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), with Int’l Compass reports all echoing this sentiment.</li>
<li>We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 (up from 5700-5785) and $119-$121.</li>
<li>$128, $125-$126, and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.</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), with Int’l Compass reports all echoing this sentiment.
We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 (up from 5700-5785) and $119-$121.
$128, $125-$126, and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.


Continue Adding Exposure to China; Short-Term Supports to for This ACWI-US Pullback

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-China in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on TENCENT, MAXSCEND MICROELECTRONICS, MEITUAN, XIAOMI, JD.COM, JIANGSU ETERN, NCI, CHINA LIFE.</li>
</ul>


We analysed the earning revision of component stocks of MS-China in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on TENCENT, MAXSCEND MICROELECTRONICS, MEITUAN, XIAOMI, JD.COM, JIANGSU ETERN, NCI, CHINA LIFE.


MS-China Index Earning Revision (Jul): TENCENT, MAXSCEND MICROELECTRONICS, MEITUAN, XIAOMI, JD.COM

<ul>
<li>We analysed the earning revision of component stocks of STAR50 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Ninebot, METAX INTEGRATED CIRCUITS, BEIJING ROBOROCK TECHNOLOGY, SUPCON TECHNOLOGY, SHANGHAI ALLIST PHARMACEUTICALS, TRANSSION, Kingsoft Office Software, MONTAGE.</li>
</ul>


We analysed the earning revision of component stocks of STAR50 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Ninebot, METAX INTEGRATED CIRCUITS, BEIJING ROBOROCK TECHNOLOGY, SUPCON TECHNOLOGY, SHANGHAI ALLIST PHARMACEUTICALS, TRANSSION, Kingsoft Office Software, MONTAGE.


STAR50 Index Earning Revision (Jul): Ninebot, METAX INTEGRATED CIRCUITS, BEIJING ROBOROCK TECHNOLOGY

APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

Sichuan Kelun-Biotech Biopharmaceutical / Equity Capital Markets

Sichuan Kelun-Biotech Biopharmaceutical (6990 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-kelun-biotech-biopharmaceutical-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:40071:1" rel="noopener">Sichuan Kelun-Biotech Biopharmaceutical (6990 HK)</a> is looking to raise up to US$350m from a primary placement.</li>
<li>Kelun is a China-based biopharmaceutical company focused on developing and commercializing innovative oncology therapies, with a particular emphasis on antibody-drug conjugates (ADCs), bispecific antibodies, and other biologics.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Sichuan Kelun-Biotech Biopharmaceutical (6990 HK) is looking to raise up to US$350m from a primary placement.
Kelun is a China-based biopharmaceutical company focused on developing and commercializing innovative oncology therapies, with a particular emphasis on antibody-drug conjugates (ADCs), bispecific antibodies, and other biologics.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Kelun-Biotech Placement - Steady Performance; Valuation May Temper Appeal

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Dizal Pharmaceutical / Equity Capital Markets

<ul>
<li>The flaws in DIZAL's pipeline stand out particularly prominent, as the success of a single product ZEGFROVY is not sufficient to sustain the long-term development of the Company.</li>
<li>Several senior executives, including Zhang Xiaolin, the Chairman of DIZAL, had intensively reduced their holdings in the company's shares in 2025, further raising market concerns about DIZAL's prospects.</li>
<li>Short-Term performance would still mainly rely on ZEGFROVY, as the sales of Golidocitinib is expected to be significantly lower than ZEGFROVY. Reasonable valuation of DIZAL should be lower than peers. </li>
</ul>


The flaws in DIZAL's pipeline stand out particularly prominent, as the success of a single product ZEGFROVY is not sufficient to sustain the long-term development of the Company.
Several senior executives, including Zhang Xiaolin, the Chairman of DIZAL, had intensively reduced their holdings in the company's shares in 2025, further raising market concerns about DIZAL's prospects.
Short-Term performance would still mainly rely on ZEGFROVY, as the sales of Golidocitinib is expected to be significantly lower than ZEGFROVY. Reasonable valuation of DIZAL should be lower than peers. 


Pre-IPO Dizal Pharmaceutical (A/H Listing)-Only Sunvozertinib Is Insufficient for Sustainable Growth

China

Shanghai Allist Pharmaceuticals Co., Ltd. operates as a pharmaceutical company. The Company discovers, develops, and commercializes generic and brandeded pharmaceuticals for the treatment of cardiovascular diseases, acid related diseases, and cancers. Shanghai Allist Pharmaceuticals markets its products throughout China.

Shanghai Allist Pharmaceuticals (688578 CH)

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Shanghai Allist Pharmaceuticals (688578 CH)

Continue Adding Exposure to China; Short-Term Supports to for This ACWI-US Pullback

Continue Adding Exposure to China; $ACWI Short-Term Supports for this pullback: $128, $125-$126, and $123-$123.50. Pullbacks = buy opportunities,...

Vermilion Research

MS-China Index Earning Revision (Jul): TENCENT, MAXSCEND MICROELECTRONICS, MEITUAN, XIAOMI, JD.COM

We analyzed MS-China's consensus for Jul 2026 and highlighted changes of EPS in TENCENT, MAXSCEND MICROELECTRONICS, MEITUAN, XIAOMI, JD.COM,...

Ke Yan, CFA, FRM

STAR50 Index Earning Revision (Jul): Ninebot, METAX INTEGRATED CIRCUITS, BEIJING ROBOROCK TECHNOLOGY

We analyzed STAR50's consensus for Jul 2026 and highlighted changes of EPS in Ninebot (689009 CH), METAX INTEGRATED CIRCUITS (688802 CH), BEIJING...

Ke Yan, CFA, FRM

Aequitas: Kelun-Biotech Placement - Steady Performance; Valuation May Temper Appeal

Sichuan Kelun-Biotech Biopharmaceutical Co is looking to raise up to US$350m from a primary placement. In this note, we will talk about the...

Akshat Shah

Pre-IPO Dizal Pharmaceutical (A/H Listing)-Only Sunvozertinib Is Insufficient for Sustainable Growth

DIZAL's pipeline flaws and heavy reliance on ZEGFROVY raise concerns about long-term sustainability and market prospects,with future performance...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Continue Adding Exposure to China; Short-Term Supports to for This ACWI-US Pullback

Continue Adding Exposure to China; $ACWI Short-Term Supports for this pullback: $128, $125-$126, and $123-$123.50. Pullbacks = buy opportunities,...

Vermilion Research

MS-China Index Earning Revision (Jul): TENCENT, MAXSCEND MICROELECTRONICS, MEITUAN, XIAOMI, JD.COM

We analyzed MS-China's consensus for Jul 2026 and highlighted changes of EPS in TENCENT, MAXSCEND MICROELECTRONICS, MEITUAN, XIAOMI, JD.COM,...

Ke Yan, CFA, FRM

STAR50 Index Earning Revision (Jul): Ninebot, METAX INTEGRATED CIRCUITS, BEIJING ROBOROCK TECHNOLOGY

We analyzed STAR50's consensus for Jul 2026 and highlighted changes of EPS in Ninebot (689009 CH), METAX INTEGRATED CIRCUITS (688802 CH), BEIJING...

Ke Yan, CFA, FRM

Aequitas: Kelun-Biotech Placement - Steady Performance; Valuation May Temper Appeal

Sichuan Kelun-Biotech Biopharmaceutical Co is looking to raise up to US$350m from a primary placement. In this note, we will talk about the...

Akshat Shah

Pre-IPO Dizal Pharmaceutical (A/H Listing)-Only Sunvozertinib Is Insufficient for Sustainable Growth

​DIZAL's pipeline flaws and heavy reliance on ZEGFROVY raise concerns about long-term sustainability and market prospects,with future performance...

Xinyao (Criss) Wang

DIZAL's pipeline flaws and heavy reliance on ZEGFROVY raise concerns about long-term sustainability and market prospects,with future performance...