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>Global equities (MSCI ACWI -- ACWI-US) and the U.S. (S&amp;P 500) remain topside their respective bases at $117 and 5650-5670.</li>
<li>As discussed last week (October 17, 2024 Int'l Compass), we upgraded our outlook on global equities (MSCI ACWI) to bullish, saying to use any pre-election pullback as opportunity to buy.</li>
<li>The pullback appears to be underway, and we are buyers as long as ACWI-US and S&amp;P 500 remain above their aforementioned bases</li>
</ul>


Global equities (MSCI ACWI -- ACWI-US) and the U.S. (S&amp;P 500) remain topside their respective bases at $117 and 5650-5670.
As discussed last week (October 17, 2024 Int'l Compass), we upgraded our outlook on global equities (MSCI ACWI) to bullish, saying to use any pre-election pullback as opportunity to buy.
The pullback appears to be underway, and we are buyers as long as ACWI-US and S&amp;P 500 remain above their aforementioned bases


Buying Global Technology; SPX and MSCI ACWI Above Base Supports; Sea, TSMC, SAP, Luxshare, & More

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Meta officially unveiled the latest MR Quest 3S, prototype of its first Orion AR glasses, and updates on Meta AI and Ray-Ban smart glasses during the Meta Connect event.</li><li>The new Quest 3S came at US$ 299 as a more affordable version of Quest 3 (US$ 499) launched last year, equipped with reduced specs on display, resolution and optical solution, but featuring the same processor, MR functions, hand tracking and full gaming/social/entertainment experience with Horizon OS.</li><li>Meta also debuted Orion, its most advanced AR glass prototype, featuring wide FoV, holographic displays, see-through MR function, eye/hand tracking, new display architecture and wrist-based neural interface in a light design (100g). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Meta officially unveiled the latest MR Quest 3S, prototype of its first Orion AR glasses, and updates on Meta AI and Ray-Ban smart glasses during the Meta Connect event.The new Quest 3S came at US$ 299 as a more affordable version of Quest 3 (US$ 499) launched last year, equipped with reduced specs on display, resolution and optical solution, but featuring the same processor, MR functions, hand tracking and full gaming/social/entertainment experience with Horizon OS.Meta also debuted Orion, its most advanced AR glass prototype, featuring wide FoV, holographic displays, see-through MR function, eye/hand tracking, new display architecture and wrist-based neural interface in a light design (100g). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technology - Meta Connect 2024: Quest 3S, Orion AR Glasses, AI and Ray-Ban Smart Glasses Updates

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

Shenton Research

Shenton 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 analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 81.8% as of Sep 4th.</li>
<li>The average A-H premium changed by 0.4ppt week-on-week, led by communication services, consumer staples, consumer discretionary and offset by energy, financials, utilities.</li>
<li>We highlight weekly changes in A-H premium for China South Air, Remegen, China Telecom, Muyuan Foods, Conch Cement, Minsheng Bank.</li>
</ul>


We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 81.8% as of Sep 4th.
The average A-H premium changed by 0.4ppt week-on-week, led by communication services, consumer staples, consumer discretionary and offset by energy, financials, utilities.
We highlight weekly changes in A-H premium for China South Air, Remegen, China Telecom, Muyuan Foods, Conch Cement, Minsheng Bank.


A-H Premium Weekly (Sep 4th): China South Air, Remegen, China Telecom, Muyuan Foods, Conch Cement

<ul><li>Apple unveiled four iPhone 16 models (16/16 Plus, 16 Pro/Pro Max), featuring bigger screens (premium models), better processor, improved battery life, new Camera Control button and Apple Intelligence features.</li><li>Apple also launched two Apple Watch (Series 10/Ultra 2) and three AirPods (4/Pro 2/Max).</li><li>We believe most spec upgrades and Apple Intelligence launch are in-line with expectations, and no price hikes for both iPhone 16/16 Pro models will be positive to unlock pent-up demand and boost replacement cycle, given AI integration and multiple new features. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Apple unveiled four iPhone 16 models (16/16 Plus, 16 Pro/Pro Max), featuring bigger screens (premium models), better processor, improved battery life, new Camera Control button and Apple Intelligence features.Apple also launched two Apple Watch (Series 10/Ultra 2) and three AirPods (4/Pro 2/Max).We believe most spec upgrades and Apple Intelligence launch are in-line with expectations, and no price hikes for both iPhone 16/16 Pro models will be positive to unlock pent-up demand and boost replacement cycle, given AI integration and multiple new features. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technology - Apple Launch Event: New IPhone 16/Watch/AirPods Unveiled

<ul><li>Apple will host a “It’s Glowtime” event on 9 Sep (10 Sep BJ Time), and it is widely expected to introduce four new iPhone 16 models (16/16 Plus, 16 Pro/Pro Max), new Apple Watches (10/Ultra 3), and 4th-gen AirPods.</li><li>We believe the event will focus on the integration of Apple Intelligence with the new devices, which we expect to accelerate replacement cycle, despite part of iOS 18 AI features coming on a later date.</li><li>Potential upside surprises include iPhone price increase, earlier and new AI features, and better carrier promotions/trade-in. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Apple will host a “It’s Glowtime” event on 9 Sep (10 Sep BJ Time), and it is widely expected to introduce four new iPhone 16 models (16/16 Plus, 16 Pro/Pro Max), new Apple Watches (10/Ultra 3), and 4th-gen AirPods.We believe the event will focus on the integration of Apple Intelligence with the new devices, which we expect to accelerate replacement cycle, despite part of iOS 18 AI features coming on a later date.Potential upside surprises include iPhone price increase, earlier and new AI features, and better carrier promotions/trade-in. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technology - Apple Sep event preview: All eyes on AI integration with new iPhone 16/Watch/AirPods

China

Luxshare Precision Industry Co., Ltd. researches, manufactures and sells connectors. The Company's products are widely used in computers, communication devices, consumer electronics products and automobiles.

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Luxshare Precision Industry (002475 CH)

Buying Global Technology; SPX and MSCI ACWI Above Base Supports; Sea, TSMC, SAP, Luxshare, & More

Buying Global Technology; $SPX and MSCI $ACWI Remain Above Base Supports at 5650-5670 and $117; Buying Taiwan Semiconductor $TSM $SE $SAP $GRAB...

Vermilion Research

Technology - Meta Connect 2024: Quest 3S, Orion AR Glasses, AI and Ray-Ban Smart Glasses Updates

Meta officially unveiled the latest MR Quest 3S, prototype of its first Orion AR glasses, and updates on Meta AI and Ray-Ban smart glasses during...

CMB International

A-H Premium Weekly (Sep 4th): China South Air, Remegen, China Telecom, Muyuan Foods, Conch Cement

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China South Air, Remegen, China Telecom, Muyuan Foods, Conch...

Ke Yan, CFA, FRM

Technology - Apple Launch Event: New IPhone 16/Watch/AirPods Unveiled

Apple unveiled four iPhone 16 models (16/16 Plus, 16 Pro/Pro Max), featuring bigger screens (premium models), better processor, improved battery...

CMB International

Technology - Apple Sep event preview: All eyes on AI integration with new iPhone 16/Watch/AirPods

Apple will host a “It’s Glowtime” event on 9 Sep (10 Sep BJ Time), and it is widely expected to introduce four new iPhone 16 models (16/16 Plus, 16...

CMB International

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