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 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 analysed the earning revision of component stocks of HSI 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 Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining, Clp.</li>
</ul>


We analysed the earning revision of component stocks of HSI 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 Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining, Clp.


HSI Index Earning Revision (Jun): Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining

Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Thematic (Sector/Industry)

<ul>
<li>In this research, we look at the latest landscape regarding application of PropTech in Asia, and evaluate which companies have an edge</li>
<li>PropTech is widely adopted in order to 1) enhance valuation process 2) improve efficiency to reduce costs and 3) green and sustainability buildings</li>
<li>Among all real estate companies in Asia, we think CapitaLand Investment (CLI) and Sun Hung Kai Properties (16 HK) are leading in the application of PropTech</li>
</ul>


In this research, we look at the latest landscape regarding application of PropTech in Asia, and evaluate which companies have an edge
PropTech is widely adopted in order to 1) enhance valuation process 2) improve efficiency to reduce costs and 3) green and sustainability buildings
Among all real estate companies in Asia, we think CapitaLand Investment (CLI) and Sun Hung Kai Properties (16 HK) are leading in the application of PropTech


AI and Data-Driven Real Estate: PropTech Opportunities for Enhanced Efficiency and Valuation in Asia

<ul>
<li>2025 YTD, HK/China RE companies rebounded from recent lows (10% - 30%), and we think this will continue and turn into a sector re-rating</li>
<li>A combination of reduced global geopolitical tensions, expected monetary easing from US, China’s fiscal and monetary stimulus, HK’s robust capital inflow and lower interbank rate will support re-rating</li>
<li>Despite recent rebound, valuation remains attractive.  We recommend LONG COLI 688 HK and SHKP 16 HK.  For higher risk tolerance and higher beta, we recommend NWD 17 HK</li>
</ul>


2025 YTD, HK/China RE companies rebounded from recent lows (10% - 30%), and we think this will continue and turn into a sector re-rating
A combination of reduced global geopolitical tensions, expected monetary easing from US, China’s fiscal and monetary stimulus, HK’s robust capital inflow and lower interbank rate will support re-rating
Despite recent rebound, valuation remains attractive.  We recommend LONG COLI 688 HK and SHKP 16 HK.  For higher risk tolerance and higher beta, we recommend NWD 17 HK


HK/China Real Estate Bottoming Out, Upcoming Re-Rating with Multiple Catalysts

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of May 30th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Catl, Horizonrobot, ICBC, Fl2 Csop Hsi, Fi2 Csop Hsi.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 30th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Catl, Horizonrobot, ICBC, Fl2 Csop Hsi, Fi2 Csop Hsi.


HK Short Interest Weekly: Catl, Horizonrobot, ICBC

Hong Kong

Sun Hung Kai Properties Limited develops and invests in properties. The Company operates and manages hotels, properties, car parking, and transportation infrastructures. Sun Hung Kai Properties serves customers in Hong Kong.

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Sun Hung Kai Properties (16 HK)

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

HSI Index Earning Revision (Jun): Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining

We analyzed HSI's consensus for Jun 2025 and highlighted changes of EPS in Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining, Clp.

Ke Yan, CFA, FRM

AI and Data-Driven Real Estate: PropTech Opportunities for Enhanced Efficiency and Valuation in Asia

PropTech is widely adopted in real estate, in order to 1) improve valuation 2) enhance cost efficiency and 3) in green and sustainability...

Jacob Cheng

HK/China Real Estate Bottoming Out, Upcoming Re-Rating with Multiple Catalysts

2025 YTD, HK and China developers have rebounded 10-30%. We think the re-rating will continue, driven by 1) reduced global tensions 2) US rate...

Jacob Cheng

HK Short Interest Weekly: Catl, Horizonrobot, ICBC

We analyzed the latest HK SFC report for aggregate short position as of May 30th and highlight short interest changes in Catl, Horizonrobot, ICBC,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)