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 outlook remains bullish and we see the market in the midst of a significant end-of-year rally that we have been expecting since mid-October.</li>
<li>We continue to expect support at 20-day MAs on $SPX and Nasdaq 100 (QQQ), while support at current levels or the 50-day MA is likely on the Russell 2000 (IWM).</li>
<li>Market dynamics continue to improve, giving us confidence that this bull run is likely to go at least another month into mid-January, and quite likely beyond.</li>
</ul>


Our outlook remains bullish and we see the market in the midst of a significant end-of-year rally that we have been expecting since mid-October.
We continue to expect support at 20-day MAs on $SPX and Nasdaq 100 (QQQ), while support at current levels or the 50-day MA is likely on the Russell 2000 (IWM).
Market dynamics continue to improve, giving us confidence that this bull run is likely to go at least another month into mid-January, and quite likely beyond.


Growth Leading This EOY Rally; Expect More Upside. PHLX Semis $SOXX With a Bullish 5-Month Reversal

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Event-Driven

<ul>
<li>Project Lakshya targets Rs. 20,000 crore revenue and more than 27% EBITDA margin by FY29, supported by 50% capacity expansion.</li>
<li>The plan implies a 61.6% revenue CAGR from FY26 and at least Rs. 5,400 crore of FY29 EBITDA, an earnings reset, if delivered.</li>
<li>The debate shifts from cyclical fibre recovery to execution, product mix, customer concentration, capex discipline and order conversion.</li>
</ul>


Project Lakshya targets Rs. 20,000 crore revenue and more than 27% EBITDA margin by FY29, supported by 50% capacity expansion.
The plan implies a 61.6% revenue CAGR from FY26 and at least Rs. 5,400 crore of FY29 EBITDA, an earnings reset, if delivered.
The debate shifts from cyclical fibre recovery to execution, product mix, customer concentration, capex discipline and order conversion.


Sterlite Technologies: Project Lakshya Raises The Stakes

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Jacobio Pharmaceuticals / Equity Bottom-Up

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,100+ insights shared on Smartkarma.</li>
<li>In this cut, we look at optics as a bottleneck in AI infrastructure, the arguments against Indonesia even with low positioning, and some opportunities within Asian healthcare. </li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,100+ insights shared on Smartkarma.
In this cut, we look at optics as a bottleneck in AI infrastructure, the arguments against Indonesia even with low positioning, and some opportunities within Asian healthcare. 
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Seeing the Light in AI, Indonesia at Record Lows & Offbeat Ideas in Asia Healthcare

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Crealights Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/crealights-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:49401:1" rel="noopener">Crealights Technology (1191 HK)</a>, an optoelectronic interconnection product provider, targets to raise HK$1.4bn from IPO. Its growth is solid, as revenue surged 6x in FY23-25.  </li>
<li>For the next three years, it will ride on AI spending, with revenue growing by a CAGR of 44.3%. However, heavy investments will sustain its losses.</li>
<li>At 4.5x FY26 P/S, the IPO is inexpensive relative to peers. It justifies a 20% discount to <a href="https://www.smartkarma.com/entities/cig-shanghai-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46336:1" rel="noopener">CIG Shanghai (6166 HK)</a>, or 5.1x P/S, implying at least 15% upside. </li>
</ul>



Crealights Technology (1191 HK), an optoelectronic interconnection product provider, targets to raise HK$1.4bn from IPO. Its growth is solid, as revenue surged 6x in FY23-25.  
For the next three years, it will ride on AI spending, with revenue growing by a CAGR of 44.3%. However, heavy investments will sustain its losses.
At 4.5x FY26 P/S, the IPO is inexpensive relative to peers. It justifies a 20% discount to CIG Shanghai (6166 HK), or 5.1x P/S, implying at least 15% upside. 


Crealights Technology (1191 HK) IPO: Lighting Up

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

Himax Technologies Inc Adr / Equity Bottom-Up

<ul>
<li>Himax's CPO entry is a manufacturing story: it supplies the precision optics — lenses, prisms, V-grooves — inside the fiber array unit, built on 15 years of nanoimprint wafer-level optics.</li>
<li>Third-Party research (Hunterbrook, Ming-Chi Kuo) ties those optics to TSMC's COUPE engine behind NVIDIA's CPO switches, but Himax, TSMC, and NVIDIA have not confirmed it.</li>
<li>Gen 1 (1.6/3.2 Tbps) ships in small quantities from 2H26 and Gen 2 (6.4 Tbps) nears validation; lower volume, higher value than displays, funded by automotive.</li>
</ul>


Himax's CPO entry is a manufacturing story: it supplies the precision optics — lenses, prisms, V-grooves — inside the fiber array unit, built on 15 years of nanoimprint wafer-level optics.
Third-Party research (Hunterbrook, Ming-Chi Kuo) ties those optics to TSMC's COUPE engine behind NVIDIA's CPO switches, but Himax, TSMC, and NVIDIA have not confirmed it.
Gen 1 (1.6/3.2 Tbps) ships in small quantities from 2H26 and Gen 2 (6.4 Tbps) nears validation; lower volume, higher value than displays, funded by automotive.


TechChain Insights Q&A: Himax's Silicon Photonics Powering Nvidia's Next Generation Chips

United States

Corning Incorporated is a global, technology-based company. The Company produces optical fiber, cable, and photonic components for the telecommunications industry, as well as manufactures glass panels, funnels, liquid crystal display glass and projection video lens assemblies for the information display industry.

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Corning Inc (GLW US)

Growth Leading This EOY Rally; Expect More Upside. PHLX Semis $SOXX With a Bullish 5-Month Reversal

Growth Leading This EOY Rally $MSFT $AAPL as Tech $XLK Breaks Out; Expect More Upside $ARKK $ARKW $ARKF $BITQ $WGMI. PHLX Semiconductor $SOXX With...

Vermilion Research

Sterlite Technologies: Project Lakshya Raises The Stakes

A fourfold FY29 revenue ambition is backed by a record order book and an AI-connectivity upcycle but the 27% margin target demands a business-mix...

Nimish Maheshwari

Curator's Cut: Seeing the Light in AI, Indonesia at Record Lows & Offbeat Ideas in Asia Healthcare

Discover standout themes in AI infrastructure, Indonesia's challenges, and Asian healthcare opportunities in this Curator's Cut issue. Share your...

Pranav Rao

Crealights Technology (1191 HK) IPO: Lighting Up

Crealights aims to raise HK$1.4bn from IPO, showing strong growth potential. Despite losses forecast for the next 3 years, it is priced at 4.5x...

Osbert Tang, CFA

TechChain Insights Q&A: Himax's Silicon Photonics Powering Nvidia's Next Generation Chips

Himax's precision optics play a key role in NVIDIA's CPO switches, with Gen 1 shipping soon and Gen 2 in validation, funded by automotive industry.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Growth Leading This EOY Rally; Expect More Upside. PHLX Semis $SOXX With a Bullish 5-Month Reversal

Growth Leading This EOY Rally $MSFT $AAPL as Tech $XLK Breaks Out; Expect More Upside $ARKK $ARKW $ARKF $BITQ $WGMI. PHLX Semiconductor $SOXX With...

Vermilion Research

Sterlite Technologies: Project Lakshya Raises The Stakes

A fourfold FY29 revenue ambition is backed by a record order book and an AI-connectivity upcycle but the 27% margin target demands a business-mix...

Nimish Maheshwari

Curator's Cut: Seeing the Light in AI, Indonesia at Record Lows & Offbeat Ideas in Asia Healthcare

​Discover standout themes in AI infrastructure, Indonesia's challenges, and Asian healthcare opportunities in this Curator's Cut issue. Share your...

Pranav Rao

Crealights Technology (1191 HK) IPO: Lighting Up

​Crealights aims to raise HK$1.4bn from IPO, showing strong growth potential. Despite losses forecast for the next 3 years, it is priced at 4.5x...

Osbert Tang, CFA

TechChain Insights Q&A: Himax's Silicon Photonics Powering Nvidia's Next Generation Chips

​Himax's precision optics play a key role in NVIDIA's CPO switches, with Gen 1 shipping soon and Gen 2 in validation, funded by automotive industry.

Vincent Fernando, CFA

Discover standout themes in AI infrastructure, Indonesia's challenges, and Asian healthcare opportunities in this Curator's Cut issue. Share your...

Crealights aims to raise HK$1.4bn from IPO, showing strong growth potential. Despite losses forecast for the next 3 years, it is priced at 4.5x...

Himax's precision optics play a key role in NVIDIA's CPO switches, with Gen 1 shipping soon and Gen 2 in validation, funded by automotive industry.