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

Technology Select Sector SPDR / Technical Analysis

The S&amp;P 500 remains just short of formidable resistance at its 200-day MA. Yet, there are signs of continued breadth improvement.  Technology in particular continues to top our Sector RSR rankings, fueled by strengthening price and RS action for semiconductors, semi-suppliers, and numerous Software groups. Last week we upgraded our weighting for Technology and its strength continues to broaden out. In this week's report we highlight a number of actionable Technology stocks across our various Groups.

The S&amp;P 500 remains just short of formidable resistance at its 200-day MA. Yet, there are signs of continued breadth improvement.  Technology in particular continues to top our Sector RSR rankings, fueled by strengthening price and RS action for semiconductors, semi-suppliers, and numerous Software groups. Last week we upgraded our weighting for Technology and its strength continues to broaden out. In this week's report we highlight a number of actionable Technology stocks across our various Groups.

U.S. Tech Stocks Are Leading Market Higher.

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/manycore-tech-inc" target="_blank" data-smartkarma-citation="entities:46412:1" rel="noopener"></a>As one of the "Hangzhou Six Little Dragons", <a href="https://www.smartkarma.com/entities/manycore-tech-inc" target="_blank" data-smartkarma-citation="entities:46412:1" rel="noopener">Manycore Tech (68 HK)</a> will attract "dream" value in its IPO, which targets to raise HK$1.0bn of net proceeds.</li>
<li>This leading provider of cloud-native spatial design software in China will see a 3-year adjusted EPS CAGR of 86.2%, pricing at 40.8-46.3x FY26 PER based on its price range. </li>
<li>It is not cheap enough relative to A-share peers, and is pricy against the global peers (15.6x average). We will only go for it at the low end, i.e. HK$6.72.</li>
</ul>



As one of the "Hangzhou Six Little Dragons", Manycore Tech (68 HK) will attract "dream" value in its IPO, which targets to raise HK$1.0bn of net proceeds.
This leading provider of cloud-native spatial design software in China will see a 3-year adjusted EPS CAGR of 86.2%, pricing at 40.8-46.3x FY26 PER based on its price range. 
It is not cheap enough relative to A-share peers, and is pricy against the global peers (15.6x average). We will only go for it at the low end, i.e. HK$6.72.


Manycore Tech (68 HK) IPO: What Valuation Is Right?

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/manycore-tech-inc" target="_blank" data-smartkarma-citation="entities:46412:1" rel="noopener">Manycore Tech (68 HK)</a>, a leading spatial design software provider, has launched an HKEx IPO to raise US$156 million.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/manycore-tech-68-hk-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:230492" rel="noopener">Manycore Tech (68 HK) IPO: The Investment Case</a>.</li>
<li>In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is unattractive.</li>
</ul>



Manycore Tech (68 HK), a leading spatial design software provider, has launched an HKEx IPO to raise US$156 million.
I previously discussed the IPO in Manycore Tech (68 HK) IPO: The Investment Case.
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is unattractive.


Manycore Tech (68 HK) IPO: Valuation Insights

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Trimble's second quarter of 2025 financial results demonstrate a mixed performance with notable strengths and some areas of challenge.</li><li>Organized around its Connect & Scale strategy, the company reported a revenue of $876 million for the quarter, reflecting a 9% organic increase.</li><li>The annual recurring revenue (ARR) hit $2.21 billion, marking a 14% organic rise, while earnings per share (EPS) grew by 15% to $0.71.</li></ul>

Trimble's second quarter of 2025 financial results demonstrate a mixed performance with notable strengths and some areas of challenge.Organized around its Connect & Scale strategy, the company reported a revenue of $876 million for the quarter, reflecting a 9% organic increase.The annual recurring revenue (ARR) hit $2.21 billion, marking a 14% organic rise, while earnings per share (EPS) grew by 15% to $0.71.

Trimble Doubles TC1 Bookings Across Europe—Will Expansion Unlock a Global Revenue Surge?

<ul><li>Trimble Inc.'s recent financial results for the first quarter of 2025 present a comprehensive picture of its performance and strategic direction.</li><li>The company reported revenues of $841 million, marking a 3% organic growth and 10% growth when adjusted for timing anomalies related to January 1 term license revenues not being included in this quarter due to fiscal period differences.</li><li>The company's Adjusted Recurring Revenue (ARR) showed a robust 17% organic increase to $2.11 billion, indicating strong performance across its segments.</li></ul>

Trimble Inc.'s recent financial results for the first quarter of 2025 present a comprehensive picture of its performance and strategic direction.The company reported revenues of $841 million, marking a 3% organic growth and 10% growth when adjusted for timing anomalies related to January 1 term license revenues not being included in this quarter due to fiscal period differences.The company's Adjusted Recurring Revenue (ARR) showed a robust 17% organic increase to $2.11 billion, indicating strong performance across its segments.

Trimble Inc.: Is The Recent Growth in ARR through Strategic Bundles A Temporary Phenomenon?

United States

Trimble Navigation Ltd is a leading provider of advanced location-based solutions that maximize productivity and enhance profitability. The Company integrates its positioning expertise in GPS, laser, optical and inertial technologies with application software, wireless communications, and services to provide complete commercial solutions.

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Trimble Navigation (TRMB US)

U.S. Tech Stocks Are Leading Market Higher.

The S&P 500 remains just short of formidable resistance at its 200-day MA. Yet, there are signs of continued breadth improvement. Technology...

Vermilion Research

Manycore Tech (68 HK) IPO: What Valuation Is Right?

Manycore's upcoming IPO targets to raise HK$1.0bn, with a 3-year adjusted EPS CAGR of 86.2%. Priced at 40.8-46.3x FY26 PER, it only looks...

Osbert Tang, CFA

Manycore Tech (68 HK) IPO: Valuation Insights

Manycore, a leading provider of spatial design software, has launched an HKEx IPO to raise US$156 million. In this note, I discuss the valuation.

Arun George

Trimble Doubles TC1 Bookings Across Europe—Will Expansion Unlock a Global Revenue Surge?

Trimble's second quarter of 2025 financial results demonstrate a mixed performance with notable strengths and some areas of challenge. Organized...

Baptista Research

Trimble Inc.: Is The Recent Growth in ARR through Strategic Bundles A Temporary Phenomenon?

Trimble Inc.'s recent financial results for the first quarter of 2025 present a comprehensive picture of its performance and strategic...

Baptista Research

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U.S. Tech Stocks Are Leading Market Higher.

The S&P 500 remains just short of formidable resistance at its 200-day MA. Yet, there are signs of continued breadth improvement. Technology...

Vermilion Research

Manycore Tech (68 HK) IPO: What Valuation Is Right?

​Manycore's upcoming IPO targets to raise HK$1.0bn, with a 3-year adjusted EPS CAGR of 86.2%. Priced at 40.8-46.3x FY26 PER, it only looks...

Osbert Tang, CFA

Manycore Tech (68 HK) IPO: Valuation Insights

Manycore, a leading provider of spatial design software, has launched an HKEx IPO to raise US$156 million. In this note, I discuss the valuation.

Arun George

Trimble Doubles TC1 Bookings Across Europe—Will Expansion Unlock a Global Revenue Surge?

Trimble's second quarter of 2025 financial results demonstrate a mixed performance with notable strengths and some areas of challenge. Organized...

Baptista Research

Trimble Inc.: Is The Recent Growth in ARR through Strategic Bundles A Temporary Phenomenon?

Trimble Inc.'s recent financial results for the first quarter of 2025 present a comprehensive picture of its performance and strategic...

Baptista Research

Manycore's upcoming IPO targets to raise HK$1.0bn, with a 3-year adjusted EPS CAGR of 86.2%. Priced at 40.8-46.3x FY26 PER, it only looks...