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

MSCI Emerging Markets Index / Technical Analysis

China (MSCI China, Shanghai Comp., Shenzhen A Share) continues to offer many attractive setups and is a major focus in today’s EM Strategy report. Additionally, Taiwan (TAIEX) continues to be worthy of an overweight within the EM universe with the RS uptrend intact. We highlight several attractive set ups.

China (MSCI China, Shanghai Comp., Shenzhen A Share) continues to offer many attractive setups and is a major focus in today’s EM Strategy report. Additionally, Taiwan (TAIEX) continues to be worthy of an overweight within the EM universe with the RS uptrend intact. We highlight several attractive set ups.

EM Strategy and Chartbook: Remain Overweight EM Vs. EAFE

We remain cautious as the number of bearish-leaning developments continue to pile up. As a result we continue to believe global equities are vulnerable to a breakdown. We recap important technical levels across markets and highlight Actionable Themes within Services, Consumer Staples, and Health Care. We also highlight attractive set ups in H&amp;M Hennes &amp; Mauritz AB Class B (HM.B-SE).

We remain cautious as the number of bearish-leaning developments continue to pile up. As a result we continue to believe global equities are vulnerable to a breakdown. We recap important technical levels across markets and highlight Actionable Themes within Services, Consumer Staples, and Health Care. We also highlight attractive set ups in H&amp;M Hennes &amp; Mauritz AB Class B (HM.B-SE).

Global Equity Strategy: Bearish-Leaning Developments Continue; Europe/UK Holding Above Support.

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Jinxin Eldercare Industry Group Limited / Equity Capital Markets

Jinxin Eldercare Industry Group Limited (JIE HK)

<ul>
<li>The upper limit of payments is mainly "pension + children's support". Although the industry ceiling is high, the profit ceiling is thin. The consistency of management/services is more difficult to guarantee.</li>
<li>Private hospitals usually achieve at least 10-15% net profit margin if their management and operation capabilities are good. However, Jinxin’s profit margin is low, which is a pain point.</li>
<li>Since Jinxin’s 20+% revenue growth for the next three years is still promising, we think valuation of Jinxin would be higher than Hygeia but lower than Aier.</li>
</ul>


The upper limit of payments is mainly "pension + children's support". Although the industry ceiling is high, the profit ceiling is thin. The consistency of management/services is more difficult to guarantee.
Private hospitals usually achieve at least 10-15% net profit margin if their management and operation capabilities are good. However, Jinxin’s profit margin is low, which is a pain point.
Since Jinxin’s 20+% revenue growth for the next three years is still promising, we think valuation of Jinxin would be higher than Hygeia but lower than Aier.


Pre-IPO Jinxin Eldercare Industry Group - The Business, the Concerns and the Outlook

we believe global equities remain in a state of purgatory and consolidation is likely to continue as several major indexes approach logical resistance... see charts below and page 2. With global equity markets generally moving sideways, we want to stick with themes that are working -- we highlight actionable ideas in the following areas: Australian Banks, European/UK Banks and Autos &amp; Parts, Global Health Care stocks, and Japanese Manufacturing stocks.

we believe global equities remain in a state of purgatory and consolidation is likely to continue as several major indexes approach logical resistance... see charts below and page 2. With global equity markets generally moving sideways, we want to stick with themes that are working -- we highlight actionable ideas in the following areas: Australian Banks, European/UK Banks and Autos &amp; Parts, Global Health Care stocks, and Japanese Manufacturing stocks.

Global Equities Nearing Potential Resistance

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The ChiNext index represents 100 leading liquid stocks on the ChiNext market while the ChiNext 50 index is its subset, comprising the 50 stocks with the highest average daily turnover.</li>
<li>In this insight, we have presented our final expectations for ADDs/DELs for the upcoming index review. </li>
<li>The ChiNext and ChiNext 50 index rebal events could trigger US$981mn and US$315mn in one-way flows, respectively.</li>
</ul>


The ChiNext index represents 100 leading liquid stocks on the ChiNext market while the ChiNext 50 index is its subset, comprising the 50 stocks with the highest average daily turnover.
In this insight, we have presented our final expectations for ADDs/DELs for the upcoming index review. 
The ChiNext and ChiNext 50 index rebal events could trigger US$981mn and US$315mn in one-way flows, respectively.


Quiddity Leaderboard ChiNext & ChiNext 50 Jun26: Final Expectations; US$1bn+ Combined One-Way Flows

China

Aier Eye Hospital Group Co., Ltd provides ophthalmological services.  The Company's services include ophthalmological diagnosis and treatments.

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Aier Eye Hospital Group (300015 CH)

EM Strategy and Chartbook: Remain Overweight EM Vs. EAFE

China (MSCI China, Shanghai Comp., Shenzhen A Share) continues to offer many attractive setups and is a major focus in today’s EM Strategy report....

Vermilion Research

Global Equity Strategy: Bearish-Leaning Developments Continue; Europe/UK Holding Above Support.

We remain cautious as the number of bearish-leaning developments continue to pile up. As a result we continue to believe global equities are...

Vermilion Research

Pre-IPO Jinxin Eldercare Industry Group - The Business, the Concerns and the Outlook

Jinxin Eldercare faces profit margin challenges due to its asset-heavy model and upper limit of payments despite promising revenue growth,...

Xinyao (Criss) Wang

Global Equities Nearing Potential Resistance

we believe global equities remain in a state of purgatory and consolidation is likely to continue as several major indexes approach logical...

Vermilion Research

Quiddity Leaderboard ChiNext & ChiNext 50 Jun26: Final Expectations; US$1bn+ Combined One-Way Flows

The ChiNext/ChiNext 50 Jun26 index review results will be announced publicly in the next few days. In this insight, we have presented our final...

Janaghan Jeyakumar, CFA

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