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 bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). </li>
<li>Both the SPX and QQQ are testing their 50-day MAs, and we are buyers on this pullback as we expect 50-day MA supports to hold.</li>
<li>We are upgrading Financials (XLF) and Utilities (XLU) to market weight with RS making bullish inflections. Buys: HOOD DAVE AFRM UPST SEZL KLAR TLN GEV</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). 
Both the SPX and QQQ are testing their 50-day MAs, and we are buyers on this pullback as we expect 50-day MA supports to hold.
We are upgrading Financials (XLF) and Utilities (XLU) to market weight with RS making bullish inflections. Buys: HOOD DAVE AFRM UPST SEZL KLAR TLN GEV


Upgrading Financials and Utilities to Market Weight; Risk-On Signals Remain Dominant. HOOD DAVE AFRM

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/ls-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:4114:1" rel="noopener">LS Electric (010120 KS)</a> has morphed from a domestic electric component player into a global powerhouse thanks to the demand-supply imbalances mainly in the US. </li>
<li>Share price and valuation have gone up, but the earnings growth rate has also increased that made the PEG ratio hover between 1 and 1.2x, relatively undemanding for growth sector. </li>
<li>It is no longer a utility and power play but now it is part of the AI and Data center ecosystem.</li>
</ul>



LS Electric (010120 KS) has morphed from a domestic electric component player into a global powerhouse thanks to the demand-supply imbalances mainly in the US. 
Share price and valuation have gone up, but the earnings growth rate has also increased that made the PEG ratio hover between 1 and 1.2x, relatively undemanding for growth sector. 
It is no longer a utility and power play but now it is part of the AI and Data center ecosystem.


Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong market joined other Asian markets during the post-war sell-off.  The HSI easily held its long-term support levels, and the overall market breadth remains above 60.</li>
<li>The materials sector has lost momentum as the energy sector emerged as the standout winner in the first quarter of 2026.  Value and dividend yield factors continue to outperform.</li>
<li>
<a href="https://www.smartkarma.com/entities/xinjiang-goldwind-science-technology-h" target="_blank" data-smartkarma-citation="entities:10112:1" rel="noopener">Xinjiang Goldwind Science &amp; Technology (2208 HK)</a> has been upgraded by JP Morgan, along with a target price rise from DBS.  The company is experiencing a surge in international orders.
</li>
</ul>


The Hong Kong market joined other Asian markets during the post-war sell-off.  The HSI easily held its long-term support levels, and the overall market breadth remains above 60.
The materials sector has lost momentum as the energy sector emerged as the standout winner in the first quarter of 2026.  Value and dividend yield factors continue to outperform.

Xinjiang Goldwind Science &amp; Technology (2208 HK) has been upgraded by JP Morgan, along with a target price rise from DBS.  The company is experiencing a surge in international orders.



BUY/SELL/HOLD: Hong Kong Market Update (4/14/26)

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>India's power equipment manufacturers are collectively committing roughly INR 32,000 crore to new factories and capacity upgrades, the largest manufacturing investment wave the sector has seen in decades.</li>
<li>Peak electricity demand hit a record 250 GW in FY25 and is heading toward 458 GW by 2032, creating an order environment that manufacturers cannot fulfill with existing infrastructure alone.</li>
<li>This is not a single big-ticket NTPC-style investment, but dozens of simultaneous factory expansions across the power value chain funded majorly by internal accrual shocasing their confidence.</li>
</ul>


India's power equipment manufacturers are collectively committing roughly INR 32,000 crore to new factories and capacity upgrades, the largest manufacturing investment wave the sector has seen in decades.
Peak electricity demand hit a record 250 GW in FY25 and is heading toward 458 GW by 2032, creating an order environment that manufacturers cannot fulfill with existing infrastructure alone.
This is not a single big-ticket NTPC-style investment, but dozens of simultaneous factory expansions across the power value chain funded majorly by internal accrual shocasing their confidence.


India’s Energy Sector ₹32,000 Cr Capex Surge: Decoding the Value Chain

Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

Macroeconomics

<h3>This Week's Key Take Aways</h3><ul><li>Volatility suggests markets are not concerned about…anything.</li><li>Crude has a down month.</li><li>Industrials have had a great 8 months, will it continue?</li><li>Renewable investment growth continues, everywhere but the US.</li><li>The market has pre-priced in cuts; will it subdue the economic impact?</li></ul>

This Week's Key Take AwaysVolatility suggests markets are not concerned about…anything.Crude has a down month.Industrials have had a great 8 months, will it continue?Renewable investment growth continues, everywhere but the US.The market has pre-priced in cuts; will it subdue the economic impact?

Real Asset Chartbook Week #19: Volatility Is Low, Crude Is Down, and Industrials Are on a Roll

United States

GE Vernova Inc is an electric power company. The Company designs, manufactures, and delivers electric power systems and services that generate, transfer, orchestrate, convert, and store electricity. GE Vernova serves customers globally.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

GE Vernova (GEV US)

Upgrading Financials and Utilities to Market Weight; Risk-On Signals Remain Dominant. HOOD DAVE AFRM

Upgrading Financials and Utilities to Market Weight; Risk-On Signals Remain Dominant. Charts Highlighted: XLF, XLU, HOOD, DAVE, SEZL, AFRM, UPST,...

Vermilion Research

LS Electric (010120): Still Juicy

LS Electric has graduated from being a utility company into AI and data center value chain. At 1.2x PEG, supported by a great demand from the US,...

Henry Soediarko

BUY/SELL/HOLD: Hong Kong Market Update (4/14/26)

The Hong Kong market joined other Asian markets during the post-war sell-off. The HSI easily held its long-term support levels, and the overall...

David Mudd

India’s Energy Sector ₹32,000 Cr Capex Surge: Decoding the Value Chain

India's power equipment manufacturers are investing INR 32,000 crore in new factories and upgrades to meet rising electricity demand, signaling a...

Sudarshan Bhandari

Real Asset Chartbook Week #19: Volatility Is Low, Crude Is Down, and Industrials Are on a Roll

This Week's Key Take Aways Volatility suggests markets are not concerned about…anything. Crude has a down month. Industrials have had a great 8...

Massif Capital Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Upgrading Financials and Utilities to Market Weight; Risk-On Signals Remain Dominant. HOOD DAVE AFRM

Upgrading Financials and Utilities to Market Weight; Risk-On Signals Remain Dominant. Charts Highlighted: XLF, XLU, HOOD, DAVE, SEZL, AFRM, UPST,...

Vermilion Research

LS Electric (010120): Still Juicy

LS Electric has graduated from being a utility company into AI and data center value chain. At 1.2x PEG, supported by a great demand from the US,...

Henry Soediarko

BUY/SELL/HOLD: Hong Kong Market Update (4/14/26)

The Hong Kong market joined other Asian markets during the post-war sell-off. The HSI easily held its long-term support levels, and the overall...

David Mudd

India’s Energy Sector ₹32,000 Cr Capex Surge: Decoding the Value Chain

​India's power equipment manufacturers are investing INR 32,000 crore in new factories and upgrades to meet rising electricity demand, signaling a...

Sudarshan Bhandari

Real Asset Chartbook Week #19: Volatility Is Low, Crude Is Down, and Industrials Are on a Roll

This Week's Key Take Aways Volatility suggests markets are not concerned about…anything. Crude has a down month. Industrials have had a great 8...

Massif Capital Research

India's power equipment manufacturers are investing INR 32,000 crore in new factories and upgrades to meet rising electricity demand, signaling a...