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

Sunwoda Electronic Co Ltd A / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>Market dynamics remain overwhelmingly risk-on; with plenty of global liquidity, we expect upside to continue into year-end and the early part of 2026.</li>
<li>Remain Overweight Taiwan, China, Korea, U.S., and Greece. Many buys in these countries, and also Europe and Japan. EURO STOXX 50 on the cusp of major breakout above 5500</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
Market dynamics remain overwhelmingly risk-on; with plenty of global liquidity, we expect upside to continue into year-end and the early part of 2026.
Remain Overweight Taiwan, China, Korea, U.S., and Greece. Many buys in these countries, and also Europe and Japan. EURO STOXX 50 on the cusp of major breakout above 5500


Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Expect big gains for the likes of TEL, Lasertec, TOK with Intel emerging as the clear national champion.</li>
<li>Memory names continue to surge higher, so Kioxia's -7% drop off the highs yesterday likely to draw interest.</li>
<li>Not good news for ARM though, as a NVDA/INTC partnership will make it harder for their architectures to gain traction. Sell Softback.</li>
</ul>


Expect big gains for the likes of TEL, Lasertec, TOK with Intel emerging as the clear national champion.
Memory names continue to surge higher, so Kioxia's -7% drop off the highs yesterday likely to draw interest.
Not good news for ARM though, as a NVDA/INTC partnership will make it harder for their architectures to gain traction. Sell Softback.


Japan Morning Connection: Intel/NVDA Partnership Very Positive for Japanese SPE Suppliers

<ul>
<li>Memory continues higher with WD announcing price hikes due to extreme demand.</li>
<li>More and more chatter about high-bandwidth-flash as the next-gen memory for AI.</li>
<li>China launching anti-dumping measures against analog IC's keeping power-names down.</li>
</ul>


Memory continues higher with WD announcing price hikes due to extreme demand.
More and more chatter about high-bandwidth-flash as the next-gen memory for AI.
China launching anti-dumping measures against analog IC's keeping power-names down.


Japan Morning Connection: Tech Juggernaut Continues with No Signs of a Slowdown

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Advantest (6857 JP) enjoys a near-monopoly in advanced SoC and memory testing, entrenched at TSMC, Samsung, and SK Hynix, making it the structural gatekeeper of the AI supply chain.</li>
<li>The company is scaling capacity by 70% in FY25 and investing in next-gen chiplet and system-level test platforms to capture future AI/HBM growth.</li>
<li>At ~35× P/E and ~23× EV/EBITDA, the stock trades at a premium that reflects record margins and 25%+ CAGR, risks include AI capex cyclicality, Taiwan/Korea dependence, China restrictions, and FX.</li>
</ul>


Advantest (6857 JP) enjoys a near-monopoly in advanced SoC and memory testing, entrenched at TSMC, Samsung, and SK Hynix, making it the structural gatekeeper of the AI supply chain.
The company is scaling capacity by 70% in FY25 and investing in next-gen chiplet and system-level test platforms to capture future AI/HBM growth.
At ~35× P/E and ~23× EV/EBITDA, the stock trades at a premium that reflects record margins and 25%+ CAGR, risks include AI capex cyclicality, Taiwan/Korea dependence, China restrictions, and FX.


Advantest Corp (6857 JP) – From Cyclical Tester OEM to Structural AI Bottleneck

<ul>
<li>Intel CEO Tan summoned to Washington for meetings will likely result in a bigger domestic fab push.</li>
<li>Micron beats on HBM, Kioxia on NAND - sets a good tone for memory overall.</li>
<li>NVDA selling Blackwell in China positive for substrate supplier Ibiden.</li>
</ul>


Intel CEO Tan summoned to Washington for meetings will likely result in a bigger domestic fab push.
Micron beats on HBM, Kioxia on NAND - sets a good tone for memory overall.
NVDA selling Blackwell in China positive for substrate supplier Ibiden.


Japan Morning Connection: AMD and NVDA Set to Pay 15% of China Chip Sales to US for Export Licenses

Japan

SCREEN Holdings Co Ltd.  manufactures and sell semiconductors, FPD devices, commercial printing and printed circuit boards(PCB). The company also provides additional services for its products.

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SCREEN Holdings (7735 JP)

Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact

Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact. Actionable Themes: Communications, Manufacturing (Robotics and Batteries),...

Vermilion Research

Japan Morning Connection: Intel/NVDA Partnership Very Positive for Japanese SPE Suppliers

NVDA taking a stake in Intel to allow codevelopment of chips sent INTC rocketing higher, a positive for Shin Etsu as Intel's largest wafer...

Andrew Jackson

Japan Morning Connection: Tech Juggernaut Continues with No Signs of a Slowdown

Market expecting Elon Musk to have something up his sleeve after buying 1bl worth of Tesla Stock. New catalysts for AI memory may oush NAND names...

Andrew Jackson

Advantest Corp (6857 JP) – From Cyclical Tester OEM to Structural AI Bottleneck

Advantest (6857 JP) dominates AI supply chain testing, expanding capacity and investing in next-gen platforms for future growth, but faces risks...

Rahul Jain

Japan Morning Connection: AMD and NVDA Set to Pay 15% of China Chip Sales to US for Export Licenses

JP still needs to price in large cap tech gains in the US from Friday, Intel up after Trump's meeting with CEO Tan, positive for Ibiden if NVDA is...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact

Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact. Actionable Themes: Communications, Manufacturing (Robotics and Batteries),...

Vermilion Research

Japan Morning Connection: Intel/NVDA Partnership Very Positive for Japanese SPE Suppliers

NVDA taking a stake in Intel to allow codevelopment of chips sent INTC rocketing higher, a positive for Shin Etsu as Intel's largest wafer...

Andrew Jackson

Japan Morning Connection: Tech Juggernaut Continues with No Signs of a Slowdown

Market expecting Elon Musk to have something up his sleeve after buying 1bl worth of Tesla Stock. New catalysts for AI memory may oush NAND names...

Andrew Jackson

Advantest Corp (6857 JP) – From Cyclical Tester OEM to Structural AI Bottleneck

​Advantest (6857 JP) dominates AI supply chain testing, expanding capacity and investing in next-gen platforms for future growth, but faces risks...

Rahul Jain

Japan Morning Connection: AMD and NVDA Set to Pay 15% of China Chip Sales to US for Export Licenses

JP still needs to price in large cap tech gains in the US from Friday, Intel up after Trump's meeting with CEO Tan, positive for Ibiden if NVDA is...

Andrew Jackson

Advantest (6857 JP) dominates AI supply chain testing, expanding capacity and investing in next-gen platforms for future growth, but faces risks...