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

Sunwoda Electronic Co Ltd A / 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>Market dynamics remain overwhelmingly risk-on; with plenty of global liquidity, we expect upside to continue into year-end and the early part of 2026.</li>
<li>Remain Overweight Taiwan, China, Korea, U.S., and Greece. Many buys in these countries, and also Europe and Japan. EURO STOXX 50 on the cusp of major breakout above 5500</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.
Market dynamics remain overwhelmingly risk-on; with plenty of global liquidity, we expect upside to continue into year-end and the early part of 2026.
Remain Overweight Taiwan, China, Korea, U.S., and Greece. Many buys in these countries, and also Europe and Japan. EURO STOXX 50 on the cusp of major breakout above 5500


Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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

Sunwoda Electronic Co Ltd A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sunwoda-electronic-co-ltd-a" target="_blank" data-smartkarma-citation="entities:5853:1" rel="noopener">Sunwoda Electronic Co Ltd A (300207 CH)</a> is looking to raise around US$400m in its upcoming H-share listing.</li>
<li>It is a lithium-ion battery manufacturer. It covers a rich product matrix including consumer battery, EV battery and ESS.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Sunwoda Electronic Co Ltd A (300207 CH) is looking to raise around US$400m in its upcoming H-share listing.
It is a lithium-ion battery manufacturer. It covers a rich product matrix including consumer battery, EV battery and ESS.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Sunwoda Electronic A/H Listing: Small Player, Competitive Markets

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 FRTIB benchmark switch from the EAFE Index to the ACWI IMI ex-USA ex-China ex-Hong Kong Index will result in a round trip trade of around US$56bn.</li>
<li>The changes for the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300</a>, <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI 500</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50</a>, <a href="https://www.smartkarma.com/entities/shanghai-stock-exchange-sse-50-a-share-index" target="_blank" data-smartkarma-citation="entities:31073:1" rel="noopener">SSE50</a> and a bunch of other mainland China indices will be announced after market close on Friday.</li>
<li>Relatively quiet week for ETF flows with no major creations or redemptions during the week.</li>
</ul>


The FRTIB benchmark switch from the EAFE Index to the ACWI IMI ex-USA ex-China ex-Hong Kong Index will result in a round trip trade of around US$56bn.
The changes for the CSI 300, CSI 500, STAR50, SSE50 and a bunch of other mainland China indices will be announced after market close on Friday.
Relatively quiet week for ETF flows with no major creations or redemptions during the week.


Index Rebalance & ETF Flow Recap: FRTIB, Japan, CSI300, CSI500, STAR50, WuXi XDC, Asahi

<ul>
<li>Solactive has announced the review results for the Global Lithium Index. There are two additions for the index and there will also be capping changes for some stocks.</li>
<li>Estimated one-way turnover is 26.3% and will result in a round-trip trade of US$813m. There are some stocks with over 0.5x ADV to trade.</li>
<li>The index has broken out of the secular downtrend, but investors continue to redeem units from the ETFs tracking the index.</li>
</ul>


Solactive has announced the review results for the Global Lithium Index. There are two additions for the index and there will also be capping changes for some stocks.
Estimated one-way turnover is 26.3% and will result in a round-trip trade of US$813m. There are some stocks with over 0.5x ADV to trade.
The index has broken out of the secular downtrend, but investors continue to redeem units from the ETFs tracking the index.


Solactive Global Lithium Index Rebalance: Two Adds and Capping Changes

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>China dominates the global battery market and its manufacturers are expanding production rapidly into international markets.  Players like CATL support global automakers with the most advanced battery technology.</li>
<li>Growth of renewable energy has increased demand for Energy Storage Solutions (ESS). ESS stores energy from renewable sources, stabilizes the power grid, and provides power for industrial and commercial buildings. </li>
<li>China's battery companies are benefiting from AI data center (AIDC) storage growth, which has created intense demand for specialized energy storage solutions for this sector.</li>
</ul>


China dominates the global battery market and its manufacturers are expanding production rapidly into international markets.  Players like CATL support global automakers with the most advanced battery technology.
Growth of renewable energy has increased demand for Energy Storage Solutions (ESS). ESS stores energy from renewable sources, stabilizes the power grid, and provides power for industrial and commercial buildings. 
China's battery companies are benefiting from AI data center (AIDC) storage growth, which has created intense demand for specialized energy storage solutions for this sector.


CHINA'S BATTERY SECTOR OUTLOOK: You're Either Positive or Negative!

China

Sunwoda Electronic Company Limited develops, designs, produces and sells li-ion battery module.  The company also produces membrate switches and precision structures.

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Sunwoda Electronic Co Ltd A (300207 CH)

Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact

Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact. Actionable Themes: Communications, Manufacturing (Robotics and Batteries),...

Vermilion Research

Sunwoda Electronic A/H Listing: Small Player, Competitive Markets

Sunwoda Electric is looking to raise around US$400m in its upcoming H-share listing. In this note, we look at its past performance and other deal...

Nicholas Tan

Index Rebalance & ETF Flow Recap: FRTIB, Japan, CSI300, CSI500, STAR50, WuXi XDC, Asahi

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Solactive Global Lithium Index Rebalance: Two Adds and Capping Changes

There are 2 adds and capping changes for the Global Lithium Index next week. Estimated one-way turnover is 26.3% and the round-trip trade is...

Brian Freitas

CHINA'S BATTERY SECTOR OUTLOOK: You're Either Positive or Negative!

China dominates the global battery market. Its manufacturers are expanding production into international markets. Players like CATL support global...

David Mudd

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