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

Shanghai Stock Exchange Composite Index / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.</li>
<li>$125-$126 and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.
$125-$126 and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.


China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

Chow Tai Fook Jewellery / Equity Bottom-Up

<ul>
<li>We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company.</li>
<li>Our top in China are <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a> , <a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK) and Dongfeng Motor (489 HK)  </a>
</li>
<li>Our top picks in Japan are <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a>,<a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> and in India Auto it is <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN) &amp; </a><a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a><a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener"> </a>
</li>
</ul>


We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company.
Our top in China are Chow Tai Fook Jewellery (1929 HK) , Midea Group (300 HK) and Dongfeng Motor (489 HK)  

Our top picks in Japan are Denso Corp (6902 JP),ROHM Co Ltd (6963 JP) and in India Auto it is Mahindra &amp; Mahindra (MM IN) &amp; Ashok Leyland (AL IN) 



Shortlist Of High Conviction Ideas Across China, Japan, India - June 2025

Tata Motors Passenger Vehicles / Equity Bottom-Up

<ul>
<li>We continue to reiterate our short call on <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> based on near term challenges.</li>
<li>May sales volume is weak versus peers in industry. This weak performance is seen across segments - India passenger cars, commercial vehicles and UK Retail sales</li>
<li>This insight discusses the whole sale volume in the month of May and compares it with its nearest competitors.</li>
</ul>


We continue to reiterate our short call on Tata Motors Ltd (TTMT IN) based on near term challenges.
May sales volume is weak versus peers in industry. This weak performance is seen across segments - India passenger cars, commercial vehicles and UK Retail sales
This insight discusses the whole sale volume in the month of May and compares it with its nearest competitors.


Reiterate Short Tata Motors - Weak Sales Volume, JLR UK Retails Weak

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beiqi-foton-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:4732:1" rel="noopener">Beiqi Foton Motor Co Ltd A (600166 CH)</a>, via Energy In Motion, marks <a href="https://www.smartkarma.com/entities/baic-motor-corp-ltd-h" target="_blank" data-smartkarma-citation="entities:90:1" rel="noopener">Baic Motor Corp Ltd H (1958 HK)</a>’s electric truck entry in India targeting heavy-duty logistics.</li>
<li>In this insight we attempt to identify implications on existing players like <a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a>, <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> , <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> and others.</li>
<li>Ravindra Energy's INR 180 crore equity raise appears to have been a strategic precursor, providing funding to support infrastructure and operational rollout of electric commercial vehicles in partnership with Foton.</li>
</ul>



Beiqi Foton Motor Co Ltd A (600166 CH), via Energy In Motion, marks Baic Motor Corp Ltd H (1958 HK)’s electric truck entry in India targeting heavy-duty logistics.
In this insight we attempt to identify implications on existing players like Ashok Leyland (AL IN), Tata Motors Ltd (TTMT IN) , Mahindra &amp; Mahindra (MM IN) and others.
Ravindra Energy's INR 180 crore equity raise appears to have been a strategic precursor, providing funding to support infrastructure and operational rollout of electric commercial vehicles in partnership with Foton.


BAIC Enters Indian Commercial Vehicle Market - Implications

<ul>
<li>Our selection of Indian Auto companies is based on these characteristics: value, near term growth triggers, margin of safety and management commentary post Q4FY25 Results.</li>
<li>We present our list of stocks in the BUY, SELL(short) and HOLD category in this insight.</li>
<li>We will review our note on these names post their monthly sales volume performance and outlook in medium term.</li>
</ul>


Our selection of Indian Auto companies is based on these characteristics: value, near term growth triggers, margin of safety and management commentary post Q4FY25 Results.
We present our list of stocks in the BUY, SELL(short) and HOLD category in this insight.
We will review our note on these names post their monthly sales volume performance and outlook in medium term.


Shortlist Of High Conviction Long and Short Ideas in Indian Auto:Growth Outlook & Valuation-May 2025

India

Ashok Leyland Limited manufactures medium and heavy duty commercial vehicles, including buses, tractors, dumpsters, haulage trucks, fire engines, and defense sector vehicles. The Company also manufactures industrial & marine engines, ferrous castings and spare parts for automobiles. Ashok Leyland sells its products in India and abroad.

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Ashok Leyland (AL IN)

China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

China's Shanghai Composite and Japan's TOPIX and TOPIX Small indexes Breaking Out -- Buy; Bullish Outlook Intact on global equities $ACWI; U.S....

Vermilion Research

Shortlist Of High Conviction Ideas Across China, Japan, India - June 2025

Our selection of top companies in Japan, China, and India is based on bottom-up triggers in each company, with picks including Chow Tai Fook,...

Sreemant Dudhoria,CFA

Reiterate Short Tata Motors - Weak Sales Volume, JLR UK Retails Weak

Short call reiterated on Tata Motors Ltd due to weak May sales volume across segments in India and UK, lagging behind industry peers.

Sreemant Dudhoria,CFA

BAIC Enters Indian Commercial Vehicle Market - Implications

The stock is looking to close another 17% up today post the 20% upper freeze on the day of announcement. The company has released a business update...

Sreemant Dudhoria,CFA

Shortlist Of High Conviction Long and Short Ideas in Indian Auto:Growth Outlook & Valuation-May 2025

Highlights Indian Auto companies based on value, growth triggers and management commentary post Q4FY25 results. Stocks categorized as BUY, SELL...

Sreemant Dudhoria,CFA

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52-week Range

Market Cap (USDm)

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China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

China's Shanghai Composite and Japan's TOPIX and TOPIX Small indexes Breaking Out -- Buy; Bullish Outlook Intact on global equities $ACWI; U.S....

Vermilion Research

Shortlist Of High Conviction Ideas Across China, Japan, India - June 2025

​Our selection of top companies in Japan, China, and India is based on bottom-up triggers in each company, with picks including Chow Tai Fook,...

Sreemant Dudhoria,CFA

Reiterate Short Tata Motors - Weak Sales Volume, JLR UK Retails Weak

​Short call reiterated on Tata Motors Ltd due to weak May sales volume across segments in India and UK, lagging behind industry peers.

Sreemant Dudhoria,CFA

BAIC Enters Indian Commercial Vehicle Market - Implications

The stock is looking to close another 17% up today post the 20% upper freeze on the day of announcement. The company has released a business update...

Sreemant Dudhoria,CFA

Shortlist Of High Conviction Long and Short Ideas in Indian Auto:Growth Outlook & Valuation-May 2025

​Highlights Indian Auto companies based on value, growth triggers and management commentary post Q4FY25 results. Stocks categorized as BUY, SELL...

Sreemant Dudhoria,CFA

Our selection of top companies in Japan, China, and India is based on bottom-up triggers in each company, with picks including Chow Tai Fook,...

Short call reiterated on Tata Motors Ltd due to weak May sales volume across segments in India and UK, lagging behind industry peers.

Highlights Indian Auto companies based on value, growth triggers and management commentary post Q4FY25 results. Stocks categorized as BUY, SELL...