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>U.S. equity markets remain resilient. Led by strength in technology and biotech, the Nasdaq hit a new all-time high yesterday. Small-cap indexes are also hitting all-time highs. Moreover, the S&amp;P 500 has moved to a new high relative to May prices, providing new evidence that the market is likely to continue its trend higher. Given these developments, our outlook continues to move toward the bullish camp. In today’s report we highlight attractive and actionable stocks within Energy (Refiners) and Health Care (Cardiovascular Products, and Surgical Devices &amp; Equipment).</li></ul>

U.S. equity markets remain resilient. Led by strength in technology and biotech, the Nasdaq hit a new all-time high yesterday. Small-cap indexes are also hitting all-time highs. Moreover, the S&amp;P 500 has moved to a new high relative to May prices, providing new evidence that the market is likely to continue its trend higher. Given these developments, our outlook continues to move toward the bullish camp. In today’s report we highlight attractive and actionable stocks within Energy (Refiners) and Health Care (Cardiovascular Products, and Surgical Devices &amp; Equipment).

U.S. Equity Strategy: Opportunities in Refiners & Med Device Makers

While defensive sectors continue to lag, one cyclical sector, Energy, has surged to the top of our relative strength rankings. Though we continue to expect further consolidation and volatility, current sector leadership and mostly positive breadth indicators point to a risk-on environment. In today’s report we highlight attractive and actionable groups within Energy and Health Care: EN-08 Oil and Gas E&amp;P, Domestic, Large-Cap, HC-11 Cardiovascular Products, and HC-13 Surgical Devices &amp; Equipment... see pages 10-21.

While defensive sectors continue to lag, one cyclical sector, Energy, has surged to the top of our relative strength rankings. Though we continue to expect further consolidation and volatility, current sector leadership and mostly positive breadth indicators point to a risk-on environment. In today’s report we highlight attractive and actionable groups within Energy and Health Care: EN-08 Oil and Gas E&amp;P, Domestic, Large-Cap, HC-11 Cardiovascular Products, and HC-13 Surgical Devices &amp; Equipment... see pages 10-21.

U.S. Equity Strategy: Opportunities in Energy & Health Care Stocks

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Star Sports Medicine / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/star-sports-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:45717:1" rel="noopener">Star Sports Medicine (1609 HK)</a> is in an excellent position to gain market share from the overseas players in China, given its increased popularity among hospitals.</li>
<li>The company is expected to achieve an EPS CAGR of 21.5% between FY25 and FY28F, fueled by revenue growth and a steady expansion in gross margin.</li>
<li>Its IPO is priced at 20.1x FY26F PER. By attributing a 20% premium over the global average, it equals a fair price of HK$106.7, an upside of 8%.</li>
</ul>



Star Sports Medicine (1609 HK) is in an excellent position to gain market share from the overseas players in China, given its increased popularity among hospitals.
The company is expected to achieve an EPS CAGR of 21.5% between FY25 and FY28F, fueled by revenue growth and a steady expansion in gross margin.
Its IPO is priced at 20.1x FY26F PER. By attributing a 20% premium over the global average, it equals a fair price of HK$106.7, an upside of 8%.


Star Sports Medicine (1609 HK) IPO: Possibly Some Upside

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Star Sports Medicine, a medical device company specializing in clinical sports medicine solutions, has launched HK IPO consisting of 8.4M H shares at an offer price of HK$98.50 per share.</li>
<li>The company seeks to raise ~$105M to expand production capacity, fund R&amp;D efforts, and enhance commercialization capabilities. Subscriptions will close on April 29, with expected listing on May 5.</li>
<li>Despite negative impact from VBP and fierce competition from global players, the company is seeing marginal ASP improvement for its medical implants, which is leading margin recovery.</li>
</ul>


Star Sports Medicine, a medical device company specializing in clinical sports medicine solutions, has launched HK IPO consisting of 8.4M H shares at an offer price of HK$98.50 per share.
The company seeks to raise ~$105M to expand production capacity, fund R&amp;D efforts, and enhance commercialization capabilities. Subscriptions will close on April 29, with expected listing on May 5.
Despite negative impact from VBP and fierce competition from global players, the company is seeing marginal ASP improvement for its medical implants, which is leading margin recovery.


Star Sports Medicine IPO: Medical Implant Led Margin Recovery in 2025 Raises Hope

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Thematic (Sector/Industry)

<ul>
<li>The Republican replacement for ‘Obamacare’ has been announced and looks an incoherent mess – resurgent healthcare inflation will be a drag on discretionary spending.</li>
<li>The US yield curve is flattening, overall bank credit growth has been negative for two months and yesterday’s January consumer lending data was about half consensus expectations.</li>
<li>The global mining sector has been selling off as expected with iron ore/copper prices – I remain tactically short the FTSE 350 mining index.</li>
<li>Overall, the US…</li>
</ul>


The Republican replacement for ‘Obamacare’ has been announced and looks an incoherent mess – resurgent healthcare inflation will be a drag on discretionary spending.
The US yield curve is flattening, overall bank credit growth has been negative for two months and yesterday’s January consumer lending data was about half consensus expectations.
The global mining sector has been selling off as expected with iron ore/copper prices – I remain tactically short the FTSE 350 mining index.
Overall, the US…


US Healthcare Overhaul Stumbling, Singapore Cyclical Rally Looking Premature

United States

Stryker Corporation develops, manufactures, and markets specialty surgical and medical products.  The Company's products include implants, biologics; surgical, neurologic, ear, nose & throat and interventional pain equipment; endoscopic, surgical navigation, communications and digital imaging systems; as well as patient handling and emergency medical equipment.

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Stryker Corp (SYK US)

U.S. Equity Strategy: Opportunities in Refiners & Med Device Makers

U.S. equity markets remain resilient. Led by strength in technology and biotech, the Nasdaq hit a new all-time high yesterday. Small-cap indexes...

Vermilion Research

U.S. Equity Strategy: Opportunities in Energy & Health Care Stocks

While defensive sectors continue to lag, one cyclical sector, Energy, has surged to the top of our relative strength rankings. Though we continue...

Vermilion Research

Star Sports Medicine (1609 HK) IPO: Possibly Some Upside

Star Sports Medicine is poised to capture market share in China with growing hospital popularity, a projected 3-year EPS CAGR of 21.5%, IPO priced...

Osbert Tang, CFA

Star Sports Medicine IPO: Medical Implant Led Margin Recovery in 2025 Raises Hope

Star Sports has launched HK IPO consisting of 8.4M shares at HK$98.50/share. The company seeks to raise ~$105M to expand production capacity, fund...

Tina Banerjee

US Healthcare Overhaul Stumbling, Singapore Cyclical Rally Looking Premature

The Republican replacement for ‘Obamacare’ has been announced and looks an incoherent mess – resurgent healthcare inflation will be a drag on...

Sean Maher

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

U.S. Equity Strategy: Opportunities in Refiners & Med Device Makers

U.S. equity markets remain resilient. Led by strength in technology and biotech, the Nasdaq hit a new all-time high yesterday. Small-cap indexes...

Vermilion Research

U.S. Equity Strategy: Opportunities in Energy & Health Care Stocks

While defensive sectors continue to lag, one cyclical sector, Energy, has surged to the top of our relative strength rankings. Though we continue...

Vermilion Research

Star Sports Medicine (1609 HK) IPO: Possibly Some Upside

​Star Sports Medicine is poised to capture market share in China with growing hospital popularity, a projected 3-year EPS CAGR of 21.5%, IPO priced...

Osbert Tang, CFA

Star Sports Medicine IPO: Medical Implant Led Margin Recovery in 2025 Raises Hope

Star Sports has launched HK IPO consisting of 8.4M shares at HK$98.50/share. The company seeks to raise ~$105M to expand production capacity, fund...

Tina Banerjee

US Healthcare Overhaul Stumbling, Singapore Cyclical Rally Looking Premature

The Republican replacement for ‘Obamacare’ has been announced and looks an incoherent mess – resurgent healthcare inflation will be a drag on...

Sean Maher

Star Sports Medicine is poised to capture market share in China with growing hospital popularity, a projected 3-year EPS CAGR of 21.5%, IPO priced...