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).</li>
<li>We will maintain our bullish view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.</li>
<li>$123-$123.50 remains short-term support to watch on ACWI-US (6.5-month base); we would expect support here on a pullback, but a break below it would likely mean a test of $119-$121</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).
We will maintain our bullish view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.
$123-$123.50 remains short-term support to watch on ACWI-US (6.5-month base); we would expect support here on a pullback, but a break below it would likely mean a test of $119-$121


Israel TA-125 Remains Bullish; Buys in Norway; All MSCI Global Indexes Above Base Supports

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 foreign holdings of KRX stocks as of Jun 12th. The aggregated holding was USD1,796.8bn.</li>
<li>We estimate that foreign flows to be outflows of USD7,074mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, SKSQUARE, Samsung Elec (PREF), Hyundai Motor.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jun 12th. The aggregated holding was USD1,796.8bn.
We estimate that foreign flows to be outflows of USD7,074mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, SKSQUARE, Samsung Elec (PREF), Hyundai Motor.


KRX Foreign Holding Weekly (Jun 12th): Samsung Electronics, SK Hynix, SKSQUARE, Samsung Elec (PREF)

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Jun 5th. The aggregated short interest was USD17.9bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in SAMSUNG C&amp;T, NAVER, LG Electronics, LG Innotek, SamsungElecMech.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jun 5th. The aggregated short interest was USD17.9bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in SAMSUNG C&amp;T, NAVER, LG Electronics, LG Innotek, SamsungElecMech.


KRX Short Interest Weekly (Jun 5th): SAMSUNG C&T, NAVER, LG Electronics, LG Innotek, SamsungElecMech

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>In this insight, I provide an updated NAV analysis of LG Corp (003550 KS) which is an indirect beneficiary of AI data center cooling system and the physical AI products/services. </li>
<li>My base case valuation of LG Corp is market cap of 33.4 trillion won or NAV per share of 216,627 won, which is 48% higher than current share price.</li>
<li>LG Electronics is a key beneficiary of higher demand for AI driven data center cooling business and LG CNS/LG Electronics are key beneficiaries of growing demand for Physical AI.</li>
</ul>


In this insight, I provide an updated NAV analysis of LG Corp (003550 KS) which is an indirect beneficiary of AI data center cooling system and the physical AI products/services. 
My base case valuation of LG Corp is market cap of 33.4 trillion won or NAV per share of 216,627 won, which is 48% higher than current share price.
LG Electronics is a key beneficiary of higher demand for AI driven data center cooling business and LG CNS/LG Electronics are key beneficiaries of growing demand for Physical AI.


LG Corp: NAV + An Indirect Beneficiary of Growing AI Data Center Cooling Systems and Physical AI

<ul>
<li>I discuss my initial thoughts on the OpenAI IPO (expected to be completed in 2H26) as well as provide key Korean stocks that could outperform and benefit from this IPO. </li>
<li>OpenAI is expected to raise about $60 billion to $75 billion in this IPO, at a valuation of $1 trillion or more. </li>
<li><em><strong>Samsung SDS and LG CNS are two of the key beneficiaries in the Korean stock market of the OpenAI IPO. </strong></em></li>
</ul>


I discuss my initial thoughts on the OpenAI IPO (expected to be completed in 2H26) as well as provide key Korean stocks that could outperform and benefit from this IPO. 
OpenAI is expected to raise about $60 billion to $75 billion in this IPO, at a valuation of $1 trillion or more. 
Samsung SDS and LG CNS are two of the key beneficiaries in the Korean stock market of the OpenAI IPO. 


Initial Thoughts on the OpenAI IPO and the Key Korean Stocks to Benefit from the OpenAI IPO

South Korea

LG CNS Co., Ltd. provides information technology services and solutions. The Company offers consulting, system integration, outsourcing, convergence, video solutions, conditional access systems, and interactive digital television solutions. LG CNS serves customers worldwide.

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LG CNS (064400 KS)

Israel TA-125 Remains Bullish; Buys in Norway; All MSCI Global Indexes Above Base Supports

Israel TA-125 Remains Bullish; Buys in Norway; All MSCI Global Indexes Above Base Supports $ACWI, $ACWX, ACWI ex-US Small-Caps, $EEM, and $EFA....

Vermilion Research

KRX Foreign Holding Weekly (Jun 12th): Samsung Electronics, SK Hynix, SKSQUARE, Samsung Elec (PREF)

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, SK Hynix, SKSQUARE, Samsung...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Jun 5th): SAMSUNG C&T, NAVER, LG Electronics, LG Innotek, SamsungElecMech

We analyzed KRX short interest report for the past week and highlighted short interest changes in SAMSUNG C&T, NAVER, LG Electronics, LG Innotek,...

Ke Yan, CFA, FRM

LG Corp: NAV + An Indirect Beneficiary of Growing AI Data Center Cooling Systems and Physical AI

In this insight, I provide an updated NAV analysis of LG Corp (003550 KS) which is an indirect beneficiary of AI data center cooling system and the...

Douglas Kim

Initial Thoughts on the OpenAI IPO and the Key Korean Stocks to Benefit from the OpenAI IPO

Samsung SDS and LG CNS are two of the key beneficiaries in the Korean stock market of the OpenAI IPO which is expected to raise about $60 billion...

Douglas Kim

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