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

Developed international equities (MSCI EAFE) have been underperforming relative to global equities (MSCI ACWI). However, within EAFE, SMID-caps tell a different story and are a great source of investment ideas within the EAFE region. In today’s report we use a bottom-up approach to highlight actionable charts, sorted by market cap (all buys at current levels).

Developed international equities (MSCI EAFE) have been underperforming relative to global equities (MSCI ACWI). However, within EAFE, SMID-caps tell a different story and are a great source of investment ideas within the EAFE region. In today’s report we use a bottom-up approach to highlight actionable charts, sorted by market cap (all buys at current levels).

Equity Analyst, LightStream Research

Farha Sabri

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.

Thematic (Sector/Industry)

<ul class=""><li>Shortage of silicon wafers to grow on the back of increasing selling prices with very low levels of capacity expansion, and continuously increasing demand from semiconductor manufacturers. Fabrication capacity expansion to grow faster in 300mm segment while demand for 200mm to continue at a more subdued rate.</li><li>Semiconductor manufacturers rush to secure long-term contracts with wafer producers regardless of the continuously increasing average selling prices.</li><li>Silicon wafer industry revenue to grow at a two-year CAGR of 23% until 2019E on the back of steadily increasing selling prices.</li></ul>

Shortage of silicon wafers to grow on the back of increasing selling prices with very low levels of capacity expansion, and continuously increasing demand from semiconductor manufacturers. Fabrication capacity expansion to grow faster in 300mm segment while demand for 200mm to continue at a more subdued rate.Semiconductor manufacturers rush to secure long-term contracts with wafer producers regardless of the continuously increasing average selling prices.Silicon wafer industry revenue to grow at a two-year CAGR of 23% until 2019E on the back of steadily increasing selling prices.

The Fiasco That Is the Silicon Wafer Shortage to Continue Well into 2018 and Beyond

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Equity Bottom-Up

We believe that conditions within the semiconductor chain make the relative prospects for wafer manufacturers extremely attractive in terms of both potential upside as well as the likelihood and volatility of profit growth over the next 3-4 years. In contrast, surging capex levels in 2017 make us concerned that we are nearing the top in terms of wafer fabrication equipment spending. While we are not outright negative on semi capex, we feel the potential for a plateau is increasingly high. More…

We believe that conditions within the semiconductor chain make the relative prospects for wafer manufacturers extremely attractive in terms of both potential upside as well as the likelihood and volatility of profit growth over the next 3-4 years. In contrast, surging capex levels in 2017 make us concerned that we are nearing the top in terms of wafer fabrication equipment spending. While we are not outright negative on semi capex, we feel the potential for a plateau is increasingly high. More…

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Silicon wafer shipment numbers racked up a fourth consecutive year of record highs in 2017, increasing by 10% to 11,810 million square inches (MSI). Revenues also increased, by 21% to $8.71 billion. Those numbers reflect the widely reported silicon wafer shortages and associated prices hikes which characterized the market last year. According to the latest earnings reports and press releases from the key silicon wafer manufacturers, little will change in 2018. In this Insight, we review the latest wafer shipment data and demonstrate that despite last year's price increases, the silicon wafer industry remains far behind the levels of profitability they enjoyed at their peak one decade ago.

Silicon wafer shipment numbers racked up a fourth consecutive year of record highs in 2017, increasing by 10% to 11,810 million square inches (MSI). Revenues also increased, by 21% to $8.71 billion. Those numbers reflect the widely reported silicon wafer shortages and associated prices hikes which characterized the market last year. According to the latest earnings reports and press releases from the key silicon wafer manufacturers, little will change in 2018. In this Insight, we review the latest wafer shipment data and demonstrate that despite last year's price increases, the silicon wafer industry remains far behind the levels of profitability they enjoyed at their peak one decade ago. 

Silicon Wafers-The Golden Goose With More To Give

According to the latest forecast from SEMI, details <a href="http://www.semi.org/en/wafer-shipments-forecast-increase-2017-2018-and-2019" target="_blank">here</a>, silicon wafer shipments are set to increase 8.2% in 2017, up from 3.2% in 2016. Furthermore, the sector is forecast to grow a further 3.2% in 2018 and 3.6% in 2019."Silicon shipment volumes are expected to ship at historic highs for this year and into 2019," said Dan Tracy, senior director of Industry Research &amp; Statistics at SEMI. "The expectation is for steady annual growth due to the proliferation of connected devices required for…

According to the latest forecast from SEMI, details here, silicon wafer shipments are set to increase 8.2% in 2017, up from 3.2% in 2016. Furthermore, the sector is forecast to grow a further 3.2% in 2018 and 3.6% in 2019."Silicon shipment volumes are expected to ship at historic highs for this year and into 2019," said Dan Tracy, senior director of Industry Research &amp; Statistics at SEMI. "The expectation is for steady annual growth due to the proliferation of connected devices required for…

Silicon Wafers- The Golden Goose That Keeps on Giving

Germany

Siltronic AG manufactures hyperpure silicon wafers. The Company offers products including non-polished and epitaxial coated wafers with different diameter sizes. Siltronic caters its products worldwide for use in computers, smartphones, flat-panel displays, navigation systems, automotive engine control systems, and many other applications.

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Siltronic AG (WAF GR)

Focus on Outperforming EAFE SMID-Caps

Developed international equities (MSCI EAFE) have been underperforming relative to global equities (MSCI ACWI). However, within EAFE, SMID-caps...

Vermilion Research

The Fiasco That Is the Silicon Wafer Shortage to Continue Well into 2018 and Beyond

Shortage of silicon wafers to grow on the back of increasing selling prices with very low levels of capacity expansion, and continuously...

Farha Sabri

Sumco Vs. TEL: Wafers over Etchers

We believe that conditions within the semiconductor chain make the relative prospects for wafer manufacturers extremely attractive in terms of both...

Mio Kato

Silicon Wafers-The Golden Goose With More To Give

Silicon wafer shipment numbers racked up a fourth consecutive year of record highs in 2017, increasing by 10% to 11,810 million square inches...

William Keating

Silicon Wafers- The Golden Goose That Keeps on Giving

According to the latest forecast from SEMI, details here, silicon wafer shipments are set to increase 8.2% in 2017, up from 3.2% in 2016....

William Keating

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