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

Sitime Corporation develops silicon-based timing solutions. The Company manufacturers oscillators, clock generators, and embedded resonators used for ethernet switches, computing devices, graphics cards, disk drives, mobile phones, and subscriber identity module cards. Sitime serves customers worldwide.

<ul><li>SiTime Corporation reported a robust performance in its fourth quarter of 2024, signaling significant progress in financial outcomes and market traction.</li><li>Revenue experienced a substantial 61% year-over-year growth, reaching $68.1 million, supported by non-GAAP gross margins of 58.8%.</li><li>For the full fiscal year, SiTime's revenue grew by 41% compared to the previous year, totaling $202.7 million.</li></ul>

SiTime Corporation reported a robust performance in its fourth quarter of 2024, signaling significant progress in financial outcomes and market traction.Revenue experienced a substantial 61% year-over-year growth, reaching $68.1 million, supported by non-GAAP gross margins of 58.8%.For the full fiscal year, SiTime's revenue grew by 41% compared to the previous year, totaling $202.7 million.

SiTime Corporation Strikes Gold With Game-Changing Aura Deal—$100M Revenue Boost Incoming!

Technology / Semiconductor / Internet Research

Nicolas Baratte

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

<ul>
<li>Media report 2nm “Customers Lined Up To Pay An Estimated $30,000 Per Unit”. Capacity is full but small. Wafer price at 28k. US$30bn revenue in 4Q25 is very likely.</li>
<li>UMC Singapore Fab expansion is nearing completion and will increase capacity in Singapore to 22% of total. UMC needs GlobalFoundries to diversify?</li>
<li>TSMC is trading just slightly below average PE at 15.0x forward EPS. Similarly for UMC trading at 12.3x forward EPS. As such, we’re far from valuations support levels.</li>
</ul>


Media report 2nm “Customers Lined Up To Pay An Estimated $30,000 Per Unit”. Capacity is full but small. Wafer price at 28k. US$30bn revenue in 4Q25 is very likely.
UMC Singapore Fab expansion is nearing completion and will increase capacity in Singapore to 22% of total. UMC needs GlobalFoundries to diversify?
TSMC is trading just slightly below average PE at 15.0x forward EPS. Similarly for UMC trading at 12.3x forward EPS. As such, we’re far from valuations support levels.


TSMC 2nm Capacity, Wafer Price. UMC Singapore Fab Starting. Both Stocks Trading Just Below Avg PEx

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.

Tongda Group Holdings Limited is a supplier of high-precision components of consumer electronic products. The Company uses its in-mould lamination ("IML") technology for customers in the in the PRC.   The Group has established a solid presence in handset, electrical appliance and notebook computer casings and related products.

<ul><li>We spoke to Tongda mgmt. post results, and we believe FY24 earnings were mainly dragged by disposal of Apple biz and non-cash impairment provisions.</li><li>Excluding Apple biz, FY24 revenue grew 17.8% YoY, backed by consumer electronics (+17.5%) and household &amp; sports goods (+19%).</li><li>For 2025, mgmt. believes growth drivers include Android demand recovery, high-margin smarttech business, and GPM recovery to 15-16% after 2 years of restructuring. </li></ul><p><em>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.</em></p>

We spoke to Tongda mgmt. post results, and we believe FY24 earnings were mainly dragged by disposal of Apple biz and non-cash impairment provisions.Excluding Apple biz, FY24 revenue grew 17.8% YoY, backed by consumer electronics (+17.5%) and household &amp; sports goods (+19%).For 2025, mgmt. believes growth drivers include Android demand recovery, high-margin smarttech business, and GPM recovery to 15-16% after 2 years of restructuring. 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.

Tongda (698 HK) - Android Demand and Smart-Tech to Drive Earnings Recovery; Maintain BUY

<ul>
<li>Reports of merger between UMC and GlobalFoundries. Beyond the threat of US import tariffs for UMC, it would create a larger firm to counter SMIC’s expansion. Easier said than done</li>
<li>TSMC second 2nm Fab in KaoHsiung “inaugurated”, 2nm production unchanged mid of 2025. A16 process and equipment qualification underway for risk production in 2027.</li>
<li>Biden era CHIPS Act subsidies (US$52bn) could be cancelled or the program is completed and the assigned staff leaving?</li>
</ul>


Reports of merger between UMC and GlobalFoundries. Beyond the threat of US import tariffs for UMC, it would create a larger firm to counter SMIC’s expansion. Easier said than done
TSMC second 2nm Fab in KaoHsiung “inaugurated”, 2nm production unchanged mid of 2025. A16 process and equipment qualification underway for risk production in 2027.
Biden era CHIPS Act subsidies (US$52bn) could be cancelled or the program is completed and the assigned staff leaving?


UMC – Global Foundries Merger? TSMC 2nm and A16 On-Track. More Doubts over US CHIPS Act Subsidies.

Equity Analyst, Investory

Devi Subhakesan

Equity Analyst

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

<ul>
<li>Samsung India Electronics, a 100% subsidiary of <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, reported a 2024 turnover of USD 12 bn, ranking it among India’s largest consumer sector companies.</li>
<li>It is a leading player in smartphones, smart TVs, and home appliances, with FY2024 revenues 4.5X that of <a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India (123D IN).</a>
</li>
<li>Estimated valuations of Samsung India Electronics could represent nearly 20% to 25% of its parent’s EV, when valued using India peer group multiples.</li>
</ul>


Samsung India Electronics, a 100% subsidiary of Samsung Electronics (005930 KS), reported a 2024 turnover of USD 12 bn, ranking it among India’s largest consumer sector companies.
It is a leading player in smartphones, smart TVs, and home appliances, with FY2024 revenues 4.5X that of LG Electronics India (123D IN).

Estimated valuations of Samsung India Electronics could represent nearly 20% to 25% of its parent’s EV, when valued using India peer group multiples.


Samsung India Electronics: The Biggest Consumer Company in India. Financials & Valuation

Insights on Companies in the Apple Supply Chain

Apple Supply Chain
Insights on Companies in the Apple Supply Chain

SiTime Corporation Strikes Gold With Game-Changing Aura Deal—$100M Revenue Boost Incoming!

SiTime Corporation reported a robust performance in its fourth quarter of 2024, signaling significant progress in financial outcomes and market...

Baptista Research

TSMC 2nm Capacity, Wafer Price. UMC Singapore Fab Starting. Both Stocks Trading Just Below Avg PEx

Customers are willing to pay top dollar for 2nm chips, UMC's Singapore expansion nears completion. TSMC and UMC trading below average PE ratios....

Nicolas Baratte

Tongda (698 HK) - Android Demand and Smart-Tech to Drive Earnings Recovery; Maintain BUY

We spoke to Tongda mgmt. post results, and we believe FY24 earnings were mainly dragged by disposal of Apple biz and non-cash impairment provisions.

CMB International

UMC – Global Foundries Merger? TSMC 2nm and A16 On-Track. More Doubts over US CHIPS Act Subsidies.

Potential merger between UMC and GlobalFoundries to counter SMIC's growth, TSMC's 2nm Fab in KaoHsiung on track for mid-2025 production,...

Nicolas Baratte

Samsung India Electronics: The Biggest Consumer Company in India. Financials & Valuation

Samsung Electronics' India subsidiary valuation is estimated to range between USD 45 and 60 billion—roughly 20% to 25% of parent's EV. LG...

Devi Subhakesan

SiTime Corporation Strikes Gold With Game-Changing Aura Deal—$100M Revenue Boost Incoming!

SiTime Corporation reported a robust performance in its fourth quarter of 2024, signaling significant progress in financial outcomes and market...

Baptista Research

TSMC 2nm Capacity, Wafer Price. UMC Singapore Fab Starting. Both Stocks Trading Just Below Avg PEx

​Customers are willing to pay top dollar for 2nm chips, UMC's Singapore expansion nears completion. TSMC and UMC trading below average PE ratios....

Nicolas Baratte

Tongda (698 HK) - Android Demand and Smart-Tech to Drive Earnings Recovery; Maintain BUY

We spoke to Tongda mgmt. post results, and we believe FY24 earnings were mainly dragged by disposal of Apple biz and non-cash impairment provisions.

CMB International

UMC – Global Foundries Merger? TSMC 2nm and A16 On-Track. More Doubts over US CHIPS Act Subsidies.

​Potential merger between UMC and GlobalFoundries to counter SMIC's growth, TSMC's 2nm Fab in KaoHsiung on track for mid-2025 production,...

Nicolas Baratte

Samsung India Electronics: The Biggest Consumer Company in India. Financials & Valuation

Samsung Electronics' India subsidiary valuation is estimated to range between USD 45 and 60 billion—roughly 20% to 25% of parent's EV. LG...

Devi Subhakesan

Customers are willing to pay top dollar for 2nm chips, UMC's Singapore expansion nears completion. TSMC and UMC trading below average PE ratios....

Potential merger between UMC and GlobalFoundries to counter SMIC's growth, TSMC's 2nm Fab in KaoHsiung on track for mid-2025 production,...