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 highlight attractive and actionable themes within developed international markets, including actionable set-ups across among: Non-bank Financials, Japanese Technology stocks, and within European Discretionary, Industrial, Health Care, and Staples sectors.

We highlight attractive and actionable themes within developed international markets, including actionable set-ups across among: Non-bank Financials, Japanese Technology stocks, and within European Discretionary, Industrial, Health Care, and Staples sectors.

Developed International Equity Strategy: Favor EAFE over EM

Despite several indexes recently touching new 52+ week highs, broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remain near logical resistance, and indicators continue to send mixed signals. As a result we are hesitant to get too bullish or bearish. Instead we want to focus on Sector/Group/industry themes where we bottoming price and RS, or attractive pullback opportunities within established price and RS uptrends.  In this report we highlight such opportunities, within the Technology, Consumer Staples and Services Sectors.

Despite several indexes recently touching new 52+ week highs, broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remain near logical resistance, and indicators continue to send mixed signals. As a result we are hesitant to get too bullish or bearish. Instead we want to focus on Sector/Group/industry themes where we bottoming price and RS, or attractive pullback opportunities within established price and RS uptrends.  In this report we highlight such opportunities, within the Technology, Consumer Staples and Services Sectors.

Global Equity Strategy: Not Too Bullish, Not Too Bearish

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.

Index Rebalance

<ul>
<li>MSCI announced the quarterly review results after market close. As the cycle enters implementation, this note updates the stock setup.</li>
<li>ADDs entered implementation after a large pre-announcement move and still carry first-week give-back risk.</li>
<li>DELETEs were mild before implementation, but low-velocity DELETEs retain the weakest historical post-implementation profile.</li>
</ul>


MSCI announced the quarterly review results after market close. As the cycle enters implementation, this note updates the stock setup.
ADDs entered implementation after a large pre-announcement move and still carry first-week give-back risk.
DELETEs were mild before implementation, but low-velocity DELETEs retain the weakest historical post-implementation profile.


MS-Japan June 2026 Rebalance: Pre-Implementation Update

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Thematic (Sector/Industry)

With the Japanese stock market on the up-and-up, the big question – though not necessarily one on all that many minds – is whether this is a seasonal rally, or whether this is structural. Invariably under Abe, and more often than not during the quantitative easing (QE) era (2003~?), Japanese equities have gone up in the fourth quarter. However, on two occasions, 2014 and 2016, they’ve slumped as we’ve moved into the new year, more than offsetting the fourth quarter gains. Given that Kuroda…

With the Japanese stock market on the up-and-up, the big question – though not necessarily one on all that many minds – is whether this is a seasonal rally, or whether this is structural. Invariably under Abe, and more often than not during the quantitative easing (QE) era (2003~?), Japanese equities have gone up in the fourth quarter. However, on two occasions, 2014 and 2016, they’ve slumped as we’ve moved into the new year, more than offsetting the fourth quarter gains. Given that Kuroda…

Japan Market Strategy - Will the Frequent January Sell-Off Ruin the Current Market Rally?

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

Macroeconomics

Japan's aggregate Net Income margin increased from 2.7% in 2012 to 4.6% in 2016. While this margin expansion is a great thing, asset efficiency (asset turns) is basically flat over the same period.  We went back and compared average net income margins in 2011 - 2013 to 2016 and found that only 4 out of 19 sectors saw a decline in net income margins. For TOPIX 500, aggregate average net income margin from 2011-2013 was 3.2% compared to 4.6% in 2016. At the company level, 74% of TOPIX 500 saw an…

Japan's aggregate Net Income margin increased from 2.7% in 2012 to 4.6% in 2016. While this margin expansion is a great thing, asset efficiency (asset turns) is basically flat over the same period.  We went back and compared average net income margins in 2011 - 2013 to 2016 and found that only 4 out of 19 sectors saw a decline in net income margins. For TOPIX 500, aggregate average net income margin from 2011-2013 was 3.2% compared to 4.6% in 2016. At the company level, 74% of TOPIX 500 saw an…

Margins Expanding in Japan but Asset Efficiency Is Not Improving....

Japan

ORACLE CORPORATION JAPAN sells a variety of software, including database management system software, application development tools, decision-making support tools, and business related applications.  The Company also provides support services for users.

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Oracle Corp Japan (4716 JP)

Developed International Equity Strategy: Favor EAFE over EM

We highlight attractive and actionable themes within developed international markets, including actionable set-ups across among: Non-bank...

Vermilion Research

Global Equity Strategy: Not Too Bullish, Not Too Bearish

Despite several indexes recently touching new 52+ week highs, broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remain near logical...

Vermilion Research

MS-Japan June 2026 Rebalance: Pre-Implementation Update

MS-Japan enters the implementation phase on 1 June 2026. We update stock performance and discuss implementation trades.

Ke Yan, CFA, FRM

Japan Market Strategy - Will the Frequent January Sell-Off Ruin the Current Market Rally?

With the Japanese stock market on the up-and-up, the big question – though not necessarily one on all that many minds – is whether this is a...

Pelham Smithers Associates

Margins Expanding in Japan but Asset Efficiency Is Not Improving....

Japan's aggregate Net Income margin increased from 2.7% in 2012 to 4.6% in 2016. While this margin expansion is a great thing, asset efficiency...

Custom Products Group

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)