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

The number of major country indexes showing major bullish inflections continues to grow. Broad commodities (Bloomberg Commodity index) also display a bullish reversal topside a 12.5-year downtrend. This type of evidence helps affirm our bullish outlook and suggests higher prices are ahead. Continue to add exposure on pullbacks.

The number of major country indexes showing major bullish inflections continues to grow. Broad commodities (Bloomberg Commodity index) also display a bullish reversal topside a 12.5-year downtrend. This type of evidence helps affirm our bullish outlook and suggests higher prices are ahead. Continue to add exposure on pullbacks.

Long-Term Bullish Inflections For Hang Seng, DAX, MSCI EM, & Bloomberg Commodity Index

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Equity Bottom-Up

<ul>
<li>EM fund ownership in POSCO sits towards the lower end of the 12-year range.  Having suffered something of a 2-year ownership bear market from mid 2018 onwards, activity started to reverse from May of this year.</li>
<li>Previous investors are buying back in to POSCO, though ownership levels remain well off the previous highs.</li>
<li>As the fundamentals start to match up for a growing number of managers, rising ownership has the ability to drive prices higher from here</li>
</ul>


EM fund ownership in POSCO sits towards the lower end of the 12-year range.  Having suffered something of a 2-year ownership bear market from mid 2018 onwards, activity started to reverse from May of this year.
Previous investors are buying back in to POSCO, though ownership levels remain well off the previous highs.
As the fundamentals start to match up for a growing number of managers, rising ownership has the ability to drive prices higher from here


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<div class="content-highlight">In this insight, we discuss three key catalysts for Posco<a href="https://www.smartkarma.com/entities/posco" target="_blank" data-smartkarma-citation="entities:208:1" rel="noopener"> (005490 KS)</a>, including the much higher revaluation of the company's lithium assets in Argentina, the ongoing share buyback, and recent steel price hikes. </div>

In this insight, we discuss three key catalysts for Posco (005490 KS), including the much higher revaluation of the company's lithium assets in Argentina, the ongoing share buyback, and recent steel price hikes. 

POSCO: Three Key Catalysts (Lithium Asset Revaluation, Share Buyback, & Steel Price Hike)

In our November Strategy book we summarize the basis for our bullish outlook, discuss the deservedly hot topic of value vs. growth. and highlight actionable opportunities within our Manufacturing, Transportation, Materials, Technology, &amp; Consumer Discretionary Sectors.

In our November Strategy book we summarize the basis for our bullish outlook, discuss the deservedly hot topic of value vs. growth. and highlight actionable opportunities within our Manufacturing, Transportation, Materials, Technology, &amp; Consumer Discretionary Sectors.

Equity Capital Markets

On 6 November after the market close, POSCO Chemical (003670 KS) announced a major rights offering worth 1 trillion won, representing nearly 20% of its market cap (5 trillion won). POSCO Chemical's share price is down nearly 2.5% today. With the additional 1 trillion won from the proceeds of the rights offering, POSCO Chemical will use it to aggressively invest in the rechargeable battery materials for electric vehicles.There is likely to be a healthy demand for the rights offering issue among the general investors, given that this is a relatively sizeable deal with enough upside potential, given POSCO Chemical's increasing competitiveness in the rechargeable battery materials sector globally.

On 6 November after the market close, POSCO Chemical (003670 KS) announced a major rights offering worth 1 trillion won, representing nearly 20% of its market cap (5 trillion won). POSCO Chemical's share price is down nearly 2.5% today. With the additional 1 trillion won from the proceeds of the rights offering, POSCO Chemical will use it to aggressively invest in the rechargeable battery materials for electric vehicles.There is likely to be a healthy demand for the rights offering issue among the general investors, given that this is a relatively sizeable deal with enough upside potential, given POSCO Chemical's increasing competitiveness in the rechargeable battery materials sector globally. 

POSCO Chemical (1 Trillion Won Rights Offering - 20% of Market Cap)

South Korea

POSCO manufactures various types of steel products.  The Company produces hot rolled steel, cold rolled steel, stainless steel, and other forms of steel. The products are mainly used for automobile, construction, and shipbuilding industries.

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Posco ADR (PKX US)

Long-Term Bullish Inflections For Hang Seng, DAX, MSCI EM, & Bloomberg Commodity Index

The number of major country indexes showing major bullish inflections continues to grow. Broad commodities also breaking a 12.5-year downtrend....

Vermilion Research

POSCO: Sentiment Turnaround

EM fund ownership in POSCO is at the lower end of the 12-year range. As the fundamentals start to match up for a growing number of managers,...

Steven Holden

U.S. Equity Strategy: Remain Bullish

In our November Strategy book we summarize the basis for our bullish outlook, discuss the deservedly hot topic of value vs. growth. and highlight...

Vermilion Research

POSCO Chemical (1 Trillion Won Rights Offering - 20% of Market Cap)

There is likely to be a healthy demand for the rights offering of POSCO Chemical given its increasing competitiveness in the rechargeable battery...

Douglas Kim

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Long-Term Bullish Inflections For Hang Seng, DAX, MSCI EM, & Bloomberg Commodity Index

The number of major country indexes showing major bullish inflections continues to grow. Broad commodities also breaking a 12.5-year downtrend....

Vermilion Research

POSCO: Sentiment Turnaround

EM fund ownership in POSCO is at the lower end of the 12-year range. As the fundamentals start to match up for a growing number of managers,...

Steven Holden

POSCO: Three Key Catalysts (Lithium Asset Revaluation, Share Buyback, & Steel Price Hike)

In this insight, we discuss three key catalysts for Posco, including the much higher revaluation of the company's lithium assets in Argentina, the...

Douglas Kim

U.S. Equity Strategy: Remain Bullish

In our November Strategy book we summarize the basis for our bullish outlook, discuss the deservedly hot topic of value vs. growth. and highlight...

Vermilion Research

POSCO Chemical (1 Trillion Won Rights Offering - 20% of Market Cap)

There is likely to be a healthy demand for the rights offering of POSCO Chemical given its increasing competitiveness in the rechargeable battery...

Douglas Kim