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>Recent developments have continued to reinforce our bullish outlook on global equities (MSCI ACWI).</li>
<li>There is no reason to fight this bullish trend, and we continue to expect more upside into the early part of 2024.</li>
<li>Upgrading Mexico to Overweight; Technology Remains Global Leadership; Actionable Themes: 44 individual stock buy recommendations within Technology, Services, Consumer Discretionary, Financials, and Materials</li>
</ul>


Recent developments have continued to reinforce our bullish outlook on global equities (MSCI ACWI).
There is no reason to fight this bullish trend, and we continue to expect more upside into the early part of 2024.
Upgrading Mexico to Overweight; Technology Remains Global Leadership; Actionable Themes: 44 individual stock buy recommendations within Technology, Services, Consumer Discretionary, Financials, and Materials


Upgrading Mexico to Overweight; Technology Remains Global Leadership; Overall Bullish Outlook Intact

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The KRX has preliminarily approved <a href="https://www.smartkarma.com/entities/posco-dx-co-ltd" target="_blank" data-smartkarma-citation="entities:5198:1" rel="noopener">Posco DX (022100 KS)</a>'s listing transfer from the KOSDAQ Market to the KOSPI Market.</li>
<li>
<a href="https://www.smartkarma.com/entities/posco-dx-co-ltd" target="_blank" data-smartkarma-citation="entities:5198:1" rel="noopener">Posco DX (022100 KS)</a> has announced that its stock will start trading on the KOSPI Market from the open on 2 January.</li>
<li>We expect <a href="https://www.smartkarma.com/entities/temc-inc" target="_blank" data-smartkarma-citation="entities:36608:1" rel="noopener">Temc (425040 KS)</a> to replace <a href="https://www.smartkarma.com/entities/posco-dx-co-ltd" target="_blank" data-smartkarma-citation="entities:5198:1" rel="noopener">Posco DX (022100 KS)</a> in the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> at the close on 28 December.</li>
</ul>


The KRX has preliminarily approved Posco DX (022100 KS)'s listing transfer from the KOSDAQ Market to the KOSPI Market.

Posco DX (022100 KS) has announced that its stock will start trading on the KOSPI Market from the open on 2 January.
We expect Temc (425040 KS) to replace Posco DX (022100 KS) in the KOSDAQ 150 Index (KOSDQ150 INDEX) at the close on 28 December.


KOSDAQ150 Index Rebalance Preview: Posco DX Listing Transfer

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 analyzed the changes in short interest of KRX Stocks as of Dec 15th which has an aggregated short interest worth USD10.4bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Hlb, Lg Electronics, Samsung C&amp;T, Samsung Electron, Posco Holdings I, Sk Hynix.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Dec 15th which has an aggregated short interest worth USD10.4bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Hlb, Lg Electronics, Samsung C&amp;T, Samsung Electron, Posco Holdings I, Sk Hynix.


KRX Short Interest Weekly (Dec 15th): HLB, Lg Electronics, Samsung C&T, Samsung Electron

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

<ul>
<li>On 13 December, the FSS announced that foreign investors will be allowed to start purchasing Korean stocks without prior authorization starting this week. </li>
<li>The revised Capital Market Act will start to be implemented on 14 December repealing the time consuming and inconvenient pre-registration system for foreign investors.  </li>
<li>As a result of the Korean government making this change regulatory change, one of the beneficiaries is likely to be Interactive Brokers Group, Inc (IBKR US).</li>
</ul>


On 13 December, the FSS announced that foreign investors will be allowed to start purchasing Korean stocks without prior authorization starting this week. 
The revised Capital Market Act will start to be implemented on 14 December repealing the time consuming and inconvenient pre-registration system for foreign investors.  
As a result of the Korean government making this change regulatory change, one of the beneficiaries is likely to be Interactive Brokers Group, Inc (IBKR US).


Foreign Investors Allowed to Begin Buying Korean Stocks Without Prior Authorization on 14 December

Equity Capital Markets

<ul>
<li>This is our 9th "Annual Edition of the Major Korean IPOs Pipeline Preview" at Smartkarma.</li>
<li>This insight will feature 50 of the biggest potential IPOs in Korea in 2024.</li>
<li>These 50 IPOs in Korea are likely to represent more than 80% of all capital raised through IPOs in Korea next year.</li>
</ul>


This is our 9th "Annual Edition of the Major Korean IPOs Pipeline Preview" at Smartkarma.
This insight will feature 50 of the biggest potential IPOs in Korea in 2024.
These 50 IPOs in Korea are likely to represent more than 80% of all capital raised through IPOs in Korea next year.


South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

Samsung Electronics Pref Shares (005935 KS)

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Samsung Electronics Pref Shares (005935 KS)

Upgrading Mexico to Overweight; Technology Remains Global Leadership; Overall Bullish Outlook Intact

Upgrading Mexico $EWW to Overweight; Bullish Outlook Intact on $ACWI; Technology Remains Global Leadership. 44 individual buys highlighted in Tech,...

Vermilion Research

KOSDAQ150 Index Rebalance Preview: Posco DX Listing Transfer

Posco DX (022100 KS) is up 14% today. There could be another week of trading on the KOSDAQ market before the listing transfer to the KOSPI market....

Brian Freitas

KRX Short Interest Weekly (Dec 15th): HLB, Lg Electronics, Samsung C&T, Samsung Electron

We analyzed KRX short interest report for the past week and highlight short interest changes in Hlb, Lg Electronics, Samsung C&T, Samsung Electron,...

Ke Yan, CFA, FRM

Foreign Investors Allowed to Begin Buying Korean Stocks Without Prior Authorization on 14 December

On 13 December, the FSS announced that foreign investors will be allowed to start purchasing Korean stocks without prior authorization starting...

Douglas Kim

2024 Major IPOs Pipeline in Korea

This insight will feature 50 of the biggest potential IPOs in Korea in 2024. This is our 9th "Annual Edition of the Major Korean IPOs Pipeline...

Douglas Kim

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52-week Range

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