Comprehensive Financial & Economic Taiwan Database, Taiwan Economic Journal

Taiwan Economic Journal

Comprehensive Financial & Economic Taiwan Database

Founded in April 1990, Taiwan Economic Journal (TEJ) specializes in providing all required and value-added information for fundamental analysis of the securities financial market. TEJ is managed by a team of professionals proficient in data collection, economic analysis, and computer applications. After years of effort, we have grown to become the largest and most comprehensive financial and economic database in Taiwan. Our primary business is selling domestic and international data on securities, finance, industries, and macroeconomics. Additionally, we provide consulting services in economic analysis, model design, and database construction.

Thematic (Sector/Industry)

<ul><li>In quantitative investment research, one of the core challenges has always been how to construct factors grounded in transparent and theoretically consistent financial information.</li><li>Unlike stock price or technical indicators, financial statements provide a direct reflection of a company’s profitability, growth, capital structure, and operating efficiency.</li><li>However, relying solely on a single financial metric often fails to capture the full picture of corporate value.</li></ul>

In quantitative investment research, one of the core challenges has always been how to construct factors grounded in transparent and theoretically consistent financial information.Unlike stock price or technical indicators, financial statements provide a direct reflection of a company’s profitability, growth, capital structure, and operating efficiency.However, relying solely on a single financial metric often fails to capture the full picture of corporate value.

Discovering Investment Factors through Point-in-Time Audited Financial Database

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

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Analyzing Asian markets' long term return cyclicality, we notice that the durations of upcycles and downcycles vary across markets. Within the same market, often the upcycle and downcycle durations differ.</li>
<li>We conclude that in Q4 2025, Korea, Taiwan and Philippines are likely to move up. Hong Kong, India, Indonesia, Thailand and Singapore seem likely to decline.</li>
<li>An obvious caveat is: this method of predicting returns involves purely pattern recognition, not fundamental reasoning. While the markets mostly adhere to the observed patterns, they don’t <em>always</em> do so.</li>
</ul>


Analyzing Asian markets' long term return cyclicality, we notice that the durations of upcycles and downcycles vary across markets. Within the same market, often the upcycle and downcycle durations differ.
We conclude that in Q4 2025, Korea, Taiwan and Philippines are likely to move up. Hong Kong, India, Indonesia, Thailand and Singapore seem likely to decline.
An obvious caveat is: this method of predicting returns involves purely pattern recognition, not fundamental reasoning. While the markets mostly adhere to the observed patterns, they don’t always do so.


Asian Equities: Cyclical Return Patterns – a Long-Term Analysis

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>A review of recent events/data impacting our investment themes or outlook</li>
<li>Time to start unpacking your shorts for the summer season</li>
<li>Headlines should not distract from the big picture and provide  trading opportunities </li>
</ul>


A review of recent events/data impacting our investment themes or outlook
Time to start unpacking your shorts for the summer season
Headlines should not distract from the big picture and provide  trading opportunities 


<ul>
<li>A review of recent events/data impacting our investment themes or outlook</li>
<li>The new Trump Administration’s “plan” for China is becoming clearer</li>
<li>What’s next for markets after the tumultuous events of the last week</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
The new Trump Administration’s “plan” for China is becoming clearer
What’s next for markets after the tumultuous events of the last week


Overview #22 – The Lunatics Have Taken over the Asylum

Taiwan

The TWSE, or TAIEX, Index is capitalization-weighted index of all listed common shares traded on the Taiwan Stock Exchange. The index has a base value of 100 based on its 1966 level. The index is also known as the TSEC Index.

Taiwan Stock Exchange Weighted Index (TWSE INDEX)

Taiwan Stock Exchange Weighted Index (TWSE INDEX)

Discovering Investment Factors through Point-in-Time Audited Financial Database

In quantitative investment research, one of the core challenges has always been how to construct factors grounded in transparent and...

Taiwan Economic Journal

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

Asian Equities: Cyclical Return Patterns – a Long-Term Analysis

Asian markets' quarterly returns show varying upcycle and downcycle durations. We expect Korea, Taiwan, & Philippines to rise in Q4 25 while HK,...

Manishi Raychaudhuri

Overview#24 – Exiting No Man’s Land

A review of recent events/data impacting our investment themes and outlook. What are bond and currency markets telling us about the equity markets?

Rikki Malik

Overview #22 – The Lunatics Have Taken over the Asylum

A review of recent events/data impacting our investment themes and outlook. What happens next for markets after the events of the last week

Rikki Malik

Discovering Investment Factors through Point-in-Time Audited Financial Database

In quantitative investment research, one of the core challenges has always been how to construct factors grounded in transparent and...

Taiwan Economic Journal

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

Asian Equities: Cyclical Return Patterns – a Long-Term Analysis

​Asian markets' quarterly returns show varying upcycle and downcycle durations. We expect Korea, Taiwan, & Philippines to rise in Q4 25 while HK,...

Manishi Raychaudhuri

Overview#24 – Exiting No Man’s Land

A review of recent events/data impacting our investment themes and outlook. What are bond and currency markets telling us about the equity markets?

Rikki Malik

Overview #22 – The Lunatics Have Taken over the Asylum

A review of recent events/data impacting our investment themes and outlook. What happens next for markets after the events of the last week

Rikki Malik

Asian markets' quarterly returns show varying upcycle and downcycle durations. We expect Korea, Taiwan, & Philippines to rise in Q4 25 while HK,...