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

<p>Despite several indexes recently touching new 52+ week highs, broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remain near logical resistance, and indicators continue to send mixed signals. As a result we are hesitant to get too bullish or bearish. Instead we want to focus on Sector/Group/industry themes where we bottoming price and RS, or attractive pullback opportunities within established price and RS uptrends.  In this report we highlight such opportunities, within the Technology, Consumer Staples and Services Sectors.</p>

Despite several indexes recently touching new 52+ week highs, broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remain near logical resistance, and indicators continue to send mixed signals. As a result we are hesitant to get too bullish or bearish. Instead we want to focus on Sector/Group/industry themes where we bottoming price and RS, or attractive pullback opportunities within established price and RS uptrends.  In this report we highlight such opportunities, within the Technology, Consumer Staples and Services Sectors.

Global Equity Strategy: Not Too Bullish, Not Too Bearish

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of May 22nd. The aggregated net margin trading position is USD28,591m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, Fujikura, Mitsubishi UFJ Financial, SoftBank, Tokyo Kiraboshi Financial, Advantest, Fast Retailing, Sumitomo Mitsui Financial, Furukawa Electric, Mizuho Financial.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of May 22nd. The aggregated net margin trading position is USD28,591m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, Fujikura, Mitsubishi UFJ Financial, SoftBank, Tokyo Kiraboshi Financial, Advantest, Fast Retailing, Sumitomo Mitsui Financial, Furukawa Electric, Mizuho Financial.


JPX Margin Trading Weekly (May 22nd): Kioxia, Fujikura, Mitsubishi UFJ Financial, SoftBank

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of May 15th. The aggregated net margin trading position is USD27,467m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, Mitsubishi Heavy Industries, Lasertec, Disco, JX Advanced Metals, IHI, Furukawa Electric, Nintendo, Sumitomo Electric Industries, Mitsubishi.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of May 15th. The aggregated net margin trading position is USD27,467m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, Mitsubishi Heavy Industries, Lasertec, Disco, JX Advanced Metals, IHI, Furukawa Electric, Nintendo, Sumitomo Electric Industries, Mitsubishi.


JPX Margin Trading Weekly (May 15th): Kioxia, Mitsubishi Heavy Industries, Lasertec, Disco

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> announced <a href="https://www.denso.com/global/en/news/newsroom/2026/20260428-g01/" target="_blank" rel="noopener">results</a> on 28 April 2026 at mid-day. The stock did not react particularly well. Results seemed in-line, but guidance was lower across the board.</li>
<li>Aisin also announced. The two announced tender offer buybacks totalling ¥314bn/¥46bn respectively after Toyota's tender results of ¥3.65trln. Tsusho is likely to announce their ¥670bn buyback today.</li>
<li>Denso's Buyback fis ~10% below market. Selling there is selling 9.5x 2027e PER. Toyota is left at 9x 27e EPS. Aisin's tender at 8.4x 2027e. Tsusho likely at 13x 2027e. </li>
</ul>



Denso Corp (6902 JP) announced results on 28 April 2026 at mid-day. The stock did not react particularly well. Results seemed in-line, but guidance was lower across the board.
Aisin also announced. The two announced tender offer buybacks totalling ¥314bn/¥46bn respectively after Toyota's tender results of ¥3.65trln. Tsusho is likely to announce their ¥670bn buyback today.
Denso's Buyback fis ~10% below market. Selling there is selling 9.5x 2027e PER. Toyota is left at 9x 27e EPS. Aisin's tender at 8.4x 2027e. Tsusho likely at 13x 2027e. 


[Japan Buyback] Denso (6902) And Aisin (7259) Start Large Tender Buybacks; Tsusho Likely, Ibiden a ❓

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Apr 24th. The aggregated net margin trading position is USD24,585m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, SoftBank, Lasertec, Nintendo, Disco, Sumitomo Pharma, Fast Retailing, Furukawa Electric, Mitsubishi Heavy Industries, Toyota Motor.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Apr 24th. The aggregated net margin trading position is USD24,585m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, SoftBank, Lasertec, Nintendo, Disco, Sumitomo Pharma, Fast Retailing, Furukawa Electric, Mitsubishi Heavy Industries, Toyota Motor.


JPX Margin Trading Weekly (Apr 24th): Kioxia, SoftBank, Lasertec, Nintendo, Disco, Sumitomo Pharma

Japan

IBIDEN CO, LTD. develops, produces, and markets ceramics, housing materials, and electronics.  The Company's products include printed circuit boards (PCB), graphite specialties, integrated circuit (IC) packages, ceramic fibers, melamine decorative high-pressure laminates, and pre-cut structural materials.

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Ibiden Co Ltd (4062 JP)

Global Equity Strategy: Not Too Bullish, Not Too Bearish

Despite several indexes recently touching new 52+ week highs, broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remain near logical...

Vermilion Research

JPX Margin Trading Weekly (May 22nd): Kioxia, Fujikura, Mitsubishi UFJ Financial, SoftBank

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Fujikura (5803 JP), Mitsubishi UFJ Financial...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (May 15th): Kioxia, Mitsubishi Heavy Industries, Lasertec, Disco

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Mitsubishi Heavy Industries (7011 JP), Lasertec...

Ke Yan, CFA, FRM

[Japan Buyback] Denso (6902) And Aisin (7259) Start Large Tender Buybacks; Tsusho Likely, Ibiden a ❓

Toyota's Tender Offer Buyback is done. Denso and Aisin announced new big buybacks. Tsusho likely to announce today. That's ¥4.7trln. Ibiden's...

Travis Lundy

JPX Margin Trading Weekly (Apr 24th): Kioxia, SoftBank, Lasertec, Nintendo, Disco, Sumitomo Pharma

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), SoftBank (9984 JP), Lasertec (6920 JP),...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

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