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

We continue to see coronavirus concerns as helping correct the excess bullish sentiment across global equity markets in the short-term. Additionally, considering the dearth of breakdowns, we continue to believe this is a bull market until proven otherwise and a “buy the dip” strategy remains warranted. We recap importat technical levels across markets and highlight opportunities within the Services, Technology, Financial Services, and Staples Sectors.

We continue to see coronavirus concerns as helping correct the excess bullish sentiment across global equity markets in the short-term. Additionally, considering the dearth of breakdowns, we continue to believe this is a bull market until proven otherwise and a “buy the dip” strategy remains warranted. We recap importat technical levels across markets and highlight opportunities within the Services, Technology, Financial Services, and Staples Sectors.

Global Equity Strategy: Growth Over Value

MSCI Emerging Markets Index / Technical Analysis

We are recommending a shift from developed international markets (EAFE) to emerging market equities, as the MSCI EM index is breaking topside resistance, the EM vs. EAFE ratio is bullishly inflecting, and the US dollar (DXY) exhibits signs of breaking down. Russia (RTS), Taiwan (TAIEX), and Brazil (Bovespa) are deserving of overweights in the EM realm, though China (MSCI China) appears to be bottoming as well -- add exposure. EM Sectors: Technology and Consumer Discretionary are leadership -- overweight. Communications is the next most attractive EM Sector thanks largely to improvement in Tencent (700-HK) -- add exposure. Lastly, Materials exhibits early signs of potential price and RS bottoms -- add selective exposure

We are recommending a shift from developed international markets (EAFE) to emerging market equities, as the MSCI EM index is breaking topside resistance, the EM vs. EAFE ratio is bullishly inflecting, and the US dollar (DXY) exhibits signs of breaking down. Russia (RTS), Taiwan (TAIEX), and Brazil (Bovespa) are deserving of overweights in the EM realm, though China (MSCI China) appears to be bottoming as well -- add exposure. EM Sectors: Technology and Consumer Discretionary are leadership -- overweight. Communications is the next most attractive EM Sector thanks largely to improvement in Tencent (700-HK) -- add exposure. Lastly, Materials exhibits early signs of potential price and RS bottoms -- add selective exposure

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wasion-holdings-limited" target="_blank" data-smartkarma-citation="entities:421:1" rel="noopener">Wasion (3393 HK)</a> top AI clients include Bytedance and <a href="https://www.smartkarma.com/entities/gds-holdings-adr" target="_blank" data-smartkarma-citation="entities:23649:1" rel="noopener">GDS Holdings (ADR) (GDS US)</a>to build more data centers.</li>
<li>Wayon Energy IPO will set expectations on how the parent company share price will perform.</li>
<li>This insight also list course of actions to lock in profit based on another stock with similar situation.</li>
</ul>



Wasion (3393 HK) top AI clients include Bytedance and GDS Holdings (ADR) (GDS US)to build more data centers.
Wayon Energy IPO will set expectations on how the parent company share price will perform.
This insight also list course of actions to lock in profit based on another stock with similar situation.


Equity Research Analyst - Long-Short

Raj S, CA, CFA

<ul>
<li>Recent developments materially improve the setup: H200 clarity reduces a major sector overhang and removes uncertainty around chip supply, clearing the way for continued AI-infrastructure expansion in China.</li>
<li>3Q25: VNET's strong result, 2026 outlook, advantaged power resources, and shareholder priorities (no equity dilution and defined leverage limits) reduce downside bottoms-up risk while increasing confidence on execution</li>
<li>None of this is reflected in today’s valuation. With 25–30% EBITDA CAGR and improved visibility on demand and execution, VNET is positioned for a material 2026 re-rating, implying 60-100% upside.</li>
</ul>


Recent developments materially improve the setup: H200 clarity reduces a major sector overhang and removes uncertainty around chip supply, clearing the way for continued AI-infrastructure expansion in China.
3Q25: VNET's strong result, 2026 outlook, advantaged power resources, and shareholder priorities (no equity dilution and defined leverage limits) reduce downside bottoms-up risk while increasing confidence on execution
None of this is reflected in today’s valuation. With 25–30% EBITDA CAGR and improved visibility on demand and execution, VNET is positioned for a material 2026 re-rating, implying 60-100% upside.


2026 High Conviction: VNET US - Thesis Strengthens Into 2026  (Chips, Demand, Execution)

Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

<ul>
<li>The Fed announced a 25bps rate cut, which is largely anticipated by the market.  The SEP median estimate indicates 2 more cuts in 2025</li>
<li>Regarding HK policy address, there are no meaningful positive surprise related to the property market.  It highlights the importance of Northern Metropolis development, and improving home ownership, and talent admission</li>
<li>Investors should see-through these and focus on big picture: macro developments, monetary policy, and sector fundamentals.  Pick company with attractive valuation and catalysts: NWD, Link REIT, CICT, COLI, VNET, GDS</li>
</ul>


The Fed announced a 25bps rate cut, which is largely anticipated by the market.  The SEP median estimate indicates 2 more cuts in 2025
Regarding HK policy address, there are no meaningful positive surprise related to the property market.  It highlights the importance of Northern Metropolis development, and improving home ownership, and talent admission
Investors should see-through these and focus on big picture: macro developments, monetary policy, and sector fundamentals.  Pick company with attractive valuation and catalysts: NWD, Link REIT, CICT, COLI, VNET, GDS


RE Stock Implications from Fed's Rate Cut and HK PA: Focus on Big Picture, Macro and Sector Drivers

China

GDS Holdings Limited operates as a holding company. The Company, through its subsidiaries, develops and operates data centers. GDS Holdings offers risk and security management, information technology planing, remote monitoring, cloud hosting, virtualization, disaster recovery, and remote data protection services.

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GDS Holdings (ADR) (GDS US)

Global Equity Strategy: Growth Over Value

We continue to see coronavirus concerns as helping correct the excess bullish sentiment across global equity markets in the short-term....

Vermilion Research

Shift Exposure From EAFE to EM

We are recommending a shift from developed international markets (EAFE) to emerging market equities, as the MSCI EM index is breaking topside...

Vermilion Research

Wasion (3393): Data Centers and Spin Off

Wasion's top AI clients, including Bytedance and GDS Holdings, are driving the company to build more data centers. Wayon Energy IPO will impact...

Henry Soediarko

2026 High Conviction: VNET US - Thesis Strengthens Into 2026 (Chips, Demand, Execution)

VNET benefits most as H200 clarity lifts chip risk and 3Q results resolve major investor concerns. We see VNET as one of the strongest 2026E calls...

Raj S, CA, CFA

RE Stock Implications from Fed's Rate Cut and HK PA: Focus on Big Picture, Macro and Sector Drivers

Investors should see through Fed's 25bps rate cut and HK's Policy Address, and focus on macro development, geopolitical risks, as well as sector...

Jacob Cheng

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Global Equity Strategy: Growth Over Value

We continue to see coronavirus concerns as helping correct the excess bullish sentiment across global equity markets in the short-term....

Vermilion Research

Shift Exposure From EAFE to EM

We are recommending a shift from developed international markets (EAFE) to emerging market equities, as the MSCI EM index is breaking topside...

Vermilion Research

Wasion (3393): Data Centers and Spin Off

​Wasion's top AI clients, including Bytedance and GDS Holdings, are driving the company to build more data centers. Wayon Energy IPO will impact...

Henry Soediarko

2026 High Conviction: VNET US - Thesis Strengthens Into 2026 (Chips, Demand, Execution)

VNET benefits most as H200 clarity lifts chip risk and 3Q results resolve major investor concerns. We see VNET as one of the strongest 2026E calls...

Raj S, CA, CFA

RE Stock Implications from Fed's Rate Cut and HK PA: Focus on Big Picture, Macro and Sector Drivers

Investors should see through Fed's 25bps rate cut and HK's Policy Address, and focus on macro development, geopolitical risks, as well as sector...

Jacob Cheng

Wasion's top AI clients, including Bytedance and GDS Holdings, are driving the company to build more data centers. Wayon Energy IPO will impact...