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

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

Tekscend Photomask / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a> (TP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.</li>
<li>TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Tekscend Photomask (429A JP) (TP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.
TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
In this note, we talk about the not-so-positive aspects of the deal.


Tekscend Photomask IPO - The Negatives - Market Share

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

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Micron Earnings Call Analysis: AI Memory Tailwinds Getting Stronger as Servers, Smartphone, PC Demand Converge</li>
<li>MediaTek Sharpens Flagship Push, Aiming for 40% Global Market Share... Also, Exploring U.S. Production Set Up</li>
<li>KYEC (2449.TT): The Recent Upward Momentum in the Share Price Has Been Driven by Strong Fundamentals </li>
</ul>


Micron Earnings Call Analysis: AI Memory Tailwinds Getting Stronger as Servers, Smartphone, PC Demand Converge
MediaTek Sharpens Flagship Push, Aiming for 40% Global Market Share... Also, Exploring U.S. Production Set Up
KYEC (2449.TT): The Recent Upward Momentum in the Share Price Has Been Driven by Strong Fundamentals 


Taiwan Tech Weekly: Mediatek Eyes US Manufacturing, 40% Global Mkt Share; Micron Earnings Take-Aways

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a> (TP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.</li>
<li>TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Tekscend Photomask (429A JP) (TP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.
TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
In this note, we talk about the positive aspects of the deal.


Tekscend Photomask IPO - The Positives - Strong Market Position

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>Nvidia and Intel’s surprise alliance may not taper ARM or even TSMC immediately, but it could marginalise AMD far sooner.</li>
<li>With tighter OEM budgets and “AI PC” branding pressure, AMD risks being boxed out of design wins across the client stack.</li>
<li>If Nvidia and Intel drive system-level costs-per-token down, AMD’s chips might find it hard to compete despite being performant.</li>
</ul>


Nvidia and Intel’s surprise alliance may not taper ARM or even TSMC immediately, but it could marginalise AMD far sooner.
With tighter OEM budgets and “AI PC” branding pressure, AMD risks being boxed out of design wins across the client stack.
If Nvidia and Intel drive system-level costs-per-token down, AMD’s chips might find it hard to compete despite being performant.


The Intel-Nvidia Deal Could Outflank AMD Entirely

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

Price Gauge
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TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

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

Tekscend Photomask IPO - The Positives - Strong Market Position

Tekscend Photomask (429A JP) (TP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.

Sumeet Singh

The Intel-Nvidia Deal Could Outflank AMD Entirely

Nvidia and Intel's alliance could marginalise AMD sooner than expected due to tighter OEM budgets and potential cost reductions in system-level...

Mint Finance

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

Tekscend Photomask IPO - The Negatives - Market Share

Tekscend Photomask (429A JP), a manufacturer of semiconductor photomasks, aims to raise around US$830m in its Japan IPO. In this note, we talk...

Sumeet Singh

Taiwan Tech Weekly: Mediatek Eyes US Manufacturing, 40% Global Mkt Share; Micron Earnings Take-Aways

​Micron sees AI memory demand rising, MediaTek targets 40% market share, KYEC's stock surge driven by strong fundamentals.

Vincent Fernando, CFA

Tekscend Photomask IPO - The Positives - Strong Market Position

Tekscend Photomask (429A JP) (TP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.

Sumeet Singh

The Intel-Nvidia Deal Could Outflank AMD Entirely

​Nvidia and Intel's alliance could marginalise AMD sooner than expected due to tighter OEM budgets and potential cost reductions in system-level...

Mint Finance

Micron sees AI memory demand rising, MediaTek targets 40% market share, KYEC's stock surge driven by strong fundamentals.

Nvidia and Intel's alliance could marginalise AMD sooner than expected due to tighter OEM budgets and potential cost reductions in system-level...