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

Today's report puts a spotlight on the Health Care Sector, which is assuming a global leadership role vs. other Sectors. We also focus on the Communications Sector as we are seeing steady relative strength ranking (RSR) improvements over the last couple of months. At the Group level, we highlight select smid-cap Casinos &amp; Gaming stocks. Finally, India’s S&amp;P BSE SENSEX is breaking out to new all-time highs as RS bullishly inflects, we highlight actionable stocks.

Today's report puts a spotlight on the Health Care Sector, which is assuming a global leadership role vs. other Sectors. We also focus on the Communications Sector as we are seeing steady relative strength ranking (RSR) improvements over the last couple of months. At the Group level, we highlight select smid-cap Casinos &amp; Gaming stocks. Finally, India’s S&amp;P BSE SENSEX is breaking out to new all-time highs as RS bullishly inflects, we highlight actionable stocks.

Global Strategy: Health Care Outperforming - Overweight; India Breaking Out -Add Exposure

The U.S. has continued to separate itself from broad emerging market and developed international indexes. One positive is that MSCI EM and MSCI EAFE have been able to stabilize from a price perspective in recent weeks despite relative strength weakness vs. MSCI ACWI.  In today’s report we scour the globe for attractive investments, ex-U.S., in an environment where selectivity is key.

The U.S. has continued to separate itself from broad emerging market and developed international indexes. One positive is that MSCI EM and MSCI EAFE have been able to stabilize from a price perspective in recent weeks despite relative strength weakness vs. MSCI ACWI.  In today’s report we scour the globe for attractive investments, ex-U.S., in an environment where selectivity is key.  

Global Equity Strategy: Where to Hide Outside the U.S.

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Equity Bottom-Up

After US traders got the implications of the <a href="https://www.smartkarma.com/entities/5415" target="_blank" data-smartkarma-citation="entities:5415:1">Nintendo (7974 JP)</a> results wrong (they sent the ADR 10% higher only to watch the shares lose 2% the next day in Tokyo), there was likely to be caution as to how to play the impressive <a href="https://www.smartkarma.com/entities/563" target="_blank" data-smartkarma-citation="entities:563:1">Sony (6758 JP)</a> numbers on Friday. However, any nervousness soon went out the window because immediately the news that proven cost-cutter Ken Yoshida was taking over the helm appeared, so did rumours that Sony Pictures would be put on the block.Such a move is certainly…

After US traders got the implications of the Nintendo (7974 JP) results wrong (they sent the ADR 10% higher only to watch the shares lose 2% the next day in Tokyo), there was likely to be caution as to how to play the impressive Sony (6758 JP) numbers on Friday. However, any nervousness soon went out the window because immediately the news that proven cost-cutter Ken Yoshida was taking over the helm appeared, so did rumours that Sony Pictures would be put on the block.Such a move is certainly…

Sony (6758) - Might Yoshida Sell Sony Pictures?

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

Thematic (Sector/Industry)

With the new year now in full swing, we looked back to see how names that move on volume over the Japanese holidays perform in the following year. We found that since 2003, volume over the holidays is more important than price performance. Names that are up and had a greater than 20% increase in volume over the holidays, on average are up 5% relative to TOPIX in the following year. However, names that are down but also saw a greater than 20% increase in volume over the holidays are on average…

With the new year now in full swing, we looked back to see how names that move on volume over the Japanese holidays perform in the following year. We found that since 2003, volume over the holidays is more important than price performance. Names that are up and had a greater than 20% increase in volume over the holidays, on average are up 5% relative to TOPIX in the following year. However, names that are down but also saw a greater than 20% increase in volume over the holidays are on average…

Holiday Volume Good Indication for Next Year Performance.....

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Japanese and Asian equity long/short strategies

Uzabase

Specialising in Japanese and Asian equity long/short strategies with a focus on rigorous, but targeted quantitative analysis to temper evaluations of company strategy, potential and vision. At Uzabase, our team of analysts provides coverage of industry dynamics with a local Asian flavour on Speeda, our financial information platform. Going forward we are aiming to channel our focus toward thematic research on emerging industries and company research.

<a href="https://www.smartkarma.com/entities/19333" target="_blank" data-smartkarma-citation="entities:19333:1">Sysmex Corp (6869 JP)</a> continued its string of weak quarters as OPM declined even further below 20%, hitting 18.1% with OP down 11% YoY despite a weaker yen helping the company grow sales 2.4% YoY and 11.5% QoQ. OP profit was JPY51.7bn for the FY just above our JPY51bn estimate which was 11% below consensus at the time we made it. Guidance of JPY57bn in OP looks aggressive but achievable if the yen stays at 114 to the USD, but we feel that the revenue target of JPY275bn looks too high given…

Sysmex Corp (6869 JP) continued its string of weak quarters as OPM declined even further below 20%, hitting 18.1% with OP down 11% YoY despite a weaker yen helping the company grow sales 2.4% YoY and 11.5% QoQ. OP profit was JPY51.7bn for the FY just above our JPY51bn estimate which was 11% below consensus at the time we made it. Guidance of JPY57bn in OP looks aggressive but achievable if the yen stays at 114 to the USD, but we feel that the revenue target of JPY275bn looks too high given…

Sysmex Results Miss by 6%, Guidance 10% Below Consensus

Japan

SYSMEX CORPORATION manufactures reagents and equipment for clinical tests including hematologic (blood) and immune tests. The Company also develops, manufactures, and trades particle analyzers such as blood coagulation analyzer and related software. Manufacturing and sales outside Japan include the United States, EMEA, China and Asia Pacific regions.

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Sysmex (6869 JT)

Global Strategy: Health Care Outperforming - Overweight; India Breaking Out -Add Exposure

Today's report puts a spotlight on the Health Care Sector, which is assuming a global leadership role vs. other Sectors. We also focus on...

Vermilion Research

Global Equity Strategy: Where to Hide Outside the U.S.

The U.S. has continued to separate itself from broad emerging market and developed international indexes. One positive is that MSCI EM and MSCI...

Vermilion Research

Sony (6758) - Might Yoshida Sell Sony Pictures?

After US traders got the implications of the Nintendo (7974 JP) results wrong (they sent the ADR 10% higher only to watch the shares lose 2% the...

Pelham Smithers Associates

Holiday Volume Good Indication for Next Year Performance.....

With the new year now in full swing, we looked back to see how names that move on volume over the Japanese holidays perform in the following year....

Custom Products Group

Sysmex Results Miss by 6%, Guidance 10% Below Consensus

Sysmex Corp (6869 JP) continued its string of weak quarters as OPM declined even further below 20%, hitting 18.1% with OP down 11% YoY despite a...

Mio Kato

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