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>Global MSCI indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) are pulling back following recent breakouts to multi-year highs. Europe, Japan also pulling back to uptrend supports.</li>
<li>Short-Term supports to watch-discussed in our May 23, 2024 Int'l Compass-include $110.50 on ACWI-US, $53.50 on ACWX-US, $80 on EFA-US, and $41-42 on EEM-US; buy this pullback. </li>
<li>As long as these supports hold, we anticipate significantly higher prices ahead. Combination of supports holding and healthy market dynamics continues to validate our bullish outlook on global equities.</li>
</ul>


Global MSCI indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) are pulling back following recent breakouts to multi-year highs. Europe, Japan also pulling back to uptrend supports.
Short-Term supports to watch-discussed in our May 23, 2024 Int'l Compass-include $110.50 on ACWI-US, $53.50 on ACWX-US, $80 on EFA-US, and $41-42 on EEM-US; buy this pullback. 
As long as these supports hold, we anticipate significantly higher prices ahead. Combination of supports holding and healthy market dynamics continues to validate our bullish outlook on global equities.


Buy the Pullback; Market Dynamics Remain Healthy; Buys in Tech, Discretionary, Healthcare, Utilities

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>Market Largely Influenced by Macro Trends and Nvidia Movements This Past Week</li>
<li>Key Events: Computex, Apple WDC, Key Taiwan May Revenue Releases</li>
<li>Apple (AAPL US) Is Overhauling Siri In Order to Create a Beautiful Voice-based AI Interface for the iPhone</li>
</ul>


Market Largely Influenced by Macro Trends and Nvidia Movements This Past Week
Key Events: Computex, Apple WDC, Key Taiwan May Revenue Releases
Apple (AAPL US) Is Overhauling Siri In Order to Create a Beautiful Voice-based AI Interface for the iPhone


Taiwan Tech Weekly: Computex & Apple WDC Imminent; Apple Releasing New AI Voice Interface for IPhone

Taiwan Tech Focused Senior Analyst

Patrick Liao

United Microelectronics Corp / Equity Bottom-Up

<ul>
<li>UMC is currently forecasting a flat to low single digit growth QoQ for 3Q24, which is slight lower than consensus.</li>
<li>UMC has received orders from domestic and international clients. However, we believe it couldn't be able to compensate for the loss of Samsung's 28nm orders so far this year.</li>
<li>With accelerated construction in Singapore in 2024, the full-year capital expenditure has slightly risen to $3.3 billion.</li>
</ul>


UMC is currently forecasting a flat to low single digit growth QoQ for 3Q24, which is slight lower than consensus.
UMC has received orders from domestic and international clients. However, we believe it couldn't be able to compensate for the loss of Samsung's 28nm orders so far this year.
With accelerated construction in Singapore in 2024, the full-year capital expenditure has slightly risen to $3.3 billion.


UMC (2303.TT; UMC.US): The Outlook for 2024 Could Show Flat to Low Single-Digit Growth.

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of May 24th which has an aggregated short interest worth USD100.0bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Asustek Computer, Realtek Semi, Evergreen Marine, Quanta Computer, Hon Hai, Yang Ming Marine, Pharmaessentia.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of May 24th which has an aggregated short interest worth USD100.0bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Asustek Computer, Realtek Semi, Evergreen Marine, Quanta Computer, Hon Hai, Yang Ming Marine, Pharmaessentia.


TWSE Short Interest Weekly (May 24th): Asustek Computer, Realtek Semi, Evergreen Marine

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of May 24th which has an aggregated holding worth USD4,408.0bn.</li>
<li>We estimate that foreign flows to be inflows of USD5,709mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in TSMC, Lite-On Tech, Umc, Hon Hai, Mediatek, E.Sun Financial, Eva Airways, Ctbc Financial, Novatek, Sinopac Fncl.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of May 24th which has an aggregated holding worth USD4,408.0bn.
We estimate that foreign flows to be inflows of USD5,709mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in TSMC, Lite-On Tech, Umc, Hon Hai, Mediatek, E.Sun Financial, Eva Airways, Ctbc Financial, Novatek, Sinopac Fncl.


TWSE Foreign Holding Weekly (May 24th): TSMC, Lite-On Tech, Umc, Hon Hai, Mediatek, E.Sun Financial

Taiwan

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

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United Microelectronics Corp (2303 TT)

Buy the Pullback; Market Dynamics Remain Healthy; Buys in Tech, Discretionary, Healthcare, Utilities

Buy the Pullbacks in $EFA $ACWX as they hold above $80 and $53.50 supports; Europe and Japan also buyable pullbacks to uptrend supports; Market...

Vermilion Research

Taiwan Tech Weekly: Computex & Apple WDC Imminent; Apple Releasing New AI Voice Interface for IPhone

Key events this week include Computex, Apple WDC, and Taiwan revenue releases. Apple is revamping Siri to create a voice-based AI interface for the...

Vincent Fernando, CFA

UMC (2303.TT; UMC.US): The Outlook for 2024 Could Show Flat to Low Single-Digit Growth.

UMC forecasts flat to low single digit growth for 3Q24, receiving orders but unable to fully compensate for loss of Samsung's 28nm orders.

Patrick Liao

TWSE Short Interest Weekly (May 24th): Asustek Computer, Realtek Semi, Evergreen Marine

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Asustek Computer, Realtek Semi, Evergreen...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (May 24th): TSMC, Lite-On Tech, Umc, Hon Hai, Mediatek, E.Sun Financial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Lite-On Tech, Umc, Hon Hai, Mediatek,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Buy the Pullback; Market Dynamics Remain Healthy; Buys in Tech, Discretionary, Healthcare, Utilities

Buy the Pullbacks in $EFA $ACWX as they hold above $80 and $53.50 supports; Europe and Japan also buyable pullbacks to uptrend supports; Market...

Vermilion Research

Taiwan Tech Weekly: Computex & Apple WDC Imminent; Apple Releasing New AI Voice Interface for IPhone

Key events this week include Computex, Apple WDC, and Taiwan revenue releases. Apple is revamping Siri to create a voice-based AI interface for the...

Vincent Fernando, CFA

UMC (2303.TT; UMC.US): The Outlook for 2024 Could Show Flat to Low Single-Digit Growth.

​UMC forecasts flat to low single digit growth for 3Q24, receiving orders but unable to fully compensate for loss of Samsung's 28nm orders.

Patrick Liao

TWSE Short Interest Weekly (May 24th): Asustek Computer, Realtek Semi, Evergreen Marine

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Asustek Computer, Realtek Semi, Evergreen...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (May 24th): TSMC, Lite-On Tech, Umc, Hon Hai, Mediatek, E.Sun Financial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Lite-On Tech, Umc, Hon Hai, Mediatek,...

Ke Yan, CFA, FRM

UMC forecasts flat to low single digit growth for 3Q24, receiving orders but unable to fully compensate for loss of Samsung's 28nm orders.