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>As we head into Q4 earnings season we remain bullish on the broad market. Our bullish outlook is supported by the themes highlighted in this report.  In addition, we highlight attractive Groups and stocks within Discretionary and Technology: Casinos &amp; Gaming, Large-Cap, Semiconductors, Mid-Cap, Semiconductors, Small-Cap, Software, Design Solutions.</p>

As we head into Q4 earnings season we remain bullish on the broad market. Our bullish outlook is supported by the themes highlighted in this report.  In addition, we highlight attractive Groups and stocks within Discretionary and Technology: Casinos &amp; Gaming, Large-Cap, Semiconductors, Mid-Cap, Semiconductors, Small-Cap, Software, Design Solutions.

U.S. Equity Strategy: Growth Surging Relative to Value

Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

<h2>How can Apple guide stronger 4Q17 on back of iPhone X production delay?</h2><p>After <a href="https://www.smartkarma.com/entities/666" target="_blank" data-smartkarma-citation="entities:666:1">Apple Inc (AAPL US)</a> reports 4% stronger 3Q17 sales than Bloomberg consensus estimates and earlier guidance to US$52.6bn (up 16% q/q and 12% y/y) with US$0.2 or 11% higher in 3Q EPS, Apple guides 4Q sales of US$84-87bn, up 60-65% q/q and 7-11% y/y, implying no clear sign of iPhone X production delay (cut to 20mn for 2017 from 40mn) to and no sign of iPhone 8/8 plus 50% demand related production cut than some news and…</p>

How can Apple guide stronger 4Q17 on back of iPhone X production delay?After Apple Inc (AAPL US) reports 4% stronger 3Q17 sales than Bloomberg consensus estimates and earlier guidance to US$52.6bn (up 16% q/q and 12% y/y) with US$0.2 or 11% higher in 3Q EPS, Apple guides 4Q sales of US$84-87bn, up 60-65% q/q and 7-11% y/y, implying no clear sign of iPhone X production delay (cut to 20mn for 2017 from 40mn) to and no sign of iPhone 8/8 plus 50% demand related production cut than some news and…

How Can Apple Guide Stronger 4Q17 on Back of IPhone X Production Delay?

Advanced Semiconductor Engr / Equity Bottom-Up

<h2>Fingerprint SiP is replaced by face ID</h2><p>By factoring in the following guidance from <a href="https://www.smartkarma.com/entities/721" target="_blank" data-smartkarma-citation="entities:721:1">Advanced Semiconductor Engr (2311 TT)</a> , we estimate ASE trying to guide below seasonal 4Q sales growth of 0% q/q at a gross margin of 18%, which is 8% below Bloomberg consensus' sales estimates. We thus expect analysts to cut their 3Q17 EPS estimates to NT$0.60-0.70 level from NT$0.79 now. This is in line with our earlier concerns that ASE's fingerprint system in packaging (SiP) business in weaker demand iPhone 8…</p>

Fingerprint SiP is replaced by face IDBy factoring in the following guidance from Advanced Semiconductor Engr (2311 TT) , we estimate ASE trying to guide below seasonal 4Q sales growth of 0% q/q at a gross margin of 18%, which is 8% below Bloomberg consensus' sales estimates. We thus expect analysts to cut their 3Q17 EPS estimates to NT$0.60-0.70 level from NT$0.79 now. This is in line with our earlier concerns that ASE's fingerprint system in packaging (SiP) business in weaker demand iPhone 8…

ASE Guides Below Seasonal 4Q17; Fingerprint SiP Is Replaced by Face ID

Himax Technologies Inc Adr / Equity Bottom-Up

<h2>Visit an Apple Face ID and Android platform 3D sensing component vendor</h2><p>This morning, we have visited a key <a href="https://www.smartkarma.com/entities/666" target="_blank" data-smartkarma-citation="entities:666:1">Apple Inc (AAPL US)</a> Face ID and Android platform 3D sensing component vendor, which provides a wafer level optical component or a turnkey solution for smartphone customer. During the visit, we are confirmed by the company recent production delay of iPhone X and have some interesting findings. We later will show Q&amp;A format and our implications on the "I". To avoid some issues with its supply…</p>

Visit an Apple Face ID and Android platform 3D sensing component vendorThis morning, we have visited a key Apple Inc (AAPL US) Face ID and Android platform 3D sensing component vendor, which provides a wafer level optical component or a turnkey solution for smartphone customer. During the visit, we are confirmed by the company recent production delay of iPhone X and have some interesting findings. We later will show Q&amp;A format and our implications on the "I". To avoid some issues with its supply…

Visit a Face ID and 3D Sensing Component Vendor; Interesting Findings

<h2>What triggers our idea?</h2><p>Among all of the new features we have highlighted in <a href="https://www.smartkarma.com/entities/666" target="_blank" data-smartkarma-citation="entities:666:1">Apple Inc (AAPL US)</a> new iPhone X (please see "<a href="https://www.smartkarma.com/insights/apple-new-iphones-and-watch-3-all-new-features-are-in-the-price" target="_blank" data-smartkarma-citation="insights:13541">Apple New IPhones and Watch 3: All New Features Are in the Price?</a> " dated 13 September 2017), TrueDepth camera system for Face ID should be the most wanted feature to drive iPhone X outselling iPhone 8/8 plus for easy unlock, increase security, Animoji on live, and rising augmented reality (AR) applications. Although this won't happen soon, we expect 3D face ID to replace…</p>

What triggers our idea?Among all of the new features we have highlighted in Apple Inc (AAPL US) new iPhone X (please see "Apple New IPhones and Watch 3: All New Features Are in the Price? " dated 13 September 2017), TrueDepth camera system for Face ID should be the most wanted feature to drive iPhone X outselling iPhone 8/8 plus for easy unlock, increase security, Animoji on live, and rising augmented reality (AR) applications. Although this won't happen soon, we expect 3D face ID to replace…

Himax - What if 50% of Android Smartphones Need Face ID by 2021?

Taiwan

Himax Technologies, Inc. designs and manufactures integrated circuits.  The Company produces liquid crystal displays (LCD).

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Himax Technologies Inc Adr (HIMX US)

U.S. Equity Strategy: Growth Surging Relative to Value

As we head into Q4 earnings season we remain bullish on the broad market. Our bullish outlook is supported by the themes highlighted in this...

Vermilion Research

How Can Apple Guide Stronger 4Q17 on Back of IPhone X Production Delay?

How can Apple guide stronger 4Q17 on back of iPhone X production delay?After Apple Inc (AAPL US) reports 4% stronger 3Q17 sales than Bloomberg...

Andrew Lu

ASE Guides Below Seasonal 4Q17; Fingerprint SiP Is Replaced by Face ID

Fingerprint SiP is replaced by face IDBy factoring in the following guidance from Advanced Semiconductor Engr (2311 TT) , we estimate ASE trying to...

Andrew Lu

Visit a Face ID and 3D Sensing Component Vendor; Interesting Findings

Visit an Apple Face ID and Android platform 3D sensing component vendorThis morning, we have visited a key Apple Inc (AAPL US) Face ID and Android...

Andrew Lu

Himax - What if 50% of Android Smartphones Need Face ID by 2021?

What triggers our idea?Among all of the new features we have highlighted in Apple Inc (AAPL US) new iPhone X (please see "Apple New IPhones and...

Andrew Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)