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

Incremental technical developments continue to be of the bullish variety as more and more countries/regions begin to participate in the rally. These ongoing improvements further cement our positive overall outlook, and we continue to believe that global equities (MSCI ACWI) are poised for additional strength moving forward. In our April International Strategy, we highlight various themes which lead to our overall positive outlook, along with areas within the world's markets where we see immediate opportunity.

Incremental technical developments continue to be of the bullish variety as more and more countries/regions begin to participate in the rally. These ongoing improvements further cement our positive overall outlook, and we continue to believe that global equities (MSCI ACWI) are poised for additional strength moving forward. In our April International Strategy, we highlight various themes which lead to our overall positive outlook, along with areas within the world's markets where we see immediate opportunity.

Global Ex-U.S. Equity Strategy: Positive Outlook Intact; Remain Overweight China

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

In our Discover HK Connect series, we aim to help our investors understand the flow of southbound trades via the Hong Kong Connect, as analyzed by our proprietary data engine. We will discuss the stocks that experienced the most inflow and outflow by mainland investors in the past seven days.We split the stocks eligible for the Hong Kong Connect trade into three groups: component stocks in the HSCEI index, stocks with a market capitalization between USD 1 billion and USD 5 billion, and stocks with a market capitalization between USD 500 million and USD 1 billion.In this week's HK Connect Discovery, we highlight the continuous inflow to China Tower prior to lock-up expiry,  positive news development for automobile stocks, and the pork cycle beneficiary.

In our Discover HK Connect series, we aim to help our investors understand the flow of southbound trades via the Hong Kong Connect, as analyzed by our proprietary data engine. We will discuss the stocks that experienced the most inflow and outflow by mainland investors in the past seven days.We split the stocks eligible for the Hong Kong Connect trade into three groups: component stocks in the HSCEI index, stocks with a market capitalization between USD 1 billion and USD 5 billion, and stocks with a market capitalization between USD 500 million and USD 1 billion.In this week's HK Connect Discovery, we highlight the continuous inflow to China Tower prior to lock-up expiry,  positive news development for automobile stocks, and the pork cycle beneficiary. 

HK Connect Discovery Weekly: China Tower, Geely, COFCO Meat (2019-02-15)

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Equity Bottom-Up

<ul><li>High earnings quality, high level of cash sales, and good price momentum relative to its sector</li><li>Large Chinese smartphone brands are expected to follow iPhone X. Q Tech has started to send out samples of its 3-D sensing camera modules</li><li>Capacity expansion of 50% at its Kunshan plant to meet strong demand, completion this year; shipments in camera modules up by 11% YoY and fingerprint modules 194% in 10M17</li><li>Trades above Asian Info Tech at 18CE* 20x PE but offers much better earnings growth and a net-cash position</li><li>Risks: Weakening RMB against US$ could increase costs of raw materials, hurt margins. Large capex spending on 3-D sensing modules</li></ul>* Consensus Estimates

High earnings quality, high level of cash sales, and good price momentum relative to its sectorLarge Chinese smartphone brands are expected to follow iPhone X. Q Tech has started to send out samples of its 3-D sensing camera modulesCapacity expansion of 50% at its Kunshan plant to meet strong demand, completion this year; shipments in camera modules up by 11% YoY and fingerprint modules 194% in 10M17Trades above Asian Info Tech at 18CE* 20x PE but offers much better earnings growth and a net-cash positionRisks: Weakening RMB against US$ could increase costs of raw materials, hurt margins. Large capex spending on 3-D sensing modules* Consensus Estimates

Q Tech (1478 HK): Supplying China’s Big 4 with Cameras

<ul><li>Good price momentum, high level of cash sales, and high earnings quality relative to its sector</li><li>Q Tech should see a solid increase in revenue after starting to supply camera modules to Huawei in 2H17</li><li>Capacity expansion of 50% at its Kunshan plant to meet strong demand, completion this year; shipments in camera modules up by 25% YoY and fingerprint 168% in 1H17</li><li>Trades above Asian Info Tech at 17CE* 36.6x PE but offers much better earnings growth and a position</li><li>Risks: Weakening RMB againet-cashnst US$ could increase costs of raw materials, hence hurt margins</li></ul>* Consensus Estimates

Good price momentum, high level of cash sales, and high earnings quality relative to its sectorQ Tech should see a solid increase in revenue after starting to supply camera modules to Huawei in 2H17Capacity expansion of 50% at its Kunshan plant to meet strong demand, completion this year; shipments in camera modules up by 25% YoY and fingerprint 168% in 1H17Trades above Asian Info Tech at 17CE* 36.6x PE but offers much better earnings growth and a positionRisks: Weakening RMB againet-cashnst US$ could increase costs of raw materials, hence hurt margins* Consensus Estimates

Q Tech (1478 HK): Supplying China's Smartphone Players

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Q Technology Group / Equity Capital Markets

We would take the deal. The IPO offers a good discount to listed peers, while demonstrating faster growth than peers. In addition, past listing in the sector have performed well. The main concern would be the short operating history of the company, combined with its ability to tap into new market leaders.

We would take the deal. The IPO offers a good discount to listed peers, while demonstrating faster growth than peers. In addition, past listing in the sector have performed well. The main concern would be the short operating history of the company, combined with its ability to tap into new market leaders.

Offers a good discount to listed peers although short operating history is a concern

China

Q TECHNOLOGY (GROUP) Company Limited is a PRC-based camera module manufacturer focusing on mid-to-high end camera module market for Chinese branded smartphone, tablet and PC manufacturers.

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Q Technology Group (1478 HK)

Global Ex-U.S. Equity Strategy: Positive Outlook Intact; Remain Overweight China

Incremental technical developments continue to be of the bullish variety as more and more countries/regions begin to participate in the rally....

Vermilion Research

HK Connect Discovery Weekly: China Tower, Geely, COFCO Meat (2019-02-15)

In our Discover HK Connect series, we aim to help our investors understand the flow of southbound trades via the Hong Kong Connect, as analyzed by...

Ke Yan, CFA, FRM

Q Tech (1478 HK): Supplying China’s Big 4 with Cameras

High earnings quality, high level of cash sales, and good price momentum relative to its sector Large Chinese smartphone brands are expected to...

A. Stotz Investment Research

Q Tech (1478 HK): Supplying China's Smartphone Players

Good price momentum, high level of cash sales, and high earnings quality relative to its sector Q Tech should see a solid increase in revenue...

A. Stotz Investment Research

Offers a good discount to listed peers although short operating history is a concern

We would take the deal. The IPO offers a good discount to listed peers, while demonstrating faster growth than peers. In addition, past listing in...

Sumeet Singh

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