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

Wisdomtree Japan Hedged Eq / Technical Analysis

Market dynamics continue to send mixed signals, but the bottom line is that not one MSCI ACWI Sector is breaking down, and important price support levels are holding in the US, Europe, and Japan. Additionally, the MSCI ACWI, ACWI ex-US, and EAFE indexes all remain above critical support levels. Until supports start to break we cannot be bearish. It is also worth noting that various indicators could be making a turn for the better, including early signs of interest rates bottoming in the US and Germany, a potential false breakdown in crude oil, and high yield spreads leveling-out.

Market dynamics continue to send mixed signals, but the bottom line is that not one MSCI ACWI Sector is breaking down, and important price support levels are holding in the US, Europe, and Japan. Additionally, the MSCI ACWI, ACWI ex-US, and EAFE indexes all remain above critical support levels. Until supports start to break we cannot be bearish. It is also worth noting that various indicators could be making a turn for the better, including early signs of interest rates bottoming in the US and Germany, a potential false breakdown in crude oil, and high yield spreads leveling-out.

Critical Supports Holding in the US, Europe, & Japan; Buying Health Care, Utilities, Materials, Tech

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/hoya-corp" target="_blank" data-smartkarma-citation="entities:8990:1" rel="noopener">Hoya Corp (7741 JP)</a>  reported its 1Q FY03/2022 results on July 29th where the company’s revenue grew 44.5% YoY whereas operating profits grew 47.2% YoY. The reported revenue beat consensus estimates by 8.3% while OP beat consensus estimates by 15.6%.After seeing decline in revenues for three consecutive quarters between 4Q FY03/2020 – 2Q FY03/2021 due to the impact of COVID-19, Hoya’s revenues have now started to recover. The growth in revenue has been primarily driven by recovery in revenue from Life Care segment that was severely impacted by the pandemic.

Hoya Corp (7741 JP)  reported its 1Q FY03/2022 results on July 29th where the company’s revenue grew 44.5% YoY whereas operating profits grew 47.2% YoY. The reported revenue beat consensus estimates by 8.3% while OP beat consensus estimates by 15.6%.After seeing decline in revenues for three consecutive quarters between 4Q FY03/2020 – 2Q FY03/2021 due to the impact of COVID-19, Hoya’s revenues have now started to recover. The growth in revenue has been primarily driven by recovery in revenue from Life Care segment that was severely impacted by the pandemic.

Hoya: Strengthening Life Care Business and Underperformance Vs. Lasertec Suggests Catch-Up Potential

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

We spoke to Hoya following its earnings to understand the trends in their various businesses. Details on the EUV business were positive but one of the more interesting points was regarding developments in the endoscope business.

We spoke to Hoya following its earnings to understand the trends in their various businesses. Details on the EUV business were positive but one of the more interesting points was regarding developments in the endoscope business.

Hoya – Conf Call Points to Positives for EUV and Negatives for Olympus’ Endoscope Business

<a href="https://www.smartkarma.com/entities/hoya-corp" target="_blank" data-smartkarma-citation="entities:8990:1" rel="noopener">Hoya Corp (7741 JP)</a>  reported its 4QFY03/21 and full-year FY03/2021 results on Friday. The company’s revenue for the fourth quarter grew 12% YoY while operating profit grew 33% YoY during the period. The growth in revenue and OP was driven by strong demand for EUV blanks and 3.5-inch HDD substrates for data centers.Hoya’s revenues for FY03/2021 declined 5% YoY due to the adverse impact from Covid-19, however, operating profit for the year grew 13.2% YoY compared to FY03/2020. Both revenue and OP for FY03/2021 beat consensus estimates as well as the company’s own guidance.Hoya’s 4QFY03/2020 earnings were affected by the Covid-19 outbreak and a fine related to a settlement with the US Department of Justice. Following the Covid-19 outbreak, Hoya’s earnings declined YoY during the first two quarters of FY03/2021 and earnings started recovering since the December quarter.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/203/901/original/image_3366779231619997303299.png?1619997303" class="editor-image img-responsive" data-smartkarma-image-id="203901"></figure>

Hoya Corp (7741 JP)  reported its 4QFY03/21 and full-year FY03/2021 results on Friday. The company’s revenue for the fourth quarter grew 12% YoY while operating profit grew 33% YoY during the period. The growth in revenue and OP was driven by strong demand for EUV blanks and 3.5-inch HDD substrates for data centers.Hoya’s revenues for FY03/2021 declined 5% YoY due to the adverse impact from Covid-19, however, operating profit for the year grew 13.2% YoY compared to FY03/2020. Both revenue and OP for FY03/2021 beat consensus estimates as well as the company’s own guidance.Hoya’s 4QFY03/2020 earnings were affected by the Covid-19 outbreak and a fine related to a settlement with the US Department of Justice. Following the Covid-19 outbreak, Hoya’s earnings declined YoY during the first two quarters of FY03/2021 and earnings started recovering since the December quarter.

Hoya: Strong Demand for EUV Blanks/HDD Drives Better Than Expected 4QFY21 Results

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Equity Capital Markets

Kioxia Holdings  / Equity Capital Markets

In today's conference call, SK Hynix said an interesting thing about Kioxia.<ul>
<li>Hynix confirmed that Kioxia would give another shot to an IPO in the second half of this year instead of taking the Micron/WD offer.</li>
<li>Hynix said that was what it was told by the Bain Capital Consortium and the Kioxia management lately.</li>
</ul>

In today's conference call, SK Hynix said an interesting thing about Kioxia.
Hynix confirmed that Kioxia would give another shot to an IPO in the second half of this year instead of taking the Micron/WD offer.
Hynix said that was what it was told by the Bain Capital Consortium and the Kioxia management lately.


SK Hynix Conference Call Today: Kioxia IPO in 2H & Plan to Sell 31% After IPO

Japan

Hoya Corp manufactures electro-optics products such as mask blanks for semiconductors, photomasks for LCD panels, optical glasses, glass memory disks for HDDs, medical flexible endoscopes, eyeglasses, and contact lenses. The Company also provides information system architecture.

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Hoya Corp (7741 JP)

Critical Supports Holding in the US, Europe, & Japan; Buying Health Care, Utilities, Materials, Tech

Various indicators are making a turn for the better, including early signs of interest rates bottoming in the US and Germany, a false breakdown in...

Vermilion Research

Hoya: Strengthening Life Care Business and Underperformance Vs. Lasertec Suggests Catch-Up Potential

Both Hoya and Lasertec have exposure to the EUV lithography, however, Hoya’s shares have not at all performed well compared to Lasertec due to...

Shifara Samsudeen, ACMA, CGMA

Hoya – Conf Call Points to Positives for EUV and Negatives for Olympus’ Endoscope Business

We spoke to Hoya following its earnings and while details on the EUV business were positive the most interesting takeaway was regarding...

Mio Kato

Hoya: Strong Demand for EUV Blanks/HDD Drives Better Than Expected 4QFY21 Results

Hoya's revenues in 4QFY03/21 grew 12% YoY while OP grew 33% YoY during the period. The growth in revenue and OP was driven by strong demand for EUV...

Shifara Samsudeen, ACMA, CGMA

SK Hynix Conference Call Today: Kioxia IPO in 2H & Plan to Sell 31% After IPO

This post briefly summarizes the Hynix conference call today about Kioxia IPO and its plan to sell the Kioxia stake after IPO.

Sanghyun Park

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