External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Equity Bottom-Up

<ul><li>Coherent Corp. is a maker of optical components with a focus on optical connectivity within GPU clusters</li><li>Predicted 20%+ internal rate of return over a 3-year holding period due to secular adoption trends</li><li>Emphasis on addressing interconnect bandwidth wall issue in data centers to improve data movement speed in relation to compute speeds</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Coherent Corp. is a maker of optical components with a focus on optical connectivity within GPU clustersPredicted 20%+ internal rate of return over a 3-year holding period due to secular adoption trendsEmphasis on addressing interconnect bandwidth wall issue in data centers to improve data movement speed in relation to compute speedsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Coherent Corp (COHR) - Monday, Apr 15, 2024

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li>To make my content readable, this is an optics-only earnings update.</li><li>I will discuss everything together and put together a high-level overview.</li><li>The specific things I am interested in are Marvell’s ZR and custom silicon.</li></ul>

To make my content readable, this is an optics-only earnings update.I will discuss everything together and put together a high-level overview.The specific things I am interested in are Marvell’s ZR and custom silicon.

Optics Earnings (FN, ANET, COHR, LITE, AAOI)

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>We are seeing a broad-based snap-back rally after the S&amp;P 500 found support at our 5100-5191 target/bounce area which we discussed in our 7/30/24 and 8/6/24 Compass reports</li>
<li>We are not out of the woods as we still see the $SPX and $QQQ going through a 1- to 4-month pullback/consolidation period, and market dynamics remain far from perfect.</li>
<li>Apr. 2000, Aug. 2007, Feb. 2022 $SPX top comparisons are why we expected SPX to find support at 5100, AND THEN test YTD highs (8/13/24 Compass report).</li>
</ul>


We are seeing a broad-based snap-back rally after the S&amp;P 500 found support at our 5100-5191 target/bounce area which we discussed in our 7/30/24 and 8/6/24 Compass reports
We are not out of the woods as we still see the $SPX and $QQQ going through a 1- to 4-month pullback/consolidation period, and market dynamics remain far from perfect.
Apr. 2000, Aug. 2007, Feb. 2022 $SPX top comparisons are why we expected SPX to find support at 5100, AND THEN test YTD highs (8/13/24 Compass report).


Snap-Back Rally Tests YTD Highs; Apr. 2000, Aug. 2007, Feb. 2022 $SPX Top Comparisons Still in Play

<ul><li>Welcome to this week’s earnings. My spark notes are the NXPI and IFX did better than I feared, but I continue to be unconstructive on automotive.</li><li>Fabrinet and Coherent both achieved good results, but Fabrinet disappointed expectations for Nvidia's pluggable revenue. Is this a weak read-through? Unlikely. Marvell should have an amazing year if Coherent’s TAM is remotely correct.</li><li>MKSI put up the exact results I was looking for, and this continues to be my favorite idea. As WFE increases, inventory builds will happen, and then financial and operational leverage will take care of the rest.</li></ul>

Welcome to this week’s earnings. My spark notes are the NXPI and IFX did better than I feared, but I continue to be unconstructive on automotive.Fabrinet and Coherent both achieved good results, but Fabrinet disappointed expectations for Nvidia's pluggable revenue. Is this a weak read-through? Unlikely. Marvell should have an amazing year if Coherent’s TAM is remotely correct.MKSI put up the exact results I was looking for, and this continues to be my favorite idea. As WFE increases, inventory builds will happen, and then financial and operational leverage will take care of the rest.

Automotive (NXPI, IFX) Optics (FN, COHR), MKSI, MPWR, ACLS, SLAB, RMBS, ARM

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>If we consider 2023 as a banner year for AI technology, 2024 is set to be another solid year for both infrastructure investments and downstream demand continue to thrive.</li><li>We reaffirm our positive stance on optical transceiver players, specifically in light of their ongoing capacity expansion and production ramp-up of the high data rate optical modules, e.g., 400G/800G products.</li><li>Among those players we favor Innolight (300308 CH, BUY) and TFC (300394 CH, NR), both of which have leveraged the AI wave effectively through 2023 and stayed on strong trajectory into 2024. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

If we consider 2023 as a banner year for AI technology, 2024 is set to be another solid year for both infrastructure investments and downstream demand continue to thrive.We reaffirm our positive stance on optical transceiver players, specifically in light of their ongoing capacity expansion and production ramp-up of the high data rate optical modules, e.g., 400G/800G products.Among those players we favor Innolight (300308 CH, BUY) and TFC (300394 CH, NR), both of which have leveraged the AI wave effectively through 2023 and stayed on strong trajectory into 2024. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semi – Market Outlook on Optical Transceivers

United States

Coherent Corp. designs engineered materials and optoelectronic components. The Company offers products to industrial, optical communications, military, life sciences, semiconductor equipment, and consumer markets. Coherent also manufactures semiconductor lasers and optics for high power industrial lasers, optical communications systems, datacenter connectivity, and 3D sensing.

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Coherent (COHR US)

Coherent Corp (COHR) - Monday, Apr 15, 2024

Emphasis on addressing interconnect bandwidth wall issue in data centers to improve data movement speed in relation to compute speeds

Value Investors Club

Optics Earnings (FN, ANET, COHR, LITE, AAOI)

To make my content readable, this is an optics-only earnings update. I will discuss everything together and put together a high-level overview.

Fabricated Knowledge

Snap-Back Rally Tests YTD Highs; Apr. 2000, Aug. 2007, Feb. 2022 $SPX Top Comparisons Still in Play

Snap-Back Rally Tests YTD Highs; Apr. 2000, Aug. 2007, Feb. 2022 $SPX Top Comparisons Still in Play. These comparisons are why we expected support...

Vermilion Research

Automotive (NXPI, IFX) Optics (FN, COHR), MKSI, MPWR, ACLS, SLAB, RMBS, ARM

Welcome to this week’s earnings. My spark notes are the NXPI and IFX did better than I feared, but I continue to be unconstructive on automotive...

Fabricated Knowledge

Semi – Market Outlook on Optical Transceivers

If we consider 2023 as a banner year for AI technology, 2024 is set to be another solid year for both infrastructure investments and downstream...

CMB International

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