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>Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.</li>
<li>Value areas of the market are underperforming while Technology and A.I. areas are starting to dominate again.</li>
<li>On ACWI-US, we want to see $156.50 support hold on any pullback (the breakout level) in order to remain near-term bullish, while major support is at $151.50.</li>
</ul>


Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.
Value areas of the market are underperforming while Technology and A.I. areas are starting to dominate again.
On ACWI-US, we want to see $156.50 support hold on any pullback (the breakout level) in order to remain near-term bullish, while major support is at $151.50.


Concerns Mounting as MSCI ACWI Tests Base Support. Buys in Tech, Services, Financials, Healthcare

CEO / Founder, Crea8

Kim-Hwa Lim

CEO / Founder

Make an Impact

Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

Cross Asset Strategy

<ul>
<li>The strategy seeks to invest in Shariah compliant stocks and in themes that are driving returns globally.</li>
<li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li>
<li>Previous portfolio returned -9.3% vs. MSCI World (-1.3%) – underperformed the benchmark by -8%.</li>
</ul>


The strategy seeks to invest in Shariah compliant stocks and in themes that are driving returns globally.
By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.
Previous portfolio returned -9.3% vs. MSCI World (-1.3%) – underperformed the benchmark by -8%.


Global Thematic (Shariah) Portfolio (14-Sep-2026)

<ul><li>The strategy seeks to invest in Shariah compliant companies with superior sustainability features / initiatives.</li><li>These Shariah compliant companies may be: 1) screened by avoiding issuers with negative ESG; 2) uplifted due to their commitment to improve ESG; 3) included as their business models may not only benefit from but also may drive long-term sustainability outcomes and 4) committed to generating positive, measurable and additional sustainability outcomes.</li><li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li></ul>

The strategy seeks to invest in Shariah compliant companies with superior sustainability features / initiatives.These Shariah compliant companies may be: 1) screened by avoiding issuers with negative ESG; 2) uplifted due to their commitment to improve ESG; 3) included as their business models may not only benefit from but also may drive long-term sustainability outcomes and 4) committed to generating positive, measurable and additional sustainability outcomes.By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.

Global Sustainability (Shariah) Portfolio (14-Sep-2026)

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

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>ASE Technology Holdings delivered a robust second quarter in 2026, demonstrating significant growth primarily driven by its Advanced Technology Manufacturing (ATM) business segment.</li>
<li>Consolidated revenue increased 27% year-over-year to TWD 191.1 billion, with ATM revenues up 36% annually and 12% sequentially.</li>
<li>The ATM segment accounted for 66% of total revenue and 94% of operating profit, underscoring its central role in the company’s profitability.</li>
</ul>


ASE Technology Holdings delivered a robust second quarter in 2026, demonstrating significant growth primarily driven by its Advanced Technology Manufacturing (ATM) business segment.
Consolidated revenue increased 27% year-over-year to TWD 191.1 billion, with ATM revenues up 36% annually and 12% sequentially.
The ATM segment accounted for 66% of total revenue and 94% of operating profit, underscoring its central role in the company’s profitability.


ASE Technology Holdings’ 94% Profit Engine — ATM Is Becoming The Center Of The Story!

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) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>
Record 66.2% gross margin beat guidance by 120bps; management raised full-year revenue growth to "above 30%" and capex to high end of $52-56B on insatiable AI demand. </li>
<li>
Supply constraints persist through 2027 as TSMC builds three new N3 fabs globally. AI accelerator revenue CAGR reaffirmed at "higher-50s" through 2029. </li>
<li>
Supply chain scorecard: strongly positive for ASML, SK Hynix,  ASE; mixed for MediaTek and Apple; negative for Intel and Samsung  foundry competitiveness.</li>
</ul>



Record 66.2% gross margin beat guidance by 120bps; management raised full-year revenue growth to "above 30%" and capex to high end of $52-56B on insatiable AI demand. 

Supply constraints persist through 2027 as TSMC builds three new N3 fabs globally. AI accelerator revenue CAGR reaffirmed at "higher-50s" through 2029. 

Supply chain scorecard: strongly positive for ASML, SK Hynix,  ASE; mixed for MediaTek and Apple; negative for Intel and Samsung  foundry competitiveness.


TSMC 1Q26: 66% Gross Margin Beat — What It Means for ASML, NVIDIA, MediaTek & 7 More

Taiwan

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

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ASE Technology Holding (3711 TT)

Concerns Mounting as MSCI ACWI Tests Base Support. Buys in Tech, Services, Financials, Healthcare

Concerns Mounting as MSCI $ACWI Tests Base Support. Actionable Themes: Technology, Services, Financials, and Health Care

Vermilion Research

Global Thematic (Shariah) Portfolio (14-Sep-2026)

The strategy seeks to invest in Shariah compliant stocks and in themes that are driving returns globally. By adopting a portfolio of stocks...

Crea8

Global Sustainability (Shariah) Portfolio (14-Sep-2026)

The strategy seeks to invest in Shariah compliant companies with superior sustainability features / initiatives. These Shariah compliant companies...

Crea8

ASE Technology Holdings’ 94% Profit Engine — ATM Is Becoming The Center Of The Story!

ASE Technology Holdings delivered a robust second quarter in 2026, demonstrating significant growth primarily driven by its Advanced Technology...

Baptista Research

TSMC 1Q26: 66% Gross Margin Beat — What It Means for ASML, NVIDIA, MediaTek & 7 More

Record gross margin beat and raised revenue guidance due to AI demand; supply constraints persist through 2027 with TSMC building new fabs; supply...

Vincent Fernando, CFA

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Concerns Mounting as MSCI ACWI Tests Base Support. Buys in Tech, Services, Financials, Healthcare

Concerns Mounting as MSCI $ACWI Tests Base Support. Actionable Themes: Technology, Services, Financials, and Health Care

Vermilion Research

Global Thematic (Shariah) Portfolio (14-Sep-2026)

The strategy seeks to invest in Shariah compliant stocks and in themes that are driving returns globally. By adopting a portfolio of stocks...

Crea8

Global Sustainability (Shariah) Portfolio (14-Sep-2026)

The strategy seeks to invest in Shariah compliant companies with superior sustainability features / initiatives. These Shariah compliant companies...

Crea8

ASE Technology Holdings’ 94% Profit Engine — ATM Is Becoming The Center Of The Story!

ASE Technology Holdings delivered a robust second quarter in 2026, demonstrating significant growth primarily driven by its Advanced Technology...

Baptista Research

TSMC 1Q26: 66% Gross Margin Beat — What It Means for ASML, NVIDIA, MediaTek & 7 More

​Record gross margin beat and raised revenue guidance due to AI demand; supply constraints persist through 2027 with TSMC building new fabs; supply...

Vincent Fernando, CFA

Record gross margin beat and raised revenue guidance due to AI demand; supply constraints persist through 2027 with TSMC building new fabs; supply...