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

TSE Tokyo Price Index TOPIX / Technical Analysis

<ul>
<li>The MSCI ACWI index ACWI-US briefly fell below major support at $90.50-$91.50, though we do not consider it a "decisive" breakdown and we now see a false breakdown (bullish).</li>
<li>On MSCI ACWI (local currency), a false breakdown appears to already be in place, which is bullish as long as the index does not break to a new low.</li>
<li>MSCI EM (EEM-US) continues to hold above $36.50-$37 support, while MSCI ACWI ex-US (ACWX-US) and EAFE (EFA-US) remain above supports at $45 and $65-$66, respectively. Pullback is likely over.</li>
</ul>


The MSCI ACWI index ACWI-US briefly fell below major support at $90.50-$91.50, though we do not consider it a "decisive" breakdown and we now see a false breakdown (bullish).
On MSCI ACWI (local currency), a false breakdown appears to already be in place, which is bullish as long as the index does not break to a new low.
MSCI EM (EEM-US) continues to hold above $36.50-$37 support, while MSCI ACWI ex-US (ACWX-US) and EAFE (EFA-US) remain above supports at $45 and $65-$66, respectively. Pullback is likely over.


Japan Bullishly Inflecting; Constructive Outlook Intact; Global Pullback Likely Over

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Hua Nan Financial Holdings Co Ltd. / Index Rebalance

Hua Nan Financial Holdings Co Ltd. (2880 TT)

<ul>
<li>The TDIV index tracks the top 50 names in the Taiwan Stock Exchange with the highest dividend yields. It is a yield-weighted index with unique capping rules.</li>
<li>In this insight, we take a look at Quiddity's expectations for capping flows for the TDIV index for the September 2026 index rebal event.</li>
<li>Currently, we expect no index changes and we estimate the one-way capping flow to be ~US$90mn.</li>
</ul>


The TDIV index tracks the top 50 names in the Taiwan Stock Exchange with the highest dividend yields. It is a yield-weighted index with unique capping rules.
In this insight, we take a look at Quiddity's expectations for capping flows for the TDIV index for the September 2026 index rebal event.
Currently, we expect no index changes and we estimate the one-way capping flow to be ~US$90mn.


Quiddity Leaderboard TDIV Sep26: US$90mn One-Way Flows

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

DZT Research

DZT 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 analyzed the changes in short interest of TWSE Stocks as of Jul 17th. The aggregated short interest was USD42.4bn.</li>
<li>We tabulate league tables 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 Shin Kong Financial, Nanya Technology, LARGAN Precision, Hon Hai Precision, Alchip Technologies.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jul 17th. The aggregated short interest was USD42.4bn.
We tabulate league tables 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 Shin Kong Financial, Nanya Technology, LARGAN Precision, Hon Hai Precision, Alchip Technologies.


TWSE Short Interest Weekly (Jul 17th): Shin Kong Financial, Nanya Technology, LARGAN Precision

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in Asia that look interesting to us based upon our FVMR Methodology</li>
<li>Portfolio changes: Two stock remains, 12 new join the fray</li>
<li>Since its inception, the portfolio has gained 92% versus MSCI Asia ex Japan's 80%</li>
</ul>


We highlight 14 stocks in Asia that look interesting to us based upon our FVMR Methodology
Portfolio changes: Two stock remains, 12 new join the fray
Since its inception, the portfolio has gained 92% versus MSCI Asia ex Japan's 80%


<p>We highlight 14 stocks in Asia that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Asian markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.</p>

We highlight 14 stocks in Asia that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Asian markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.

Taiwan

Synnex Technology International Corporation markets personal computers, computer peripherals, multi-media products, network products, computer application software, electronic parts, and telecommunication products.

Synnex Technology International (2347 TT)

Price Gauge
52-week Range	0.00 - 0.00
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Synnex Technology International (2347 TT)

Japan Bullishly Inflecting; Constructive Outlook Intact; Global Pullback Likely Over

The MSCI $ACWI briefly fell below our $90.50 support but quickly reclaimed, suggesting a false breakdown and the likely end to this pullback in...

Vermilion Research

Quiddity Leaderboard TDIV Sep26: US$90mn One-Way Flows

The one-way flow expectation could increase if share prices fluctuate over the next few weeks. There could also be index deletions if index members...

Janaghan Jeyakumar, CFA

TWSE Short Interest Weekly (Jul 17th): Shin Kong Financial, Nanya Technology, LARGAN Precision

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial, Nanya Technology, LARGAN...

Ke Yan, CFA, FRM

The Stocks to Own in Asia – Vol. 35

Our research team constantly reviews the Asian markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or...

A. Stotz Investment Research

The Stocks to Own in Asia – Vol. 34

Our research team constantly reviews the Asian markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or...

A. Stotz Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Bullishly Inflecting; Constructive Outlook Intact; Global Pullback Likely Over

​The MSCI $ACWI briefly fell below our $90.50 support but quickly reclaimed, suggesting a false breakdown and the likely end to this pullback in...

Vermilion Research

Quiddity Leaderboard TDIV Sep26: US$90mn One-Way Flows

The one-way flow expectation could increase if share prices fluctuate over the next few weeks. There could also be index deletions if index members...

Janaghan Jeyakumar, CFA

TWSE Short Interest Weekly (Jul 17th): Shin Kong Financial, Nanya Technology, LARGAN Precision

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial, Nanya Technology, LARGAN...

Ke Yan, CFA, FRM

The Stocks to Own in Asia – Vol. 35

Our research team constantly reviews the Asian markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or...

A. Stotz Investment Research

The Stocks to Own in Asia – Vol. 34

Our research team constantly reviews the Asian markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or...

A. Stotz Investment Research

The MSCI $ACWI briefly fell below our $90.50 support but quickly reclaimed, suggesting a false breakdown and the likely end to this pullback in...