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

Gan & Lee Pharmaceuticals / 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>Short-Term supports to watch on ACWI-US continue to be $132 (testing now), $130, $128, $125-$126, and $123-$123.50. All signs point to the ACWI-US uptrend continuing for the foreseeable future.</li>
<li>Upgrading China to Overweight; Europe Breaking Out; Japan Also Remains Attractive. Buys in Consumer Discretionary (primarily autos/parts), Industrials, Services, Health Care, Materials, Financials, and Real Estate</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
Short-Term supports to watch on ACWI-US continue to be $132 (testing now), $130, $128, $125-$126, and $123-$123.50. All signs point to the ACWI-US uptrend continuing for the foreseeable future.
Upgrading China to Overweight; Europe Breaking Out; Japan Also Remains Attractive. Buys in Consumer Discretionary (primarily autos/parts), Industrials, Services, Health Care, Materials, Financials, and Real Estate


Upgrading China to Overweight; Europe Breaking Out

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Capital Markets

Takasago Thermal Engineering / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/takasago-thermal-engineering" target="_blank" data-smartkarma-citation="entities:2165:1" rel="noopener">Takasago Thermal Engineering (1969 JP)</a> reported Q3 <a href="https://ssl4.eir-parts.net/doc/1969/ir_material2/245033/00.pdf" target="_blank" rel="noopener">earnings</a> today. Revs up tiny yoy over 9m. OP +13%, Net +18.2%. Progression a bit behind guidance for full-year (but guidance unchanged)</li>
<li>Orders received and carried forward a record high. Margins up. DX/etc investments up. Crossholdings down but still HUGE outbound/in-bound. Goal is to shrink from 20% of net assets to 15%.</li>
<li>Today the company announced some crossholders would sell ~5% of shares out, and the company would launch a buyback for half that. Meh...</li>
</ul>



Takasago Thermal Engineering (1969 JP) reported Q3 earnings today. Revs up tiny yoy over 9m. OP +13%, Net +18.2%. Progression a bit behind guidance for full-year (but guidance unchanged)
Orders received and carried forward a record high. Margins up. DX/etc investments up. Crossholdings down but still HUGE outbound/in-bound. Goal is to shrink from 20% of net assets to 15%.
Today the company announced some crossholders would sell ~5% of shares out, and the company would launch a buyback for half that. Meh...


Takasago Thermal Engineering Offering (1969) - Small Start to Larger Unwind

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.

<ul>
<li>A group of shareholders are looking to raise US$118m from selling their respective stakes in <a href="https://www.smartkarma.com/entities/takasago-thermal-engineering" target="_blank" data-smartkarma-citation="entities:2165:1" rel="noopener">Takasago Thermal Engineering (1969 JP)</a> .</li>
<li>While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind narrative in Japan, the timing of such a selldown isn’t always certain.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


A group of shareholders are looking to raise US$118m from selling their respective stakes in Takasago Thermal Engineering (1969 JP) .
While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind narrative in Japan, the timing of such a selldown isn’t always certain.
In this note, we will talk about the placement and run the deal through our ECM framework.


Takasago Thermal Engineering Placement - Share Buyback Should Aid Deal Performance

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Takasago Thermal Engineering / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/takasago-thermal-engineering" target="_blank" data-smartkarma-citation="entities:2165:1" rel="noopener">Takasago Thermal Engineering (1969 JP)</a> is one of the top 10 players in Japan for energy efficiency players for industrial clients, especially semiconductors. </li>
<li>Japan Metropolitan Govt bought stake in Rapidus, signifying a potential long-term business potential for Takasago Thermal Engineering. </li>
<li>Valuation is no longer dirt cheap but still at a favorable level given its potential enlarged revenue growth. </li>
</ul>



Takasago Thermal Engineering (1969 JP) is one of the top 10 players in Japan for energy efficiency players for industrial clients, especially semiconductors. 
Japan Metropolitan Govt bought stake in Rapidus, signifying a potential long-term business potential for Takasago Thermal Engineering. 
Valuation is no longer dirt cheap but still at a favorable level given its potential enlarged revenue growth. 


Takasago Thermal Engineering (1969): Start of Multi-Year Bull

Shanghai Stock Exchange Composite Index / 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).</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 5700-5785 and $119-$121.</li>
<li>$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).
We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.
$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.


China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

Japan

Takasago Thermal Engineering Co., Ltd. constructs air-conditioning facilities in commercial, institutional, and industrial buildings.  The Company also develops and constructs clean room systems for semiconductor manufacturers. Additionally, Takasago Thermal manufactures and sells air-conditioning related equipment.

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Takasago Thermal Engineering (1969 JP)

Upgrading China to Overweight; Europe Breaking Out

Upgrading China to Overweight. Europe Breaking Out. Japan Remains Attractive. All signs point to the $ACWI uptrend continuing for the foreseeable...

Vermilion Research

Takasago Thermal Engineering Offering (1969) - Small Start to Larger Unwind

Takasago Thermal today announced Q3, a small secondary, and a buyback to cover about 40% of it from April to June. This story stock has a lot of...

Travis Lundy

Takasago Thermal Engineering (1969): Start of Multi-Year Bull

Takasago Thermal Engineering, one of the beneficiaries in HVAC sector for multi year bull in semicond capex cycle, has revised its guidance upwards...

Henry Soediarko

China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

China's Shanghai Composite and Japan's TOPIX and TOPIX Small indexes Breaking Out -- Buy; Bullish Outlook Intact on global equities $ACWI; U.S....

Vermilion Research

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52-week Range

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Upgrading China to Overweight; Europe Breaking Out

Upgrading China to Overweight. Europe Breaking Out. Japan Remains Attractive. All signs point to the $ACWI uptrend continuing for the foreseeable...

Vermilion Research

Takasago Thermal Engineering Offering (1969) - Small Start to Larger Unwind

Takasago Thermal today announced Q3, a small secondary, and a buyback to cover about 40% of it from April to June. This story stock has a lot of...

Travis Lundy

Takasago Thermal Engineering Placement - Share Buyback Should Aid Deal Performance

A group of shareholders are looking to raise US$118m selling their respective stakes in Takasago Thermal Engineering. In this note, we discuss...

Nicholas Tan

Takasago Thermal Engineering (1969): Start of Multi-Year Bull

Takasago Thermal Engineering, one of the beneficiaries in HVAC sector for multi year bull in semicond capex cycle, has revised its guidance upwards...

Henry Soediarko

China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

China's Shanghai Composite and Japan's TOPIX and TOPIX Small indexes Breaking Out -- Buy; Bullish Outlook Intact on global equities $ACWI; U.S....

Vermilion Research