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 $120-$121 (up from 5500 and $115).</li>
<li>We are upgrading Korea(KOSPI) to overweight; we discussed May 30 several Financials and other stocks to buy. KOSPI has exploded higher since, and is now reversing its 2-year RS downtrend.</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 $120-$121 (up from 5500 and $115).
We are upgrading Korea(KOSPI) to overweight; we discussed May 30 several Financials and other stocks to buy. KOSPI has exploded higher since, and is now reversing its 2-year RS downtrend.


Upgrading Korea to Overweight; MSCI ACWI and Emerging Market Breakouts

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 6th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Meituan, CCB, CSPC Pharma, Alibaba, Petrochina, Tencent, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 6th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, CCB, CSPC Pharma, Alibaba, Petrochina, Tencent, Xiaomi.


HK Connect Flows Weekly (Jun 6th): Meituan, CCB, CSPC Pharma, Alibaba, Petrochina, Tencent, Xiaomi

Global Editor, Base Oil News

Iain Pocock

Global Editor

Global Base Oils and Lubricants Markets

Base Oil News

Base Oil News focuses on the interplay between fundamentals and prices in the global base oils and lubricants markets.

Baseoilnews.com combines daily, weekly and monthly base oils and lubes fundamentals data from every region of the world to build the most comprehensive and up-to-date global picture of the state of the market.

The data and analysis provide key tools to understand current market developments and opportunities and to anticipate how the market is likely to behave in the coming months.

Base oils producers, lube blenders and consumers can then better plan accordingly.

Baseoilnews.com analyses and publishes market news and data every day as it breaks.

Commodities

<ul><li>Global base oils prices mostly hold firm vs feedstock/competing fuel prices, especially in Europe and Asia.</li><li>Firm price differentials point to strong supply-demand fundamentals, incentivize refiners to supply more volumes for those markets.</li><li>Demand would need to hold firm to absorb any such pick-up in supplies.</li></ul>

Global base oils prices mostly hold firm vs feedstock/competing fuel prices, especially in Europe and Asia.Firm price differentials point to strong supply-demand fundamentals, incentivize refiners to supply more volumes for those markets.Demand would need to hold firm to absorb any such pick-up in supplies.

Global base oils margins outlook: Week of 2 June

<ul><li>US domestic Group I SN 500 price rises to premium to Group II N600 price in May 2025 for first time in more than four years.</li><li>In Middle East, CFR UAE Group I SN 500 price discount to Group II N500 shrinks to narrowest in more than seven months.</li><li>In Asia, FOB Asia Group I SN 500 price strengthens vs Group II N500 in May 2025 to firmest level in six months.</li></ul>

US domestic Group I SN 500 price rises to premium to Group II N600 price in May 2025 for first time in more than four years.In Middle East, CFR UAE Group I SN 500 price discount to Group II N500 shrinks to narrowest in more than seven months.In Asia, FOB Asia Group I SN 500 price strengthens vs Group II N500 in May 2025 to firmest level in six months.

Global base oils arb outlook: Week of 2 June

<ul><li>Asia’s heavy-grade base oils price-premium to Singapore gasoil stays unusually high.</li><li>Firm base oils premium suggests supply remains tight and demand firm, incentivizing refiners to raise output.</li><li>Gap between Group II light and heavy-grade base oils prices widens more even after restart of growing number of base oils units following scheduled maintenance work.</li></ul>

Asia’s heavy-grade base oils price-premium to Singapore gasoil stays unusually high.Firm base oils premium suggests supply remains tight and demand firm, incentivizing refiners to raise output.Gap between Group II light and heavy-grade base oils prices widens more even after restart of growing number of base oils units following scheduled maintenance work.

Asia base oils supply outlook: Week of 2 June

China

PetroChina Company Limited operates as an oil and gas company. The Company offers crude oil and oil products exploration, development, production and marketing. PetroChina also markets petrochemical products and derivative chemicals.

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PetroChina (601857 CH)

Upgrading Korea to Overweight; MSCI ACWI and Emerging Market Breakouts

MSCI $ACWI and Emerging Market $EEM Breakouts; Upgrading Korea $EWY to Overweight; Downgrading Broad Europe, but staying Overweight Germany,...

Vermilion Research

HK Connect Flows Weekly (Jun 6th): Meituan, CCB, CSPC Pharma, Alibaba, Petrochina, Tencent, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, CCB, CSPC Pharma, Alibaba, Petrochina, Tencent,...

Ke Yan, CFA, FRM

Global base oils margins outlook: Week of 2 June

Global base oils prices mostly hold firm vs feedstock/competing fuel prices, especially in Europe and Asia. Firm price differentials point to...

Base Oil News

Global base oils arb outlook: Week of 2 June

US domestic Group I SN 500 price rises to premium to Group II N600 price in May 2025 for first time in more than four years. In Middle East, CFR...

Base Oil News

Asia base oils supply outlook: Week of 2 June

Asia’s heavy-grade base oils price-premium to Singapore gasoil stays unusually high. Firm base oils premium suggests supply remains tight and...

Base Oil News

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Market Cap (USDm)

P/E

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