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>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 have discussed weekly since 10/14/25 how our near-term bullish outlook remains intact as long as SPX holds above the 3-month uptrend, coinciding with the 50-day MA; this remains true.</li>
<li>Gold (GLD) and silver (SLV) held above $358-$361 and $41.70 supports and appear ready to resume their long-term uptrends. Recently discussed we were buyers in our October 29th report</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 have discussed weekly since 10/14/25 how our near-term bullish outlook remains intact as long as SPX holds above the 3-month uptrend, coinciding with the 50-day MA; this remains true.
Gold (GLD) and silver (SLV) held above $358-$361 and $41.70 supports and appear ready to resume their long-term uptrends. Recently discussed we were buyers in our October 29th report


Upside Ahead for Gold and Silver; DXY Below $100.25; SPX Holding at 3+ Month Uptrend Support

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Japan Infrastructure Fund Investment Corporation / Event-Driven

Japan Infrastructure Fund Investment Corporation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-infrastructure-fund-investment-corporation" target="_blank" data-smartkarma-citation="entities:45990:1" rel="noopener">Japan Infrastructure Fund Investment Corporation (9287 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/mizuho-leasing-co-ltd" target="_blank" data-smartkarma-citation="entities:12780:1" rel="noopener">Mizuho Leasing (8425 JP)</a> at JPY65,000, a 21.5% premium to the last close price.</li>
<li>The offer is light, as it is below book value (implying a P/NAV of 0.82x) and is below the midpoint of the IFA-adjusted book valuation range.</li>
<li>However, a dispersed shareholder register with no substantial shareholders suggests that it is an uphill struggle for an activist to agitate for a bump. This is likely a done deal. </li>
</ul>



Japan Infrastructure Fund Investment Corporation (9287 JP) has recommended a tender offer from Mizuho Leasing (8425 JP) at JPY65,000, a 21.5% premium to the last close price.
The offer is light, as it is below book value (implying a P/NAV of 0.82x) and is below the midpoint of the IFA-adjusted book valuation range.
However, a dispersed shareholder register with no substantial shareholders suggests that it is an uphill struggle for an activist to agitate for a bump. This is likely a done deal. 


Japan Infrastructure Fund (9287JP): Mizuho Leasing (8425 JP)’s Tender Offer Is Light but Likely Done

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

<ul><li>Canadian Solar is primarily focused on producing solar panels</li><li>The company has faced challenges including high debt, financial reporting questions, and fraud concerns</li><li>Despite these issues, the company's stock may be undervalued and there is potential for growth</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Canadian Solar is primarily focused on producing solar panelsThe company has faced challenges including high debt, financial reporting questions, and fraud concernsDespite these issues, the company's stock may be undervalued and there is potential for growthThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Canadian Solar Inc (CSIQ) - Monday, Jul 1, 2024

Founder & Head of Research, Fortress Hill Advisors

Alex Ng

Founder & Head of Research

Fortress Hill Advisors

Founded in Hong Kong in 2019, Fortress Hill Advisor seeks to provide premium economic and financial researches.

Premium Economic & Investment Research

Thematic (Sector/Industry)

<ul>
<li>Recent improvements in solar and battery technologies have been driven by advances in materials science, manufacturing techniques, and system efficiency.</li>
<li>Solid-State batteries replace the liquid electrolyte in traditional lithium-ion batteries with a solid electrolyte, energy density, and charging speeds. They are seen as a game-changer, especially for electric vehicles.</li>
<li>Both solar and battery technologies are becoming cheaper, making renewable energy more accessible and economically viable.</li>
</ul>


Recent improvements in solar and battery technologies have been driven by advances in materials science, manufacturing techniques, and system efficiency.
Solid-State batteries replace the liquid electrolyte in traditional lithium-ion batteries with a solid electrolyte, energy density, and charging speeds. They are seen as a game-changer, especially for electric vehicles.
Both solar and battery technologies are becoming cheaper, making renewable energy more accessible and economically viable.


Improvement in Solar and Battery Technology

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>One year after we started tracking solar investment in US, the planned capacity almost doubled to 123GW, comparing to addition of 32GW of capacity added in 2023;</li>
<li>However, there is a lack of wafer, ingot and polysilicon capacity in planning. Only 7GW of ingot capacity is planned, vs. cell capacity rose from 8% of total to 43%;</li>
<li>Chinese participation declined only slightly from 31% to 28%. Lack of wafer, ingot and polysilicon integration means cost of US production stays high. But overcapacity still restrains up stream profitability.</li>
</ul>


One year after we started tracking solar investment in US, the planned capacity almost doubled to 123GW, comparing to addition of 32GW of capacity added in 2023;
However, there is a lack of wafer, ingot and polysilicon capacity in planning. Only 7GW of ingot capacity is planned, vs. cell capacity rose from 8% of total to 43%;
Chinese participation declined only slightly from 31% to 28%. Lack of wafer, ingot and polysilicon integration means cost of US production stays high. But overcapacity still restrains up stream profitability.


US Battery and Solar Investments, One Year After, Part II

Canada

Canadian Solar Inc. designs, manufactures, and sells solar module products that convert sunlight into electricity for a variety of uses. The Company's products include a range of solar modules for use in a wide range of residential, commercial, and industrial solar power generation systems.

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Canadian Solar Inc (CSIQ US)

Upside Ahead for Gold and Silver; DXY Below $100.25; SPX Holding at 3+ Month Uptrend Support

More Upside Ahead for Gold $GLD and Silver $SLV Following Oct. 29 Buys; $DXY Below $100.25 a Risk-On Signal; Downgrading Services to Market Weight;...

Vermilion Research

Japan Infrastructure Fund (9287JP): Mizuho Leasing (8425 JP)’s Tender Offer Is Light but Likely Done

The offer is light, as it is below book value and the midpoint of the IFA-adjusted book valuation range. However, a dispersed shareholder register...

Arun George

Canadian Solar Inc (CSIQ) - Monday, Jul 1, 2024

Canadian Solar is primarily focused on producing solar panels. The company has faced challenges including high debt, financial reporting questions,...

Value Investors Club (VIC)

Improvement in Solar and Battery Technology

Advances in materials science and manufacturing are driving improvements in solar and battery technologies, making renewable energy more...

Alex Ng

US Battery and Solar Investments, One Year After, Part II

US solar PV capacity in planning more than doubled in the past year, but the addition was mainly in modules. There is a meaningful improvement in...

Blue Lotus Research Institute

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52-week Range

Market Cap (USDm)

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Upside Ahead for Gold and Silver; DXY Below $100.25; SPX Holding at 3+ Month Uptrend Support

More Upside Ahead for Gold $GLD and Silver $SLV Following Oct. 29 Buys; $DXY Below $100.25 a Risk-On Signal; Downgrading Services to Market Weight;...

Vermilion Research

Japan Infrastructure Fund (9287JP): Mizuho Leasing (8425 JP)’s Tender Offer Is Light but Likely Done

The offer is light, as it is below book value and the midpoint of the IFA-adjusted book valuation range. However, a dispersed shareholder register...

Arun George

Canadian Solar Inc (CSIQ) - Monday, Jul 1, 2024

Canadian Solar is primarily focused on producing solar panels. The company has faced challenges including high debt, financial reporting questions,...

Value Investors Club (VIC)

Improvement in Solar and Battery Technology

​Advances in materials science and manufacturing are driving improvements in solar and battery technologies, making renewable energy more...

Alex Ng

US Battery and Solar Investments, One Year After, Part II

US solar PV capacity in planning more than doubled in the past year, but the addition was mainly in modules. There is a meaningful improvement in...

Blue Lotus Research Institute

Advances in materials science and manufacturing are driving improvements in solar and battery technologies, making renewable energy more...