overweight -- Add Exposure; Nikkei 225, TOPIX, TOPIX Small All Breaking Out

Reiterating Japan Overweight; $Nikkei 225, $TOPIX, TOPIX Small, $DXJ All Breaking Out with 2+ year RS uptrends intact on Nikkei and TOPIX. Still...

Vermilion Research

HK Connect SOUTHBOUND Flows (To 21 June 2024); Every Day A Net Buy; Banks, Energy, and Utes

SOUTHBOUND HK Connect saw its 20th straight week of net inflows. Net vs Gross flows continue to be big. Banks, Energy, Materials, and Utilities all...

Travis Lundy

Sensetime Placement - Seems Highly Opportunistic

SenseTime Group (20 HK) aims to raise up to US$263m via selling around 4.5% stake. In this note, we run the deal through our ECM framework.

Sumeet Singh

HK Connect SOUTHBOUND Flows (To 14 June 2024); Energy/Utes/Banks/Tech Bought Bigly

HK Connect SOUTHBOUND saw HUGE net buying this past week in Energy, Banks, Tech, and Utilities. SOEs saw strong flows. May be coming in front of...

Travis Lundy

Hong Kong Connect Flows (Jun 14th): China Mobile, BOC, CNOOC, China Shenhua Energy, CCB

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for China Mobile, BOC, CNOOC, China Shenhua Energy, CCB.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)