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

Several equity indexes and indicators we watch are telling us an initial primary low has been established for global equities (ACWI-US). At the same time, after this type of major waterfall decline there is often a test of this initial low - and oftentimes we get an undercut of the initial low. Barring approval of a first-line therapy for COVID-19 we are of the belief that we will get an eventual test of this initial low and potentially an undercut. In this report we highlight key technical levels and indicators to watch and suggest investment opportunities with defensive and/or growth characteristics. We are also expanding our recommendations to include bottom-up ideas within several other Sectors.

Several equity indexes and indicators we watch are telling us an initial primary low has been established for global equities (ACWI-US). At the same time, after this type of major waterfall decline there is often a test of this initial low - and oftentimes we get an undercut of the initial low. Barring approval of a first-line therapy for COVID-19 we are of the belief that we will get an eventual test of this initial low and potentially an undercut. In this report we highlight key technical levels and indicators to watch and suggest investment opportunities with defensive and/or growth characteristics. We are also expanding our recommendations to include bottom-up ideas within several other Sectors.

Global Equity Strategy: Initial Low Established

Quantamental Researcher, JD Finance Quantamental Research

Ben Li

Quantamental Researcher

JD Finance Quantamental Research

JD Finance Big Data Quantamental Research is a data and insight provider of proprietary online eCommerce data, under the arm of big data analytics team in JD Finance. JD Finance is an affiliate of US listed JD, a leading eCommerce player in China. It is one of the largest fintech companies in China, with business spanning across consumer loans, fund distribution, and quantitative strategy research. 

Thematic (Sector/Industry)

Premiumization in China has been an unstoppable trend as China’s economic reform continuously spurs the growth of consumer sector and benefits citizens’ everyday life. Among Chinese consumers, Millennials, defined as a cohort born between 1980 and 1995, have the strongest purchase power on e-commerce platforms with constantly rising online spending. We sorted out Millennials’ three shared values that affect their purchase decisions: Higher Quality, Better Lifestyle and Health Consciousness, and will discuss the impact of these principles on different consumer sectors in this article.

Premiumization in China has been an unstoppable trend as China’s economic reform continuously spurs the growth of consumer sector and benefits citizens’ everyday life. Among Chinese consumers, Millennials, defined as a cohort born between 1980 and 1995, have the strongest purchase power on e-commerce platforms with constantly rising online spending. We sorted out Millennials’ three shared values that affect their purchase decisions: Higher Quality, Better Lifestyle and Health Consciousness, and will discuss the impact of these principles on different consumer sectors in this article.

A Closer Look at Premiumization: Decoding Millennials Online Spending

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

<ul><li>Wipes increased by 12% in retail current value terms in 2017, to reach CNY4.3 billion</li><li>Increasing hygiene awareness amongst consumers supports the healthy growth of wipes</li><li>Current value sales of personal wipes increased by 12% in 2017, to reach CNY4.2 billion, whilst home care wipes and floor cleaning systems experiences 11% current value growth to reach CNY42 million</li><li>The average unit price of wipes increases in 2017, due to the increasing cost of raw materials</li><li>Hengan Fujian Holding continued to lead wipes in 2017, with a retail value share of 27%</li><li>Wipes is expected to increase by a retail value CAGR of 10% at constant 2017 prices over the forecast period, rising to CNY6.8 billion in 2022</li></ul>

Wipes increased by 12% in retail current value terms in 2017, to reach CNY4.3 billionIncreasing hygiene awareness amongst consumers supports the healthy growth of wipesCurrent value sales of personal wipes increased by 12% in 2017, to reach CNY4.2 billion, whilst home care wipes and floor cleaning systems experiences 11% current value growth to reach CNY42 millionThe average unit price of wipes increases in 2017, due to the increasing cost of raw materialsHengan Fujian Holding continued to lead wipes in 2017, with a retail value share of 27%Wipes is expected to increase by a retail value CAGR of 10% at constant 2017 prices over the forecast period, rising to CNY6.8 billion in 2022

Data up to December 2017Online Channel Continuously Gaining Share; Japanese Sanitary Napkins Brands to Lead the Overall Market<ul><li>Although offline is still the major purchase channel for paper products, online channel has been gaining more share, especially during promotional seasons.</li><li>Japanese Diapers brands account for a majority of online market share, gradually caught up US brands on the offline battlefield to take the lead offline as well.</li><li>Due to the improvement in product mix and possible unit price increase, the ASP of Tissues realized a 5% y/y growth rate with an impressive growth rate in the past 6 months.</li></ul>Please feel free to contact us for specific data requests.

Data up to December 2017Online Channel Continuously Gaining Share; Japanese Sanitary Napkins Brands to Lead the Overall MarketAlthough offline is still the major purchase channel for paper products, online channel has been gaining more share, especially during promotional seasons.Japanese Diapers brands account for a majority of online market share, gradually caught up US brands on the offline battlefield to take the lead offline as well.Due to the improvement in product mix and possible unit price increase, the ASP of Tissues realized a 5% y/y growth rate with an impressive growth rate in the past 6 months.Please feel free to contact us for specific data requests.

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softcare-limited" target="_blank" data-smartkarma-citation="entities:44292:1" rel="noopener">Softcare (SOFT HK)</a> is looking to raise up to US$307m in its upcoming Hong Kong IPO.</li>
<li>It is an international hygiene product corporation with a focus on fast-growing Emerging Markets including Africa, Latin America and Central Asia. </li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Softcare (SOFT HK) is looking to raise up to US$307m in its upcoming Hong Kong IPO.
It is an international hygiene product corporation with a focus on fast-growing Emerging Markets including Africa, Latin America and Central Asia. 
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Softcare Pre-IPO: Decent Cornerstones, Riding on Africa Growth

Hong Kong

Vinda International is a major hygiene company in Asia, specializing in the research, development, production, and sale of high-quality tissue paper products and personal care items. Its product lines include bathroom tissue, facial tissue, feminine care, baby care, and incontinence products. The company is headquartered in Hong Kong and was founded in 1985.

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Vinda International (3331 HK)

Global Equity Strategy: Initial Low Established

Several equity indexes and indicators we watch are telling us an initial primary low has been established for global equities (ACWI-US). At the...

Vermilion Research

A Closer Look at Premiumization: Decoding Millennials Online Spending

Premiumization in China has been an unstoppable trend as China’s economic reform continuously spurs the growth of consumer sector and benefits...

Ben Li

Sector Capsule: Wipes in China

Wipes increased by 12% in retail current value terms in 2017, to reach CNY4.3 billion Increasing hygiene awareness amongst consumers supports the...

Euromonitor International Ltd.

2017 China Paper Products Report

Data up to December 2017Online Channel Continuously Gaining Share; Japanese Sanitary Napkins Brands to Lead the Overall Market Although offline is...

Ben Li

Softcare Pre-IPO: Decent Cornerstones, Riding on Africa Growth

Softcare is looking to raise up to US$307m in its upcoming Hong Kong IPO. In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Nicholas Tan

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