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

We remain constructive on global equities as the MSCI ACWI, ACWI ex-U.S., and EAFE indexes consolidate above their respective 200-day moving averages. On the other hand, the MSCI EM index is breaking below its 200-day moving average and is flirting with a breakdown below 56,000 support (local currency).  We see attractive Opportunities in Manufacturing &amp; Materials in Europe, Japan and China, India, and Taiwan.

We remain constructive on global equities as the MSCI ACWI, ACWI ex-U.S., and EAFE indexes consolidate above their respective 200-day moving averages. On the other hand, the MSCI EM index is breaking below its 200-day moving average and is flirting with a breakdown below 56,000 support (local currency).  We see attractive Opportunities in Manufacturing &amp; Materials in Europe, Japan and China, India, and Taiwan. 

Global Indexes Are Consolidating, EM Is Breaking Down

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 analysed the earning revision of component stocks of MS-Japan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Mitsubishi, Takeda Pharmaceutical, Mitsubishi UFJ Financial, Orix, Kioxia, Toyota Motor, Rakuten.</li>
</ul>


We analysed the earning revision of component stocks of MS-Japan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Mitsubishi, Takeda Pharmaceutical, Mitsubishi UFJ Financial, Orix, Kioxia, Toyota Motor, Rakuten.


MS-Japan Index Earning Revision (May): Mitsubishi, Takeda Pharmaceutical, Mitsubishi UFJ Financial

<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

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>Takuma, historically, was valued as a cyclical engineering firm. Today, its high-margin operation and maintenance (O&amp;M) mix and clean balance sheet, has narrated a turnaround story. </li>
<li>
<a href="https://www.smartkarma.com/entities/takuma-co-ltd" target="_blank" data-smartkarma-citation="entities:18994:1" rel="noopener">Takuma Co Ltd (6013 JP)</a> started its buyback small each time, but of late, they launched an 11% of outstanding shares buy back, and keen to cancel those shares too. </li>
<li>Their recent &gt;30% revenue and EPS growth makes the forward PER at 15x and although it may have some near term weakness, mid to long term growth prospect is intact. </li>
</ul>


Takuma, historically, was valued as a cyclical engineering firm. Today, its high-margin operation and maintenance (O&amp;M) mix and clean balance sheet, has narrated a turnaround story. 

Takuma Co Ltd (6013 JP) started its buyback small each time, but of late, they launched an 11% of outstanding shares buy back, and keen to cancel those shares too. 
Their recent &gt;30% revenue and EPS growth makes the forward PER at 15x and although it may have some near term weakness, mid to long term growth prospect is intact. 


TSE Tokyo Price Index TOPIX / Technical Analysis

Japanese Diversified Industrials are particularly attractive and actionable in spite of the recent global selloff in equities. In this report we focus on six stocks with the best setups in the Group: Mitsubishi Corporation (8058-JP), DAIKIN INDUSTRIES, LTD. (6367-JP), Mitsubishi Heavy Industries, Ltd. (7011-JP), IHI Corporation (7013-JP), Hitachi Metals, Ltd. (5486-JP), and Sojitz Corp. (2768-JP). Add exposure.

Japanese Diversified Industrials are particularly attractive and actionable in spite of the recent global selloff in equities. In this report we focus on six stocks with the best setups in the Group: Mitsubishi Corporation (8058-JP), DAIKIN INDUSTRIES, LTD. (6367-JP), Mitsubishi Heavy Industries, Ltd. (7011-JP), IHI Corporation (7013-JP), Hitachi Metals, Ltd. (5486-JP), and Sojitz Corp. (2768-JP). Add exposure.

Japan

Mitsubishi Heavy Industries, Ltd. is a comprehensive heavy machinery maker. The Company manufactures machinery, ships, turbines and engines, prime movers, aircrafts, and machine parts for military and commercial use.  Mitsubishi Heavy Industries also researches and develops nuclear power plants.

Price Gauge
52-week Range	0.00 - 0.00
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Mitsubishi Heavy Industries (7011 JP)

Global Indexes Are Consolidating, EM Is Breaking Down

We remain constructive on global equities as the MSCI ACWI, ACWI ex-U.S., and EAFE indexes consolidate above their respective 200-day moving...

Vermilion Research

MS-Japan Index Earning Revision (May): Mitsubishi, Takeda Pharmaceutical, Mitsubishi UFJ Financial

We analyzed MS-Japan's consensus for May 2026 and highlighted changes of EPS in Mitsubishi, Takeda Pharmaceutical, Mitsubishi UFJ Financial, Orix,...

Ke Yan, CFA, FRM

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

Takuma (6013): Not a Sleepy Boiler

Takuma's transformation from cyclical engineering firm to high-margin O&M operator with strong financials and growth potential highlighted by...

Henry Soediarko

Buy: Japanese Diversified Industrials

Japanese Diversified Industrials are particularly attractive and actionable in spite of the recent global selloff in equities. In this report we...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Global Indexes Are Consolidating, EM Is Breaking Down

We remain constructive on global equities as the MSCI ACWI, ACWI ex-U.S., and EAFE indexes consolidate above their respective 200-day moving...

Vermilion Research

MS-Japan Index Earning Revision (May): Mitsubishi, Takeda Pharmaceutical, Mitsubishi UFJ Financial

We analyzed MS-Japan's consensus for May 2026 and highlighted changes of EPS in Mitsubishi, Takeda Pharmaceutical, Mitsubishi UFJ Financial, Orix,...

Ke Yan, CFA, FRM

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

Takuma (6013): Not a Sleepy Boiler

​Takuma's transformation from cyclical engineering firm to high-margin O&M operator with strong financials and growth potential highlighted by...

Henry Soediarko

Buy: Japanese Diversified Industrials

Japanese Diversified Industrials are particularly attractive and actionable in spite of the recent global selloff in equities. In this report we...

Vermilion Research

Takuma's transformation from cyclical engineering firm to high-margin O&M operator with strong financials and growth potential highlighted by...