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>Snap-Back rallies have continued in the largest global equity markets (U.S., Japan, and Europe).</li>
<li>Japan's TOPIX is still below 2690-2700 and the EURO STOXX 50 is below 4884, and whether they roll over here or from marginally higher levels, lower highs remain likely.</li>
<li>It all fits with our ongoing belief (since our July 25, 2024 Int'l Compass) that MSCI ACWI is going through a 1- to 4-month pullback/consolidation (we are one month in).</li>
</ul>


Snap-Back rallies have continued in the largest global equity markets (U.S., Japan, and Europe).
Japan's TOPIX is still below 2690-2700 and the EURO STOXX 50 is below 4884, and whether they roll over here or from marginally higher levels, lower highs remain likely.
It all fits with our ongoing belief (since our July 25, 2024 Int'l Compass) that MSCI ACWI is going through a 1- to 4-month pullback/consolidation (we are one month in).


Shift Now to Defensives; Snap-Back Rally Testing Resistance $ACWI $SPX; Neutral Outlook Intact

Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>In this insight, we look at the fundamentals of J-REITs.  We look at overall Japan real estate, interest rate impact, as well as industry dynamics</li>
<li>We like logistics sector due to its strong industry fundamentals; we are more bearish on office as vacancy will see more fluctuation in terms of new supply</li>
<li>On the back of valuation and industry fundamentals, we suggest LONG Nippon Prologis REIT and SHORT Nippon Building Fund</li>
</ul>


In this insight, we look at the fundamentals of J-REITs.  We look at overall Japan real estate, interest rate impact, as well as industry dynamics
We like logistics sector due to its strong industry fundamentals; we are more bearish on office as vacancy will see more fluctuation in terms of new supply
On the back of valuation and industry fundamentals, we suggest LONG Nippon Prologis REIT and SHORT Nippon Building Fund


J-REITs: LONG Nippon Prologis 3283 and SHORT Nippon Building Fund 8951 on Valuation and Fundamentals

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A shift in composition needed in a Japanese portfolio this year</li>
<li>A weaker US and Japanese economy together with a stronger Yen will  make sector allocation key.</li>
<li>Some sectors to avoid or invest in during this next phase.</li>
</ul>


A shift in composition needed in a Japanese portfolio this year
A weaker US and Japanese economy together with a stronger Yen will  make sector allocation key.
Some sectors to avoid or invest in during this next phase.


2024 High Conviction Idea: The Case for a Rotation Out of Japan into Hong Kong - Part 4

Japan Hotel Reit Investment / Equity Bottom-Up

<ul>
<li>In this insight, among the J-REIT universe, we explore the pair trade idea of LONG Japan Hotel REIT and SHORT Nippon Building Fund</li>
<li>Among the real estate subsectors, we expect hotels continue to see superior performance on the back of tourism recovery, while office market will continue to be weak</li>
<li>Both JHR and NBF are large caps with good trading liquidity.  In terms of valuation, we see more upside in JHR (20%) than NBF (0%)</li>
</ul>


In this insight, among the J-REIT universe, we explore the pair trade idea of LONG Japan Hotel REIT and SHORT Nippon Building Fund
Among the real estate subsectors, we expect hotels continue to see superior performance on the back of tourism recovery, while office market will continue to be weak
Both JHR and NBF are large caps with good trading liquidity.  In terms of valuation, we see more upside in JHR (20%) than NBF (0%)


Japan REITs: Long Japan Hotel REIT and Short Nippon Building Fund on Industry Fundamentals

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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 Prologis Reit / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-prologis-reit-inc" target="_blank" data-smartkarma-citation="entities:15683:1" rel="noopener">Nippon Prologis Reit (3283 JP)</a> is looking to raise US$184m in its primary follow-on offering to acquire one property, namely Prologis Park Soka. </li>
<li>The deal is a somewhat large one to digest, at 14 days of three month ADV but only 3% dilution. </li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Nippon Prologis Reit (3283 JP) is looking to raise US$184m in its primary follow-on offering to acquire one property, namely Prologis Park Soka. 
The deal is a somewhat large one to digest, at 14 days of three month ADV but only 3% dilution. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Nippon Prologis REIT Placement - Well-Flagged and past Deals Have Performed Decently

Japan

Nippon Building Fund Inc. is a real estate investment trust (REIT) which mainly invests in real estate and securitized real estate products. Properties are mainly Business offices and are located in Tokyo Major 5 wards and Kanto area.

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Nippon Building Fund (8951 JP)

Shift Now to Defensives; Snap-Back Rally Testing Resistance $ACWI $SPX; Neutral Outlook Intact

Shift Now to Defensives (Health Care, Telecommunications, Utilities, and Consumer Staples); Snap-Back Rally Testing Resistance $ACWI $SPX; Neutral...

Vermilion Research

J-REITs: LONG Nippon Prologis 3283 and SHORT Nippon Building Fund 8951 on Valuation and Fundamentals

We look at the J-REIT market, the interest rate impact, as well as industry fundamentals. We like logistics sector but more bearish on office. We...

Jacob Cheng

2024 High Conviction Idea: The Case for a Rotation Out of Japan into Hong Kong - Part 4

In light of a weaker US and Japanese economy and a stronger Yen, sector allocation is crucial for Japanese portfolios this year. Certain sectors...

Rikki Malik

Japan REITs: Long Japan Hotel REIT and Short Nippon Building Fund on Industry Fundamentals

We explore the proposed pair trade to LONG Japan Hotel REIT and SHORT Nippon Building Fund, on the back of industry fundamentals. Hotel is...

Jacob Cheng

Nippon Prologis REIT Placement - Well-Flagged and past Deals Have Performed Decently

Nippon Prologis Reit (3283 JP) is looking to raise US$184m in its primary follow-on offering to acquire one property, namely Prologis Park Soka.

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shift Now to Defensives; Snap-Back Rally Testing Resistance $ACWI $SPX; Neutral Outlook Intact

Shift Now to Defensives (Health Care, Telecommunications, Utilities, and Consumer Staples); Snap-Back Rally Testing Resistance $ACWI $SPX; Neutral...

Vermilion Research

J-REITs: LONG Nippon Prologis 3283 and SHORT Nippon Building Fund 8951 on Valuation and Fundamentals

We look at the J-REIT market, the interest rate impact, as well as industry fundamentals. We like logistics sector but more bearish on office. We...

Jacob Cheng

2024 High Conviction Idea: The Case for a Rotation Out of Japan into Hong Kong - Part 4

​In light of a weaker US and Japanese economy and a stronger Yen, sector allocation is crucial for Japanese portfolios this year. Certain sectors...

Rikki Malik

Japan REITs: Long Japan Hotel REIT and Short Nippon Building Fund on Industry Fundamentals

We explore the proposed pair trade to LONG Japan Hotel REIT and SHORT Nippon Building Fund, on the back of industry fundamentals. Hotel is...

Jacob Cheng

Nippon Prologis REIT Placement - Well-Flagged and past Deals Have Performed Decently

Nippon Prologis Reit (3283 JP) is looking to raise US$184m in its primary follow-on offering to acquire one property, namely Prologis Park Soka.

Ethan Aw

In light of a weaker US and Japanese economy and a stronger Yen, sector allocation is crucial for Japanese portfolios this year. Certain sectors...