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

OmniVision Integrated Circuits Group / Technical Analysis

OmniVision Integrated Circuits Group (603501 CH)

New developments suggest caution is warranted, and leads us to believe the mixed market environment is poised to continue. The new and concerning developments include widening high yield spreads in the U.S. and Europe and improving relative strength for defensive Sectors -- both are clear signs of risk aversion. At the same time, global indexes remain above critical support levels; until this changes our neutral outlook remains appropriate.

New developments suggest caution is warranted, and leads us to believe the mixed market environment is poised to continue. The new and concerning developments include widening high yield spreads in the U.S. and Europe and improving relative strength for defensive Sectors -- both are clear signs of risk aversion. At the same time, global indexes remain above critical support levels; until this changes our neutral outlook remains appropriate.

Global Equity Strategy: Reason For Caution; Actionable Themes: Services/Technology & Staples

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

The SIA has released May semiconductor revenue statistics and the month broke all records for both revenues and unit shipments.  This is a continuation of the trend that this analyst has been reporting on since this time last year.  It appears that there is still plenty of strength in this market to allow further records to be broken.

The SIA has released May semiconductor revenue statistics and the month broke all records for both revenues and unit shipments.  This is a continuation of the trend that this analyst has been reporting on since this time last year.  It appears that there is still plenty of strength in this market to allow further records to be broken.

May Semiconductor Revenues Break a Record Once Again

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

GigaDevice Semiconductor / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/giga-device-semiconductor-inc-class-h" target="_blank" data-smartkarma-citation="entities:46238:1" rel="noopener">GigaDevice Semiconductor (3986 HK)</a> (GD), an IC design house, raised around US$690m in its H-share listing. Its cornerstone investors will soon be released from their lockup.</li>
<li>GD is a leading specialty memory chip and MCU company in mainland China.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



GigaDevice Semiconductor (3986 HK) (GD), an IC design house, raised around US$690m in its H-share listing. Its cornerstone investors will soon be released from their lockup.
GD is a leading specialty memory chip and MCU company in mainland China.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: GigaDevice A/H Lockup Expiry - US$1.4bn Lockup Release with 5x Gains

Equity Long-Short

Mo Aziz

Equity Bottom-Up

<ul>
<li>Best asset in semiconductors: the sole EUV monopoly, now dual-cycle as memory hit 51% of system sales at a 53% gross margin, on a €38.8bn backlog.</li>
<li>A ~19% revenue and ~27% EPS CAGR to FY28E, ROE ~67%, ~€46bn cumulative free cash flow, and a leading-edge order book effectively sold out ~1.5–2 years.</li>
<li>BUY, €2,100 (+27%): 50x FY27E EPS of €42.0 — the multiple spot already pays on FY26E, simply rolled forward. Our EPS sits ~4% above consensus.  </li>
</ul>


Best asset in semiconductors: the sole EUV monopoly, now dual-cycle as memory hit 51% of system sales at a 53% gross margin, on a €38.8bn backlog.
A ~19% revenue and ~27% EPS CAGR to FY28E, ROE ~67%, ~€46bn cumulative free cash flow, and a leading-edge order book effectively sold out ~1.5–2 years.
BUY, €2,100 (+27%): 50x FY27E EPS of €42.0 — the multiple spot already pays on FY26E, simply rolled forward. Our EPS sits ~4% above consensus.  


ASML NA/US - Initiate with BUY: The AI Bottleneck No Competitor Can Replicate

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

2020 turned out to be a record year for semiconductor equipment sales with revenues of North American vendors increasing 22.5% sequentially to reach an all time high of $29.7 billion. On the back of a step-function CapEx 2021 forecast increase by <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC</a> and ever-increasing reports of chip shortages, particularly in the automotive industry, the outlook for the current year is also looking particularly strong. Here's our analysis of the sector and why we see it going from strength to strength.

2020 turned out to be a record year for semiconductor equipment sales with revenues of North American vendors increasing 22.5% sequentially to reach an all time high of $29.7 billion. On the back of a step-function CapEx 2021 forecast increase by TSMC and ever-increasing reports of chip shortages, particularly in the automotive industry, the outlook for the current year is also looking particularly strong. Here's our analysis of the sector and why we see it going from strength to strength.

Semiconductor WFE. Going From Strength To Strength.

Netherlands

ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients worldwide.

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ASML Holding NV (ASML US)

Global Equity Strategy: Reason For Caution; Actionable Themes: Services/Technology & Staples

With interest rates expected to move sideways to lower, we recommend a mix of growth and defensive Sectors. Today we focus on Services/Technology...

Vermilion Research

May Semiconductor Revenues Break a Record Once Again

Even the semiconductors that are not in a dire shortage are in tight supply, driving prices and revenues to extraordinary heights. This Insight...

Jim Handy

Aequitas: GigaDevice A/H Lockup Expiry - US$1.4bn Lockup Release with 5x Gains

GigaDevice Semiconductor (3986 HK) (GD), an IC design house, raised around US$690m in its H-share listing. Its cornerstone investors will soon be...

Sumeet Singh

ASML NA/US - Initiate with BUY: The AI Bottleneck No Competitor Can Replicate

Semiconductor company with EUV monopoly and strong financials expected to see significant growth, recommend buying stock at €2,100.

Mo Aziz

Semiconductor WFE. Going From Strength To Strength.

Semiconductor WFE revenues grew by around 20% in 2020. We expect similar, if not stronger, growth in 2021. Here's why we see the sector going from...

William Keating

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Global Equity Strategy: Reason For Caution; Actionable Themes: Services/Technology & Staples

With interest rates expected to move sideways to lower, we recommend a mix of growth and defensive Sectors. Today we focus on Services/Technology...

Vermilion Research

May Semiconductor Revenues Break a Record Once Again

Even the semiconductors that are not in a dire shortage are in tight supply, driving prices and revenues to extraordinary heights. This Insight...

Jim Handy

Aequitas: GigaDevice A/H Lockup Expiry - US$1.4bn Lockup Release with 5x Gains

GigaDevice Semiconductor (3986 HK) (GD), an IC design house, raised around US$690m in its H-share listing. Its cornerstone investors will soon be...

Sumeet Singh

ASML NA/US - Initiate with BUY: The AI Bottleneck No Competitor Can Replicate

​Semiconductor company with EUV monopoly and strong financials expected to see significant growth, recommend buying stock at €2,100.

Mo Aziz

Semiconductor WFE. Going From Strength To Strength.

Semiconductor WFE revenues grew by around 20% in 2020. We expect similar, if not stronger, growth in 2021. Here's why we see the sector going from...

William Keating

Semiconductor company with EUV monopoly and strong financials expected to see significant growth, recommend buying stock at €2,100.