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), with Int’l Compass reports all echoing this sentiment.</li>
<li>We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 (up from 5700-5785) and $119-$121.</li>
<li>$128, $125-$126, and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.</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), with Int’l Compass reports all echoing this sentiment.
We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 (up from 5700-5785) and $119-$121.
$128, $125-$126, and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.


Continue Adding Exposure to China; Short-Term Supports to for This ACWI-US Pullback

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Nippon Building Fund / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-building-fund-inc" target="_blank" data-smartkarma-citation="entities:1900:1" rel="noopener">Nippon Building Fund (8951 JP)</a> is looking to raise around US$122m in its Primary Offering, to fund the acquisition of Frontier Musashikosugi N Building and S Building.</li>
<li>Unusually for Japan, the acquisition was announced at the end of last month, while the raising has only been announced today.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Nippon Building Fund (8951 JP) is looking to raise around US$122m in its Primary Offering, to fund the acquisition of Frontier Musashikosugi N Building and S Building.
Unusually for Japan, the acquisition was announced at the end of last month, while the raising has only been announced today.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Nippon Building Fund Placement - Small Deal but Lacks Accretion

JX Advanced Metals / Equity Capital Markets

<ul>
<li>JX Advance Metal’s (JXAM) parent, <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS Holdings (5020 JP)</a>, is looking to raise around US$2.6bn via selling more than half of its stake in JXAM in its Japan IPO.</li>
<li>JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used  in the semiconductor and ICT fields.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


JX Advance Metal’s (JXAM) parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling more than half of its stake in JXAM in its Japan IPO.
JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used  in the semiconductor and ICT fields.
In this note, we talk about the positive aspects of the deal.


JX Advance Metals Pre-IPO - The Positives - Transforming

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Renesas Electronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitsubishi-electric-corp" target="_blank" data-smartkarma-citation="entities:11171:1" rel="noopener">Mitsubishi Electric (6503 JP)</a> is looking to raise approximately US$800m through an accelerated secondary block deal, via selling 50.71m shares (2.6% of TSO) of <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a> stock. </li>
<li>The deal will be an easy one to digest at only three days of three month ADV.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Mitsubishi Electric (6503 JP) is looking to raise approximately US$800m through an accelerated secondary block deal, via selling 50.71m shares (2.6% of TSO) of Renesas Electronics (6723 JP) stock. 
The deal will be an easy one to digest at only three days of three month ADV.
In this note, we will talk about the placement and run the deal through our ECM framework.


Renesas Electronics Block - Smaller than Recent Deals but Still Likely Well Flagged

AZ-Com Maruwa Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/az-com-maruwa-holdings" target="_blank" data-smartkarma-citation="entities:17280:1" rel="noopener">AZ-Com Maruwa Holdings (9090 JP)</a> is looking to raise around US$206m in its mixed follow-on offering. </li>
<li>The deal will be a large one to digest, at 129 days of three month ADV, 5.5% dilution and 12.2% of current mcap.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



AZ-Com Maruwa Holdings (9090 JP) is looking to raise around US$206m in its mixed follow-on offering. 
The deal will be a large one to digest, at 129 days of three month ADV, 5.5% dilution and 12.2% of current mcap.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


AZ Com Maruwa Placement - Mixed Feelings About the Mixed Offering

Japan

Japan Prime Realty Investment Corporation is a real estate investment trust (REIT) which mainly invests in office buildings and commercial-use facilities nationwide.

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Japan Prime Realty Investmen (8955 JP)

Continue Adding Exposure to China; Short-Term Supports to for This ACWI-US Pullback

Continue Adding Exposure to China; $ACWI Short-Term Supports for this pullback: $128, $125-$126, and $123-$123.50. Pullbacks = buy opportunities,...

Vermilion Research

Nippon Building Fund Placement - Small Deal but Lacks Accretion

Nippon Building Fund (8951 JP) is looking to raise around US$122m in its Primary Offering, to fund the acquisition of Frontier Musashikosugi N...

Sumeet Singh

JX Advance Metals Pre-IPO - The Positives - Transforming

JX Advance Metal’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling some of its stake in JXAM's Japan IPO. In this...

Sumeet Singh

Renesas Electronics Block - Smaller than Recent Deals but Still Likely Well Flagged

Mitsubishi Electric (6503 JP) is looking to raise approximately US$800m through an accelerated secondary block deal, via selling 50.71m shares...

Ethan Aw

AZ Com Maruwa Placement - Mixed Feelings About the Mixed Offering

AZ-Com Maruwa Holdings (9090 JP) is looking to raise around US$206m in its mixed follow-on offering. In this note, we will talk about the deal...

Ethan Aw

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