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

<p>Recent market developments are encouraging and have improved the overall health of the market, which has also incrementally improved our outlook. At the same time, there is still more to be desired before we can have confidence in the prospect of a broad market rally. In today’s report we highlight attractive Groups and stocks within Technology and Transportation: Semiconductor Equip., Large/Mid-Cap and Small-Cap, Electronic Equipment Components, and Trucking Large-Cap.</p>

Recent market developments are encouraging and have improved the overall health of the market, which has also incrementally improved our outlook. At the same time, there is still more to be desired before we can have confidence in the prospect of a broad market rally. In today’s report we highlight attractive Groups and stocks within Technology and Transportation: Semiconductor Equip., Large/Mid-Cap and Small-Cap, Electronic Equipment Components, and Trucking Large-Cap.

U.S. Equity Strategy: Markets on the Mend, Still Not at Full Health

<p>The S&amp;P 500 is poised to retest the 2,790-2,800 horizontal resistance level that we have highlighted in previous reports. A bullish short-term reversal in the XLF has helped bolster optimism in U.S. equities.  We continue to expect the broad YTD consolidation to continue, especially given heightened trade tariff tensions. In today’s report we highlight attractive opportunities within Consumer Staples, Technology, and Health Care.</p>

The S&amp;P 500 is poised to retest the 2,790-2,800 horizontal resistance level that we have highlighted in previous reports. A bullish short-term reversal in the XLF has helped bolster optimism in U.S. equities.  We continue to expect the broad YTD consolidation to continue, especially given heightened trade tariff tensions. In today’s report we highlight attractive opportunities within Consumer Staples, Technology, and Health Care.

U.S. Equity Strategy: XLF Support Holding; Large-Cap Health Care Perks Up

Equity Analyst, LightStream Research

Farha Sabri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Thematic (Sector/Industry)

<ul><li>Supply shortages for MLCCs (multi-layer ceramic capacitors) to continue into 2019 and beyond driven by unexpected increases in content per device in key markets, namely smartphones and vehicles.</li><li>MLCC content per device in smartphones has seen a 2x increase in recent times (2015-17) while that of electric cars has seen a 4x increase compared to ICE vehicles.</li><li>Manufacturers are expanding production capacity quite slowly and are introducing price hikes. Discontinuation of older MLCC models is also starting to take place.</li><li>Promising outlook in store for MLCC manufacturers as market does not seem to be slowing down anytime soon. Demand will continue to rise until IoT becomes widespread (consensus expects a CAGR of approximately 33% over 2017-20E). We believe that MLCC manufacturers will continue to see steady growth in top-line alongside healthy margins.</li></ul>

Supply shortages for MLCCs (multi-layer ceramic capacitors) to continue into 2019 and beyond driven by unexpected increases in content per device in key markets, namely smartphones and vehicles.MLCC content per device in smartphones has seen a 2x increase in recent times (2015-17) while that of electric cars has seen a 4x increase compared to ICE vehicles.Manufacturers are expanding production capacity quite slowly and are introducing price hikes. Discontinuation of older MLCC models is also starting to take place.Promising outlook in store for MLCC manufacturers as market does not seem to be slowing down anytime soon. Demand will continue to rise until IoT becomes widespread (consensus expects a CAGR of approximately 33% over 2017-20E). We believe that MLCC manufacturers will continue to see steady growth in top-line alongside healthy margins.

Bright Future Ahead for MLCC Market Amidst Increasing Electrification in Key Industries

United States

KEMET Corporation manufactures and sells solid tantalum and multilayer ceramic capacitors.  The Company's products are used in a wide variety of electronic applications, including communication systems, data processing equipment, personal computers, and military and aerospace systems.  KEMET markets its capacitors to original equipment manufacturers around the world.

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KEMET Corp (KEM US)

U.S. Equity Strategy: Markets on the Mend, Still Not at Full Health

Recent market developments are encouraging and have improved the overall health of the market, which has also incrementally improved our outlook....

Vermilion Research

U.S. Equity Strategy: XLF Support Holding; Large-Cap Health Care Perks Up

The S&P 500 is poised to retest the 2,790-2,800 horizontal resistance level that we have highlighted in previous reports. A bullish short-term...

Vermilion Research

Bright Future Ahead for MLCC Market Amidst Increasing Electrification in Key Industries

Supply shortages for MLCCs (multi-layer ceramic capacitors) to continue into 2019 and beyond driven by unexpected increases in content per device...

Farha Sabri

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)