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>Additionally, we continue to believe the bottom is in for SPX, IWM, QQQ, and Technology areas (XLK, IGV, SOXX, CHAT).</li>
<li>With that said, some mixed price action in A.I. themes -- notably semiconductors (SOXX), generative A.I. (CHAT), memory (DRAM), and neoclouds (WGMI) -- are giving us some reason for pause.</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). 
Additionally, we continue to believe the bottom is in for SPX, IWM, QQQ, and Technology areas (XLK, IGV, SOXX, CHAT).
With that said, some mixed price action in A.I. themes -- notably semiconductors (SOXX), generative A.I. (CHAT), memory (DRAM), and neoclouds (WGMI) -- are giving us some reason for pause.


Mixed Signals in A.I. Names (SOXX, CHAT, DRAM, WGMI); Bullish Outlook Intact

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Laboratory Corporation of America Holdings / Equity Bottom-Up

Laboratory Corporation of America Holdings (LH US)

Laboratory Corporation of America Holdings

<ul><li>Labcorp Holdings delivered a solid performance in the third quarter of 2025, marked by both commendable revenue growth and margin improvement.</li><li>The company's total revenue increased by 9% year over year, reaching $3.6 billion, with a notable adjusted earnings per share (EPS) growth of 19%.</li><li>The Diagnostics segment, which is significant within the company's structure, contributed to the robust performance with an 8.5% increase in revenue driven by organic growth and acquisitions.</li></ul>

Labcorp Holdings delivered a solid performance in the third quarter of 2025, marked by both commendable revenue growth and margin improvement.The company's total revenue increased by 9% year over year, reaching $3.6 billion, with a notable adjusted earnings per share (EPS) growth of 19%.The Diagnostics segment, which is significant within the company's structure, contributed to the robust performance with an 8.5% increase in revenue driven by organic growth and acquisitions.

LH US - Labcorp’s $100 Million PAMA Challenge: Can AI Save The Day?

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>3SBio will spin-off and separately list the shares of Mandi, a subsidiary of the company. Celltrion got EC approval for Remsima IV liquid, world’s first liquid formulation of IV infliximab.</li>
<li>Hanmi Pharmaceutical is acquiring all of the issued and outstanding common shares of Aptose Biosciences that are not currently owned or controlled by Hanmi.</li>
<li>Otsuka got CHMP positive opinion for donidalorsen for the prevention of recurrent attacks of HAE. CSL plans to expand U.S. presence over the next five years, with ~$1.5B U.S. capex.</li>
</ul>


3SBio will spin-off and separately list the shares of Mandi, a subsidiary of the company. Celltrion got EC approval for Remsima IV liquid, world’s first liquid formulation of IV infliximab.
Hanmi Pharmaceutical is acquiring all of the issued and outstanding common shares of Aptose Biosciences that are not currently owned or controlled by Hanmi.
Otsuka got CHMP positive opinion for donidalorsen for the prevention of recurrent attacks of HAE. CSL plans to expand U.S. presence over the next five years, with ~$1.5B U.S. capex.


APAC Healthcare Weekly (November 23) – 3SBio, Celltrion, Hanmi Pharm, HK Inno.N, Otsuka, CSL

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move sideways, with the resistance at 1,177/1,185 points and the support at 1,157/1,151 points (25-day/10-day EMA).</li><li>Regarding the MPC meeting, KTX expects the committee may choose to keep the policy rate unchanged at 2.0% to monitor the situation and preserve policy space for future use.</li><li>KTX expects MOSHI's sales to maintain growth momentum at a CAGR of 13% over the next three years (2024-27E), based on the assumption of +3% SSSG and average store expansion of 20%.</li></ul>

Technically, the SET Index is expected to move sideways, with the resistance at 1,177/1,185 points and the support at 1,157/1,151 points (25-day/10-day EMA).Regarding the MPC meeting, KTX expects the committee may choose to keep the policy rate unchanged at 2.0% to monitor the situation and preserve policy space for future use.KTX expects MOSHI's sales to maintain growth momentum at a CAGR of 13% over the next three years (2024-27E), based on the assumption of +3% SSSG and average store expansion of 20%.

MPC Meeting & 1Q25 GDP Growth for the EU and US

<ul>
<li>Since late-February (2/25/25 Compass) we expected an 8-10% pullback to provide a buying opportunity. But that all changed in last week's Compass (4/1/25), when we downgraded our outlook to bearish/cautious.</li>
<li>A historic selloff has ensued and significant damage has been done as market dynamics have worsened.</li>
<li>Until we see some base-building process develop alongside improving market dynamics, we remain cautious and we continue to favor defensives as long as the SPX is below its 200-day MA.</li>
</ul>


Since late-February (2/25/25 Compass) we expected an 8-10% pullback to provide a buying opportunity. But that all changed in last week's Compass (4/1/25), when we downgraded our outlook to bearish/cautious.
A historic selloff has ensued and significant damage has been done as market dynamics have worsened.
Until we see some base-building process develop alongside improving market dynamics, we remain cautious and we continue to favor defensives as long as the SPX is below its 200-day MA.


S&P 500 and Nasdaq 100 Testing Prior 2022 Highs; Still Bearish and Cautious

United States

Laboratory Corporation of America Holdings is a clinical laboratory company that offers clinical laboratory tests used by the medical profession in routine testing, patient diagnosis, and in the monitoring and treatment of disease. The Company develops specialty testing operations, such as oncology testing, HIV genotyping and phenotyping, diagnostic genetics and clinical trials.

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Laboratory Corporation of America Holdings (LH US)

Mixed Signals in A.I. Names (SOXX, CHAT, DRAM, WGMI); Bullish Outlook Intact

Mixed Signals in A.I. Names ($SOXX $CHAT $DRAM $WGMI); Bullish Outlook Intact $SPX $QQQ $IWM. $CHAT breaking above the 50-day MA likely signaling...

Vermilion Research

LH US - Labcorp’s $100 Million PAMA Challenge: Can AI Save The Day?

Labcorp Holdings delivered a solid performance in the third quarter of 2025, marked by both commendable revenue growth and margin improvement. The...

Baptista Research

APAC Healthcare Weekly (November 23) – 3SBio, Celltrion, Hanmi Pharm, HK Inno.N, Otsuka, CSL

3SBio will spin-off and separately list its subsidiary. Celltrion got EC approval for Remsima IV liquid. Hanmi Pharm is acquiring Aptose...

Tina Banerjee

MPC Meeting & 1Q25 GDP Growth for the EU and US

Technically, the SET Index is expected to move sideways, with the resistance at 1,177/1,185 points and the support at 1,157/1,151 points...

Krungthai XSpring

S&P 500 and Nasdaq 100 Testing Prior 2022 Highs; Still Bearish and Cautious

$SPX and Nasdaq 100 $QQQ Testing Prior 2022 Highs; Upgrading Health Care $XLV; Downgrading Transportation $IYT; Still Bearish and Cautious; Sell...

Vermilion Research

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