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

<ul>
<li>We continue to play the hand we have been dealt; i.e., riding the trend higher on the SPX and Nasdaq 100, and being overweight large-cap growth</li>
<li>Russell 1000 GrowthVs.Value ratio is breaking out from a 4-year base, suggesting growth's outperformance is likely to continue in the months ahead. Growth outperforming during bull markets is no surprise.</li>
<li>Latest bullish developments include the equal-weighted Nasdaq 100 (QQQE) breaking out from a 4-month base, while Discretionary (XLY) displays a 6-month base breakout and RS is reversing its YTD downtrend</li>
</ul>


We continue to play the hand we have been dealt; i.e., riding the trend higher on the SPX and Nasdaq 100, and being overweight large-cap growth
Russell 1000 GrowthVs.Value ratio is breaking out from a 4-year base, suggesting growth's outperformance is likely to continue in the months ahead. Growth outperforming during bull markets is no surprise.
Latest bullish developments include the equal-weighted Nasdaq 100 (QQQE) breaking out from a 4-month base, while Discretionary (XLY) displays a 6-month base breakout and RS is reversing its YTD downtrend


Play the Hand You're Dealt; Bullish Outlook Intact; Remain Overweight Large-Cap Growth; Tech Buys

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

<ul>
<li>Silicon Box January series B funding round in January 2024 pushed the advanced packaging startup into Unicorn status with a &gt;$1 billion valuation</li>
<li>In addition to their Singapore based 70,000 sq metre facility, they announced a second, $3.6 billion investment in Italy in March 2024</li>
<li>Despite their unicorn status and being in business for nigh on three years, we still have no specifics on the precise nature of the advanced packaging technology they are offering</li>
</ul>


Silicon Box January series B funding round in January 2024 pushed the advanced packaging startup into Unicorn status with a &gt;$1 billion valuation
In addition to their Singapore based 70,000 sq metre facility, they announced a second, $3.6 billion investment in Italy in March 2024
Despite their unicorn status and being in business for nigh on three years, we still have no specifics on the precise nature of the advanced packaging technology they are offering


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Recently, Amkor Technology detailed its results from the first quarter of 2024, showcasing a robust investment case characterized by substantial revenue growth, innovative technological advances, and strategic partnerships.</li><li>While the revenues of the company stood at $1.37 billion, representing a 7% year-on-year decline, this was largely due to the considerable downturn from the automotive and industrial markets following a multi-quarter industry cycle.</li><li>However, the company remains positive about potential market recovery signs and increased demand for its specialized products and services.</li></ul>

Recently, Amkor Technology detailed its results from the first quarter of 2024, showcasing a robust investment case characterized by substantial revenue growth, innovative technological advances, and strategic partnerships.While the revenues of the company stood at $1.37 billion, representing a 7% year-on-year decline, this was largely due to the considerable downturn from the automotive and industrial markets following a multi-quarter industry cycle.However, the company remains positive about potential market recovery signs and increased demand for its specialized products and services.

Amkor Technology: IoT Wearables and AR/VR Technologies & 5 Major Growth Drivers

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul><li>Like last week, I will do a meta-level overview summary. That’s why I read these calls; to understand the whole, you must understand the parts.</li><li>Smartphone markets continue to recover, but the demand is sluggish, and handsets should be flattish for the year. Industrial is bottoming at multiple companies, and Skyworks looks like it lost RF share to Qorvo. Telecom looks to be bottoming (NXPI).</li><li>I think it's pretty clear that the automotive cycle should be bought, not sold. And we continue to see strength in consumers (AMKR, QCOM). I am starting to like the Rambus story again, as I think their client business, the PMIC, and potentially CXL businesses could add 200m+ incremental revenue on top of the DDR5 share story in the coming years.</li></ul>

Like last week, I will do a meta-level overview summary. That’s why I read these calls; to understand the whole, you must understand the parts.Smartphone markets continue to recover, but the demand is sluggish, and handsets should be flattish for the year. Industrial is bottoming at multiple companies, and Skyworks looks like it lost RF share to Qorvo. Telecom looks to be bottoming (NXPI).I think it's pretty clear that the automotive cycle should be bought, not sold. And we continue to see strength in consumers (AMKR, QCOM). I am starting to like the Rambus story again, as I think their client business, the PMIC, and potentially CXL businesses could add 200m+ incremental revenue on top of the DDR5 share story in the coming years.

Earnings (AMKR, RMBS, NXPI, SWKS, ENTG, QCOM, WOLF, QRVO, ACLS)

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Taiwan Tech Rebounds Sharply Alongside Major Nvidia/U.S. Tech Rebound Last Week. Wave of Major Earnings Releases This Week -- See Our Key Events Section.</li>
<li>Apple's Latest Supplier List Released Last Week -- Nanya Tech, Lotes, and Novatek Dropped. New List Shows Apple Struggling to Diversify from China.</li>
<li>Apple iOS 18 Will Heavily Feature Edge AI Running Locally on the iPhone for User' Privacy and Security -- We Believe This Could Be a Major Driver of Phone Upgrades</li>
</ul>


Taiwan Tech Rebounds Sharply Alongside Major Nvidia/U.S. Tech Rebound Last Week. Wave of Major Earnings Releases This Week -- See Our Key Events Section.
Apple's Latest Supplier List Released Last Week -- Nanya Tech, Lotes, and Novatek Dropped. New List Shows Apple Struggling to Diversify from China.
Apple iOS 18 Will Heavily Feature Edge AI Running Locally on the iPhone for User' Privacy and Security -- We Believe This Could Be a Major Driver of Phone Upgrades


Taiwan Tech Weekly: Major Week of Earnings; Apple's Edge AI Could Make Your Current IPhone Obsolete

United States

Amkor Technology, Inc. provides semiconductor packaging and test services.  The Company offers deep submicron wafer fabrication, wafer probe testing, integrated circuit packaging assembly and design, final testing, reliability testing, burn-in, and electrical characterization.

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Amkor Technology (AMKR US)

Play the Hand You're Dealt; Bullish Outlook Intact; Remain Overweight Large-Cap Growth; Tech Buys

Play the Hand You're Dealt; Bullish Outlook Intact $SPX $QQQ $IWM; Remain Overweight Large-Cap Growth $IWF $NVDA $AVGO $TSM $AMD $ASML $AAPL $MSFT...

Vermilion Research

Silicon Box Or Silicon Black Box?

Silicon Box, the Singapore-based advanced packaging startup launched in 2021, reached Unicorn status with their Series B in Jan '24. Yet the...

William Keating

Amkor Technology: IoT Wearables and AR/VR Technologies & 5 Major Growth Drivers

Recently, Amkor Technology detailed its results from the first quarter of 2024, showcasing a robust investment case characterized by substantial...

Baptista Research

Earnings (AMKR, RMBS, NXPI, SWKS, ENTG, QCOM, WOLF, QRVO, ACLS)

Like last week, I will do a meta-level overview summary. That’s why I read these calls; to understand the whole, you must understand the parts....

Fabricated Knowledge

Taiwan Tech Weekly: Major Week of Earnings; Apple's Edge AI Could Make Your Current IPhone Obsolete

Taiwan rebounded strongly last week alongside Nvidia and U.S. tech. This week will be another major earnings week. Apple's edge AI for user privacy...

Vincent Fernando, CFA

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