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>Despite our concerns regarding the growing performance disparity between the haves (e.g., Technology, FAANG, mega-caps, growth) and the have nots (e.g., Materials, Energy, small-caps, value), the silver lining continues to be that the latter group is not breaking down on an absolute (price) basis. Due to this fact along with several observations highlighted below, we remain bullish. Continue to buy the dips. In today’s report we highlight attractive Groups and stocks within Health Care and Technology: Hospitals, Pet Health, Software, Enterprise Applications, Large-Cap, and Software, Enterprise Applications, Small-Cap.</p>

Despite our concerns regarding the growing performance disparity between the haves (e.g., Technology, FAANG, mega-caps, growth) and the have nots (e.g., Materials, Energy, small-caps, value), the silver lining continues to be that the latter group is not breaking down on an absolute (price) basis. Due to this fact along with several observations highlighted below, we remain bullish. Continue to buy the dips. In today’s report we highlight attractive Groups and stocks within Health Care and Technology: Hospitals, Pet Health, Software, Enterprise Applications, Large-Cap, and Software, Enterprise Applications, Small-Cap.

Tabula Rasa Healthcare / Technical Analysis

<p>Our Group HC-30, Health Care Business Services, is focused on harnessing technology to create solutions that improve patient outcomes and create efficiencies for medical professionals. This recommendation is at the intersection of Health Care, Technology, and Services, with the latter two Sectors being our favorite overweights at this point in time. Below we lay out what we believe is a compelling case to add exposure at current levels.</p>

Our Group HC-30, Health Care Business Services, is focused on harnessing technology to create solutions that improve patient outcomes and create efficiencies for medical professionals. This recommendation is at the intersection of Health Care, Technology, and Services, with the latter two Sectors being our favorite overweights at this point in time. Below we lay out what we believe is a compelling case to add exposure at current levels.

Health Care Business Services Offers Attractive Entry Point -- Add Exposure

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

Amagi Media Labs / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amagi-media-labs" target="_blank" data-smartkarma-citation="entities:45644:1" rel="noopener">Amagi Media Labs (1232899D IN)</a> raised around US$189m in its India IPO. AML provides cloud-native software infrastructure for content owners, broadcasters, and streaming platforms.</li>
<li>AML enables its clients to manage, distribute, and monetize live, linear, and on-demand content seamlessly across traditional TV, Over-The-Top (OTT), and Free Ad-Supported Streaming TV (FAST) platforms.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Amagi Media Labs (1232899D IN) raised around US$189m in its India IPO. AML provides cloud-native software infrastructure for content owners, broadcasters, and streaming platforms.
AML enables its clients to manage, distribute, and monetize live, linear, and on-demand content seamlessly across traditional TV, Over-The-Top (OTT), and Free Ad-Supported Streaming TV (FAST) platforms.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Amagi Media Labs IPO Trading - Healthy Demand with Decent Anchor

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amagi-media-labs" target="_blank" data-smartkarma-citation="entities:45644:1" rel="noopener">Amagi Media Labs (1232899D IN)</a> (AML) is looking to raise around US$198m in its India IPO. The deal has been downsized from its earlier estimated deal size of around US$400m.</li>
<li>AML provides software solutions for content providers, owners, video platforms, advertising networks to create, distribute, and monetize video content across a variety of channels and devices, including for live events. </li>
<li>In this note, we talk about the company’s historical performance and IPO valuations.</li>
</ul>



Amagi Media Labs (1232899D IN) (AML) is looking to raise around US$198m in its India IPO. The deal has been downsized from its earlier estimated deal size of around US$400m.
AML provides software solutions for content providers, owners, video platforms, advertising networks to create, distribute, and monetize video content across a variety of channels and devices, including for live events. 
In this note, we talk about the company’s historical performance and IPO valuations.


Aequitas: Amagi Media Labs IPO - Scaling a Global Platform; Profitability in Sight

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

Veeva Systems Inc Class A / Equity Bottom-Up

<ul><li>Veeva Systems recently concluded a noteworthy second quarter for fiscal 2026, reporting total revenue of $789 million and non-GAAP operating income reaching $353 million, reflecting the company's strong performance and execution.</li><li>Both analyst queries and management responses highlighted several key developments impacting Veeva's strategic trajectory, providing insights into the opportunities and challenges facing the company.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Veeva Systems recently concluded a noteworthy second quarter for fiscal 2026, reporting total revenue of $789 million and non-GAAP operating income reaching $353 million, reflecting the company's strong performance and execution.Both analyst queries and management responses highlighted several key developments impacting Veeva's strategic trajectory, providing insights into the opportunities and challenges facing the company.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Veeva Systems Inc.: Can the Vault Platform Break Free From Salesforce & Redefine Growth?

United States

Veeva Systems Inc. provides cloud-based business services. The Company offers enterprise applications, multichannel platform, customer relationship, and content management solutions. Veeva Systems serves customers in the United States.

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Veeva Systems Inc Class A (VEEV US)

U.S. Equity Strategy: Buy The Dips

Despite our concerns regarding the growing performance disparity between the haves (e.g., Technology, FAANG, mega-caps, growth) and the have nots...

Vermilion Research

Health Care Business Services Offers Attractive Entry Point -- Add Exposure

Our Group HC-30, Health Care Business Services, is focused on harnessing technology to create solutions that improve patient outcomes and create...

Vermilion Research

Aequitas: Amagi Media Labs IPO Trading - Healthy Demand with Decent Anchor

Amagi Media Labs (AML) raised around US$189m in its India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

Aequitas: Amagi Media Labs IPO - Scaling a Global Platform; Profitability in Sight

Amagi Media Labs (AML) is looking to raise around US$198m in its India IPO. The deal has been downsized from its earlier estimated deal size of...

Akshat Shah

Veeva Systems Inc.: Can the Vault Platform Break Free From Salesforce & Redefine Growth?

Veeva Systems recently concluded a noteworthy second quarter for fiscal 2026, reporting total revenue of $789 million and non-GAAP operating...

Baptista Research

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