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

<p>In this report we provide a synopsis of EM markets. We also scour the EM universe for attractive and actionable opportunities, highlighting opportunities within India's SENSEX, global energy and materials sectors, and Asian banks.</p>

In this report we provide a synopsis of EM markets. We also scour the EM universe for attractive and actionable opportunities, highlighting opportunities within India's SENSEX, global energy and materials sectors, and Asian banks.

<p>The U.S. has continued to separate itself from broad emerging market and developed international indexes. One positive is that MSCI EM and MSCI EAFE have been able to stabilize <em>from a price perspective </em>in recent weeks despite relative strength weakness vs. MSCI ACWI.<em>  </em>In today’s report we scour the globe for attractive investments, ex-U.S., in an environment where selectivity is key.  </p>

The U.S. has continued to separate itself from broad emerging market and developed international indexes. One positive is that MSCI EM and MSCI EAFE have been able to stabilize from a price perspective in recent weeks despite relative strength weakness vs. MSCI ACWI.  In today’s report we scour the globe for attractive investments, ex-U.S., in an environment where selectivity is key.  

Global Equity Strategy: Where to Hide Outside the U.S.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

Sejong Medical Co Ltd / Equity Capital Markets

<h2>Sejong Medical Comparable Companies Valuation Analysis</h2><p><strong>We are negative on the Sejong Medical IPO. </strong>The four major comps that the bankers used for Sejong Medical include Sewoon Medical, <a href="https://www.smartkarma.com/entities/22860" target="_blank" data-smartkarma-citation="entities:22860:1">Hugel Inc (145020 KS)</a>, <a href="https://www.smartkarma.com/entities/23565" target="_blank" data-smartkarma-citation="entities:23565:1">Dentium</a>, and <a href="https://www.smartkarma.com/entities/5028" target="_blank" data-smartkarma-citation="entities:5028:1">Humedix Co Ltd (200670 KS)</a>. The average market cap of these comps is 862 billion won, which is much bigger than the expected market cap of Sejong Medical, a maker of medical devices including laparoscopic surgical instruments. . The comps' average P/S multiple is 6.6x (2017) and…</p>

Sejong Medical Comparable Companies Valuation AnalysisWe are negative on the Sejong Medical IPO. The four major comps that the bankers used for Sejong Medical include Sewoon Medical, Hugel Inc (145020 KS), Dentium, and Humedix Co Ltd (200670 KS). The average market cap of these comps is 862 billion won, which is much bigger than the expected market cap of Sejong Medical, a maker of medical devices including laparoscopic surgical instruments. . The comps' average P/S multiple is 6.6x (2017) and…

Sejong Medical IPO Preview (Part 2) - Valuation Analysis

<div class="content-highlight"><p><strong>We are positive on the Genoray IPO. Our one year price target of the company is 25,944 won, which would represent nearly 27% higher than the high end of the IPO price range, 20,500 won. Our price target would suggest an implied market cap of 122.5 billion won and is based on 18.4x our estimated net profit of 6.7 billion won in 2019. The bookbuilding of Genoray IPO starts on May 9th.</strong></p></div><h2>Genoray (Valuation Analysis)</h2><p>Genoray is a medical &amp; dental imaging equipment maker in Korea. At the top end of the…</p>

We are positive on the Genoray IPO. Our one year price target of the company is 25,944 won, which would represent nearly 27% higher than the high end of the IPO price range, 20,500 won. Our price target would suggest an implied market cap of 122.5 billion won and is based on 18.4x our estimated net profit of 6.7 billion won in 2019. The bookbuilding of Genoray IPO starts on May 9th.Genoray (Valuation Analysis)Genoray is a medical &amp; dental imaging equipment maker in Korea. At the top end of the…

Genoray IPO Preview (Part 2) - Valuation Analysis

<p><strong>Genoray </strong>is an IPO in Korea that is scheduled to be completed in May 2018. Genoray is a<strong> medical &amp; dental imaging equipment maker</strong> in Korea. The IPO deal size is expected to be between US$10 million to US$11 million. Korea Investment &amp; Securities is the lead banker on this deal. The expected market cap of the company using the IPO price range is between 83 billion won and 97 billion won. Despite the low market cap, there is likely to be some interest in this IPO by many institutional investors…</p>

Genoray is an IPO in Korea that is scheduled to be completed in May 2018. Genoray is a medical &amp; dental imaging equipment maker in Korea. The IPO deal size is expected to be between US$10 million to US$11 million. Korea Investment &amp; Securities is the lead banker on this deal. The expected market cap of the company using the IPO price range is between 83 billion won and 97 billion won. Despite the low market cap, there is likely to be some interest in this IPO by many institutional investors…

Genoray IPO Preview (Part 1) - Better than Sejong Medical IPO?

South Korea

Dentium Co., Ltd. manufactures dental instruments and materials.  The Company's products include dental implant kits and lab tool kits.

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Dentium (145720 KS)

EM Strategy: Remain Overweight India

In this report we provide a synopsis of EM markets. We also scour the EM universe for attractive and actionable opportunities, highlighting...

Vermilion Research

Global Equity Strategy: Where to Hide Outside the U.S.

The U.S. has continued to separate itself from broad emerging market and developed international indexes. One positive is that MSCI EM and MSCI...

Vermilion Research

Sejong Medical IPO Preview (Part 2) - Valuation Analysis

Sejong Medical Comparable Companies Valuation AnalysisWe are negative on the Sejong Medical IPO. The four major comps that the bankers used for...

Douglas Kim

Genoray IPO Preview (Part 2) - Valuation Analysis

We are positive on the Genoray IPO. Our one year price target of the company is 25,944 won, which would represent nearly 27% higher than the high...

Douglas Kim

Genoray IPO Preview (Part 1) - Better than Sejong Medical IPO?

Genoray is an IPO in Korea that is scheduled to be completed in May 2018. Genoray is a medical & dental imaging equipment maker in Korea. The...

Douglas Kim

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