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>Our outlook remains bullish on MSCI ACWI. Discussed in latest Int’l Compass (1/9/2025) how viewed the pullback as buying opportunity and were watching for $116-$117 support to hold on ACWI-US.</li>
<li>$116 support held perfectly and we expect upside to continue following 1+ month bull flag breakouts, followed by successful retests of support, on ACWI-US and the S&amp;P 500.</li>
<li>We also upgraded Germany to overweight last week, with RS on the DAX breaking out from a 2-year base. U.S. (SPX) and Germany are our only two country overweights.</li>
</ul>


Our outlook remains bullish on MSCI ACWI. Discussed in latest Int’l Compass (1/9/2025) how viewed the pullback as buying opportunity and were watching for $116-$117 support to hold on ACWI-US.
$116 support held perfectly and we expect upside to continue following 1+ month bull flag breakouts, followed by successful retests of support, on ACWI-US and the S&amp;P 500.
We also upgraded Germany to overweight last week, with RS on the DAX breaking out from a 2-year base. U.S. (SPX) and Germany are our only two country overweights.


Remain Risk-On With Market Dynamics Improving; 6+ Month Base Breakouts for MSCI ACWI Ex-US and EAFE

APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bloks-group" target="_blank" data-smartkarma-citation="entities:43648:1" rel="noopener">Bloks Group (1850960D CH)</a> is looking to raise US$187m in its Hong Kong IPO.</li>
<li>Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Bloks Group (1850960D CH) is looking to raise US$187m in its Hong Kong IPO.
Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Bloks Group IPO Trading - Strongest HK IPO Demand in Recent Years

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Bloks Group, a founder-led toy maker and owner of trusted brand “Blokees”, will price its IPO this week. Shares are set to begin trading on January 10, 2025.</li>
<li>I would expect strong first trading-day return as HK public offering was already 5,000+ times oversubscribed at high end of marketed price range.</li>
<li>I believe investors are rationally optimistic about the company. Bloks Group IPO attracted a surge of retail investors, and the stock may skyrocket above IPO price on first trading-day.</li>
</ul>


Bloks Group, a founder-led toy maker and owner of trusted brand “Blokees”, will price its IPO this week. Shares are set to begin trading on January 10, 2025.
I would expect strong first trading-day return as HK public offering was already 5,000+ times oversubscribed at high end of marketed price range.
I believe investors are rationally optimistic about the company. Bloks Group IPO attracted a surge of retail investors, and the stock may skyrocket above IPO price on first trading-day.


Bloks Group Likely To Price IPO at High End of Range: What To Expect From First Trading-Day?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bloks-group" target="_blank" data-smartkarma-citation="entities:43648:1" rel="noopener">Bloks Group (1850960D CH)</a> is looking to raise US$187m in its Hong Kong IPO.</li>
<li>Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.</li>
<li>In our previous notes, we looked at the firm’s past performance. In this note, we undertake a peer comparison and discuss our thoughts on valuation.</li>
</ul>



Bloks Group (1850960D CH) is looking to raise US$187m in its Hong Kong IPO.
Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.
In our previous notes, we looked at the firm’s past performance. In this note, we undertake a peer comparison and discuss our thoughts on valuation.


Bloks Group IPO - Outgrowing Its Peers, Decent Valuation

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/miniso-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:36659:1" rel="noopener">MINISO Group Holding (9896 HK)</a> has surged 34% since announcing strong 9M24 results, backed by robust revenue growth, in end November, 2024.</li>
<li>With strong growth prospects, the stock could scale further in 2025, driven by rapid store expansion, blind box toys, ACG goods, and collaborations with top IPs like Harry Potter.</li>
<li>MINISO’s evolution from a value retailer into a lifestyle brand with trademarked IP goods, innovative blind boxes, and creative retail formats enhances its competitive edge and drives growth.</li>
</ul>



MINISO Group Holding (9896 HK) has surged 34% since announcing strong 9M24 results, backed by robust revenue growth, in end November, 2024.
With strong growth prospects, the stock could scale further in 2025, driven by rapid store expansion, blind box toys, ACG goods, and collaborations with top IPs like Harry Potter.
MINISO’s evolution from a value retailer into a lifestyle brand with trademarked IP goods, innovative blind boxes, and creative retail formats enhances its competitive edge and drives growth.


MINISO (9896 HK): From Blind Boxes to ACG Hits—Growth Magic Continues in 2025!

China

Pop Mart International Group Limited operates as a toys wholesales company. The Company provides trendy toys designing, production, marketing, and other services. Pop Mart International Group markets its products worldwide.

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Pop Mart (9992 HK)

Remain Risk-On With Market Dynamics Improving; 6+ Month Base Breakouts for MSCI ACWI Ex-US and EAFE

Remain Risk-On With Market Dynamics Improving; 6+ Month Base Breakouts for MSCI $ACWI ex-US and $EAFE; U.S. Dollar $DXY and 10-Year Yields $TNX...

Vermilion Research

Bloks Group IPO Trading - Strongest HK IPO Demand in Recent Years

Bloks Group (1850960D CH) is looking to raise US$187m in its Hong Kong IPO. In this note, we will talk about the demand and trading dynamics.

Clarence Chu

Bloks Group Likely To Price IPO at High End of Range: What To Expect From First Trading-Day?

Bloks Group will go public this week. In my insight, I discuss expectations from first trading-day and how far Bloks Group stock may go up in a...

Andrei Zakharov

Bloks Group IPO - Outgrowing Its Peers, Decent Valuation

Bloks Group (1850960D CH) is looking to raise US$187m in its Hong Kong IPO. In this note, we undertake a peer comparison and discuss our thoughts...

Clarence Chu

MINISO (9896 HK): From Blind Boxes to ACG Hits—Growth Magic Continues in 2025!

Growth in 2025 could pick up pace as MINISO accelerates its transformation from a value retailer into a lifestyle brand with more trademarked IP...

Devi Subhakesan

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